Arkansas Law, GLP-1s Are Hot Topics During Major PBMs’ Earnings Calls
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May 08, 2025
The first-quarter earnings calls held by the parent companies of the country’s three largest PBMs featured discussion about Arkansas’ new PBM law and developments related to GLP-1 medications, among other topics. Executives at UnitedHealth Group, The Cigna Group and CVS Health Corp. questioned the intent of the Arkansas law and the overall “obsession” with PBMs.
The law, signed by Gov. Sarah Huckabee Sanders (R) on April 16, bars companies that own PBMs from also owning or operating pharmacies in the state, including retail, mail order and specialty pharmacies. While the law affects all the “Big Three” PBMs — UnitedHealth’s Optum Rx, CVS Caremark and Cigna’s Express Scripts — CVS stands to lose all its retail pharmacy business in the state when the law takes effect on Jan. 1, 2026.
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