Cigna Crushes Q1 Estimates: Revenue Soars With Evernorth's Explosive Growth
Portfolio Pulse from Vandana Singh
Cigna Corporation (NYSE:CI) reported a 23% year-over-year increase in Q1 sales to $57.26 billion, surpassing estimates due to Evernorth's growth. Adjusted income from operations rose 16% to $1.88 billion. Healthcare sales were up 4%, and Evernorth Health Services sales jumped 28%. The medical cost ratio improved, and total pharmacy customers grew 24%. Adjusted EPS of $6.47 beat estimates, and Cigna raised its 2024 adjusted EPS guidance. However, CI shares dropped 1.9% following the announcement.
May 02, 2024 | 3:43 pm
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Cigna Corporation reported strong Q1 earnings, with significant growth driven by Evernorth. Despite beating estimates, CI shares fell 1.9%.
Cigna's Q1 performance was robust, with revenue and EPS beating estimates largely due to Evernorth's growth. However, the immediate market reaction was negative, leading to a 1.9% drop in share price. This suggests that despite the positive earnings report, other factors or market sentiments may have influenced the stock's short-term performance negatively.
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IMPORTANCE 95
RELEVANCE 100