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Operator
Ladies and gentlemen, thank you for standing by for Cigna s First Quarter 2021 Results Review. [Operator Instructions] As a reminder, ladies and gentlemen, this conference, including the Q&A session is being recorded.
We ll begin by turning the conference over to Ms. Alexis Jones. Please go ahead, Ms. Jones.
Alexis Jones
Investor Relations Lead Principal
Good morning, everyone, and thank you for joining today s call. I am Alexis Jones, Lead Principal for Investor Relations. With me on the line this morning are: David Cordani, our President and Chief Executive Officer; and Brian Evanko, Cigna s Chief Financial Officer. In our remarks today, David and Brian will cover a number of topics, including Cigna s first quarter 2021 financial results, as well as an update on our financial outlook for 2021.
Cigna Delivers Strong First Quarter 2021 Results, Raises 2021 Outlook
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Total revenues in the first quarter were $41.0 billion, and adjusted revenues
1 were $41.0 billion
Adjusted income from operations
Adjusted income from operations
2,3 is now projected to be at least $7.0 billion in 2021, or at least $20.20 per share
3
Global health services company Cigna Corporation (NYSE: CI) today reported strong first quarter 2021 results driven by focused execution across its businesses. Cigna remains dedicated to supporting our customers, clients, and communities through the disruption of the COVID-19 pandemic, while also delivering strong financial results, as demonstrated through our first quarter performance, said David M. Cordani, President and Chief Executive Officer. As we continue to execute against our three-pronged growth framework – delivering differentiated value, partnering and innovating, and expanding our addressable markets –
Dive Brief:
Cigna netted a profit of $1.2 billion in the first quarter, on par with the first quarter of last year, while increasing revenue to $41 billion despite continued COVID-19 headwinds in the health insurance market.
The Connecticut-based insurer beat Wall Street expectations in the quarter, and increased its forecast for the full year, signaling optimism for the remainder of 2021 despite the ongoing uncertainty.
Cigna s Evernorth health services unit, which includes pharmacy benefit manager Express Scripts, helped propel the first quarter beat after netting a 13% increase in revenue year over year.
Dive Insight:
The first quarter was one of the worst of the pandemic in the U.S., as hospitalizations, cases and deaths all peaked at some point in the period. Those metrics improved dramatically as the quarter went on and as vaccinations climbed, according to data maintained by the Centers for Disease Control and Prevention.
AP
Strong performance in Cigna Corp. s Evernorth health services division, investment portfolio and low member medical costs at the end of last year increased the company s revenue 6.5% year-over-year during the first quarter of 2021.
The Bloomfield, Conn.-based insurer generated $40.9 billion in revenue during the first quarter, up from $38.4 billion during the same time in 2020. On an investor call, Chief Financial Officer Brian Evanko said the company benefited from its recent partnership with Amazon Prime Therapeutics, and named investments in its Express Scripts pharmacy benefit manager as a potential growth area going forward. We continue to invest aggressively in Evernorth to expand and diversify that suite of care solutions, pharmacy benefit management products and insights, and continue to make organizational investments to expand that portfolio, he said during the call.