The Cigna Group Reports Strong Second Quarter 2025 Results, Reaffirms 2025 Adjusted EPS Outlook
The Cigna Group (NYSE: CI) reported strong Q2 2025 financial results with total revenues increasing 11% to $67.2 billion. The company achieved shareholders' net income of $1.5 billion, or $5.71 per share, and adjusted income from operations of $1.9 billion, or $7.20 per share.
Evernorth Health Services showed significant growth with adjusted revenues up 17% and adjusted income from operations increasing 5%. The company maintained 182.2 million total customer relationships, with pharmacy customers growing 3% to 121.9 million. Cigna Healthcare's Medical Care Ratio was 83.2% in Q2 2025.
The company reaffirmed its 2025 outlook for adjusted income from operations of at least $29.60 per share, demonstrating confidence in its business performance and growth strategy.
Il Gruppo Cigna (NYSE: CI) ha riportato solidi risultati finanziari per il secondo trimestre 2025, con ricavi totali in aumento dell'11% a 67,2 miliardi di dollari. L'azienda ha realizzato un utile netto per gli azionisti di 1,5 miliardi di dollari, pari a 5,71 dollari per azione, e un utile rettificato dalle operazioni di 1,9 miliardi di dollari, ovvero 7,20 dollari per azione.
Evernorth Health Services ha mostrato una crescita significativa con ricavi rettificati in aumento del 17% e utile rettificato dalle operazioni cresciuto del 5%. L'azienda ha mantenuto 182,2 milioni di relazioni complessive con i clienti, con i clienti della farmacia in crescita del 3% a 121,9 milioni. Il rapporto di assistenza medica di Cigna Healthcare è stato dell'83,2% nel secondo trimestre del 2025.
L'azienda ha confermato le previsioni per il 2025, prevedendo un utile rettificato dalle operazioni di almeno 29,60 dollari per azione, dimostrando fiducia nelle performance aziendali e nella strategia di crescita.
El Grupo Cigna (NYSE: CI) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos totales que aumentaron un 11% hasta 67.200 millones de dólares. La compañía logró un ingreso neto para los accionistas de 1.500 millones de dólares, o 5,71 dólares por acción, y un ingreso ajustado de operaciones de 1.900 millones de dólares, o 7,20 dólares por acción.
Evernorth Health Services mostró un crecimiento significativo con ingresos ajustados que subieron un 17% y un ingreso ajustado de operaciones que aumentó un 5%. La empresa mantuvo 182,2 millones de relaciones totales con clientes, con clientes de farmacia creciendo un 3% hasta 121,9 millones. El índice de atención médica de Cigna Healthcare fue del 83,2% en el segundo trimestre de 2025.
La compañía reafirmó su perspectiva para 2025, con un ingreso ajustado de operaciones de al menos 29,60 dólares por acción, demostrando confianza en su desempeño comercial y estrategia de crecimiento.
시그나 그룹(NYSE: CI)은 2025년 2분기 강력한 재무 실적을 보고했으며, 총 수익은 11% 증가한 672억 달러를 기록했습니다. 회사는 주주 순이익으로 15억 달러, 주당 5.71달러를 달성했으며, 조정 영업이익은 19억 달러, 주당 7.20달러였습니다.
Evernorth Health Services는 조정 수익이 17% 증가하고 조정 영업이익이 5% 상승하며 상당한 성장을 보였습니다. 회사는 총 1억 8,220만 고객 관계를 유지했으며, 약국 고객은 3% 증가한 1억 2,190만 명이었습니다. 시그나 헬스케어의 의료비 비율은 2025년 2분기 83.2%였습니다.
회사는 2025년 조정 영업이익 주당 최소 29.60달러 이상의 전망을 재확인하며, 사업 성과와 성장 전략에 대한 자신감을 나타냈습니다.
