CVS Health's Caremark has become the second of the "Big Three" pharmacy benefit managers to reach a settlement with the Federal Trade Commission (FTC) in a lawsuit over insulin pricing.
Per court documents (PDF) filed Monday, the parties have requested that the matter be withdrawn "for the purpose of considering a proposed consent agreement." Further details on the potential settlement have not yet been disclosed publicly, but a source familiar with the terms told Reuters the settlement is in line with the agreement the agency reached with Express Scripts last month.
If the settlement is accepted by the commission, it would resolve the claims against Caremark "in their entirety," according to the document.
The FTC filed suit against Caremark, Express Scripts and Optum Rx—the three largest PBMs—in September 2024, alleging these companies engaged in anticompetitive practices that inflated insulin prices.
The case followed a lengthy FTC investigation into the business practices of major PBMs.
Express Scripts, which is subsidiary of the Cigna Group, reached a settlement in early February, in which the PBM agreed to several key business changes that would address the cost of insulin. Leaders at the company said those steps aligned with efforts that were already underway.
The agency said earlier this month that it was "seeing progress" in settlement discussions with CVS and Optum.
A CVS spokesperson said in a statement to Fierce Healthcare that the company is "pleased" to have reached an agreement with the FTC.
"The agreement represents a path forward that builds upon initiatives we have implemented over the past few years," the spokesperson said. "Final terms are still pending and will be confirmed once the settlement is officially finalized. We will be able to provide additional details following this review."
The company also expects that the settlement process will conclude "in the coming weeks" once the arrangement is reviewed by the FTC chairman.