Uncertainty Rising at Cigna Primarily on Risks to Its PBM Operations

With its roots in health insurance and the late 2018 merger with top-tier pharmacy benefit manager Express Scripts (now called Evernorth), Cigna provides healthcare-related services through customizable programs sold primarily to employers and other insurers. We think its strategy of reducing medical cost growth should resonate well with existing and potential clients. Its position as a leading provider of specialty pharmacy offerings, which is one of the fastest-growing areas of healthcare, puts it at the unique position of being able to both control and benefit from the rise of that end market.