Le groupe Cigna (NYSE : CI) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires total en hausse de 11 % à 67,2 milliards de dollars. La société a réalisé un bénéfice net pour les actionnaires de 1,5 milliard de dollars, soit 5,71 dollars par action, et un résultat opérationnel ajusté de 1,9 milliard de dollars, soit 7,20 dollars par action.
Evernorth Health Services a connu une croissance significative avec des revenus ajustés en hausse de 17 % et un résultat opérationnel ajusté en progression de 5 %. La société a maintenu 182,2 millions de relations clients au total, les clients en pharmacie ayant augmenté de 3 % pour atteindre 121,9 millions. Le ratio des soins médicaux de Cigna Healthcare était de 83,2 % au deuxième trimestre 2025.
La société a confirmé ses prévisions pour 2025, avec un résultat opérationnel ajusté d'au moins 29,60 dollars par action, témoignant de sa confiance dans ses performances commerciales et sa stratégie de croissance.
Die Cigna Gruppe (NYSE: CI) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Gesamtumsatzanstieg von 11 % auf 67,2 Milliarden US-Dollar. Das Unternehmen erzielte einen Nettogewinn für die Aktionäre von 1,5 Milliarden US-Dollar bzw. 5,71 US-Dollar je Aktie sowie ein bereinigtes Betriebsergebnis von 1,9 Milliarden US-Dollar bzw. 7,20 US-Dollar je Aktie.
Evernorth Health Services verzeichnete ein signifikantes Wachstum mit einem Anstieg der bereinigten Umsätze um 17 % und einem Anstieg des bereinigten Betriebsergebnisses um 5 %. Das Unternehmen hielt 182,2 Millionen Kundenbeziehungen insgesamt aufrecht, wobei die Apothekenkunden um 3 % auf 121,9 Millionen wuchsen. Die medizinische Versorgungsquote von Cigna Healthcare lag im zweiten Quartal 2025 bei 83,2 %.
Das Unternehmen bestätigte seine Prognose für 2025 mit einem bereinigten Betriebsergebnis von mindestens 29,60 US-Dollar je Aktie und zeigt damit Vertrauen in seine Geschäftsentwicklung und Wachstumsstrategie.
- Total revenues increased 11% to $67.2 billion in Q2 2025
- Evernorth Health Services adjusted revenues grew 17% year-over-year
- Pharmacy customers increased 3% to 121.9 million
- SG&A expense ratio improved to 5.1% from 6.1% year-over-year
- Strong specialty pharmacy growth and biosimilar adoption
- Favorable prior year reserve development of $297 million
- Medical Care Ratio increased to 83.2% from 82.3% year-over-year
- Total medical customers decreased 6% to 18.0 million
- Cigna Healthcare's adjusted income from operations decreased 9%
- Lower net investment income in Specialty and Care Services compared to Q2 2024
Insights
Cigna delivered solid Q2 performance with 11% revenue growth and reaffirmed guidance, showing strength despite higher stop loss costs.
Cigna Group's Q2 2025 results demonstrate robust revenue growth and steady earnings performance across its diversified healthcare portfolio. Total revenues increased
The company reported adjusted EPS of
Operational efficiency improved substantially, with the adjusted SG&A expense ratio decreasing to
The Cigna Healthcare segment showed mixed results, with the Medical Care Ratio (MCR) increasing to
Management's reaffirmation of the full-year adjusted EPS outlook of at least
The divestiture of Medicare-related businesses to HCSC in March 2025 has meaningfully impacted year-over-year comparisons, particularly in the Cigna Healthcare segment where adjusted revenues declined
Overall, Cigna's Q2 results reflect a company effectively leveraging its diverse business mix to deliver consistent financial performance despite some headwinds in medical costs. The strength in Evernorth, particularly in specialty pharmacy and care services, continues to be a key growth driver for the organization.
