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Aug. 5, 2021, 6:20 a.m. EDT

Cigna beats earnings expectations and raises revenue outlook, but stock falls

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    Cigna Corp. (CI)

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By Tomi Kilgore

CI

Cigna Corp. /zigman2/quotes/208431372/composite CI -4.06% reported Thursday second-quarter profit and revenue that topped forecasts, amid strength in the health insurers pharmacy business, while growth in customer relationships slowed from the previous quarter. The stock fell 2.8% in premarket trading. Net income fell to $1.47 billion, or $4.25 a share, from $1.75 billion, or $4.73 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share declined to $5.24 from $5.81 but beat the FactSet consensus of $4.96. Total revenue rose 9.8% to $43.13 billion, above the FactSet consensus of $41.19 billion, as pharmacy revenue grew 13.1% to $30.05 billion to beat expectations of $28.53 billion. Total customer relationships as of June 30 rose 3.6% to 191.11 million and total pharmacy customers increased 5.0% to 101.93 million, driven by strong ongoing retention and new sales, which compares with growth of 13.7% and 28.2%, respectively, in the second quarter. For 2021, Cigna raised its revenue outlook to at least $170 billion from at least $166 billion, and affirmed its adjusted EPS outlook of at least $20.20.

/zigman2/quotes/208431372/composite
US : U.S.: NYSE
$ 202.03
-8.55 -4.06%
Volume: 1.90M
Nov. 26, 2021 1:10p
P/E Ratio
8.50
Dividend Yield
1.98%
Market Cap
$69.79 billion
Rev. per Employee
$2.18M
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