Cigna’s Evernorth Division Contributed $140 million in 2022 Revenue

Growth in the Evernorth business contributed to an almost 4% increase in revenue for Cigna for 2022. In total, Cigna’s adjusted revenue for 2022 was $180.62 billion compared with $174.08 billion in 2012.

“2022 was a strong year of performance and growth for our company,” David Cordani, Cigna’s chief executive officer, said in an investor call. “With our Evernorth and Cigna platforms and our durable growth framework, we are well positioned to meet the needs of our customers, clients and partners in the future.”

Evernorth, which includes a group of businesses in pharmacy benefits and benefit solutions, is the largest segment of the company’s business. It contributed $140.34 billion in revenue in 2022 compared with $131.91 billion in 2021, a growth of 5%, which is in line with the company’s target. The division includes Express Scripts PBM, Express Scripts Pharmacy, Accredo (specialty pharmacy), eviCore Healthcare (medical benefits management), CuraScript SD (specialty and medical supplies), myMatrix (workers’ comp PBM), MDLive (a virtual care platform) and Freedom Fertility.

Within Evernorth, pharmacy revenue for 2022 increased 6% from $125.81 billion to $132.99 billion.

In an investor presentation, company executives said the pharmacy benefits services business will contribute to future growth, and the combined pharmacy benefits services, U.S. commercial and international business have contributed 60% of the company’s revenue. Last year’s results benefitted from pricing discipline and affordability initiatives, including clinical programs, executives said.

Related: Centene Selects Express Scripts to Administer Pharmacy Benefits

And while the number of pharmacy customers in 2022 and script volume decreased because of client attrition, going forward, the company indicated that its pharmacy benefit contract starting in January 2024 with Centene will drive growth. In October 2022, Centene announced that it was switching from CVS Caremark to Express Scripts, to administer pharmacy benefits for about 20 million Centene members. Centene provides healthcare through commercial plans and government-sponsored plans, including Medicaid and Medicare, TRICARE and the Health Insurance Marketplace.

Company executives also said biosimilars will help to lower costs for the company. Express Scripts will add Amgen’s biosimilar Amjevita (adalimumab-atto) to its national preferred formulary on parity with Humira, which treats patients with arthritis and anti-inflammatory conditions. Other Humira biosimilars will be evaluated as they come to market, the company said.

The company has said in the past that it has advocated for the adoption of biosimilars. For example, Express Scripts added Viatris’ Semglee, the first FDA-approved interchangeable biosimilar basal insulin to improve glycemic control in adults and pediatric patients with type 1 diabetes and in adults with type 2 diabetes, to its national preferred formulary beginning in 2022. The company estimates this saved more than $20 million for plan sponsors in one year.