- Total revenues for the second quarter 2025 increased
11% to$67.2 billion - Shareholders' net income for the second quarter 2025 was
$1.5 billion $5.71 - Adjusted income from operations1 for the second quarter 2025 was
$1.9 billion $7.20 - Reaffirms 2025 outlook for adjusted income from operations1,2 of at least
$29.60
"Listening, adapting, and innovating to meet the evolving needs of our patients, customers, and clients enables us to deliver meaningful value," said David M. Cordani, chairman and CEO of The Cigna Group. "Our performance in the second quarter reflects our disciplined execution and the strength of our business mix."
Shareholders' net income for second quarter 2025 was
The Cigna Group's adjusted income from operations1 for second quarter 2025 was
A reconciliation of shareholders' net income to adjusted income from operations1 is provided on the following page and on Exhibit 1 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations of total revenues to adjusted revenues3 and shareholders' net income to adjusted income from operations1:
Consolidated Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months | |||
June 30, | March 31, | June 30, | ||
2025 | 2024 | 2025 | 2025 | |
Total Revenues | $ 67,178 | $ 60,523 | $ 65,502 | $ 132,680 |
Net Investment Results from Equity Method Investments3 | (44) | (53) | (50) | (94) |
Adjusted Revenues3 | $ 67,134 | $ 60,470 | $ 65,452 | $ 132,586 |
Consolidated Earnings, net of taxes | ||||
Shareholders' Net Income | $ 1,532 | $ 1,548 | $ 1,323 | $ 2,855 |
Net Investment (Gains)1 | (103) | (20) | (48) | (151) |
Amortization of Acquired Intangible Assets1 | 330 | 317 | 336 | 666 |
Special Items1 | 171 | 64 | 229 | 400 |
Adjusted Income from Operations1 | $ 1,930 | $ 1,909 | $ 1,840 | $ 3,770 |
Shareholders' Net Income, per share | $ 5.71 | $ 5.45 | $ 4.85 | $ 10.55 |
Adjusted Income from Operations1, per share | $ 7.20 | $ 6.72 | $ 6.74 | $ 13.94 |
- Total revenues for second quarter 2025 increased
11% relative to second quarter 2024, primarily driven by Evernorth Health Services and includes growth of existing client relationships and strong specialty pharmacy growth. - Adjusted income from operations1 for second quarter 2025 increased
1% relative to second quarter 2024, reflecting strong growth in Evernorth Health Services and improvement in Corporate, partially offset by expected higher stop loss medical costs in Cigna Healthcare. - The SG&A expense ratio4 and adjusted SG&A expense ratio4 were
5.1% and4.9% , respectively, for second quarter 2025, compared to6.1% and6.0% , respectively, in second quarter 2024, reflecting business mix shift and strong revenue growth.
CUSTOMER RELATIONSHIPS
The following table summarizes The Cigna Group's medical customers and overall customer relationships:
Customer Relationships (in thousands):
As of the Periods Ended | ||||
June 30, | March 31, | December 31, | ||
2025 | 2024 | 2025 | 2024 | |
Total Pharmacy Customers5 | 121,892 | 122,470 | 122,283 | 118,304 |
16,355 | 17,404 | 16,364 | 17,502 | |
International Health | 1,691 | 1,639 | 1,679 | 1,645 |
Total Medical Customers5 | 18,046 | 19,043 | 18,043 | 19,147 |
Behavioral Care | 23,852 | 23,816 | 23,416 | 23,932 |
Dental | 18,446 | 18,339 | 18,466 | 18,258 |
Medicare Part D | — | 2,564 | — | 2,571 |
Total Customer Relationships5 | 182,236 | 186,232 | 182,208 | 182,212 |
- Total customer relationships5 at June 30, 2025 were 182.2 million. Excluding the impact of the HCSC transaction6, total customer relationships5 increased
2% from December 31, 2024. - Total pharmacy customers5 at June 30, 2025 increased
3% from December 31, 2024 to 121.9 million due to new sales and the continued expansion of relationships. - Total medical customers5 at June 30, 2025 decreased
6% from December 31, 2024 to 18.0 million, primarily reflecting the impact of the HCSC transaction6. Excluding the impact of the HCSC transaction6, total medical customers5 as of June 30, 2025 were consistent relative to December 31, 2024.
