Cigna What to Know from CI‘s 2Q26 Earnings Call & Management Follow-Up

Research evidence excerpt

Cigna What to Know from CI‘s 2Q26 Earnings Call & Management Follow-Up

J P M O R G A N North America Equity Research

30 July 2026

Cigna Overweight

CI, CI US

What to Know from CI’s 2Q26 Earnings Call & Price (29 Jul 26):$296.47

Management Follow-Up

Managed Care and Facilities

We found CI’s 2Q26 earnings (see review of the print here) to be favorable, with Lisa C. Gill AC

performance ahead of expectations in both segments. We were encouraged to hear (1-212) 622-6466

that areas like IDR were consistent with expectations, while CI saw favorability in lisa.c.gill@jpmorgan.com

outpatient utilization (including surgeries) and progressed against its stop loss John Stansel, CFA

repricing goals. While we expect investors to pick at the moderated expectations (1-212) 622-0083

in Pharmacy Benefit Services, we think this is under-reflecting the contribution john.stansel@jpmorgan.com

from Specialty and Care Services. We continue to believe CI is executing on its Benjamin Rossi

longer-term strategy, and we see strong PBM selling season results as indicating (1-212) 622-9603

benjamin.rossi@jpmorgan.com

that the company has momentum in the market. Putting it all together, we continue

Cole Harris

to believe Cigna is starting to move past several factors that have weighed on the (1-212) 622-9068

stock in recent years, and we remain constructive on the story, particularly given cole.harris@jpmorgan.com

the company’s <10x forward P/E. We highlight our key takeaways from the quarter J.P. Morgan Securities LLC

and our follow-up with management below.

• Evernorth saw strong growth in Specialty and Care Services, while

Pharmacy Benefit Services remains a point to watch with incremental

costs tracking to plan, but with some GLP-1 softness vs expectations.