信诺集团二季度业绩略超预期并小幅上调全年展望，但PBM利润下滑压制股价

- Total revenues for the second quarter 2026 increased 7% to $71.7 billion
- Shareholders' net income for the second quarter 2026 was $1.7 billion, or $6.29 per share
- Adjusted income from operations1 for the second quarter 2026 was $2.1 billion, or $7.78 per share
- 2026 outlook2 for adjusted income from operations1,2 increased to at least $30.45 per share2
BLOOMFIELD, Conn., July 30, 2026 /PRNewswire/ -- Global health company The Cigna Group (NYSE: CI) today reported second quarter 2026 results, reflecting solid operational performance across its diversified portfolio of businesses.
"Our purpose is to improve the lives of each and every customer and patient we serve," said Brian C. Evanko, President and Chief Executive Officer of The Cigna Group. "By harnessing technology, data and AI to deliver more personalized experiences, improve access and lower costs, we are creating greater value every day. Our strong second quarter results reflect continued progress against these priorities and demonstrate the effectiveness of our strategy and execution."
Shareholders' net income for second quarter 2026 was $1.7 billion, or $6.29 per share compared to $1.5 billion, or $5.71 per share, for second quarter 2025, primarily reflecting growth in Cigna Healthcare.
The Cigna Group's adjusted income from operations1 for second quarter 2026 was $2.1 billion, or $7.78 per share, compared with $1.9 billion, or $7.20 per share, for second quarter 2025.
A reconciliation of shareholders' net income to adjusted income from operations1 is provided on the following page and on Exhibit 1 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations of total revenues to adjusted revenues3 and shareholders' net income to adjusted income from operations1:
Consolidated Financial Results (unaudited, dollars in millions): | ||||
Three Months Ended | Six Months | |||
June 30, | March 31, | June 30, | ||
2026 | 2025 | 2026 | 2026 | |
Total Revenues | $ 71,668 | $ 67,178 | $ 68,494 | $ 140,162 |
Net Investment Results from Equity Method Investments3 | (110) | (44) | 23 | (87) |
Adjusted Revenues3 | $ 71,558 | $ 67,134 | $ 68,517 | $ 140,075 |
Consolidated Earnings, net of taxes | ||||
Shareholders' Net Income | $ 1,660 | $ 1,532 | $ 1,654 | $ 3,314 |
Net Investment (Gains)1 | (55) | (103) | (233) | (288) |
Amortization of Acquired Intangible Assets1 | 296 | 330 | 315 | 611 |
Special Items1 | 153 | 171 | 322 | 475 |
Adjusted Income from Operations1 | $ 2,054 | $ 1,930 | $ 2,058 | $ 4,112 |
Shareholders' Net Income, per share | $ 6.29 | $ 5.71 | $ 6.26 | $ 12.55 |
Adjusted Income from Operations1, per share | $ 7.78 | $ 7.20 | $ 7.79 | $ 15.58 |
- Total revenues for second quarter 2026 increased 7% relative to second quarter 2025, driven by growth in both Evernorth Health Services and Cigna Healthcare.
- Adjusted income from operations1 for second quarter 2026 increased 6% relative to second quarter 2025, driven by higher contributions from Cigna Healthcare.
- The SG&A expense ratio4 and adjusted SG&A expense ratio4 were 4.8% and 4.6% for second quarter 2026, compared to 5.1% and 4.9%, respectively, in second quarter 2025, primarily reflecting operating efficiency.
- Year to date through July 29, 2026, the company repurchased 0.9 million shares of common stock for approximately $250 million.
