Takeaways Post Management Meetings

研报英文原文证据摘录

Takeaways Post Management Meetings

June 16, 2026

Investment Conclusion

CI's transition to the rebate-free Signature model was the key focus of our investor meetings, with key takeaway

being that pharmacy network recontacting is progressing well and feedback from employers and brokers coming in

positive. In the Insurance business, we continue to view CI as well positioned to capitalize on margin recovery effort

in Stop Loss business.

●(cont.) Here management believes pharma companies will see benefits of improved adherence via lower out of

pocket costs to consumers, lower costs of Patient Assistance Programs and the benefit to members of better

patient outcomes. Importantly, the model is expected to evolve over time, but at its core there will be a base admin

fee with expectation of additional performance fees and then performance fees. Feedback from employers and

brokers has been positive, and management reiterated its target of converting at least 50% of PBM members to

Signature by 2028, while maintaining flexibility for clients that prefer alternative solutions.

●Cigna Has Dropped Coverage of GLP1s for Weight Loss for Its Own Employees – Here the company indicated

that its own employees will still receive coverage for Type 2 diabetes and that decision was generally based on

cost / benefit analysis at current drug pricing. Management also noted that they have seen an increase in employer

clients following suit, with utilization appearing to stabilize as some large plans reassess the economics of broad

obesity coverage.

●Specialty Business Tailwinds Remain Intact - Specialty capabilities at Evernorth remain a key growth driver for CI,

and management highlighted continued strong demand for specialty therapies, increasing biosimilar adoption, and