Cigna has launched a new solution in its commercial book that aims better manage specialty drug costs.
The insurer launched Cigna Pathwell Specialty last month, CEO David Cordani said on the company's earnings call Thursday morning. Through the solution, Cigna will offer access to a specialty pharmacy network for infusion and infection drugs, which is designed to be national and cost-effective.
Providers in Cigna's broader specialty pharmacy network may not be in the Pathwell Specialty network, Cigna said in a post about the program on its site.
In the program, Cigna will review claims through prior authorization, and if a drug is ordered from a specialty pharmacy that is out of network, the insurer will work with the providers to find an in-network option, according to the post.
"Pathwell Specialty leverages our specialty capabilities in Cigna and Evernorth and provides enhanced support to patients for better outcomes while also controlling rising specialty costs," Cordani said.
He added that the company is planning to extend the program to additional groups of clients later this year.
Cigna posted $1.6 billion in profit and $45.5 billion in revenue for the second quarter, according to its earnings report released Thursday.
Both results beat Wall Street analysts' forecasts, according to Zacks Investment Research. They also represent growth year over year, as in the second quarter of 2021 Cigna brought in $43.1 billion in revenue and $1.5 billion in profit.
Through the first half of this year, Cigna has earned $2.7 billion in profit and $89.5 billion in revenue. By comparison, the insurer earned $2.6 billion in profit and $84.1 billion in revenue in the first six months of 2021.
"Our focus on our customers, patients and clients continues to resonate in the market as our strong results and positive momentum reinforce the value we are delivering," said David Cordani, chairman and CEO. "Evernorth and Cigna Healthcare continue driving our strong performance, and our focus on ongoing innovation positions us for sustained, differentiated growth."
At Evernorth, Cigna's business arm that includes its pharmacy benefit manager, specialty pharmacy services and telehealth, revenues were $34.9 billion in the second quarter, up from $32.6 billion in the second quarter of 2021.
Through two quarters, Evernorth brought in $68.4 billion in revenue, according to the report.
Cigna Healthcare, the company's health plan segment, saw its revenues grow year over year, according to the report. The insurance arm brought in $11.3 billion in revenue for the quarter, up from $11.1 billion in the prior-year quarter. Over the first six months of 2022, Cigna Healthcare posted $22.7 billion in revenue.
Cigna also reported year-over-year membership growth in both its medical and pharmacy benefits segments, according to the report. At the end of June, the company boasted 108.2 million pharmacy customers, up from 101.9 million in the second quarter of 2021, as well as 17.8 million medical members, up from 16.9 million in the prior-year quarter.
On the back of the growth across both major business arms, Cigna boosted its guidance and now expects at least $22.90 per share in earnings for the year. It also projects revenues of at least $178 billion.