The Federal Trade Commission’s (FTC) administrative case against the nation's largest pharmacy benefit managers is on pause.

Federal regulators are weighing a potential settlement.

On January 20, the FTC withdrew—then formally stayed—its case against:

• UnitedHealth Group Inc.’s (NYSE: UNH) OptumRx unit
• CVS Health Corp.’s (NYSE:CVS) CVS Caremark
• Cigna Corp.’s (NYSE:CI) Express Scripts, and
• Evernorth Health, Inc.
• Medco Health Services, Inc., and
• Ascent Health Services, LLC.

The FTC approved a 14-day suspension of proceedings.

The stay pushes back all discovery, filing, and decision deadlines, and delays the evidentiary hearing until July 1. Oral arguments on the PBMs' motion to dismiss were also rescheduled, moving from January 22 to February 5. The pause applies to all respondents in the case.

The lawsuit traces back to September 2024. The FTC accused the dominant PBMs of unfair and anti-competitive practices that allegedly inflated the list prices of insulin. Regulators argued that PBMs used their market power and rebate structures to encourage drugmakers to raise prices.

Regulatory Pressure Intensified

In January 2025, the FTC released a second interim staff report finding that PBMs imposed massive markups on specialty generic drugs used to treat cancer, HIV, and other serious conditions—sometimes inflating prices by hundreds or even thousands of percent.

Earlier this month, President Donald Trump unveiled what he called "The Great Healthcare Plan," singling out PBM "kickbacks" as a core driver of rising drug costs.

Meanwhile, new scrutiny continues to emerge from outside government. A January 2026 investigation by Hunterbrook Media alleges that CVS Health, UnitedHealth, and Cigna use shell companies to obscure billions of dollars in profits—funds the outlet argues could otherwise be used to lower prices for patients.

Taken together, the pause in enforcement, renewed political focus, and mounting investigative reporting suggest the FTC's case against PBMs may be entering a decisive—and potentially negotiated—phase.

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