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November 4, 2021

Evernorth, pharmacy gains boost Cigna’s 3Q profits

Photo | CoStar Cigna headquarters in Bloomfield.

Booming business at Cigna’s pharmacy benefit management branch Evernorth helped lift the parent company’s revenues by 10% in the third quarter of 2021.

The Bloomfield-based health insurer reported quarterly net income of $1.62 billion, or $4.80 per share, up from $1.38 billion, or $3.78 per share, in the corresponding period one year prior. Total revenues grew from $40.9 billion in the third quarter of 2020 to $44.2 billion in the third quarter of 2021.

President and CEO David Cordani attributed the gains to the strength of Cigna’s diversified portfolio, which includes commercial and government lines of health insurance and Evernorth, the conglomerate’s health services brand, which encompasses pharmacy benefits manager Express Scripts.

“Our strong results from the quarter demonstrate how we are advancing our growth strategy and delivering for our customers, patients, clients and provider partners,” Cordani said. “The balanced profile of our business, our sustained investments in innovation and our capital flexibility position us well for continued growth the rest of this year and over the long-term.”

Cigna said Evernorth fulfilled 411 million adjusted pharmacy scripts in the third quarter, an increase of 8% over the third quarter of 2020, driven by strong organic growth.

The pharmacy segment also grew its customer base to 103.6 million between July and September, a year-to-date increase of 4.8 million customers. Company officials linked that upswing to “strong ongoing retention and new sales.”

Cigna’s medical customer base, meanwhile, grew by 368,000 to approximately 17 million customers.

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