Cigna Group Issues 2023 Outlook

(RTTNews) - The Cigna Group (CI) said it projects full year 2023 consolidated adjusted income from operations per share of at least $24.70. The outlook for full year 2023 adjusted revenues was increased to at least $190.0 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $24.69 on revenue of $191.69 billion. Analysts' estimates typically exclude special items.

Cigna Group said its second quarter shareholders' net income and adjusted income from operations decreased 6% and 8%, respectively, from a year ago, reflecting the absence of income from divested businesses. Total revenues and adjusted revenues increased 7% from second quarter 2022, reflecting strong contributions from Evernorth Health Services and Cigna Healthcare, partially offset by the absence of revenues from divested businesses.

Second quarter earnings came in at $1.46 billion, or $4.92 per share compared with $1.56 billion, or $4.89 per share, in last year's second quarter. Excluding items, Cigna reported adjusted earnings of $1.82 billion or $6.13 per share. Analysts on average had expected the company to earn $6.02 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 6.8% to $48.59 billion from $45.48 billion last year. Adjusted revenues increased to $48.62 billion from $45.43 billion. Analysts on average had estimated $47.31 billion in revenue.

Total pharmacy customers at second quarter 2023 increased 5% from December 31, 2022 to 98.6 million. Total medical customers at second quarter 2023 grew 8% from December 31, 2022 to 19.5 million.

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