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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.
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.
Cigna (NYSE: CI) announces a substantial expansion of its ACA Marketplace exchange plans for 2023, increasing access to affordable healthcare in Texas, Indiana, and South Carolina, along with 50 additional counties in Georgia, Mississippi, and North Carolina. This move is poised to serve approximately 730,000 more customers across 363 counties in 16 states. Key features include $0 virtual primary care via MDLIVE, cost-effective prescription options, and incentives for healthy behaviors, aimed at enhancing customer experience and access to quality care.
Cigna Corporation (NYSE: CI) announced that its CEO, David Cordani, will present at the Morgan Stanley 20th Annual Global Healthcare Conference on September 13, 2022, in New York, NY. The presentation is scheduled for approximately 9:10 a.m. ET, with a live webcast available on Cigna's investor relations website. Cigna operates in over 30 countries and serves over 190 million customers worldwide, providing integrated health services like medical, dental, and pharmacy benefits.
Cigna Corporation and Oscar Health, Inc. are launching a new health insurance offering for small businesses in the Philadelphia area, effective January 1, 2023, pending regulatory approval. This initiative aims to provide affordable, member-first health insurance products and includes services like low-cost prescription coverage and access to Cigna's extensive network of healthcare providers. The partnership has already surpassed 50,000 members in its first half of operations, with promises of innovative health plans designed for small businesses.
Cigna Corporation (NYSE: CI) reported robust second quarter 2022 results, achieving total revenues of $45.5 billion and a net income of $1.6 billion, or $4.90 per share. The adjusted income from operations increased to $2.0 billion, or $6.22 per share. Key highlights include a 3% growth in total customer relationships and a projected full-year adjusted revenue of at least $178 billion. The medical care ratio improved to 80.7%. Cigna's ongoing focus on innovation and customer service drives sustained growth across segments.
Cigna has announced that it will offer free transportation to community cooling centers for its Medicare Advantage customers during the summer. This service is aimed at assisting older adults who are more vulnerable to heat-related illnesses. Cigna's initiative is critical, as over 650 Americans die annually from such conditions, primarily those aged 65 and older. Customers can utilize their transportation benefits for rides to cooling locations, libraries, or senior centers. The company emphasizes the need for community support during heat emergencies, encouraging families to check on elderly loved ones.
The Board of Directors of Cigna declared a cash dividend of $1.12 per share for the third quarter of 2022. This dividend is payable on September 22, 2022, to shareholders on record by the close of business on September 7, 2022. This decision reflects Cigna's commitment to delivering value to its shareholders while maintaining financial strength.
Cigna Corporation (NYSE:CI) will announce its second quarter 2022 financial results on August 4, 2022, at 6:30 a.m. ET. A conference call will follow at 8:30 a.m. ET to discuss the results. Participants are encouraged to join by 8:15 a.m. ET. The call can be accessed via phone or through a live internet webcast. Replay options will be available post-call. Cigna, a global health services company, operates in over 30 countries with more than 190 million customer relationships worldwide.
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