TY  - JOUR
AU  - Mulligan, Karen
AU  - Lakdwalla, Darius
TI  - Hidden Profits? How Accounting Conventions and Vertical Consolidation Can Obscure PBM Profitability
JO  - Schaeffer Center White Paper Series
PY  - 2026
DO  - 10.25549/w413-nf29
AB  - This study demonstrates how PBMs' slim profit margins may be attributable to their accounting practices and that  widespread industry consolidation has made assessing PBM profitability more difficult.