Woman’s hand in medicine cabinet

PBM revenue swells along with rising drug costs

Collectively, the four biggest pharmacy benefit managers raked in $150 billion in revenue in the first three months of 2025, reflecting higher spending on medications.

J. Edward Moreno

5/2/25 10:50AM

Pharmacy benefit managers owned by major insurances companies raked in swelling revenues in the first quarter of this year amid growing prescription volumes for more expensive specialty medications, like popular GLP-1 weight-loss drugs.

The four biggest insurance companies — Cigna, UnitedHealth, CVS’s Aetna, and Elevance Health — each have their own PBM. Collectively, the four biggest PBMs made $150 billion in revenue in the first three months of 2025, reflecting higher spending on medications.

Vertically integrated PBMs (those owned by an insurance company) have been criticized over potential conflicts of interest and lack of competition, sparking pushback from lawmakers. The companies say this allows them to get better deals for patients and rein in exuberant prices from drugmakers.

Notably, this quarter CVS announced that it reached a deal with Novo Nordisk to “increase access” to its blockbuster diabetes and weight-loss drugs, Ozempic and Wegovy. This led Eli Lilly, which makes competing weight-loss and diabetes drugs, to fall, because it suggests one of the largest insurers will be pushing patients toward its competitors’ products.

Millie Giles

WITHDRAWALS

Bank branches are still closing at breakneck speed in the US

Institutions like Chase and Wells Fargo closed 76 locations in just six weeks over the summer, per the OCC.

Indianapolis - March 2016: Chase Bank III

Nia Warfield

9/9/25

Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

385 ✈️ 434

Max Knoblauch

9/9/25

Boeing on Tuesday announced that it delivered 57 commercial jets in August, its best total for the month in seven years. That brings its year-to-date delivery total to 385 planes, eclipsing its full-year 2024 figure by about 11%.

The August figure marked Boeing’s second-highest delivery total of 2025 and represented a 43% jump from the same month last year. Through August, Boeing has boosted its deliveries by 50% from last year.

The plane maker is still trailing its European rival Airbus, which delivered 61 planes in August and 434 year to date.

Nia Warfield

9/8/25

Tariffs finally crept into retail's latest earnings results. Who were the winners and losers?

The long-awaited levies took a toll on nearly every retailer, but execution separated who could steer through the costs.