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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 (NYSE: CI) has announced significant leadership changes effective January 1, 2021, aimed at driving growth through its brands, Cigna and Evernorth. Eric Palmer will become president and COO of Evernorth, while Brian Evanko is appointed CFO of Cigna. Matt Manders will oversee Cigna's government and solutions, Everett Neville takes on strategy and business development, Aparna Abburi becomes president of Medicare, and Amy Bricker will lead Express Scripts. CEO David Cordani highlights the experience of the new leaders, focusing on value creation for customers and shareholders.
Cigna Global Employer Health announced a partnership with InterNations to launch the Cigna StudyWell™ plans, designed for students studying abroad. The initiative aims to provide comprehensive health coverage to students, faculty, and chaperones, addressing their unique needs. The plans include telehealth access, mental health support, and coverage for medical expenses. This collaboration reflects a commitment to enhance the well-being of globally mobile populations, with flexible options tailored for both outbound and inbound students.
Cigna is expanding its health coverage through the Affordable Care Act marketplace in 63 counties in North Carolina for 2021. Key features include $0 virtual care, a new Diabetes Care plan with $0 benefits for equipment, and partnerships with Duke Health and WakeMed. This expansion will increase Cigna's service area from 5 to 68 counties. The Open Enrollment Period starts Nov. 1 and ends Dec. 15, with plans effective Jan. 1, 2021. Cigna aims to enhance access to quality health care while minimizing out-of-pocket costs.
Cigna Corporation (NYSE:CI) announced that CEO Tim Wentworth will present at the Wolfe Research Healthcare Conference on November 19, 2020. The presentation is scheduled to start at 9:40 a.m. ET and will be available via a free webcast to investors, analysts, and the general public. Interested parties can access the webcast through Cigna's official website. Cigna focuses on health services that enhance the well-being of its clients, boasting sales capabilities in over 30 countries and approximately 190 million customer relationships globally.
Cigna Corporation (NYSE: CI) reported third-quarter 2020 total revenues of $41.0 billion, with adjusted revenues of $40.8 billion. Net income was $1.4 billion, or $3.78 per share, compared to $1.4 billion at $3.57 per share in Q3 2019. Adjusted income from operations was $1.6 billion, or $4.41 per share, reflecting strong performance, despite a slight year-over-year decline. Cigna's Evernorth segment drove revenue growth, while the company also repurchased 16 million shares, enhancing its capital position. The full-year adjusted income per share outlook is projected at $18.30 to $18.60.
Cigna has partnered with Earvin "Magic" Johnson to address health disparities and support minority and women-owned businesses in Los Angeles. The initiative includes an investment of $3 million in local charities and the introduction of customized health plans for companies with over 25 employees. These plans focus on addressing health issues like asthma and diabetes, while offering affordable care, virtual options, and comprehensive support services. This partnership aims to enhance workforce health, promoting economic prosperity in underserved communities.
Cigna Corporation (NYSE: CI) announced that Eric Palmer, the Executive Vice President and CFO, will present at the Credit Suisse 29th Annual Healthcare Conference on November 9, 2020, via virtual webcast starting at 12:30 p.m. ET. The presentation is accessible to investors, analysts, and the public through www.cigna.com. Participants are encouraged to join at least 15 minutes early to ensure all technical requirements are met.
Cigna Corporation (NYSE:CI) will announce its third quarter 2020 financial results on November 5, 2020. The results will be made public by 6:30 a.m. ET and will be discussed in a conference call at 8:30 a.m. ET. Investors are encouraged to join the call by 8:15 a.m. ET. Details for live and replay access are provided, along with a link to the company's Investor Relations page where the results and financial supplements will be available.
Cigna (NYSE:CI) has appointed Keith Barnes as market president for its commercial health care plans in North Texas and Oklahoma. His role is to drive market growth by enhancing customer value, improving health care affordability, and ensuring that local strategies meet client needs. With over 33 years of experience in health care leadership, including previous roles at HCSC and Aetna, Barnes aims to leverage his extensive relationships to boost sales and growth in the region. He will operate from Cigna's regional headquarters in Plano.
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