- Cigna Corp CI posted 1Q22 adjusted EPS well above expectations on enterprise-wide growth, with a particularly solid performance in specialty pharmacy and better than expected MCR on lower testing and treatment costs.
- The company raised FY22 guidance on 1Q outperformance.
- The analysts raised the price target to $272 from $235, with a Sector Perform rating.
- The analysts write that Evernorth saw sustained momentum across its specialty pharmacy business lines as Accredo and CuraScript continued to support outsized growth in the specialty platform.
- Management notes strong demand for Evernorth’s services among existing and new clients early in the 2023 selling season.
- With management continuing to view medicare advantage (MA) as a sustainable long-term growth opportunity, RBC looks forward to specific strategies for rejuvenating the MA book at CI’s Investor Day in June.
- Government membership decline was offset on the commercial side by solid growth in ASO membership.
- Management expects the international life divestiture to close later in 2Q than initially anticipated, which pushes the timing of buybacks to later in the year.
- Price Action: CI shares are down 1.70% at $262.36 during the market session on the last check Monday.
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