Core Viewpoint - CVS Health shares have increased nearly 38% this month due to stronger-than-expected Q1 2025 results, despite concerns over store closures related to new PBM reform legislation [1][2] Financial Performance - CVS Health reported Q1 2025 adjusted EPS of $2.25 and adjusted operating income of $4.6 billion, exceeding market expectations [5] - The company raised its full-year adjusted EPS guidance to a range of $6 to $6.20, up from $5.75 to $6, reflecting confidence in operational strength across its core businesses [5] Management Changes - Brian Newman was appointed as CFO and Amy Compton-Phillips as CMO, positioning CVS to advance its long-term vision of becoming a trusted healthcare company [6] Digital Innovation - The CVS Health app is enhancing customer engagement by providing better visibility into care and real-time AI recommendations [7] Operational Efficiency - CVS Health is streamlining prior authorizations, with 95% of Aetna's requests processed within 24 hours, and is expanding its bundled cancer care model [8] - The pharmacy segment processes over 1.7 billion prescriptions annually, with strategic investments in technology driving performance [9] Affordability Initiatives - CVS is expanding access to therapies, partnering with Novo Nordisk to offer Wegovy at lower costs and leading the U.S. market with its low-cost Humira biosimilar, generating over $1 billion in savings for clients [10] Strategic Focus - CVS Health will exit the ACA individual exchange markets by 2026 due to losses, focusing instead on Medicare, commercial, and Medicaid plans [11] Regulatory Challenges - CVS is closing 23 pharmacies in Arkansas due to new legislation banning PBMs from owning pharmacies, which CVS argues will limit access and increase drug spending [12][14] Valuation Insights - CVS Health's forward P/E ratio is 9.46X, lower than the S&P 500's 21.37X, but higher than competitors Walgreens Boots and Herbalife [15][17] - The stock's premium may be justified by its scale and strategic focus on digital health and value-based care [17] Analyst Outlook - CVS Health is trading nearly 22% below its average price target according to 22 analysts, indicating strong upside potential [19] Investment Recommendation - Despite regulatory challenges, CVS Health remains a strong long-term investment due to its diversified business model and advancements in digital health [20]

Core Insights - Psyence Biomedical Ltd. has established a Scientific Advisory Board (SAB) to enhance its expertise in psilocybin research and clinical trial design [1][3] - Dr. Albert P. Garcia-Romeu, a prominent researcher in psychedelics, will chair the SAB, bringing significant experience in psilocybin clinical trials [2][3] - The company is advancing its Phase IIb clinical trial of psilocybin for Adjustment Disorder in Palliative Care and is preparing for a second indication in Alcohol Use Disorder [3][4] Company Overview - Psyence Biomedical Ltd. is a vertically integrated biopharmaceutical company focused on psychedelic-based therapeutics, specifically nature-derived psilocybin [4] - The company aims to address unmet needs in mental health disorders, particularly in the context of Palliative Care [4] - Psyence is the first life science biotechnology company developing psilocybin-based psychedelic medicine to be listed on Nasdaq [4] Research and Development - The SAB will assist in designing the Phase III program for Adjustment Disorder while also preparing for Alcohol Use Disorder development [3] - Dr. Garcia-Romeu's involvement is expected to enhance the company's research capabilities in areas that have been largely overlooked by the pharmaceutical industry [4]

Exhibit 99.3 Psyence Biomedical Ltd. (Formerly the carve-out of Psyence Biomed Corp.) Consolidated Financial Statements For the years ended March 31, 2024 and 2023 Expressed in United States Dollars (USD $) PSYENCE BIOMEDICAL LTD. Consolidated Financial Statements Management's Responsibility for Financial Reporting The accompanying consolidated financial statements of the Company have been prepared by management in accordance with International Financial Reporting Standards. These financial statements conta ...

NEW YORK, Dec. 27, 2024 (GLOBE NEWSWIRE) -- Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company”) today announced that it has closed its previously announced private placement for the purchase and sale of an aggregate of 1,000,000 common shares (or pre-funded warrants in lieu thereof), series A common warrants to purchase up to 1,000,000 common shares and short-term series B common warrants to purchase up to 1,000,000 common shares at a purchase price of $2.00 per common share (or per pr ...

NEW YORK, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company“) today announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 1,000,000 common shares (or pre-funded warrant in lieu thereof), series A common warrants to purchase up to 1,000,000 common shares and short-term series B common warrants to purchase up to 1,000,000 common shares at a purchase price of $2.00 per common share (or per pre-funded warrant ...

Company poised to enter 2025 with cash position of $5.6 million and debt-free balance sheetNEW YORK, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company”) today announced that it has received notice from the Nasdaq Hearings panel that the Company has regained compliance with all applicable Nasdaq continued listing requirements. As previously announced, Psyence Biomed requested to be transferred from The Nasdaq Global Market to The Nasdaq Capital Market, ...

Patient screening underway; first patient expected to be randomized into the study in January A leading clinical trial site management organization (SMO), Australian Clinical Trial Network (ACTioN), has been engaged to implement patient recruitment and retention strategies NEW YORK, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Psyence Biomedical Ltd. (Nasdaq: PBM) ("Psyence Biomed" or the "Company") today highlighted recent progress that has been made with its active Phase IIb clinical trial of nature derived psiloc ...

Company Overview - CVS Health (NYSE: CVS) has experienced a significant stock price decline to $49 due to concerns over PBM (Pharmacy Benefit Manager) reform following an FTC lawsuit alleging abusive practices such as rebate retention and price manipulation [1] - PBMs contribute nearly half of CVS's operating income, making the company highly sensitive to regulatory changes in this area [1] Industry and Regulatory Impact - The FTC lawsuit has raised fears about potential reforms in the PBM industry, which could significantly impact CVS's profitability given its heavy reliance on PBM operations [1] Analyst Background - Yiannis Zourmpanos, founder of Yiazou IQ, is an experienced analyst with a background in auditing and consulting at Deloitte and KPMG [1] - Zourmpanos holds professional qualifications including Chartered Certified Accountant and Fellow Member of ACCA Global, with BSc and MSc degrees from UK business schools [1] - The analyst's investment style focuses on GARP/Value stocks, prioritizing high-quality businesses with strong moats and growth potential, trading at a discount to intrinsic value with a margin of safety [1] - The investment approach emphasizes long-term wealth accumulation (5-7 years) through compounding, downside protection, and sometimes taking contrarian views during market uncertainties [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Table of Contents (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR Commission File Number: 001-41937 Psyence Biomedical Ltd. | --- | --- | --- | |----- ...