Highlights:
- Raises long-term average annual adjusted EPS1
growth target to 10%-14%
- Affirms 2024 adjusted EPS1 guidance of at least
$28.25
- Announces solutions and innovations for some of the greatest
health care challenges: GLP-1 spend, mental health care access and
support, and access to biosimilars
BLOOMFIELD, Conn., March 7,
2024 /PRNewswire/ -- Today, global health company
The Cigna Group (NYSE:CI), will outline its growth and
innovation strategies at its 2024 Investor Day. In addition, the
company is raising its long-term average annual adjusted
EPS1 growth target to 10%-14% and is reaffirming
its 2024 adjusted EPS1 guidance of at least
$28.25.
"With a strong track record of impact and performance, we have
purposefully built The Cigna Group to sustain our leadership in
improving choice, access and affordability, and clinical outcomes,"
said David M. Cordani, chairman and
CEO of The Cigna Group. "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."
The company is also announcing a series of innovative solutions
that address some of health care's greatest challenges:
- Express Scripts by Evernorth, a leading pharmacy
services provider, announced the industry's first financial
guarantee for GLP-1s, leveraging its deep supply chain
expertise to help companies and other clients manage the rising
costs of treating cardiodiabesity.
- Evernorth Behavioral Health announced a new mental
health practice that provides value-based, outcome-driven care
through a simpler care delivery experience.
- Evernorth Health Services plans to have a Humira
biosimilar available for $0 out of
pocket to eligible patients of Accredo, its leading specialty
pharmacy, by the end of the year.
EncircleRx Offers Industry-First Financial Guarantee To
Manage Cost of GLP-1s
Evernorth is helping companies and client organizations manage
the costly landscape of treating cardiodiabesity – the confluence
of obesity, diabetes and cardiovascular disease - by launching the
industry's first financial guarantee for GLP-1s through
EncircleRxSM. By providing financial predictability
through a cost cap or savings guarantee, EncircleRx allows
companies and health plans to better manage GLP-1 spend, which will
help ensure access for appropriate patients.
"Our industry-first financial guarantee offers employers and
health plans greater predictability and control of their GLP-1
spend," said Adam Kautzner,
president of Express Scripts and Evernorth Care Management.
"EncircleRx also gives clients access to our deep insights and
clinical expertise to help ensure GLP-1s are accessed by patients
who need them most – whether it's to control their diabetes or
achieve a healthier weight. Our clinically proven lifestyle
modification program, coupled with GLP-1s, surrounds patients with
support to help them achieve the best possible health
outcomes."
Expands Behavioral Value-Based Care With Launch of Evernorth
Behavioral Care Group
Evernorth is launching a behavioral health practice to expand
timely access to quality, in-network therapy. Evernorth
Behavioral Care Group provides value-based, outcome-driven care
through a simpler care delivery experience. The group is already
treating patients in select states, with plans to scale fully by
2025.
Patients are guaranteed an appointment – either in person or
virtually – within 72 hours of scheduling. This practice enables
behavioral health clinicians to work with payers with greater ease,
efficiency, and integration, reducing their administrative burden
and empowering them to focus on patient care.
"The vast majority of people struggle to get help when they need
it, and individual practitioners lack the tools and technology to
make access easy and to measure quality," said Eva Borden, president, Behavioral Health,
Evernorth Health Services. "Evernorth is committed to building a
care experience that quickly and seamlessly connects a patient with
the right clinician, while empowering clinicians to focus on
patient care by removing administrative burdens."
Plans To Have Humira Biosimilar Available at
$0 Patient Out-of-Pocket Cost for
Eligible Accredo Patients
In an important step toward driving significant long-term
affordability and access, Evernorth Health Services plans to have a
Humira biosimilar available for $0
out of pocket to eligible patients of its leading specialty
pharmacy Accredo later this year.
"Biosimilars can help drive significant savings for health plans
and patients," said Matt Perlberg,
president of the Evernorth Health Services pharmacy and care
delivery businesses. "Because of the leading capabilities we have
within Evernorth, our specialty pharmacy Accredo, and across the
supply chain, we are uniquely positioned to make patients'
experiences as simple as possible. Accredo helps patients manage
all elements of their specialty medication – from working with
their health care provider, counseling on therapy, and
administering their medications, to coordinating copay assistance
and working with the patient's health plan to secure coverage."
Investor Day Webcast
The Investor Day will begin today at 8:30
a.m. ET and a live webcast of the presentation will be
available at
https://investors.thecignagroup.com/events-and-presentations/default.aspx
in the Investor Relations section of The Cigna Group's website.
To listen to this presentation live on the Internet, visit
https://investors.thecignagroup.com/events-and-presentations/default.aspx
at least 15 minutes prior to the presentation to download and
install any necessary audio software.
About The Cigna Group
The Cigna Group (NYSE: CI) is a global health company committed
to creating a better future built on the vitality of every
individual and every community. We relentlessly challenge ourselves
to partner and innovate solutions for better health. The Cigna
Group includes products and services marketed under Evernorth
Health Services, Cigna Healthcare, or its subsidiaries. The Cigna
Group maintains sales capabilities in more than 30 countries and
jurisdictions, and has approximately 183 million customer
relationships around the world. Learn more at
thecignagroup.com.
