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Infirmary's hospitals, facilities and doctors on Alabama's Gulf Coast are now in-network for Cigna Healthcare MA customersMOBILE, Ala., Nov. 1, 2024 /PRNewswire/ -- Cigna Healthcare and Mobile-based Infirmary Health have reached an agreement that allows Cigna Healthcare's Medicare Advantage (MA) customers to have in-network access to Infirmary Health's hospitals, facilities and doctors.The agreement includes value-based aspects that are focused on improving customer health, lowering costs and achieving high ...

For the quarter ended September 2024, Cigna (CI) reported revenue of $63.7 billion, up 29.8% over the same period last year. EPS came in at $7.51, compared to $6.77 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $59.83 billion, representing a surprise of +6.46%. The company delivered an EPS surprise of +4.02%, with the consensus EPS estimate being $7.22.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expec ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 001 ...

The Cigna Group (NYSE:CI) Q3 2024 Earnings Conference Call October 31, 2024 8:30 AM ET Company Participants Ralph Giacobbe - Senior Vice President of Investor Relations David Cordani - Chairman and Chief Executive Officer Brian Evanko - Chief Financial Officer and President and Chief Executive Officer, Cigna Healthcare Eric Palmer - President and Chief Executive Officer, Evernorth Health Services Conference Call Participants AJ Rice - UBS Justin Lake - Wolfe Research Ryan Langston - TD Cowen Lisa Gill - JPM ...

Core Viewpoint - Cigna Group reported strong third-quarter 2024 results, with adjusted EPS of $7.51, exceeding estimates and showing a year-over-year improvement of 10.9% [1]. Financial Performance - Adjusted revenues reached $63.7 billion, a 29.8% increase year over year, driven by significant client wins in the Evernorth Health Services segment [1][2]. - Total benefits and expenses rose to $61.1 billion, a 31% increase year over year, primarily due to higher pharmacy and service costs [3]. - Adjusted income from operations grew 5% year over year to $2.1 billion, supported by Evernorth Health Services [4]. Segment Performance - Evernorth Health Services reported adjusted revenues of $52.6 billion, a 36% year-over-year increase, benefiting from organic growth and new client acquisitions [5]. - Cigna Healthcare's adjusted revenues were $13.2 billion, a 3% increase year over year, but fell short of estimates due to a decline in Individual and Family Plans customers [7][8]. Customer Metrics - Cigna's medical customer base decreased to 19 million, down 2.9% year over year, which was below the consensus estimate [2]. Financial Position - As of September 30, 2024, Cigna had cash and cash equivalents of $5.9 billion, a 24.7% decline from the end of 2023, while total assets increased to $157.6 billion [9]. - Long-term debt rose to $30.2 billion, a 7.4% increase from the end of 2023 [9]. Share Repurchase - From January 1, 2024, to September 30, 2024, Cigna repurchased 14.7 million shares for approximately $5 billion [11]. Outlook - Cigna reaffirmed its 2024 adjusted EPS estimate of at least $28.40, indicating a growth of at least 13.2% from 2023 [12]. - The company expects average annual adjusted EPS growth of 10-14% in the long term and projected operating cash flows of around $60 billion over the next five years [13].