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation of adjusted income from operations1 to shareholders' net income.
Evernorth Health Services
This segment includes the Pharmacy Benefit Services and Specialty and Care Services operating segments, which provide independent and coordinated health solutions and capabilities to enable the health care system to work better and help people live healthier lives.
Pharmacy Benefit Services drives high-quality, cost-effective pharmacy care through various services such as drug claim adjudication, retail pharmacy network administration, benefit design consultation, drug utilization review, drug formulary management and access to our home delivery pharmacy. Specialty and Care Services provides specialty drugs for the treatment of complex and rare diseases, specialty distribution of pharmaceuticals and medical supplies, as well as clinical programs to help our clients drive better whole-person health outcomes through care services.
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months | |||
June 30, | March 31, | June 30, | ||
2025 | 2024 | 2025 | 2025 | |
Total Adjusted Revenues | ||||
Pharmacy Benefit Services | $ 31,954 | $ 26,630 | $ 29,742 | $ 61,696 |
Specialty and Care Services | $ 25,871 | $ 22,918 | $ 23,939 | $ 49,810 |
Adjusted Revenues3 | $ 57,825 | $ 49,548 | $ 53,681 | $ 111,506 |
Adjusted Income from Operations, Pre-Tax | ||||
Pharmacy Benefit Services | $ 833 | $ 816 | $ 544 | $ 1,377 |
Specialty and Care Services | $ 863 | $ 803 | $ 890 | $ 1,753 |
Adjusted Income from Operations, Pre-Tax1 | $ 1,696 | $ 1,619 | $ 1,434 | $ 3,130 |
Margin, Pre-Tax7 | 2.9 % | 3.3 % | 2.7 % | 2.8 % |
- Evernorth Health Services second quarter 2025 adjusted revenues3 and adjusted income from operations, pre-tax1, increased
17% and5% , respectively, relative to second quarter 2024. - For Pharmacy Benefit Services second quarter 2025 relative to second quarter 2024:
- Adjusted revenues3 increased
20% reflecting strong organic growth, including the growth of existing client relationships, and new business. - Adjusted income from operations, pre-tax1, increased
2% reflecting continued affordability improvements, partially offset by initiatives to support business growth.
- Adjusted revenues3 increased
- For Specialty and Care Services second quarter 2025 relative to second quarter 2024:
- Adjusted revenues3 increased
13% reflecting strong specialty volume growth. - Adjusted income from operations, pre-tax1, increased
7% reflecting strong organic growth in specialty businesses, including increased biosimilar adoption. Year-over-year growth was also impacted by lower net investment income in second quarter 2025 compared to second quarter 2024.
- Adjusted revenues3 increased
Cigna Healthcare
This segment includes the
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months | |||
June 30, | March 31, | June 30, | ||
2025 | 2024 | 2025 | 2025 | |
Adjusted Revenues3,8 | $ 10,754 | $ 13,143 | $ 14,482 | $ 25,236 |
Adjusted Income from Operations, Pre-Tax1 | $ 1,094 | $ 1,204 | $ 1,287 | $ 2,381 |
Margin, Pre-Tax7 | 10.2 % | 9.2 % | 8.9 % | 9.4 % |
- Second quarter 2025 adjusted revenues3,8 decreased
18% relative to second quarter 2024, primarily reflecting the impact of the HCSC transaction6,8. Excluding the impact of the HCSC transaction6,8, second quarter 2025 adjusted revenues3,8 would have increased7% relative to second quarter 2024, primarily driven by premium rate increases to cover expected increases in medical costs. - Second quarter 2025 adjusted income from operations, pre-tax1, decreased
9% relative to second quarter 2024, primarily driven by a higher MCR4. - The Cigna Healthcare MCR4 was
83.2% for second quarter 2025 compared to82.3% for second quarter 2024, primarily due to expected higher stop loss medical costs. - Cigna Healthcare net medical costs payable9 was
$4.49 billion $4.37 billion $5.04 billion $895 million $297 million $284 million
Corporate and Other Operations
Corporate reflects interest expense, amounts not allocated to operating segments and includes intersegment eliminations. Other Operations is comprised of Corporate Owned Life Insurance ("COLI"), the Company's run-off operations and other non-strategic businesses.
