Cigna Group Lifts Outlook, Logs Higher 2Q Profit on Growth Across Businesses

Dow Jones
07/30

Cigna Group lifted its outlook and reported a higher profit in the second quarter, driven by growth in both its healthcare and pharmacy-benefit businesses.

The healthcare company on Thursday reported a profit of $1.66 billion, or $6.29 a share, compared with a profit of $1.53 billion, or $5.71 a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $7.78 a share. Analysts polled by FactSet were expecting $7.60 a share.

Revenue rose to $71.67 billion, from $67.18 billion a year prior. Analysts expected $70.14 billion in revenue.

The revenue growth was driven by gains in both the company's eponymous healthcare business and Evernorth Health Solutions, Cigna said. Cigna Healthcare adjusted revenue rose to $11.73 billion from $10.75 billion a year earlier, while Evernorth adjusted revenue grew to $61.47 billion from $57.83 billion.

The Evernorth business includes pharmacy benefit services and specialty and care services.

The company now expects full-year adjusted earnings of at least $30.45 a share, up 10 cents from its previous projection and in line with analyst expectations for the year.

 
 

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