NOTES
1. Adjusted income (loss) from operations is a principal
financial measure of profitability used by The Cigna Group's
management because it presents the underlying results of operations
of the Company's businesses and permits analysis of trends in
underlying revenue, expenses and shareholders' net income. Adjusted
income from operations is defined as shareholders' net income (or
income before taxes less pre-tax income (loss) attributable to
noncontrolling interests for the segment metric) excluding net
realized investment results, amortization of acquired intangible
assets and special items. The Cigna Group's share of certain
realized investment results of its joint ventures reported in the
Cigna Healthcare segment using the equity method of accounting are
also excluded. Special items are matters that management believes
are not representative of the underlying results of operations due
to their nature or size. Adjusted income (loss) from operations is
measured on an after-tax basis for consolidated results and on a
pre-tax basis for segment results. Consolidated adjusted income
(loss) from operations is not determined in accordance with GAAP
and should not be viewed as a substitute for the most directly
comparable GAAP measure, shareholders' net income.
Management is not able to provide a reconciliation of adjusted
income (loss) from operations to shareholders' net income
(including on a per share basis) because we are unable to predict,
without unreasonable effort, certain components thereof including
(i) future net realized investment results (from equity method
investments with respect to adjusted revenues) and (ii) future
special items. These items are inherently uncertain and depend on
various factors, many of which are beyond our control. As such, any
associated estimate and its impact on shareholders' net income
COULD vary materially.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are based on The Cigna Group's
current expectations and projections about future trends, events
and uncertainties. These statements are not historical facts.
Forward-looking statements may include, among others, statements
concerning our projected adjusted income from operations outlook
for 2024 on a consolidated and per share basis; projected adjusted
earnings per share outlook on a long-term basis business strategy
and strategic or operational initiatives (including our announced
solutions or initiatives for certain health care challenges); and
other statements regarding The Cigna Group's future beliefs,
expectations, plans, intentions, liquidity, cash flows, financial
condition or performance. You may identify forward-looking
statements by the use of words such as "believe," "expect,"
"project," "plan," "intend," "anticipate," "estimate," "predict,"
"potential," "may," "should," "will" or other words or expressions
of similar meaning, although not all forward-looking statements
contain such terms.
Forward-looking statements are subject to risks and
uncertainties, both known and unknown, that could cause actual
results to differ materially from those expressed or implied in
forward-looking statements. Such risks and uncertainties include,
but are not limited to: our ability to achieve our strategic and
operational initiatives; our ability to adapt to changes in an
evolving and rapidly changing industry; our ability to compete
effectively, differentiate our products and services from those of
our competitors and maintain or increase market share; price
competition, inflation and other pressures that could compress our
margins or result in premiums that are insufficient to cover the
cost of services delivered to our customers; the potential for
actual claims to exceed our estimates related to expected medical
claims; our ability to develop and maintain satisfactory
relationships with physicians, hospitals, other health service
providers and with producers and consultants; our ability to
maintain relationships with one or more key pharmaceutical
manufacturers or if payments made or discounts provided decline;
changes in the pharmacy provider marketplace or pharmacy networks;
changes in drug pricing or industry pricing benchmarks; our ability
to invest in and properly maintain our information technology and
other business systems; our ability to prevent or contain effects
of potential cyberattack or other privacy or data security
incidents; risks related to our use of artificial intelligence and
machine learning; political, legal, operational, regulatory,
economic and other risks that could affect our multinational
operations, including currency exchange rates; risks related to
strategic transactions and realization of the expected benefits of
such transactions, as well as integration or separation
difficulties or underperformance relative to expectations;
dependence on success of relationships with third parties; risk of
significant disruption within our operations or among key suppliers
or third parties; potential liability in connection with managing
medical practices and operating pharmacies, onsite clinics and
other types of medical facilities; the substantial level of
government regulation over our business and the potential effects
of new laws or regulations or changes in existing laws or
regulations; uncertainties surrounding participation in
government-sponsored programs such as Medicare; the outcome of
litigation, regulatory audits and investigations; compliance with
applicable privacy, security and data laws, regulations and
standards; potential failure of our prevention, detection and
control systems; unfavorable economic and market conditions, the
risk of a recession or other economic downturn and resulting impact
on employment metrics, stock market or changes in interest rates
and risks related to a downgrade in financial strength ratings of
our insurance subsidiaries; the impact of our significant
indebtedness and the potential for further indebtedness in the
future; credit risk related to our reinsurers; as well as more
specific risks and uncertainties discussed in our most recent
report on Form 10-K and subsequent reports on Forms 10-Q and 8-K
available through the Investor Relations section of
www.thecignagroup.com. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made, are not guarantees of future performance or results, and
are subject to risks, uncertainties and assumptions that are
difficult to predict or quantify. The Cigna Group undertakes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as may be required by law.
INVESTOR RELATIONS CONTACT:
Ralph Giacobbe
860-787-7968
Ralph.Giacobbe@TheCignaGroup.com
MEDIA CONTACT:
Justine
Sessions
860-810-6523
Justine.Sessions@Evernorth.com
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