Quick Take: GLP-1 insurance coverage - our reaction to Cigna comments on GLP-1s and read throughs

研报英文原文证据摘录

Quick Take: GLP-1 insurance coverage - our reaction to Cigna comments on GLP-1s and read throughs

30 July 2026

Lance Wilkes

+1 917 344 8501

U.S. Healthcare Services lance.wilkes@bernsteinsg.com

Cigna Group Adam Chow

+1 212 845 7820

Rating adam.chow@bernsteinsg.com

Outperform Kevin Peterson

Price Target +1 917 344 8358

kevin.peterson@bernsteinsg.com

CI 381.00 USD

Quick Take: GLP-1 insurance coverage - our reaction to Cigna

comments on GLP-1s and read throughs

Today, Cigna reported 2Q26 earnings and during the call made remarks around GLP-1s,

Close Date 29 Jul 2026

which we see as an interesting read through for the broader Pharmacy space.

CI Close Price (USD) 296.47

Evernorth earnings were slightly favorable (+2.3% vs cons) driven by higher revenues Price Target (USD) 381.00

(primarily from drug mix). The shift to the new PBM model continues to progress, with Upside/(Downside) 29%

traditional PBM earnings down 27% YoY and specialty earnings up +22% YoY, reflecting 52-Week Range 315.47/239.51

strong organic growth in the specialty businesses (likely including higher generic and SPX 7,316.15

biosimilar adoption). Specialty pharmacy revenues and margin % came in stronger than we FYE Dec

expected, and % margin growth is likely a function of faster biosimilar adoption. Stronger Div Yield 2.1%

revenues would have overcome this headwind, which we also view as positive. Market Cap (USD) (M) 76,915

EV (USD) (M) 101,826

Management noted Evernorth is seeing some deceleration in the growth rate of GLP-1 Performance YTD 1M 6M 12M

prescriptions, which put modest downward pressure on their Pharmacy Benefit Services Absolute (%) 5.8 5.6 6.2 (2.3)

(PBS) segment. The company noted GLP-1 coverage levels have slightly declined, and that SPX (%) 6.9 (1.7) 5.0 14.8