Cigna Surpasses Third Quarter Earnings and Revenue Estimates; Shares Rise

BLOOMFIELD, Conn. - The Cigna Group (NYSE:CI) reported third-quarter earnings and revenue that exceeded analyst expectations, supported by strong performance from its Evernorth Health Services segment. Shares of the global health company rose 1% following the announcement.

Cigna reported adjusted earnings per share of $7.51 for the third quarter of 2024, surpassing the analyst expectation of $7.23. Revenue for the quarter reached $63.7 billion, a 30% increase compared to the same period last year, significantly exceeding the analyst forecast of $59.64 billion.

The company's adjusted operating income for the third quarter of 2024 rose to $2.1 billion from $2.0 billion in the same quarter last year. Cigna attributed its strong results to robust contributions from Evernorth Health Services, particularly in the Specialty and Care Services segments.

"Our strong performance this quarter is a testament to the leadership, stability, and expertise of our team," said David M. Cordani, Chairman and CEO of The Cigna Group. "The disciplined execution of our strategic plan and our comprehensive health services allow us to be well-positioned in a highly dynamic environment while sustaining business growth in both the short and long term."

Cigna reaffirmed its full-year 2024 outlook, projecting adjusted operating income per share of at least $28.40. This guidance falls slightly below the current analyst expectation of $28.50 per share.

The company's net income attributable to shareholders for the quarter was $0.7 billion, or $2.63 per share, which includes a $1.0 billion after-tax non-cash investment loss related to VillageMD.