Cigna 1Q Revenue Grows; Per-Share Profit Rises Despite Covid-19 Costs
By Matt Grossman
Cigna Corp. logged a larger first-quarter profit on a per-share
basis year over year, despite the impact of Covid-19 care costs on
its U.S. medical division.
The Bloomfield, Conn.-based healthcare company Friday posted
shareholders' net income of $3.30 a share, compared with $3.15 a
year earlier. Total shareholders' net income was $1.16 billion,
compared with $1.18 billion.
Accounting for one-time items, Cigna's adjusted profit in the
first quarter was $4.73 a share. Analysts polled by FactSet were
forecasting an adjusted profit of $4.37 a share
Revenue rose to $40.97 billion from $38.47 billion year over
year. Analysts were expecting revenue of $40.21 billion.
Cigna's total customer relationships rose to 189.9 million, from
185.4 million, driven in part by an increase in the number of
pharmacy customers, it said.
The Evernorth business, which includes coordinated and point
solution health services, posted a 13% increase relative to last
year's first quarter in adjusted income from operations. Adjusted
income from operations in the U.S. medical business declined,
however, due in part to Covid-19-related costs such as vaccines,
testing and treatment, the company said.
Write to Matt Grossman at firstname.lastname@example.org
(END) Dow Jones Newswires
May 07, 2021 06:31 ET (10:31 GMT)
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