Cigna raised its 2026 profit forecast by 10 cents to at least $30.45 per share, driven by strong performance in its pharmacy and specialty drug businesses, the insurance company announced on July 30.
The health insurer’s Evernorth Health Services unit, which includes pharmacy benefit management and specialty pharmacy, posted adjusted revenues of $61.47 billion in the second quarter, up 6% from the prior year. Specialty and Care Services, the specialty pharmacy division within Evernorth, reported adjusted income from operations of $1.054 billion, a 22% increase compared to the same period last year.
Growth in the specialty pharmacy segment was fueled by higher use of specialty drugs for complex conditions including cancer, multiple sclerosis, and rheumatoid arthritis, according to Cigna’s earnings announcement. The company noted that specialty drugs account for a disproportionate share of overall pharmacy spending despite representing a small percentage of prescriptions—a dynamic that has made this business segment increasingly valuable.
Cigna’s second-quarter adjusted earnings per share reached $7.78, beating analyst estimates of $7.60 per share. Total revenues for the quarter increased 7% to $71.7 billion. The company’s Cigna Healthcare segment, which handles medical insurance, also contributed to the earnings beat, with adjusted income from operations rising 17% year-over-year to $1.276 billion.
The earnings announcement reflects a broader industry trend. Specialty drugs have become a major focus for health insurers and pharmacy benefit managers as they seek to manage costs and capture growth. Industry data shows specialty pharmaceuticals accounted for approximately $129.2 billion in spending in 2024 and are projected to reach nearly $965.5 billion by 2030, according to Trilliant Health research. Specialty drugs represent roughly 2% of pharmacy volume but account for about 60% of pharmacy spending, making them a critical profit driver.
Cigna has been strategically repositioning its business away from government-backed health plans. The company exited Medicare Advantage last year and announced plans to stop offering Affordable Care Act plans at the end of 2026, shifting focus to its traditional employer-sponsored healthcare business and its pharmacy operations. The guidance raise reflects confidence in this strategy and the strength of its diversified health services portfolio.
Sources
- Reuters — Cigna’s profit forecast raise, specialty drug growth, and segment performance details
- PR Newswire — Official earnings announcement with Q2 2026 financial results and full-year outlook
- Trilliant Health — Specialty drug market size and growth projections
