Reports · October 2025
The 2025-26 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors
How the Big Three and specialty distributors make money — and what compressed margins mean for manufacturers.
Wholesaler profitability is no longer a simple buy-and-hold story. Fee-for-service contracts, specialty distribution, and manufacturer services now sit beside a thinner spread on the traditional invoice.
This is the prior edition of the wholesaler study. Ask from the sidebar about a specific wholesaler or how a launch was distributed in 2025-26.