UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT _____________

No. 21-2895 _____________

IN RE: NIASPAN ANTITRUST LITIGATION

A.G.C. Building Trades Welfare Plan; City of Providence, Rhode Island; Electrical Workers 242 and 294 Health & Welfare Fund; International Union of Operating Engineers Local 49 Health and Welfare Fund; International Union of Operating Engineers Local 132 Health and Welfare Fund; New England Electrical Workers Benefits Fund; Painters District Council No. 30 Health & Welfare Fund; United Food & Commercial Workers Local 1776 & Participating Employers Health and Welfare Fund; Miles Wallis; Carol Prasse, Appellants _______________

On Appeal from the United States District Court For the Eastern District of Pennsylvania (D.C. No. 2-13-md-02460) District Judge: Honorable Timothy J. Savage _______________ Argued September 6, 2022

Before: JORDAN, HARDIMAN and MATEY, Circuit Judges

(Filed: April 24, 2023) _______________ Justin N. Boley Tyler J. Story Kenneth A. Wexler Wexler Boley & Elgersma 311 South Wacker Drive – Ste. 5450 Chicago, IL 60606 Richard M. Brunell Steve D. Shadowen Hilliard & Shadowen 1135 West 6th Street – Ste. 125 Austin, TX 78703 Michael M. Buchman Motley Rice 777 Third Avenue – 27th Fl. New York, NY 10017 Ruthanne M. Deutsch Hyland Hunt [ARGUED] Alexandra P. Mansbach Deutsch Hunt 300 New Jersey Avenue, NW – Ste. 900 Washington, DC 20001

2 Marvin A. Miller Miller Law 145 South Wells Street – 18th Fl. Chicago, IL 60606 Jeffrey L. Kodroff John A. Macoretta Spector Roseman & Kodroff 2001 Market Street – Ste. 3420 Philadelphia, PA 19103 Sharon K. Robertson Cohen Milstein 88 Pine Street – 14th Fl. New York, NY 10005 Counsel for Appellant Elaine J. Goldenberg [ARGUED] Sarah Weiner Munger Tolles & Olson 601 Massachusetts Avenue, NW – Ste. 500e Washington, DC 20001 Paul H. Saint-Antoine John S. Yi Faegre Drinker Biddle & Reath One Logan Square – Ste. 2000 Philadelphia, PA 19103

3 Stuart N. Senator Jeffrey Y. Wu Munger Tolles & Olson 350 S. Grand Avenue – 50th Fl. Los Angeles, CA 90071 Counsel for Appellees Abbott Laboratories, Abbott Respiratory LLC and Abbvie Inc. Devora W. Allon Kirkland & Ellis 601 Lexington Avenue New York, NY 10022 Alexandra I. Russell Kirkland & Ellis 1301 Pennsylvania Avenue, NW Washington, DC 20004 Counsel for Appellees Barr Pharmaceuticals LLC, Duramed Pharmaceuticals Sales Corp., Teva Pharmaceutical Industries Ltd. Teva Pharmaceuticals USA Inc., Teva Women’s Health Inc. f/k/a Duramed Pharmaceuticals, Inc. Matthew J. Perez DiCello Levitt 485 Lexington Avenue – 10th Fl. New York, NY 10017

4 Gary I. Smith, Jr. Hausfield 325 Chestnut Street – Ste. 900 Philadelphia, PA 19106 Counsel for Amicus Committee to Support the Antitrust Laws Cory L. Andrews John M. Masslon, II Washington Legal Foundation 2009 Massachusetts Avenue, NW Washington, DC 20036 Counsel for Amicus Washington Legal Foundation Randy Stutz 10418 Ewell Avenue Kensington, MD 20895 Counsel for Amicus American Antitrust Institute Adam G. Unikowsky Jenner & Block 1099 New York Avenue, NS – Ste. 900 Washington DC 20001 Counsel for Amicus Chamber of Commerce of The United States of America _______________

OPINION OF THE COURT _______________

5 JORDAN, Circuit Judge.

The Appellants, a group consisting primarily of union health and welfare insurance plans, claim that Abbvie, Inc., the m