- Cigna Corporation’s (NYSE:CI) Q3 sales increased 2.4% to $45.3 billion, beating the consensus of $44.76 billion. Adjusted revenues were $45.4 billion, reflecting strong performance led by Evernorth.
- Quarterly sales at Cigna’s Evernorth unit rose about 6% to $35.70 billion, driven by strong growth in its specialty pharmacy services.
- Growth in Evernorth drove revenue growth, while its insurance business managed to keep tight control on costs.
- The medical care ratio, a measure of medical expenses against premiums collected, improved to 80.8% from 83.5% a year ago when there was a surge in COVID cases.
- Total insurance customers rose 5.6% to nearly 18 million as an increase in commercial insurance memberships softened the blow from a decline in government-backed plans.
- Guidance: Cigna now expects adjusted income from operations of at least $23.10 per share compared with a prior forecast of at least $22.90 per share. Analysts expect a full-year profit of $23 per share.
- It projects FY22 revenues of at least $179 billion (at least $178 billion expected earlier)
- For FY22, the company expects total Medical Customer Growth (lives) of at least 900,000, up from the 800,000 anticipated earlier.
- Price Action: CI shares are up 1.39% at $325.31 on the last check Thursday.
Adverum Biotechnologies Presented Nonclinical Data Sunday at the 2023 ARVO Annual Meeting Supporting Potential for Staggered Bilateral Administration of Ixo-vec
Adverum Biotechnologies, Inc. (Nasdaq: ADVM) today announced nonclinical data supporting the two doses of ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022) being evaluated in the Phase 2 LUNA trial and the potential for staggered, bilateral administration in the treatment of wet AMD.