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months | |||
June 30, | March 31, | June 30, | ||
2025 | 2024 | 2025 | 2025 | |
Adjusted (Loss) from Operations, Pre-Tax1 | $ (357) | $ (451) | $ (411) | $ (768) |
2025 OUTLOOK2
The Cigna Group's outlook2 for full year 2025 consolidated adjusted income from operations1,2 is at least
(dollars in millions, except where noted and per share amounts) | ||
2025 Consolidated Metrics | Projection for Full Year Ending December 31, 2025 | |
Adjusted Income from Operations, per share1,2 | at least | |
Evernorth Adjusted Income from Operations, Pre-Tax1,2 | at least | |
Cigna Healthcare Adjusted Income from Operations, Pre-Tax1,2 | at least | |
Cigna Healthcare Medical Care Ratio2,4 | ||
The foregoing statements represent the Company's current estimates of The Cigna Group's 2025 consolidated and segment adjusted income from operations1,2 and other key metrics as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates.
This quarterly earnings release and the Quarterly Financial Supplement are available on The Cigna Group's website in the Investor Relations section (https://investors.thecignagroup.com/overview/default.aspx). Management will be hosting a conference call to review second quarter 2025 results and discuss full year 2025 outlook beginning today at 8:30 a.m. ET. A link to the conference call is available in the Investor Relations section of The Cigna Group's website located at https://investors.thecignagroup.com/events-and-presentations/default.aspx.
The call-in numbers for the conference call are as follows:
Live Call
(888) 566-1889 (Domestic)
(773) 799-3989 (International)
Passcode: 07312025
Replay
(800) 835-8067 (Domestic)
(203) 369-3354 (International)
It is strongly suggested you dial in to the conference call by 8:15 a.m. ET.
About The Cigna Group
The Cigna Group (NYSE: CI) is a global health company committed to creating a better future built on the vitality of every individual and every community. We relentlessly challenge ourselves to partner and innovate solutions for better health. The Cigna Group includes products and services marketed under Evernorth Health Services, Cigna Healthcare, or its subsidiaries. The Cigna Group maintains sales capabilities in more than 30 markets and jurisdictions, and has more than 180 million customer relationships around the world. Learn more at thecignagroup.com.
Notes:
1. Adjusted income (loss) from operations is a principal financial measure of profitability used by The Cigna Group's management because it presents the underlying results of operations of the Company's businesses and facilitates analysis of trends in underlying revenue, expenses and shareholders' net income. Adjusted income (loss) from operations is defined as shareholders' net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders' net income. See Exhibit 1 for a reconciliation of consolidated adjusted income from operations to shareholders' net income.
2. Management is not able to provide a reconciliation of adjusted income from operations to shareholders' net income, on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including (i) future net investment results and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond The Cigna Group's control. As such, any associated estimate and its impact on shareholders' net income and total revenues could vary materially.
The Company's outloo excludes the potential effects of any other business combinations that may occur after the date of this earnings release. The Company's outlook includes the potential effects of expected future share repurchases and anticipated 2025 dividends.
The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital. The share repurchase program may be effected through open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans, or privately negotiated transactions. The program may be suspended or discontinued at any time.
