The Cigna Group - CI STOCK NEWS

Express Scripts, a subsidiary of The Cigna Group (NYSE: CI), has filed a lawsuit against the Federal Trade Commission (FTC) in federal court in Missouri. The company demands the retraction of the FTC's July 2024 report on the pharmacy benefit management (PBM) industry, claiming it contains false and misleading information. Express Scripts argues that the report ignores evidence provided by PBMs, shows ideological bias, and could lead to higher drug prices for consumers.

The company states it has cooperated with the FTC study for over two years, providing extensive data and information. However, Express Scripts contends that the FTC disregarded this input, resulting in a report with inaccuracies. The lawsuit claims the report violates the Commission's duty to follow due process and serve the public interest.

The Cigna Group (NYSE:CI), a global health company, has announced that Matt Perlberg, President of the Evernorth Health Services pharmacy and care delivery businesses, will present at the Bernstein Healthcare 1:1 Forum on September 24, 2024, in New York, NY. The presentation is scheduled to begin at approximately 9:00 a.m. ET.

A live webcast of the presentation will be available on The Cigna Group's website in the Investor Relations section. Interested parties can access the webcast at https://investors.thecignagroup.com/events-and-presentations/default.aspx. It is recommended to visit the website at least 15 minutes before the presentation to download and install any necessary audio software.

Cigna Healthcare has launched an E-Treatment option through MDLIVE by Evernorth, offering U.S. customers quick access to urgent care without direct interaction. This service, available to those with coverage through the individual marketplace or their employer, typically delivers diagnoses and treatment plans within one hour for common, lower-risk conditions.

Customers can submit a virtual clinical interview through the MDLIVE portal, which usually takes 8-10 minutes to complete. The service has shown high patient satisfaction, with 99% of patients happy with their experience. Many Cigna Healthcare customers can access this service with a $0 co-pay, along with other virtual care options like primary care, behavioral health, and dermatology.

Evernorth Health Services has announced plans to offer a Stelara biosimilar at $0 out-of-pocket cost for eligible Accredo patients starting in early 2025. This initiative is expected to save patients an average of $4,000 annually. The biosimilar, produced by Quallent Pharmaceuticals, will be priced over 80% lower than Stelara's list price, offering significant savings for health plan sponsors.

Accredo, Evernorth's specialty pharmacy, currently serves over 30,000 Stelara patients and provides specialized support through its Therapeutic Resource Centers. This move follows Evernorth's successful introduction of a Humira biosimilar in June, which has already seen a 25% adoption rate among eligible patients.

The Cigna Group (NYSE:CI), a global health company, has announced that its Chairman and CEO, David Cordani, will be presenting at the Morgan Stanley 22nd Annual Global Healthcare Conference on September 5, 2024, in New York, NY. The presentation is scheduled to begin at approximately 10:45 a.m. ET.

Investors and interested parties can access a live webcast of the presentation through The Cigna Group's Investor Relations website. To ensure a smooth viewing experience, it is recommended to visit the website at least 15 minutes before the presentation starts to download and install any necessary audio software.

The Cigna Group Foundation has launched a $9 million grant program to improve mental health and well-being of military veterans, with a first-year focus on housing stability. This initiative addresses the increased risk of homelessness among veterans, with an estimated 40,000 veterans without shelter on any given night. The program aims to provide stable housing, a key social determinant of health, to reduce mental distress disorders among veterans.

The Foundation is now accepting grant applications from nonprofit organizations in select states until August 28, 2024. The program goals include increasing permanent housing for veterans, improving housing affordability, and enhancing wraparound services for veterans transitioning from shelters. Habitat for Humanity International is among the first grantees, receiving $250,000 to support increased homeownership opportunities for veterans through its HUD-VASH initiative.

The Cigna Group Foundation has announced $9 million in grants to 22 nonprofits over three years to address the youth mental health crisis. This initiative aims to support youth aged 5-18, focusing on programs in schools and related settings. The grants will expand social-emotional skills programming, equip parents and professionals to support youth, and improve access to mental health care.

Key points:

• Nearly half of the grantees are first-time recipients of Cigna Group funding
• The initiative addresses post-pandemic stress among youth
• Recent analysis shows a 28% increase in young people with mental health conditions since 2018
• The number of youth with multiple mental health diagnoses has risen 48% since 2018

This grant program is part of a larger $27 million philanthropic initiative by The Cigna Group Foundation to improve youth and veteran mental health and reduce health equity barriers.

The Cigna Group (NYSE: CI) reported strong Q2 2024 results with total revenues increasing 25% to $60.5 billion. Shareholders' net income was $1.5 billion or $5.45 per share, compared to $4.92 per share in Q2 2023. Adjusted income from operations rose to $1.9 billion or $6.72 per share, up from $6.13 per share last year.

The company projects 2024 adjusted income from operations of at least $28.40 per share. Evernorth Health Services and Cigna Healthcare contributed significantly to these results.

Q2 highlights include:

• 25% increase in total revenues to $60.5 billion
• 5% rise in adjusted income from operations to $1.9 billion
• Evernorth Health Services saw 30% revenue growth
• Cigna Healthcare increased revenues by 3%
• Year-to-date stock repurchases of 14.7 million shares for $5 billion

The Cigna Group (NYSE: CI) has announced a quarterly cash dividend of $1.40 per share of its common stock. This dividend will be payable on September 19, 2024 to shareholders of record as of the close of business on September 4, 2024. The declaration of this dividend by the Board of Directors demonstrates The Cigna Group's commitment to providing returns to its shareholders and reflects the company's financial stability.