Updated: Cigna’s First Quarter Revenue Increased 14% to $65.5 Billion

Strong growth in Evernorth, the pharmacy services business of Cigna, contributed to an increase in the company’s revenue for the first quarter of 2025. Total revenues for the first quarter of 2025 increased by $65.5 billion, a 14% increase compared with the same quarter in 2024.

Cigna is raising its full-year 2025 outlook, with a consolidated adjusted income from operations to be about $29.60 per share. This increase is primarily attributed to the incremental earnings contribution from our Medicare businesses, company executives said.

David Cordani

“We begin 2025 with momentum,” David M. Cordani, chairman and CEO of The Cigna Group, said during an investor call this morning with investors. “The engines for converting opportunities into differentiated results result from two growth platforms: Evernorth and our healthcare portfolio are leveraging the breadth of our core strengths and the power of our capabilities to create and capture more value than any one business could achieve alone.”

Within Evernorth Health Services, the pharmacy benefit services business saw adjusted revenue grow by 14% in the first quarter of 2025 compared with last year, which the company said reflects growth of existing client relationships and new business. Within Evernorth’s specialty and care services business, adjusted revenue increased 19%. Company officials said this reflects strong specialty volume growth and increased Humira biosimilar adoption.

Evernorth Health Services represents one of the company's top growth opportunities going forward in a space, Brian Evanko, president and chief operating officer of the Cigna Group, said during the call. Evernorth’s specialty and care services businesses represent about 30% of the company's income. Last year, the company delivered more than 8 million prescriptions to more than 1 million patients.

Last year, Evernorth began offering a private label option of Humira (adalimumab), which is used to treat several immune conditions, including rheumatoid arthritis. The private label option is produced by Quallent Pharmaceuticals through agreements with multiple manufacturers. This month, an interchangeable Stelara (ustekinumab) biosimilar will become available, Evanko said.

Evernorth had announced last year that it planned to launch an interchangeable biosimilar also produced by Quallent. It will be available at $0 out of pocket for most patients through Quallent's copay assistance program.

Cordani said during the call that the company is well positioned to achieve growth for 2025 even with the “current economic, geopolitical, and social environment. We are driving strong demand with strategic partners that can help individuals, employers, governmental agencies, health plans, and integrated healthcare delivery systems to achieve both their short- and long-term goals,” he said.

Through 2025, he said Cigna will be focused on five key areas: access; support; value; accountability; and transparency

The Cigna Healthcare Segment

Within Cigna Healthcare, first quarter 2025 adjusted revenues increased 9% compared with first quarter 2024. Company executives said this primarily reflects premium increases to cover increases in medical costs.

Cigna Healthcare’s medical care ratio (MCR) was 82.2% for the first quarter of 2025 compared with 79.9% for the first quarter of 2024. The increase for the first quarter was primarily driven by expected higher stop-loss medical costs.

Ann Dennison, executive vice president and chief financial officer of The Cigna Group, said the higher medical care ratio was related to the closing of its Medicare business to Health Care Service Corporation. The sale closed in March 2025, which was a month later than expected.

“As the Medicare businesses operate at a higher MCR compared with the rest of our portfolio, an additional month equates to an increase of approximately 100 basis points to our MCR in the first quarter, which is included in our reported results,” Dennison said during the call.

HCSC acquired Cigna’s Medicare Advantage, Cigna Supplemental Benefits, Medicare Part D, and CareAllies businesses for approximately $3.7 billion. Cigna officials said the majority of proceeds will be used to repurchase shares. As part of the deal, Evernorth will continue to provide pharmacy benefit services to the Medicare businesses.

Dennison said in the first quarter, the company initiated an optimization program to advance the company's ongoing efficiency initiatives. “These actions will continue to leverage our scale technology and innovation to position us for sustainable long-term growth,” she said.

This story has been updated to include information from Cigna’s earnings call with investors.