%0 Journal Article
%A Mulligan, Karen
%A Lakdawalla, Darius
%T Hidden Profits? How Accounting Conventions and Vertical Consolidation Can Obscure PBM Profitability
%J Schaeffer Center White Paper Series
%D 2026
%R 10.25549/w413-nf29
%X 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.