Cigna raises adjusted 2026 outlook to at least $30.60 a share as Cigna Healthcare's adjusted pre-tax income rises 15%

The Cigna Group reported total revenue of $73.68bn for the third quarter of 2026, up 6% from $69.75bn, in results filed on 5 November. Shareholders' net income fell to $1.44bn, or $5.47 a share, from $1.87bn, or $6.98, mainly because the 2025 quarter included an after-tax gain on a sale. Adjusted income from operations was almost unchanged at $2.10bn, or $7.98 a share, against $7.83.

The health insurance business did better. Cigna Healthcare's adjusted revenue grew 9% to $11.71bn, which Cigna attributed mainly to premium rate increases set to cover expected rises in medical costs. Its adjusted pre-tax income rose 15% to $1.19bn, mainly because of higher net investment income and improved operating efficiency, for a margin of 10.2% against 9.7%. The medical care ratio rose slightly to 85.0% from 84.8%. Medical customers grew to 18.45 million from 18.06 million, including 16.70 million in the US and 1.75 million in International Health.

At the Evernorth health services unit, revenue rose 6% to $63.77bn but adjusted pre-tax income fell 4% to $1.83bn. Adjusted pre-tax income from pharmacy benefit services fell 22% to $765m, while specialty and care services rose 15% to $1.06bn. Chief financial officer Ann Dennison said the pharmacy benefit business was in "a period of transition", Healthcare Dive reported, as Express Scripts moves to a new model that becomes available in 2028.

Cigna now expects 2026 adjusted income from operations of at least $30.60 a share, $0.15 above its earlier projection. It raised its outlook for Cigna Healthcare adjusted pre-tax income by $50m to at least $4.6bn and narrowed its full-year medical care ratio guidance to 84.2%, plus or minus 0.25 points. On the call, chief executive Brian Evanko said Cigna will comply with the Labor Department's new rule on pharmacy benefit manager fee disclosure, Healthcare Dive reported.