Health insurer Cigna beats quarterly profit estimates on health services strength
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Cigna Group reported third-quarter profits exceeding Wall Street estimates, driven by its health services unit, Evernorth. The company reaffirmed its annual adjusted profit forecast of at least $29.60 per share. Evernorth's quarterly adjusted revenue rose 15% to $60.39 billion, bolstered by growth in existing clients and specialty pharmacy sales. Cigna plans to eliminate prescription drug rebates in 2027, offering upfront discounts instead. The medical care ratio increased to 84.8%, higher than last year, with adjusted earnings per share at $7.83, surpassing estimates of $7.65.
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