Categories AlphaGraphs, Earnings, Health Care

Cigna Group (CI) reports double-digit revenue growth for Q1; guides FY24

The Cigna Group (NYSE: CI), a healthcare company focused on medical insurance and related services, Thursday reported a sharp increase in revenues for the first quarter of 2024.

Cigna Q1 2024 earnings infographic

First-quarter revenues climbed 23% annually to $57.3 billion, mainly reflecting a 31% revenue growth in the core Pharmacy segment. For fiscal 2024, the management expects revenues to be approximately $235 billion, on an adjusted basis.

Adjusted operating income, on a per-share basis, rose 20% year-over-year to $6.47 in Q1. For the full fiscal year, Cigna is looking for an adjusted operating profit of around $8.07 billion.

Meanwhile, the company reported a shareholders’ net loss of $277 million or $0.97 per share for the March quarter, compared to a profit of $1.27 billion or $4.24 per share in the year-ago quarter.

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