Cigna Exceeds Q3 Expectations with $7.51 EPS, $63.7B Revenue, Reaffirms FY24 Outlook

Cigna Group reported strong third-quarter 2024 results, exceeding Wall Street expectations. The company posted an adjusted EPS of $7.51, surpassing the estimated $7.23. Revenue for the quarter reached $63.7 billion, significantly higher than the anticipated $59.64 billion, marking a 30% year-over-year increase. The strong performance was driven by the company's pharmacy benefit management unit, Evernorth Health Services, which saw adjusted revenue rise by 36% to $52.6 billion. Cigna beat profit estimates on Thursday, driven by new clients and strong demand for close copies of a blockbuster arthritis drug. The company reaffirmed its full-year 2024 adjusted EPS outlook of at least $28.40, slightly below the estimated $28.50.