Core Viewpoint - Cigna Group's stock experienced a significant decline following the announcement of expected margin pressure in its pharmacy benefit services segment over the next two years [1][9]. Financial Performance - Cigna reported third-quarter 2025 revenue of $69.74 billion, surpassing analyst expectations of $67.11 billion, with a year-over-year increase of 10% driven by Evernorth Health Services [3][4]. - Adjusted earnings per share were $7.83, exceeding analysts' estimates of $7.65, while adjusted income from operations decreased by 1% to $2.09 billion [4]. - Evernorth Health Services generated third-quarter sales of $60.39 billion, a 15% increase, while pharmacy benefit services sales reached $34.09 billion [5]. Customer Metrics - Cigna ended the quarter with 18.06 million medical customers, a decrease from 19.05 million, while total customer relationships stood at 182.49 million, reflecting a 2% increase when excluding the impact of the HCSC transaction [7]. Future Outlook - Cigna reaffirmed its fiscal 2025 adjusted income per share guidance of over $29.60, slightly below the consensus of $29.63, and expects Evernorth's adjusted income from operations to be at least $7.2 billion [8]. - The company anticipates a decline in operating income for Evernorth in 2026, while the specialty and care services business is expected to grow towards the higher end of its long-term growth target [9].