[UNH, CVS, and CI](https://www.cnbc.com/2026/08/05/eli-lilly-lly-earnings-q2-2026.html) all operate in healthcare but face divergent margin profiles: UNH posted net margins of , CI at , and CVS at . The obesity drug adoption narrative benefits large integrated players, but profitability remains modest across the sector. [INFERENCE] The real constraint isn't margin compression—it's absolute cash generation relative to debt loads.

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