CUSTOMER RELATIONSHIPS
The following table summarizes The Cigna Group's medical customers and overall customer relationships:
Customer Relationships (in thousands): | ||||
As of the Periods Ended | ||||
June 30, | March 31, | December 31, | ||
2026 | 2025 | 2026 | 2025 | |
Total Pharmacy Customers | 118,243 | 121,892 | 121,020 | 123,603 |
U.S. Healthcare | 16,678 | 16,355 | 16,623 | 16,423 |
International Health | 1,735 | 1,691 | 1,711 | 1,695 |
Total Medical Customers5 | 18,413 | 18,046 | 18,334 | 18,118 |
Behavioral Care | 27,621 | 23,852 | 27,558 | 28,269 |
Dental | 18,488 | 18,446 | 18,558 | 18,438 |
Total Customer Relationships | 182,765 | 182,236 | 185,470 | 188,428 |
- Total customer relationships at June 30, 2026 decreased 3% from December 31, 2025 to 182.8 million.
- Total pharmacy customers at June 30, 2026 decreased 4% from December 31, 2025 to 118.2 million, reflecting expected client transitions and lower membership from health plan clients.
- Total medical customers5 at June 30, 2026 increased 2% from December 31, 2025 to 18.4 million reflecting growth in Middle and Select markets, partially offset by lower membership in National Accounts.
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation of adjusted income from operations1 to shareholders' net income.
Evernorth Health Services
This segment includes the Pharmacy Benefit Services and Specialty and Care Services operating segments, which provide independent and coordinated health solutions and capabilities to enable the health care system to work better and help people live healthier lives.
Pharmacy Benefit Services drives high-quality, cost-effective pharmacy care through various services such as drug claim adjudication, retail pharmacy network administration, benefit design consultation, drug utilization review, drug formulary management and access to our home delivery pharmacy. Specialty and Care Services provides specialty drugs for the treatment of complex and rare diseases, specialty distribution of pharmaceuticals and medical supplies, as well as clinical programs to help our clients drive better whole-person health outcomes through care services.
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months | |||
June 30, | March 31, | June 30, | ||
2026 | 2025 | 2026 | 2026 | |
Total Adjusted Revenues | ||||
Pharmacy Benefit Services | $ 34,496 | $ 31,954 | $ 33,002 | $ 67,498 |
Specialty and Care Services | $ 26,972 | $ 25,871 | $ 25,440 | $ 52,412 |
Adjusted Revenues3 | $ 61,468 | $ 57,825 | $ 58,442 | $ 119,910 |
Adjusted Income from Operations, Pre-Tax | ||||
Pharmacy Benefit Services | $ 609 | $ 833 | $ 394 | $ 1,003 |
Specialty and Care Services | $ 1,054 | $ 863 | $ 1,072 | $ 2,126 |
Adjusted Income from Operations, Pre-Tax1 | $ 1,663 | $ 1,696 | $ 1,466 | $ 3,129 |
Margin, Pre-Tax6 | 2.7 % | 2.9 % | 2.5 % | 2.6 % |
- Evernorth Health Services second quarter 2026 adjusted revenues3 increased 6% and adjusted income from operations, pre-tax1, decreased 2%, relative to second quarter 2025.
- For Pharmacy Benefit Services second quarter 2026 relative to second quarter 2025:
- Adjusted revenues3 increased 8% primarily due to drug mix.
- Adjusted income from operations, pre-tax1, decreased 27%, primarily reflecting client-focused initiatives, including large client contract renewals, and customer-focused initiatives, consistent with prior commentary.
- For Specialty and Care Services second quarter 2026 relative to second quarter 2025:
- Adjusted revenues3 increased 4% reflecting strong specialty volume growth.
- Adjusted income from operations, pre-tax1, increased 22% primarily reflecting strong organic growth in specialty businesses, including higher generic and biosimilar adoption which benefits clients and patients by delivering lower costs, and operating efficiencies.
Cigna Healthcare
This segment includes the U.S. Healthcare and International Health operating segments, which provide comprehensive medical and coordinated solutions to clients and customers. U.S. Healthcare provides medical plans and other benefits and solutions for insured and self-insured clients as well as individual and family plan customers. International Health provides health care solutions in our international markets, as well as health solutions for globally mobile individuals and employees of multinational organizations. In April 2026, the Company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027.
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months | |||
June 30, | March 31,