According to Mark Cuban, large PBMs and major drug wholesalers price many fees, rebates, and services as a percentage of a drug’s retail price, so higher retail prices mean higher revenues for intermediaries, source: Mark Cuban on X Nov 26, 2025. For trading context, publicly listed operators of PBMs include CVS Caremark under CVS, Express Scripts under Cigna CI, Optum Rx under UnitedHealth UNH, CarelonRx under Elevance Health ELV, and Humana Pharmacy Solutions under Humana HUM, while the dominant US wholesalers are McKesson MCK, Cardinal Health CAH, and Cencora COR, source: company filings and investor relations disclosures as of 2024. The US Federal Trade Commission is conducting a 6b study into PBM practices and released interim findings in 2024 highlighting concerns around rebates, fees, spread pricing, and market concentration, a regulatory backdrop relevant to assessing pricing model exposure in these tickers, source: US Federal Trade Commission public statements in 2022 and the interim report in 2024.