The Cigna Group: Inside Evernorth’s Specialty Engine—How Biosimilars and Rising Specialty Volumes Are Driving Earnings Mix!

The Cigna Group delivered third quarter 2025 performance that was broadly consistent with its financial commitments while laying out a deliberate reconfiguration of its pharmacy benefits economics that creates near-term margin pressure but is intended to improve transparency and affordability for customers and patients. Results for the quarter included revenue of $69.7 billion and adjusted earnings per share of $7.83, aided by a net after-tax special item benefit of $61 million. Management reaffirmed a full-year 2025 adjusted earnings per share outlook of at least $29.60, reflecting confidence in execution across its portfolio and continued investment in initiatives that are expected to reshape parts of the business over the next several years. Operationally, Evernorth Health Services delivered earnings in line with expectations. Specialty and Care Services was a clear area of momentum, with revenue up 10% to $26.