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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.
Cigna Corporation introduced the Evernorth Vitality Index, a new tool designed to measure health and vitality for personal, business, and community impact. The index derives insights from a study involving over 10,000 American adults, revealing that less than 20% of Americans maintain high vitality levels, with Generation Z showing the lowest levels. Cigna also announced a $1 million partnership with YMCA of the USA to enhance community vitality through programming in five cities. The initiative aims to improve health, workforce retention, and productivity in a post-pandemic recovery.
Express Scripts, part of Cigna's Evernorth, has partnered with Centene to manage pharmacy benefits for around 20 million members beginning January 2024. This strategic collaboration aims to enhance access and affordability of prescription medications and will utilize Express Scripts' extensive pharmacy network. The partnership follows a competitive bidding process and is expected to drive better health outcomes through improved detection and care.
Cigna (NYSE: CI) is set to offer individual health plan options in four South Carolina counties during the 2023 Open Enrollment Period, starting Nov. 1. The plans will feature virtual primary care via MDLIVE, $0 deductible options, and affordable prescription drugs, including copays as low as $0 to $25 for preferred generics. Residents in Berkeley, Charleston, Dorchester, and Horry counties will benefit from comprehensive healthcare coverage, digital tools, and incentives for healthy behaviors. The enrollment period runs until Jan. 15, 2023, with plans effective starting Jan. 1, 2023.
Cigna Corporation (NYSE:CI) announced that Brian Evanko, CFO, will present at the Credit Suisse 31st Annual Healthcare Conference on November 8, 2022, in Rancho Palos Verdes, CA. The presentation will start at approximately 9:50 a.m. ET, and a live webcast will be available on Cigna's Investor Relations website. The company is committed to providing integrated health services globally, maintaining over 190 million customer relationships. For further details, visit www.cigna.com.
Cigna Corporation (NYSE: CI) will announce its third quarter 2022 financial results on November 3, 2022, at 6:30 a.m. EST. The management will discuss these results during a conference call at 8:30 a.m. EST. Participants are encouraged to join by 8:15 a.m. EST. Replay of the call will be available from 12:30 p.m. EST on the same day until November 17, 2022. Detailed information will be accessible on Cigna's website in the Investor Relations section.
Cigna (NYSE: CI) is expanding its health insurance offerings in Texas, with plans available in 11 counties during the 2023 Open Enrollment Period starting Nov. 1. Key features include virtual primary care through MDLIVE, $0 deductible options, and cost-effective prescription drugs, including capped insulin costs at $25 monthly. The company also plans to host the Health Improvement Tour at the Dallas Zoo on Oct. 29 and Nov. 1, providing free biometric screenings. This initiative aims to enhance access to affordable healthcare for Texas residents.
Cigna reports a 22% growth in its geographic footprint for 2023, expanding into 106 new counties, including New York and Kentucky. The company will offer a $0 premium Medicare Advantage (MA) plan in each county, with most customers seeing the same or lower premiums. This expansion aims to enhance customer choices with services like caregiver support and financial wellness incentives. Cigna's MA plans will be available in 581 counties across 28 states, with a significant increase in the number of specialists in its network.
Cigna has launched Cigna Pathwell, a suite of health products aimed at improving care for patients with high-cost conditions. Integrating Evernorth's analytics with Cigna's medical benefits, Pathwell targets biologic medicines and musculoskeletal pain, enhancing the healthcare experience for patients and their employers. The initiative promises cost reduction and personalized support, especially for those needing infusion therapies. The Pathwell suite aims to evolve further in 2023, adapting to emerging health trends.
On September 15, 2022, Evernorth, the health services division of Cigna Corporation (NYSE: CI), announced the expansion of its Digital Health Formulary by adding five innovative app-based programs focused on improving health issues like insomnia, anxiety, and substance use disorders. This industry-first platform ensures solutions meet stringent clinical effectiveness and usability standards, promising average savings of $120,000 per solution for health plans. Evernorth aims to connect patients with affordable, evidence-based care, providing plans for over 20 million U.S. members.
Cigna Corporation (NYSE:CI) announced that Dr. David Brailer, M.D., Ph.D., will join as Executive Vice President and Chief Health Officer in early September. Dr. Brailer, known for his expertise in health care innovation, will lead initiatives to enhance Cigna's products and services. Reporting to CEO David M. Cordani, he aims to advance Cigna's strategy for affordable and predictable health care. With a robust background in health technology and policy, Dr. Brailer's addition is expected to strengthen Cigna's commitment to improving customer health outcomes.
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