Shares of Cigna Group (CI) rose 0.9% toward a six-month high in premarket trading on Thursday, following the health insurer’s impressive second-quarter performance. The company reported net income of $1.46 billion, or $4.92 a share, compared to $1.56 billion, or $4.89 a share, in the same period last year.
Despite a slight decrease in adjusted earnings per share from $6.20 to $6.13, Cigna’s results surpassed expectations. The FactSet consensus projected adjusted earnings per share of $6.03. Additionally, total revenue saw a significant increase of 6.8% to $48.59 billion, surpassing the FactSet consensus of $47.24 billion.
Cigna also experienced growth in both its pharmacy and medical customers. Total pharmacy customers rose by 4.1% to 98.64 million, while total medical customers increased by 9.5% to 19.51 million.
Looking ahead, Cigna forecasts adjusted earnings per share of “at least” $24.70 for 2023, slightly lower than the FactSet consensus of $24.80.
Cigna’s stock has performed exceptionally well in recent months, with a 21.7% increase over the past three months through Wednesday, outpacing the S&P 500’s gain of 10.3%.
Overall, Cigna Group’s strong second-quarter results reflect its continued growth and success in the healthcare industry.