Cigna (CI) came out with quarterly earnings of $7.51 per share, beating the Zacks Consensus Estimate of $7.22 per share. This compares to earnings of $6.77 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 4.02%. A quarter ago, it was expected that this health insurer would post earnings of $6.42 per share when it actually produced earnings of $6.72, delivering a surprise of 4.67%. Over the last four quarters, the company has s ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) The Cigna Group reported strong Q3 2024 results with a 30% revenue increase to $63.7 billion, though net income was impacted by a $1.0 billion investment loss Q3 2024 Key Financial Metrics | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $63.7 billion | $49.0 billion | +30% | | Shareholders' Net Income | $0.7 billion | $1.4 billion | -50% | | Shareholders' Net Income per Share | $2.63 | $4.74 | -44.5% | | Adjusted Income from Operations | $2.1 billion | $2.0 billion | +5% | | Adjusted Income from Operations per Share | $7.51 | $6.77 | +11% | - Shareholders' net income for Q3 2024 included a significant non-cash after-tax investment loss of **$1.0 billion**, or **$3.69 per share**, related to VillageMD[2](index=2&type=chunk) - The SG&A expense ratio improved to **5.6%** from **7.7%** in Q3 2023, reflecting a shift in business mix, strong revenue growth, and continued operating efficiency[6](index=6&type=chunk) [Customer Relationships](index=2&type=section&id=Customer%20Relationships) Total customer relationships grew 12% to 183.5 million, driven by pharmacy customer growth, while medical customers decreased due to pricing actions Customer Relationships (in thousands) | Customer Type | Sep 30, 2024 | Dec 31, 2023 | Change YTD | | :--- | :--- | :--- | :--- | | Total Pharmacy Customers | 119,996 | 98,570 | +21.7% | | Total Medical Customers | 19,048 | 19,780 | -3.7% | | Total Customer Relationships | 183,514 | 164,399 | +11.6% | - The significant increase in total pharmacy customers was attributed to new sales and the continued expansion of existing relationships[8](index=8&type=chunk) - The year-to-date decrease in total medical customers was primarily driven by a reduction in Individual and Family Plans customers following targeted pricing actions in certain geographies[8](index=8&type=chunk) [Segment Performance Analysis](index=3&type=section&id=HIGHLIGHTS%20OF%20SEGMENT%20RESULTS) Overall growth was driven by Evernorth Health Services' 36% revenue increase, while Cigna Healthcare saw modest growth but lower income due to a higher medical care ratio [Evernorth Health Services](index=4&type=section&id=Evernorth%20Health%20Services) Evernorth Health Services reported strong Q3 2024 results with adjusted revenues up 36% to $52.6 billion and pre-tax adjusted income up 9% Evernorth Health Services Financial Results (in millions) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Adjusted Revenues | $52,637 | $38,596 | +36% | | Adjusted Income from Operations, Pre-Tax | $1,876 | $1,716 | +9% | - Pharmacy Benefit Services' adjusted revenues surged **50%** YoY, reflecting new client wins and organic growth[13](index=13&type=chunk) - Specialty and Care Services' adjusted revenues and pre-tax adjusted income both grew **23%** YoY, driven by organic growth in specialty businesses, clinical care services, and increased adoption of Humira biosimilars[14](index=14&type=chunk) [Cigna Healthcare](index=5&type=section&id=Cigna%20Healthcare) Cigna Healthcare's adjusted revenues rose 3% to $13.2 billion, but pre-tax adjusted income declined 4% due to a higher Medical Care Ratio Cigna Healthcare Financial Results (in millions) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Adjusted Revenues | $13,163 | $12,768 | +3% | | Adjusted Income from Operations, Pre-Tax | $1,174 | $1,222 | -4% | | Adjusted Margin, Pre-Tax | 8.9% | 9.6% | -70 bps | - The Medical Care Ratio (MCR) increased to **82.8%** in Q3 2024 from **80.5%** in Q3 2023, reflecting business mix changes and one extra business day in the quarter[18](index=18&type=chunk) - Favorable prior year reserve development on a gross pre-tax basis was **$422 million** for the first nine months of 2024, compared to **$237 million** for the same period in 2023[19](index=19&type=chunk) [Corporate and Other Operations](index=5&type=section&id=Corporate%20and%20Other%20Operations) Corporate and Other Operations' pre-tax adjusted loss widened to $431 million in Q3 2024, primarily due to higher interest expenses Corporate and Other Operations Financial Results (in millions) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Adjusted (Loss) from Operations, Pre-Tax | $(431) | $(409) | +5.4% | - The increase in the adjusted pre-tax loss compared to Q3 2023 was primarily due to the impact of higher interest expense[21](index=21&type=chunk) [2024 Full-Year Outlook](index=5&type=section&id=2024%20OUTLOOK) The Cigna Group reaffirmed its full-year 2024 guidance, projecting consolidated adjusted income from operations of at least $28.40 per share 2024 Full-Year Outlook | Metric | Projection for Full Year 2024 | | :--- | :--- | | Adjusted Income from Operations, per share | at least $28.40 | | Evernorth Adjusted Income from Operations, Pre-Tax | at least $7,000 million | | Cigna Healthcare Adjusted Income from Operations, Pre-Tax | at least $4,775 million | | Cigna Healthcare Medical Care Ratio | 81.7% to 82.5% | - The company's outlook for full-year 2024 consolidated adjusted income from operations remains **at least $28.40 per share**[22](index=22&type=chunk) [Appendix](index=7&type=section&id=Appendix) The appendix provides definitions of non-GAAP financial measures, a cautionary note on forward-looking statements, and detailed financial reconciliations - The appendix defines key non-GAAP metrics used by management to present the underlying results of operations, such as 'Adjusted income (loss) from operations' and 'Adjusted revenues'[28](index=28&type=chunk)[32](index=32&type=chunk) - Exhibit 1 provides a detailed comparative summary of financial results, including reconciliations of GAAP measures like Shareholders' Net Income to non-GAAP measures like Adjusted Income from Operations[40](index=40&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The report includes a standard 'Cautionary Note Regarding Forward-Looking Statements' outlining potential risks and uncertainties that could cause actual results to differ from projections[38](index=38&type=chunk)[39](index=39&type=chunk)

