FTC proposes to settle with Express Scripts: What it means for manufacturers

On February 4, 2026, the Federal Trade Commission (FTC) proposed to settle its enforcement action against leading pharmacy benefit manager (PBM) Express Scripts, going beyond the insulin products that drove its filing and broadly targeting a market access environment in which formulary outcomes can hinge on rebate design, list prices, and who benefits from discounts. The settlement order proposes to reorient those incentives by requiring a baseline “Standard Offering” intended to align patient... By: Hogan Lovells