Cigna Q3: $69.7B Revenue, HCSC MA Plan Sale

The Cigna Group reported third-quarter 2025 revenue of about $69.7 billion and GAAP net income of roughly $1.9 billion ($6.98 per share), with adjusted EPS of $7.83, beating estimates. Results were driven by Evernorth, whose adjusted revenue rose about 15% year-over-year—Pharmacy Benefit Services up ~18% and Specialty & Care Services up ~10%—while the Cigna Healthcare segment fell roughly 18% largely after the sale of Medicare Advantage plans to HCSC and due to higher medical costs. Management reported a medical loss ratio near 84.8% and said operating margins/adjusted operating income showed modest pressure versus a year earlier. Cigna reaffirmed its full-year 2025 adjusted EPS outlook of at least $29.60 per share and said shares moved only modestly after the release. The company announced a rebate-free pharmacy benefit model intended to lower costs and improve transparency and reported membership shifts after the HCSC transaction—total medical membership about 18.1 million and pharmacy customers roughly 122.5 million.