0001140361-26-030135
SEC filingCigna二季度营收与盈利双增，上调全年指引，医疗业务驱动增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total Revenues | $71,668M | $67,178M | +7% |
| Adjusted Revenues | $71,558M | $67,134M | — |
| Shareholders' Net Income | $1,660M | $1,532M | — |
| Diluted EPS (GAAP) | $6.29 | $5.71 | — |
| Adjusted Income from Operations | $2,054M | $1,930M | +6% |
| Adjusted EPS (Non-GAAP) | $7.78 | $7.20 | — |
| SG&A Expense Ratio | 4.8% | 5.1% | — |
| Adjusted SG&A Expense Ratio | 4.6% | 4.9% | — |
| Cigna Healthcare MCR | 84.5% | 83.2% | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Adjusted Income from Operations, per share | at least $30.45 | Non-GAAP |
| FY2026 | Evernorth Adjusted Income from Operations, Pre-Tax | at least $6,900M | Non-GAAP |
| FY2026 | Cigna Healthcare Adjusted Income from Operations, Pre-Tax | at least $4,550M | Non-GAAP |
| FY2026 | Cigna Healthcare Medical Care Ratio | 83.7% to 84.7% | N/A |
简评
Cigna二季度业绩稳健，总营收$71.7B同比+7%，主要由Evernorth Health Services和Cigna Healthcare双轮驱动。调整后运营收入$2.1B同比+6%，增速略低于营收，主因Evernorth税前利润下滑2%——Pharmacy Benefit Services调整后收入+8%但税前利润-27%，反映大型客户合同续约及客户导向举措的短期压力；Specialty and Care Services则表现强劲，税前利润+22%，受益于专科业务有机增长及仿制药/生物类似药采纳率提升。Cigna Healthcare调整后收入+9%、税前利润+17%，雇主业务利润率改善是核心驱动，但MCR升至84.5%（去年同期83.2%），主要因IFP业务上年同期确认了较高的风险调整收益，形成高基数。
管理层上调全年指引：调整后EPS从至少$30.35上调至至少$30.45（+$0.10），Cigna Healthcare税前利润指引上调$25M至至少$4,550M，Evernorth维持至少$6,900M。指引包含未来回购及2026年股息预期，年初至7月29日已回购0.9百万股约$250M。SG&A费用率改善至4.8%（调整后4.6%），体现运营效率提升。需关注Evernorth PBS业务利润率承压的持续性，以及IFP业务2027年退出计划对客户结构的影响。