Cigna Raises Long-Term Targets, Backs 2024 Guidance
By Anthony O. Goriainoff
Cigna said it was raising its long-term growth targets and backed its guidance for the year.
The Bloomfield, Conn., health company expects long-term average annual adjusted earnings per share growth in the 10% to 14% range. In December, Cigna had targeted growth of 10% to 13%.
The company also backed its 2024 adjusted earnings guidance of at least $28.25 a share.
The company also announced a series of changes that it said addressed some of the biggest challenges facing the health care industry. Among these are a financial guarantee for GLP-1s through Evernorth's EncircleRx, allowing companies and health plans to better manage their spending on drugs that help treat obesity and diabetes.
Evernorth Health Services aims to have a biosimilar for Humira, a drug that treats some types of arthritis and certain autoimmune diseases, available without out-of-pocket expenses to eligible patients of its specialty pharmacy Accredo later this year, Cigna said.
"Our success -- and confidence in our future -- stems from our proven ability to evolve our company to meet the changing market needs and create value for those we serve," Chief Executive David M. Cordani said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
March 07, 2024 07:30 ET (12:30 GMT)
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