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Cigna posts higher second-quarter profit on pharmacy benefits business

Credit: REUTERS/BRENDAN MCDERMID

Health insurer Cigna Corp raised its 2019 adjusted earnings forecast on Thursday and posted a nearly 75% jump in second-quarter profit, helped by its health services unit, which includes the Express Scripts pharmacy benefits business it acquired last year.

Adds details on the quarter

Aug 1 (Reuters) - Health insurer Cigna Corp CI.N raised its 2019 adjusted earnings forecast on Thursday and posted a nearly 75% jump in second-quarter profit, helped by its health services unit, which includes the Express Scripts pharmacy benefits business it acquired last year.

Cigna now sees 2019 adjusted income from operations between $16.60 and $16.90 per share, from a prior range of $16.25 to $16.65 per share. Analysts were expecting $16.53 per share, according to IBES data from Refinitiv.

Adjusted revenue from its health services business, which now includes the pharmacy benefits business acquired as part of its $52 billion Express Scripts deal, rose to $23.54 billion from $1.11 billion in the year-ago quarter.

Excluding items, Cigna said it earned $4.30 per share.

The company's net income rose to $1.41 billion, or $3.70 per share, in the quarter ended June 30, from $806 million, or $3.29 per share, a year earlier.

Adjusted revenue nearly tripled to $34.38 billion.

(Reporting by Aakash Jagadeesh Babu and Tamara Mathias in Bengaluru; Editing by Shailesh Kuber)

((Aakash.B@thomsonreuters.com; within the U.S. +16462238780, outside the U.S. +91 80 67491576; Reuters Messaging: Aakash.B.thomsonreuters.com@reuters.net))

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