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What were the key takeaways from The Cigna’s earnings call?

**Key Takeaways:**
- **EPS Outlook**: 2025 adjusted EPS reaffirmed at $29.60+, with 2026 growth despite PBS margin compression. 
- **PBS Transformation**: 50% of business in rebate-free model by 2028, simplifying economics and lowering consumer costs. 
- **Specialty Growth**: 10%+ revenue growth in Specialty & Care, driven by biosimilar adoption and new partnerships. 
- **Stop-loss Recovery**: 2026 MCR target of 83-84%, with full recovery by 2027. 
- **Strategic Renewals**: 3 large clients renewed through 2030, ensuring long-term PBS stability. 
- **Regulatory Leadership**: Leading industry on continuity of care, prior auth simplification, and IVF affordability.

**【CEO Summary Section】**
- **Third-quarter results**: Revenue of $6.7 billion and adjusted earnings of $7.83 per share, driven by strategic investments in innovation and partnerships (e.g., Shields Health Solutions). 
- **New rebate-free pharmacy model**: Launched to improve affordability, with 50% of business transitioning by end-2028, emphasizing transparency and lowest prices at the counter. 
- **Market dynamics**: Generic drugs 1/3 cheaper in the U.S. than globally, but brand-name drugs cost 4x as much, highlighting affordability challenges. 

**【CFO Financial Commentary】**
- **Full-year 2025 outlook**: Reaffirmed adjusted EPS of at least $29.60, with Specialty & Care Services growing 10% and Pharmacy Benefit Services (PBS) facing margin compression due to large client renewals. 
- **Segment performance**: 
  - **Evernorth**: $60.4 billion in revenues, $1.9 billion in pretax adjusted earnings, with Specialty & Care up 10% and PBS stable. 
  - **Cigna Healthcare**: $10.9 billion in revenues, $1 billion in pretax adjusted earnings, with medical care ratio (MCR) at 84.8% due to individual exchange updates. 
- **Cash flow**: $3.4 billion in Q3, with 2025 cash flow expected to remain strong. 

**【Q&A Highlights】**
- **Pharmacy Benefit Services (PBS) margin impact**: 2026 EPS growth expected despite PBS margin compression, with 50% of PBS business in rebate-free model by 2028. 
- **Client renewals**: 3 large clients (e.g., DoD, Prime Therapeutics) renewed through 2030, reducing short-term EPS by ~$0.50 but ensuring long-term durability. 
- **Specialty growth**: Biosimilar adoption (e.g., HUMIRA) driving 11% adjusted earnings growth in Specialty & Care, with $7 million prescriptions in Q3. 
- **Cigna Healthcare strategy**: Stop-loss business repriced for 2026, with MCR expected to improve to 83-84% by 2027. 
- **Regulatory response**: Proactive collaboration with administration on continuity of care, prior authorization simplification, and IVF affordability.

The Cigna Group (CI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CI

CI fundamentals

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