Cigna 1Q Revenue Grows; Per-Share Profit Rises Despite Covid-19 Costs

By Matt Grossman

Cigna Corp. logged a larger first-quarter profit on a per-share basis year over year, despite the impact of Covid-19 care costs on its U.S. medical division.

The Bloomfield, Conn.-based healthcare company Friday posted shareholders' net income of $3.30 a share, compared with $3.15 a year earlier. Total shareholders' net income was $1.16 billion, compared with $1.18 billion.

Accounting for one-time items, Cigna's adjusted profit in the first quarter was $4.73 a share. Analysts polled by FactSet were forecasting an adjusted profit of $4.37 a share

Revenue rose to $40.97 billion from $38.47 billion year over year. Analysts were expecting revenue of $40.21 billion.

Cigna's total customer relationships rose to 189.9 million, from 185.4 million, driven in part by an increase in the number of pharmacy customers, it said.

The Evernorth business, which includes coordinated and point solution health services, posted a 13% increase relative to last year's first quarter in adjusted income from operations. Adjusted income from operations in the U.S. medical business declined, however, due in part to Covid-19-related costs such as vaccines, testing and treatment, the company said.

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(END) Dow Jones Newswires

May 07, 2021 06:31 ET (10:31 GMT)

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