Cigna reported a quarterly profit of nearly $1.6 billion on Thursday, driven by an increase in health plan membership and continued growth in the company’s Evernorth health services business.
Net income rose 6% to $1.56 billion, or $4.90 a share, in the second quarter, compared with $1.46 billion, or $4.25 a share, in the second quarter of last year. company financial reportMeanwhile, revenue rose 5% to $45.5 billion, compared with $43.1 billion a year earlier.
Cigna’s profits and growing customer base contributed to the company’s decision to raise its financial outlook again for the remainder of 2022. Cigna now said full-year 2022 consolidated adjusted operating income is “expected to be at least $7.165 billion, or at least $22.90 per share,” the company disclosed Thursday, 30 cents above its previous forecast.
“Our focus on customers, patients and clients continues to resonate in the marketplace as our strong performance and positive momentum reinforce the value we deliver,” said Chairman and Chief Executive Officer David Cordani. “Evernorth and Cigna Healthcare continue to drive our strong performance, and our focus on continuous innovation enables us to deliver sustained, differentiated growth.”
Cigna said in its earnings report on Thursday that its total number of medical customers rose by 725,000 to 17.8 million, “driven by growth in U.S. commercial billing customer relationships.” Growth in the commercial business helped offset declines in U.S. government healthcare customers, “including the divestiture of the Medicaid business.”
Meanwhile, Evernorth’s portfolio, including pharmacy benefits manager Cigna’s 2018 acquisition of Express Scripts, continued to perform well. Adjusted revenue rose 7% to $34.8 billion in the second quarter, driven by growth in pharmacy services and specialty pharmacies, the company said.