The Cigna Group has reported strong second-quarter 2024 results, with total revenues increasing by 25% to $60.5 billion. Shareholders' net income for the same period was $1.5 billion, or $5.45 per share, compared to $1.5 billion, or $4.92 per share, in the second quarter of 2023. Adjusted income from operations for the second quarter of 2024 was $1.9 billion, or $6.72 per share, up from $1.8 billion, or $6.13 per share, in the second quarter of 2023.
The company's 2024 outlook for adjusted income from operations is at least $28.40 per share, and it has repurchased 14.7 million shares of common stock for approximately $5.0 billion in the year to date through July 31, 2024.
Total revenues for the second quarter of 2024 increased by 25% from the second quarter of 2023, primarily driven by significant growth in Evernorth health services. Adjusted income from operations for the second quarter of 2024 increased by 5% from the second quarter of 2023, reflecting strong contributions from both Evernorth health services and Cigna healthcare.
The company's customer relationships also saw significant changes, with total customer relationships at June 30, 2024, increasing by 13% from December 31, 2023, to 186.2 million. Total pharmacy customers at June 30, 2024, increased by 24% from December 31, 2023, to 122.5 million.
In terms of segment results, Evernorth health services saw second-quarter 2024 adjusted revenues increase by 30% and adjusted income from operations, pre-tax, increase by 7% relative to the second quarter of 2023. Meanwhile, Cigna healthcare reported a 3% increase in adjusted revenues and a 3% increase in adjusted income from operations, pre-tax, relative to the second quarter of 2023.
The company's 2024 outlook includes projections for full-year adjusted revenues of at least $235.0 billion and consolidated adjusted income from operations of at least $8.065 billion, or at least $28.40 per share. Additionally, the outlook includes the impact of expected future share repurchases and anticipated 2024 dividends.
These figures paint a picture of strong growth and performance for The Cigna Group in the second quarter of 2024, with positive momentum expected to continue throughout the year. As a result of these announcements, the company's shares have moved -1.2% on the market, and are now trading at a price of $348.67. If you want to know more, read the company's complete 8-K report here.
