Cigna Group 2Q26 Conference Call Takeaways: PBM Headwinds more than offset by Specialty Growth

研报英文原文证据摘录

Cigna Group 2Q26 Conference Call Takeaways: PBM Headwinds more than offset by Specialty Growth

Global Research

30 July 2026ab

Cigna Group Equities

Americas2Q26 Conference Call Takeaways:

PBM Headwinds more than offset by Specialty Healthcare Providers

12-month rating BuyGrowth

12m price target US$400.00

Conference Call Takeaways: CI shares are underperforming the market today Price (30 Jul 2026) US$296.47

(down -2.6% vs SPX up 1.6%) despite a guidance raise of $0.10. The conference

RIC: CI.N BBG: CI US

call focused on Evernorth, which saw outperformance on the Specialty side

partially offset by somewhat weaker PBM performance. Biosimilar and specialty Trading data and key metrics

generic adoption was higher than expected, while GLP-1 usage moderated due to 52-wk range US$311.00-244.41

declining coverage levels and slower utilization growth. Management noted that Market cap. US$79.3b

overall results came in-line with expectations, with some outperformance on the Shares o/s 268m (COM)

Cigna Healthcare side as well. We continue to believe that Cigna is compelling

Free float 98%

with the most modest valuation in the managed care sector by a fairly wide margin

Avg. daily volume ('000) 459

(despite offering a comparable growth outlook).

Avg. daily value (m) US$131.3

Evernorth: Specialty generic penetration exceeded 80% for newer products Common s/h equity (12/26E) US$44.8b

during the quarter. The adoption came faster than anticipated where the P/BV (12/26E) 1.7x

magnitude of the benefit in 2Q is not expected to repeat in the back half. Net debt to EBITDA (12/26E) 1.6x

However, specialty generics and biosimilars should still be a meaningful tailwind

which was built in the original full year guidance. EPS (UBS, diluted) (USD)

12/26E