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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.
Evernorth, the health services division of Cigna (NYSE: CI), has partnered with Monument to enhance access to alcohol use disorder (AUD) treatment through Monument's virtual platform. This initiative benefits millions of customers, making therapy, medications, and peer support available to Evernorth and Cigna health plan clients in 20 states. Evernorth aims to address the rising alcohol use, reported to have increased for nearly 60% of individuals during the pandemic. Both companies emphasize their commitment to improving health outcomes through innovative, affordable treatment options.
Cigna Corporation (NYSE:CI) announced that Eric Palmer, CEO of Evernorth, will present at the Cowen 42nd Annual Health Care Conference on March 7, 2022. The presentation, starting at 10:30 a.m. ET, will be accessible via a live webcast on Cigna's investor relations page. The company, dedicated to improving health and well-being globally, offers a wide range of health services and maintains customer relationships in over 30 countries.
Accredo, a specialty pharmacy under Evernorth, Cigna's health services arm, has received URAC's Rare Disease Pharmacy Center of Excellence designation. This accreditation highlights Accredo's dedication to quality health services and improved outcomes for patients with rare diseases. With an estimated 25 to 30 million individuals affected by rare diseases in the U.S., Accredo's specialized resources include a team of about 500 pharmacists and 600 nurses, catering to 23 different rare diseases. URAC accreditation indicates excellence in patient care and safety.
Cigna Corporation reported total revenues of $174.1 billion in 2021, with a net income of $5.4 billion, or $15.73 per share. Adjusted income from operations was $7.0 billion, equating to $20.47 per share. For 2022, Cigna expects adjusted income from operations of at least $6.95 billion and a quarterly dividend increase of 12%, raising it to $1.12 per share. The company continues to experience strong customer growth, with total medical customers rising to 17.1 million.
Dr. Luis Torres, a behavioral health medical director at Cigna's health services business Evernorth, has been selected for a yearlong fellowship with CEO Action for Racial Equity. This initiative aims to tackle racial injustice through policy change at various levels. Cigna has supported health equity for over a decade, partnering with local organizations to enhance community well-being. Dr. Torres, with 20 years of experience in behavioral health, is committed to addressing disparities faced by his patients. Cigna remains dedicated to improving health outcomes and advancing equity.
Cigna Corporation (NYSE:CI) announced the appointment of Charles "Chuck" Berg as President of U.S. Government Business and Senior Advisor, effective January 31, 2022. Berg, a seasoned health care executive, aims to enhance Cigna's Medicare Advantage and Individual & Family Plan businesses. He will also join the Enterprise Leadership Team and report to CEO David Cordani. His previous roles include Executive Chair at DaVita Medical Group and CEO of Oxford Health Plans. Cigna anticipates significant growth in its government business under Berg's leadership, focusing on geographic expansion and improved product offerings.
Cigna Corporation (NYSE:CI) is set to release its fourth quarter 2021 financial results on February 3, 2022, with the conference call starting at 8:30 a.m. ET. The earnings announcement will be available by 6:30 a.m. ET and can be accessed on the company's Investor Relations website. Investors can participate by calling (888) 566-1253 for domestic or (773) 799-3825 for international calls, using passcode 232022. A replay will be available post-call until February 17, 2022.
Cigna Corporation (NYSE:CI) announced that CEO David Cordani will present at the 40th Annual J.P. Morgan Healthcare Conference on January 11, 2022, via a virtual webcast. The presentation is set to begin at approximately 11:15 a.m. ET, and interested parties can access it through Cigna's investor relations page. With over 190 million customer relationships globally, Cigna focuses on improving health and well-being through integrated health services.
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