Cigna Group Stock Price, News & Analysis

Evernorth Health Services has announced plans to offer a Stelara biosimilar at $0 out-of-pocket cost for eligible Accredo patients starting in early 2025. This initiative is expected to save patients an average of $4,000 annually. The biosimilar, produced by Quallent Pharmaceuticals, will be priced over 80% lower than Stelara's list price, offering significant savings for health plan sponsors.

Accredo, Evernorth's specialty pharmacy, currently serves over 30,000 Stelara patients and provides specialized support through its Therapeutic Resource Centers. This move follows Evernorth's successful introduction of a Humira biosimilar in June, which has already seen a 25% adoption rate among eligible patients.

The Cigna Group (NYSE:CI), a global health company, has announced that its Chairman and CEO, David Cordani, will be presenting at the Morgan Stanley 22nd Annual Global Healthcare Conference on September 5, 2024, in New York, NY. The presentation is scheduled to begin at approximately 10:45 a.m. ET.

Investors and interested parties can access a live webcast of the presentation through The Cigna Group's Investor Relations website. To ensure a smooth viewing experience, it is recommended to visit the website at least 15 minutes before the presentation starts to download and install any necessary audio software.

The Cigna Group Foundation has launched a $9 million grant program to improve mental health and well-being of military veterans, with a first-year focus on housing stability. This initiative addresses the increased risk of homelessness among veterans, with an estimated 40,000 veterans without shelter on any given night. The program aims to provide stable housing, a key social determinant of health, to reduce mental distress disorders among veterans.

The Foundation is now accepting grant applications from nonprofit organizations in select states until August 28, 2024. The program goals include increasing permanent housing for veterans, improving housing affordability, and enhancing wraparound services for veterans transitioning from shelters. Habitat for Humanity International is among the first grantees, receiving $250,000 to support increased homeownership opportunities for veterans through its HUD-VASH initiative.

The Cigna Group Foundation has announced $9 million in grants to 22 nonprofits over three years to address the youth mental health crisis. This initiative aims to support youth aged 5-18, focusing on programs in schools and related settings. The grants will expand social-emotional skills programming, equip parents and professionals to support youth, and improve access to mental health care.

Key points:

• Nearly half of the grantees are first-time recipients of Cigna Group funding
• The initiative addresses post-pandemic stress among youth
• Recent analysis shows a 28% increase in young people with mental health conditions since 2018
• The number of youth with multiple mental health diagnoses has risen 48% since 2018

This grant program is part of a larger $27 million philanthropic initiative by The Cigna Group Foundation to improve youth and veteran mental health and reduce health equity barriers.

The Cigna Group (NYSE: CI) reported strong Q2 2024 results with total revenues increasing 25% to $60.5 billion. Shareholders' net income was $1.5 billion or $5.45 per share, compared to $4.92 per share in Q2 2023. Adjusted income from operations rose to $1.9 billion or $6.72 per share, up from $6.13 per share last year.

The company projects 2024 adjusted income from operations of at least $28.40 per share. Evernorth Health Services and Cigna Healthcare contributed significantly to these results.

Q2 highlights include:

• 25% increase in total revenues to $60.5 billion
• 5% rise in adjusted income from operations to $1.9 billion
• Evernorth Health Services saw 30% revenue growth
• Cigna Healthcare increased revenues by 3%
• Year-to-date stock repurchases of 14.7 million shares for $5 billion

The Cigna Group (NYSE: CI) has announced a quarterly cash dividend of $1.40 per share of its common stock. This dividend will be payable on September 19, 2024 to shareholders of record as of the close of business on September 4, 2024. The declaration of this dividend by the Board of Directors demonstrates The Cigna Group's commitment to providing returns to its shareholders and reflects the company's financial stability.

The Cigna Group Foundation has launched its Health Equity Impact Fund, committing $9 million in grants over three years to reduce health disparities in Hartford, CT and Houston, TX. The fund aims to address root causes of health inequities by collaborating with local nonprofit organizations. In Hartford, where significant racial and ethnic health disparities exist, the fund will focus on:

• Expanding culturally appropriate care models
• Increasing access to transportation for health visits and physical activities

This initiative is part of The Cigna Group's (NYSE: CI) broader commitment to community health, which includes a recent $27 million multiyear philanthropic initiative focusing on youth and veteran mental health, and reducing barriers to health equity.

On July 9, 2024, The Cigna Group (NYSE: CI) published its 2023 ESG report, emphasizing its dedication to fostering a sustainable and equitable healthcare system. The report, structured around four pillars—Healthy Society, Healthy Workforce, Healthy Environment, and Healthy Company—highlights significant progress and key performance indicators. Geneva Brown, vice president of ESG and Diversity, Equity, and Inclusion, reiterated Cigna's commitment to positive global change. The report showcases Cigna's strategies for community strengthening and environmental sustainability, reflecting its purpose-driven mission to advance better health worldwide.

On July 3, 2024, The Cigna Group (NYSE: CI) announced the release of its second quarter 2024 financial results, scheduled for August 1, 2024. The results will be available by 6:30 a.m. Eastern Time (ET) on the company's Investor Relations webpage. A conference call to review these results will follow at 8:30 a.m. ET, accessible via domestic and international dial-in numbers, with the passcode 8028932. A replay of the call will be available from 12:30 p.m. ET on August 1 until 11:59 p.m. ET on August 15, 2024. The conference call will also be webcast live on Cigna's Investor Relations webpage in a listen-only mode.