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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“probably smart of Cigna to make this first move to recoup market share or gain market share.”
Lilly's CEO applauds Cigna's move to replace drug rebates with GPO fees, framing it as favorable for innovators, patients and payers and hoping other PBMs follow.
“we talk to Cigna all the time. Our account teams talk.”
AbbVie addresses Cigna's newly discussed PBM model, noting ongoing dialogue; a read-through on Cigna's evolving pharmacy-benefit approach.
“One of them is also the state that Drew referenced that has made a move away from the single PBM model. And so as of 10/1, we'll be able to get them over to ESI and leverage our cost structure.”
Centene is shifting a state Medicaid plan's PBM business to Express Scripts (Cigna) to gain cost-structure leverage, a modest positive signal for Cigna's PBM volumes.
“we are seeing new benefit designs, like, for instance, Evernorth, a cap on out-of-pocket for employees that make the prior authorization simplified”
Cigna's Evernorth introduced a benefit design capping employee out-of-pocket costs and simplifying prior authorization, which could grow employer opt-in coverage for Zepbound.
“So I guess I just want to start with Express Scripts. So I was curious how that ramp is going versus expectations?”
An analyst asks about the ramp of Kroger's pharmacy network agreement with Express Scripts (Cigna's PBM); Kroger's CFO later confirms ESI had a minimal impact (less than 10 basis points on sales) this quarter.
“I'll start with the Express Scripts one. No change there. A continuation of a good relationship with them.”
Cencora's recently renewed contract with Cigna's Express Scripts PBM is proceeding on stable terms, with management describing the relationship as unchanged and healthy.
“Last month, we announced a new agreement with Express Scripts, which will provide ESI customers access to prescription medications and health services at The Kroger Co. pharmacies.”
Kroger renewed its pharmacy network agreement with Express Scripts (a Cigna subsidiary) after exiting the relationship in 2022, restoring ESI customer access to Kroger pharmacies under improved contract terms.
“we announced an industry-first collaboration with Headspace to support the mental health of millions of Cigna Healthcare customers with exclusive digital features and content.”
Cigna Healthcare announced a collaboration with Headspace to provide mental health digital features and content to its members.
“we collaborated with Progyny and Caret to offer new coverage options for employers to support patients through their fertility journeys.”
Cigna Healthcare partnered with Caret alongside Progyny on new employer fertility coverage options.
“we collaborated with Progyny and Caret to offer new coverage options for employers to support patients through their fertility journeys.”
Cigna Healthcare partnered with Progyny to offer new fertility coverage options for employers.
“we further expanded our specialty capabilities to serve hospitals and health systems, in part with our new investment in Shields Health Solutions.”
Cigna made a strategic investment in Shields Health Solutions to expand specialty pharmacy capabilities serving hospitals and health systems.
“Evernorth Fertility Pharmacies worked with the Trump administration and EMD Serono to make fertility treatments more accessible for Americans struggling to start or expand their families.”
Cigna's Evernorth expanded its partnership with EMD Serono to distribute fertility treatments at lower cost, tied to the TrumpRx launch.
“be a differentiated partner for Prime and be a strategic partner for Centene.”
Cigna's Evernorth renewed/extended its PBM relationship with Centene, a large government-programs client, at improved (lower-margin for Cigna) economic terms.
“we proactively secured a number of long-term large client renewals and extensions, including the U.S. Department of Defense, Prime Therapeutics and Centene.”
Cigna's Evernorth secured a long-term pharmacy benefit services renewal with Prime Therapeutics through the end of the decade, retaining it as a major client.
“One example is our recent investment in Shields Health Solutions completed earlier in September.”
Cigna made a strategic investment in Shields Health Solutions to expand into the provider-administered specialty pharmacy market serving hospitals and health systems.
