Cigna has officially confirmed it is not pursuing an acquisition of Humana, despite earlier merger talk rumors. The company plans to focus on stock buybacks, having completed $6 billion this year, and indicated that any future acquisitions would need to align strategically and financially. Following the announcement, Cigna's shares rose by 6.58%, while Humana's fell by 4.25%.
Multiple healthcare organizations are facing significant layoffs due to financial challenges. Texas Children's Hospital is cutting 1,000 jobs, while Novant Health plans to lay off 171 workers, and University Hospitals will eliminate over 300 positions. Other systems, including CarePoint and Kaiser Permanente, are also restructuring or closing facilities, leading to further job losses.
Cigna Group reported third-quarter revenues of $63.7 billion and adjusted earnings per share of $7.51, with a forecast of at least 10% EPS growth by 2025. The company plans to use proceeds from the sale of its Medicare business for share buybacks, while facing challenges such as reduced net investment income. Cigna's telemedicine services and specialty pharmacy offerings continue to expand, supporting its optimistic outlook for future growth.
Cigna Group reported a Q3 profit of $739 million, despite a $1 billion after-tax loss from its VillageMD investment. Revenue reached $63.7 billion, significantly up from $49 billion in the same quarter last year, surpassing analysts' expectations. Medical membership slightly declined to 19 million, while pharmacy benefit customers grew to nearly 120 million, bolstered by Centene's acquisition.
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