PNC Corporate Healthcare Index Fourth Quarter 2025

This document is a report detailing PNC's Corporate Healthcare Index for the fourth quarter of 2025. The Index serves as a tool to evaluate the performance and trends within the healthcare ecosystem, calculated quarterly. It adopts a modernized perspective, tracking the equity performance of a broad range of healthcare entities across six categories: Emerging Trends, Health Technology/IT, Payors, Pharmaceuticals & Life Sciences, Providers, and Supply Chain/OEM. The report outlines the Index's performance, which outperformed both the S&P Healthcare Sector Index and the broader S&P 500, driven by gains in specific subsegments. Additionally, it discusses ongoing policy changes affecting healthcare affordability and delivery, including the expiration of enhanced premium subsidies and the implications of the Rural Health Transformation Program. The report also highlights key trends in care delivery, investment in health technology, and the evolving landscape of pharmaceuticals and life sciences, providing insights into the challenges and opportunities facing the healthcare industry.