Cigna boosts guidance as it posts $1.4B in profit for Q3

The Cigna Group is raising its guidance on the back of $1.4 billion in profit and $49 billion in revenue for the third quarter.

Both figures surpassed Wall Street's expectations, according to analysts at Zacks Investment Research. By comparison, Cigna reported $45.3 billion in revenue and $2.8 billion in profit in the prior-year quarter.

Through the first nine months of the year, Cigna has brought in $144.2 billion in revenue and $4.1 billion in profit, according to its earnings report released Thursday morning.

The company boosted its outlook to an expected $24.75 in earnings per share and total revenues of $192 billion for 2023.

"We continued to drive growth in the third quarter by harnessing our deep clinical expertise and service capabilities across our company, supporting high-quality care, improved affordability and better outcomes," said CEO David Cordani in the release. "With disciplined execution and continued innovation across Evernorth Health Services and Cigna Healthcare, we're meeting the evolving needs of those we serve."

As of Sept. 30, Cigna reported 98.3 million customers in its pharmacy benefits and 19.6 million enrolled in its medical coverage.

That's up from 94.8 million pharmacy customers and 18 million medical members a year ago, according to the report.

Adjusted revenues at Evernorth, which includes the Express Scripts pharmacy benefit manager, were $38.6 billion for the quarter. Cigna Healthcare, the company's health plan arm, posted adjusted revenue of $12.8 billion.