The Stock of Cigna is Rising Toward a 6-month High After the Company's Adjusted Profit and Revenue Exceeded Expectations

Cigna Group's shares saw a 0.9% increase, reaching a six-month high in premarket trading on Thursday, following the release of its second-quarter results that surpassed expectations, fueled by growth in pharmacy and medical customers.

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The net income for the quarter amounted to $1.46 billion, translating to $4.92 per share, compared to $1.56 billion, or $4.89 per share, in the same period last year. Adjusted earnings per share, excluding nonrecurring items, declined slightly to $6.13 from $6.20, but still exceeded the FactSet consensus of $6.03.

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Cigna's total revenue experienced a notable 6.8% growth, reaching $48.59 billion, surpassing the FactSet consensus of $47.24 billion.

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The company reported a 4.1% rise in total pharmacy customers, reaching 98.64 million, and a significant 9.5% increase in total medical customers, reaching 19.51 million.

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Looking ahead to 2023, Cigna anticipates adjusted earnings per share of "at least" $24.70, which slightly falls short of the FactSet consensus of $24.80.

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Over the past three months, Cigna's stock has shown strong performance, surging by 21.7%, while the broader S&P 500 gained 10.3% during the same period.

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