3. Adjusted revenues is used by The Cigna Group's management because it facilitates analysis of trends in underlying revenue. The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted revenues is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total revenues. See Exhibit 1 for a reconciliation of consolidated adjusted revenues to total revenues.
4. Operating ratios are defined as follows:
- The Cigna Healthcare medical care ratio ("MCR") represents medical costs as a percentage of premiums for all Cigna Healthcare risk products provided through guaranteed cost or experience-rated funding arrangements. Changes in percentages may be expressed in basis points ("bps").
- SG&A expense ratio on a GAAP basis for the second quarter 2025 represents enterprise selling, general and administrative expenses of
$3,433 million $67.2 billion $3,684 million $60.5 billion - Adjusted SG&A expense ratio for the second quarter 2025 represents enterprise selling, general and administrative expenses of
$3,271 million $162 million $3,621 million $63 million
5. Customer relationships are defined as follows:
- Total medical customers includes individuals who meet any one of the following criteria: (i) are covered under a medical insurance policy, managed care arrangement, or administrative services agreement issued by Cigna Healthcare; (ii) have access to Cigna Healthcare's provider network for covered services under their medical plan; or (iii) have medical claims that are administered by Cigna Healthcare.
- Total customer relationships and total medical customers as of December 31, 2024, excluding the impact of the HCSC transaction3, were 179,712 thousand and 18,055 thousand, respectively.
6. On March 19, 2025, the company completed the sale (the "HCSC transaction") of its Medicare Advantage, Medicare Individual Stand-Alone Prescription Drug Plans, Medicare and Other Supplemental Benefits, and CareAllies businesses to Health Care Services Corporation ("HCSC").
7. Margin, pre-tax, is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment.
8. The Cigna Group owns noncontrolling interests in certain operating joint ventures. As such, the adjusted revenues for the Cigna Healthcare segment only include the Company's share of the joint ventures' earnings reported in Fees and Other Revenues using the equity method of accounting under GAAP.
Set forth below is a table that presents the impact of the HCSC transaction on Cigna Healthcare Adjusted Revenues for the periods presented. Management believes that the presentation of this measure is useful to investors because it permits a comparison of the Company's go-forward business across periods.
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months | |||
June 30, | March 31, | June 30, | ||
2025 | 2024 | 2025 | 2025 | |
Cigna Healthcare Adjusted Revenues3 | $ 10,754 | $ 13,143 | $ 14,482 | $ 25,236 |
Less: | — | 3,137 | 3,850 | 3,850 |
Cigna Healthcare Adjusted Revenues3 | $ 10,754 | $ 10,006 | $ 10,632 | $ 21,386 |
9. Medical costs payable within the Cigna Healthcare segment are presented net of reinsurance and other recoverables. The gross medical costs payable balance was
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made in connection with this release, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on The Cigna Group's current expectations and projections about future trends, events and uncertainties. These statements are not historical facts. Forward-looking statements may include, among others, statements concerning our projected outlook for 2025 (including adjusted revenues; adjusted income from operations, including on a per share, and segment basis; adjusted SG&A expense ratio; adjusted effective tax rate; cash flow from operations; capital expenditures; shareholder dividends; weighted average shares outstanding; medical care ratio; and total medical customers); future financial or operating performance, including our ability to improve the health and vitality of those we serve; future growth, business strategy and strategic or operational initiatives, including our ability to successfully implement actions across our business to strengthen our platform and build a more sustainable model for healthcare; economic, regulatory or competitive environments; capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; and other statements regarding The Cigna Group's future beliefs, expectations, plans, intentions, liquidity, cash flows, financial condition or performance. You may identify forward-looking statements by the use of words such as "believe," "expect," "project," "plan," "intend," "anticipate," "estimate," "predict," "potential," "may," "should," "will" or other words or expressions of similar meaning, although not all forward-looking statements contain such terms.
Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Such risks and uncertainties include, but are not limited to: our ability to achieve our strategic and operational initiatives; our ability to adapt to changes in an evolving and rapidly changing industry; our ability to compete effectively, differentiate our products and services from those of our competitors and maintain or increase market share; price competition, inflation and other pressures that could compress our margins or result in premiums that are insufficient to cover the cost of services delivered to our customers; the potential for actual claims to exceed our estimates related to expected medical claims; our ability to develop and maintain satisfactory relationships with health care payors, physicians, hospitals, other health service providers and with producers and consultants; our ability to maintain relationships with one or more key pharmaceutical manufacturers or if payments made or discounts provided decline; changes in the pharmacy provider marketplace or pharmacy networks; changes in drug pricing or industry pricing benchmarks; our ability to invest in and properly maintain our information technology and other business systems; our ability to prevent or contain effects of a potential cyberattack or other privacy or data security incident; risks related to our use of artificial intelligence and machine learning; political, legal, operational, regulatory, economic and other risks that could affect our multinational operations, including currency exchange rates; risks related to strategic transactions and realization of the expected benefits of such transactions, as well as integration or separation difficulties or underperformance relative to expectations which could lead to an impairment charge; dependence on success of relationships with third parties; risk of significant disruption within our operations or among key suppliers or third parties; potential liability in connection with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; the substantial level of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations; uncertainties surrounding participation in government-sponsored programs and providing services to payors who participate in government-sponsored programs; the outcome of litigation, regulatory audits and investigations; compliance with applicable privacy, security and data laws, regulations and standards; potential failure of our prevention, detection and control systems; unfavorable economic and market conditions, the risk of a recession or other economic downturn and resulting impact on employment metrics, stock market or changes in interest rates; risks related to a downgrade in financial strength ratings of our insurance subsidiaries; the impact of our significant indebtedness and the potential for further indebtedness in the future; credit risk related to our reinsurers; as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and subsequent reports on Forms 10-Q and 8-K available through the Investor Relations section of www.thecignagroup.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. The Cigna Group undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.
THE CIGNA GROUP | Exhibit 1 | |||||||||||||
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited) | ||||||||||||||
Three Months Ended | Six Months Ended | Three Months | ||||||||||||
June 30, | June 30, | March 31, | ||||||||||||
(Dollars in millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | 2025 | |||||||||
REVENUES | ||||||||||||||
Pharmacy revenues | $ 102,282 | |||||||||||||
Premiums | 9,156 | 11,454 | 21,892 | 23,057 | 12,736 | |||||||||
Fees and other revenues | 4,137 | 3,647 | 8,032 | 6,973 | 3,895 | |||||||||
Net investment income | 236 | 321 | 474 | 611 | 238 | |||||||||
Total revenues | 67,178 | 60,523 | 132,680 | 117,778 | 65,502 | |||||||||
Net investment results from certain equity method investments | (44) | (53) | (94) | (61) | (50) | |||||||||
