According to the智通财经APP, Deutsche Bank believes that if the USA Congress passes legislation requiring Medical Insurance and Pharmaceutical Benefits Management (PBM) companies to divest their pharmaceutical businesses, CVS Health (CVS.US), The Cigna Group (CI.US), and Humana (HUM.US) will all be significantly affected.

In a recent report, the bank stated that CVS Health is expected to be the most affected, as it may be forced to separate its Caremark PBM from its retail pharmacy and Caremark mail-order and specialty pharmacy business. It is estimated that if this separation occurs, CVS Health could lose over 50% of its combined operating profit.

The divestiture of The Cigna Group's mail order and specialty pharmacy business may have similar impacts, with Deutsche Bank estimating that these businesses account for about 40% of the company's total operating profit.

The bank pointed out that while Humana has a large PBM business, 'most of this business is insured through its Medical Insurance department.'

As for UnitedHealth (UNH.US), Deutsche Bank believes that the potential asset spin-off does not have a significant impact on its profitability, estimating that of the company's approximately 30 billion dollars in operating profit, the risk may be less than 0.2 billion dollars.

However, Deutsche Bank pointed out that CVS Health, The Cigna Group, and UnitedHealth "may face additional risks because they will lose the ability to vertically integrate biosimilar PBM, fulfillment, and manufacturing through companies like Cordavis and Quallent."

Despite concerns that these companies' Pharmaceutical Business might be spun off, Deutsche Bank still maintains a 'Buy' rating for UnitedHealth, CVS Health, and The Cigna Group, and a 'Hold' rating for Humana.