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The Cigna Group (NYSE: CI) is a global health services company dedicated to improving health outcomes and providing comprehensive healthcare solutions. The company operates primarily through two platforms: Evernorth Health Services and Cigna Healthcare. Cigna offers a diverse portfolio of pharmacy, medical, behavioral, dental, and supplemental products and services.
Pharmacy Benefit Management (PBM) and Health Insurance: Cigna's PBM services experienced significant growth following its 2018 merger with Express Scripts. The company's PBM and specialty pharmacy services are primarily sold to health insurance plans and employers, with notable contracts including the Department of Defense and insurer Centene. Cigna serves 18 million U.S. medical members as of December 2023, focusing on self-funded employer arrangements.
Recent Achievements: In 2024, Cigna repurchased $3.2 billion of common stock through accelerated stock repurchase agreements, reflecting strong business growth and commitment to shareholder value. The company is also addressing chronic conditions by introducing innovative solutions like EncircleRx, which offers financial guarantees for managing the cost of GLP-1s.
Partnerships and Community Engagement: Cigna partners with various organizations to enhance community health. This includes sponsoring the NFL's Vincent Country Safe Zone Activity Day, providing essential health screenings and eye exams for students, and participating in behavioral health initiatives through Evernorth Behavioral Care Group.
Financial Performance: Cigna reported strong first-quarter 2024 results, with adjusted income from operations of $1.9 billion, reflecting growth across its Evernorth and Cigna Healthcare businesses. The company also announced pricing terms for tender offers to manage its senior notes, aiming for significant savings for both patients and health plans through biosimilar initiatives.
Future Outlook: As of 2024, Cigna aims to achieve an adjusted EPS growth target of 10%-14% and has reaffirmed its 2024 adjusted EPS guidance of at least $28.25. The company continues to innovate and expand its healthcare offerings, focusing on affordability, access, and improved clinical outcomes.
AM Best has assigned a Long-Term Issue Credit Rating of “bbb” to $700 million and $800 million senior unsecured notes issued by Cigna, with positive outlook. Cigna plans to utilize proceeds for debt repayments and general corporate purposes, facing nearly $3 billion in debt maturities in 2023. Financial leverage is reported at 40.9%, expected to stabilize post-debt issuance. Cigna's earnings before interest and taxes improved to 8.2 times in 2022, with a 13% increase in healthcare earnings. The company's liquidity remains robust with $5.5 billion from the divestiture of its Asia-Pacific operations.
The Cigna Group, previously known as Cigna Corporation (NYSE: CI), unveils three distinct brands: Cigna Healthcare, a health benefits provider; Evernorth Health Services, offering pharmacy and care solutions; and The Cigna Group as the global health company itself. This branding evolution reflects its extensive portfolio and commitment to enhancing health across more than 30 countries. With over 70,000 employees and 190 million customer relationships, this shift marks a significant milestone in the company's 230-year history, aiming to better serve its customers and clients.
Cigna Corporation (NYSE:CI) announced that CFO Brian Evanko will present at the 43rd Annual Cowen Health Care Conference on March 6, 2023, at 2:50 p.m. ET in Boston, MA. A live webcast of the presentation will be available on Cigna's Investor Relations website. Cigna focuses on improving health and well-being globally, providing a range of integrated health services across approximately 30 countries, with around 190 million customer relationships. The company's offerings include medical, dental, behavioral health, pharmacy, and vision services.
Cigna Corporation (NYSE: CI) reported a strong financial performance for 2022, with total revenues of $180.5 billion and shareholders' net income increasing 24% to $6.7 billion or $21.30 per share. Adjusted income from operations rose to $7.3 billion or $23.27 per share. The board announced a 10% increase in the quarterly dividend to $1.23 per share, payable on March 23, 2023. For 2023, Cigna projects adjusted income from operations to reach at least $7.33 billion or $24.60 per share. Customer growth also showed positive trends, with a 5% increase in medical customers compared to 2021.
Evernorth, the health services arm of Cigna Corporation (NYSE: CI), has promoted Adam Kautzner, PharmD, to president of Express Scripts. Kautzner brings extensive experience in pharmacy benefit management, including expertise in pharma relations and formulary development. Eric Palmer, CEO of Evernorth, highlighted Kautzner's innovative approach and leadership skills, which are expected to enhance patient outcomes and unlock pharmacy savings. Kautzner previously served as Senior VP of Supply Chain and has a doctorate from St. Louis College of Pharmacy. This strategic move aims to drive growth and positively impact Evernorth's service offerings.
Cigna Corporation (NYSE:CI) will announce its fourth quarter 2022 financial results on February 3, 2023, at 6:30 a.m. ET. A conference call will follow at 8:30 a.m. ET to discuss these results. Participants are encouraged to join by 8:15 a.m. ET. The call will be available for replay starting at 12:30 p.m. ET on the same day until February 17, 2023. Cigna offers a range of health services globally, with a focus on improving the well-being of its customers.
Cigna Corporation (NYSE: CI) has been recognized as the #1 company in the health care sector for corporate citizenship by JUST Capital and CNBC, ranking #16 overall among over 950 companies. This is Cigna's fourth consecutive year receiving this honor. The company has expanded its mental health services and enhanced employee support programs, including a caregiver leave initiative. The recognition underscores Cigna's commitment to stakeholders and its ongoing efforts to drive positive change across communities.
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Cigna Corporation (NYSE:CI), a global health services company, announced that its CEO David Cordani will present at the 41st Annual J.P. Morgan Healthcare Conference on January 10, 2023, in San Francisco, CA. The presentation is scheduled to start at 5:15 p.m. ET. Interested parties can access the live webcast via Cigna's Investor Relations section. Cigna, serving over 190 million customers globally, is dedicated to improving health and well-being through integrated health services.
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