Adjusted revenues (1) | $ 132,586 | $ 117,717 | ||||||||||||
Shareholders' net income | $ 1,532 | $ 1,548 | $ 2,855 | $ 1,271 | $ 1,323 | |||||||||
Pre-tax adjusted income (loss) from operations by segment | ||||||||||||||
Evernorth Health Services | $ 1,696 | $ 1,619 | $ 3,130 | $ 2,979 | $ 1,434 | |||||||||
Cigna Healthcare | 1,094 | 1,204 | 2,381 | 2,544 | 1,287 | |||||||||
Corporate and Other Operations | (357) | (451) | (768) | (842) | (411) | |||||||||
Adjusted income tax expense | (503) | (463) | (973) | (897) | (470) | |||||||||
Consolidated after-tax adjusted income from operations | $ 1,930 | $ 1,909 | $ 3,770 | $ 3,784 | $ 1,840 | |||||||||
Weighted average shares (in thousands) | 268,154 | 284,052 | 270,540 | 286,884 | 272,953 | |||||||||
Common shares outstanding (in thousands) | 266,901 | 279,520 | 269,773 | |||||||||||
SHAREHOLDERS' EQUITY at June 30, | ||||||||||||||
SHAREHOLDERS' EQUITY PER SHARE at June 30, | ||||||||||||||
Three Months Ended | Six Months Ended | Three Months | ||||||||||||
June 30, | June 30, | March 31, | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | ||||||||||
(Dollars in millions, except per share amounts) | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax | ||||
SHAREHOLDERS' NET INCOME | ||||||||||||||
Shareholders' net income | $ 1,532 | $ 1,548 | $ 2,855 | $ 1,271 | $ 1,323 | |||||||||
Adjustments to reconcile adjusted income from operations | ||||||||||||||
Net investment (gains) losses (2) | $ (96) | (103) | $ (5) | (20) | $ (144) | (151) | $ 1,823 | 1,807 | $ (48) | (48) | ||||
Amortization of acquired intangible assets | 422 | 330 | 420 | 317 | 844 | 666 | 843 | 639 | 422 | 336 | ||||
Special Items | ||||||||||||||
Strategic optimization program | 129 | 98 | — | — | 344 | 261 | — | — | 215 | 163 | ||||
Integration and transaction-related costs | 74 | 56 | 63 | 47 | 290 | 220 | 100 | 76 | 216 | 164 | ||||
(Gain) loss on sale of businesses | — | — | — | — | (41) | (115) | 19 | (43) | (41) | (115) | ||||
Deferred tax expenses, net | — | 17 | — | 17 | — | 34 | — | 34 | — | 17 | ||||
Adjusted income from operations (3) | $ 1,930 | $ 1,909 | $ 3,770 | $ 3,784 | $ 1,840 | |||||||||
DILUTED EARNINGS PER SHARE | ||||||||||||||
Shareholders' net income | $ 5.71 | $ 5.45 | $ 10.55 | $ 4.43 | $ 4.85 | |||||||||
Adjustments to reconcile to adjusted income from operations | ||||||||||||||
Net investment (gains) losses (2) | $ (0.36) | (0.38) | $ (0.02) | (0.07) | $ (0.53) | (0.56) | $ 6.36 | 6.30 | $ (0.18) | (0.18) | ||||
Amortization of acquired intangible assets | 1.57 | 1.23 | 1.48 | 1.11 | 3.12 | 2.47 | 2.94 | 2.23 | 1.54 | 1.23 | ||||
Special Items | ||||||||||||||
Strategic optimization program | 0.48 | 0.37 | — | — | 1.27 | 0.97 | — | — | 0.79 | 0.60 | ||||
Integration and transaction-related costs | 0.28 | 0.21 | 0.22 | 0.17 | 1.07 | 0.81 | 0.34 | 0.26 | 0.79 | 0.60 | ||||
(Gain) loss on sale of businesses | — | — | — | — | (0.15) | (0.43) | 0.07 | (0.15) | (0.15) | (0.42) | ||||
Deferred tax expenses, net | — | 0.06 | — | 0.06 | — | 0.13 | — | 0.12 | — | 0.06 | ||||
Adjusted income from operations (3) | $ 7.20 | $ 6.72 | $ 13.94 | $ 13.19 | $ 6.74 | |||||||||
(1)Adjusted revenues is defined as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. These items are excluded because they are not indicative of past or future underlying performance of our businesses. |
(2)Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income. |
(3)Adjusted income (loss) from operations is defined as shareholders' net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding the following adjustments: net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. |
INVESTOR RELATIONS CONTACT:
Ralph Giacobbe
860-787-7968
Ralph.Giacobbe@TheCignaGroup.com
MEDIA CONTACT:
Justine Sessions
860-810-6523
Justine.Sessions@Evernorth.com
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SOURCE The Cigna Group
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