On Thursday, Cigna Company CI reported third-quarter gross sales of $63.7 billion, up 30% year-over-year, beating the consensus of $59.35 billion.
The rise was primarily pushed by important development in Evernorth Well being Companies, reflecting massive shopper wins and robust specialty quantity development.
Adjusted revenue from operations for the third quarter of 2024 elevated by 5%, reflecting sturdy contributions from Evernorth Well being Companies, notably inside Specialty and Care Companies, partially offset by decrease internet funding revenue.
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Cigna Healthcare gross sales elevated 3% to $13.16 billion, reflecting premium fee will increase to cowl anticipated will increase in underlying medical prices, partially offset by a lower in Particular person and Household Plans prospects.
Cigna’s medical value ratio – or spending on claims as a share of premiums – was 82.8% in comparison with 80.5% a 12 months in the past, reflecting the enterprise combine and one additional enterprise day within the third quarter of 2024.
Complete premiums through the quarter rose 4.0% to $11.44 billion.
Evernorth Well being Companies gross sales elevated 36% to $52.64 billion. Pharmacy Profit Companies gross sales elevated 50% to $28.79 billion.
The entire variety of medical prospects fell 2.9% to 19.05 million. Complete buyer relationships elevated 12% to 183.51 million.
Complete pharmacy prospects elevated 22% to 120 million. The adjusted EPS of $7.51, elevated from $6.77 a 12 months in the past, beat the Wall Road estimate of $7.20.
Steering: Cigna reaffirms 2024 adjusted EPS steerage of at the least $28.40 versus consensus of $28.50. The corporate expects a fiscal 12 months 2024 medical value ratio of 81.7%-82.5%.
Value Motion: CI inventory is up 3.93% at $325.18 on the final test on Thursday.
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