Core Insights - The Cigna Group reported a 30% increase in total revenues for Q3 2024, reaching $63.7 billion, driven by significant growth in Evernorth Health Services [1][2][18] - Shareholders' net income for Q3 2024 was $0.7 billion, or $2.63 per share, which includes a non-cash after-tax investment loss of $1.0 billion related to VillageMD [1][2][18] - Adjusted income from operations for Q3 2024 was $2.1 billion, or $7.51 per share, reflecting a 5% increase from Q3 2023 [1][2][18] - The company reaffirmed its 2024 outlook for adjusted income from operations of at least $28.40 per share [1][13] Financial Performance - Total revenues for Q3 2024 were $63.7 billion, up from $49.0 billion in Q3 2023 [2][18] - Adjusted revenues for Q3 2024 were $63.7 billion, compared to $49.1 billion in Q3 2023 [2][18] - Shareholders' net income decreased from $1.4 billion in Q3 2023 to $0.7 billion in Q3 2024 [2][18] - Adjusted income from operations increased from $2.0 billion in Q3 2023 to $2.1 billion in Q3 2024 [2][18] Segment Performance - Evernorth Health Services saw adjusted revenues increase by 36% and adjusted income from operations increase by 9% compared to Q3 2023 [7][8] - Pharmacy Benefit Services reported a 50% increase in adjusted revenues, while Specialty and Care Services reported a 23% increase [7][8] - Cigna Healthcare's adjusted revenues increased by 3% year-over-year, while adjusted income from operations decreased by 4% [9][18] Customer Relationships - Total customer relationships increased by 12% from December 31, 2023, to 183.5 million as of September 30, 2024 [4][5] - Total pharmacy customers increased by 22% from December 31, 2023, to 120.0 million [5][4] - Total medical customers were 19.0 million, reflecting a decrease in Individual and Family Plans customers [5][4] Operational Efficiency - The SG&A expense ratio for Q3 2024 was 5.6%, down from 7.7% in Q3 2023, indicating improved operational efficiency [2][18] - The adjusted SG&A expense ratio was 5.5% for Q3 2024, compared to 7.3% in Q3 2023 [2][18] Future Outlook - The Cigna Group projects adjusted income from operations for the full year 2024 to be at least $28.40 per share [1][13] - The company anticipates Evernorth adjusted income from operations to be at least $7,000 million and Cigna Healthcare adjusted income from operations to be at least $4,775 million [13]

The Cigna Group reported a $700 million third quarter profit as the company's Evernorth health ... [+] services business deals with a $1 billion loss in value of its investment in doctor-staffed clinic operator VillageMD. Walgreens Boots Alliance The Cigna Group reported a $739 million third quarter profit despite a $1 billion loss on its investment in clinic operator VillageMD. On Thursday, Cigna reported a "non-cash investment loss" of $1 billion, or $3.69 per share, "related to VillageMD." That negativel ...