“including your announced partnerships with Lilly and Novo this quarter”
Cigna/Evernorth's new $200/month out-of-pocket GLP-1 program was negotiated directly with drug manufacturers, referenced by the analyst as partnerships with Novo (Nordisk), tied to Evernorth's GLP-1 affordability push.
“including your announced partnerships with Lilly and Novo this quarter”
Cigna/Evernorth's new $200/month out-of-pocket GLP-1 program was negotiated directly with drug manufacturers, referenced by the analyst as partnerships with Lilly, tied to Evernorth's GLP-1 affordability push.
“Are we talking about maybe some of the more traditional drug distributors like a McKesson or Cencora in this market?”
An analyst asked whether traditional wholesalers like Cencora compete with Cigna's CuraScript specialty distribution business; management clarified they don't compete directly since CuraScript is medical-benefit specialty focused.
“Are we talking about maybe some of the more traditional drug distributors like a McKesson or Cencora in this market?”
An analyst asked whether traditional wholesalers like McKesson compete with Cigna's CuraScript specialty distribution business; management clarified they don't compete directly since CuraScript is medical-benefit specialty focused.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Lisa Gill | JPMorgan | 7 (0%) |
| A.J. Rice | UBS | 6 (0%) |
| Justin Lake | Wolfe Research | 6 (0%) |
| Erin Wright | Morgan Stanley | 6 (0%) |
| Charles Rhyee | TD Cowen | 6 (17%) |
| Andy Mok | Barclays | 5 (60%) |
| Kevin Fischbeck | Bank of America | 4 (25%) |
| Jason Cassorla | Guggenheim | 4 (0%) |
| Scott Fidel | Goldman Sachs | 4 (0%) |
| George Hill | Deutsche Bank | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 7 (0%) |
| Morgan Stanley | 1 | 6 (0%) |
| Wolfe Research | 1 | 6 (0%) |
| UBS | 1 |
| 6 (0%) |
| TD Cowen | 1 | 6 (17%) |
| Bank of America | 2 | 5 (40%) |
| Barclays | 1 | 5 (60%) |
| Guggenheim | 1 | 4 (0%) |
Cigna closed FY2025 with adjusted EPS of $29.84, achieving 9% growth, on adjusted revenue of $275 billion up 11%. Cash flow from operations reached $9.6 billion. The FTC global settlement resolved PBM investigations, and the rebate-free model was aligned with federal PBM reform. FY2026 adjusted EPS guidance of at least $30.25 was introduced, with specialty and care services now representing 35% of the company.
Margin | Competitive Dynamics | Pricing | Regulation Policy | Cost Pressure | M&A | Capital Allocation | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 2 | 4 | 1 | 6 | 3 | 2 | 3 |
| 2025Q1 | 1 | 3 | 1 | 4 | 1 | 2 | 1 | |
| 2025Q2 | 2 | 4 | 4 | 3 | 1 | |||
| 2025Q3 | 5 | 3 | 2 | 1 | 2 | 4 | ||
| 2025Q4 | 4 | 2 | 2 | 5 | 1 | 1 | ||
| 2026Q1 | 2 | 3 | 2 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 4 | 1 | 2 | 5 | 4 | 2 |
| Competitive Dynamics | 2 | 3 | 4 | 3 | 2 | 3 |
| Pricing | 4 | 1 | 4 | 2 | 2 | 2 |
| Regulation Policy | 1 | 4 | 3 | 1 | 5 | |
| Cost Pressure | 6 | 1 | 1 | 2 | ||
| M&A | 3 | 2 | 1 | 2 | ||
| Capital Allocation | 2 | 1 | 1 | 3 | ||
| Guidance Reliability | 3 | 4 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CI Cigna | 8 | +4.6% | |
| CNC Centene Corporation | 9 | +7.1% | |
| CVS CVS Health | 9 | +6.2% | |
| ELV Elevance Health | 7 | +2.6% | |
| HUM Humana | 7 | +23.5% | |
| UNH UnitedHealth Group Incorporated | 7 | +2.0% |