Cigna stock rises toward a 6-month high after adjusted profit, revenue rise above forecasts

 Shares of Cigna Group rose 0.9% toward a six-month high in premarket trading Thursday, after the health insurer reported second-quarter results that beat expectations, amid growth in pharmacy and medical customers.

Net income came in at $1.46 billion, or $4.92 a share, after $1.56 billion, or $4.89 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to $6.13 from $6.20 but beat the FactSet consensus of $6.03.

Total revenue grew 6.8% to $48.59 billion, topping the FactSet consensus of $47.24 billion.

Total pharmacy customers rose 4.1% to 98.64 million and total medical customers increased 9.5% to 19.51 million.

For 2023, the company (CI)expects adjusted EPS of "at least" $24.70, compared with the FactSet consensus of $24.80.

Cigna's stock has run up 21.7% over the past three months through Wednesday, while the S&P 500 has gained 10.3%.

https://www.morningstar.com/news/marketwatch/20230803285/cigna-stock-rises-toward-a-6-month-high-after-adjusted-profit-revenue-rise-above-forecasts