Analyst Consensus ?
ConsensusBuy39 ratings
Bullish2974.4%
Neutral1025.6%
Bearish00.0%
Cigna Corporation · CI · FY2025 Q3 · Calendar Q4 2025
Cigna maintains guidance as pharmacy model transition weighs on margins
The supplied analysis supports a mixed but constructive view: specialty, biosimilar, and client-renewal growth support earnings, while the shift to a rebate-free pharmacy model creates near-term margin and execution risk. The longer-term case depends on whether investment and adoption produce the expected recovery after 2027.
Reported Before market openNYSEHealthcare
$71.83B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$7.83
Consensus $7.64
EPS surprise
+2.5%
Reported versus consensus
Reported revenue
$69.75B
Consensus $67.58B
Revenue surprise
+3.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-17.4%
Event window
SPY move
-1.1%
Same window
Abnormal move
-16.3%
Stock minus SPY
Volume
6.9×
Versus trailing sessions
Subsequent drift
+12.2%
Up to 20 sessions
CISPY benchmark
Ask FN2 about CI FY2025 Q3
Transcript, numbers and history already loaded
Why did CI fall 17.4% after beating EPS estimates in FY2025 Q3?What changed in CI's guidance and outlook in FY2025 Q3?Give me the bull and bear case for CI after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Cigna introduced a rebate-free, delinked pharmacy-benefit model, invested in Shields Health Solutions, and highlighted specialty and biosimilar growth. Compared with the prior quarter, transition spending and expected Pharmacy Benefit Services margin pressure are more prominent, while guidance remains maintained.
Guidance delta
Maintained; full-year adjusted EPS guidance was reaffirmed at at least $29.60.
Key takeaways
- Q3 revenue and adjusted EPS were strong, while full-year adjusted EPS guidance was reaffirmed.
- Specialty and biosimilar services, large-client renewals, and the rebate-free pharmacy model are central to the outlook.
- Management expects near-term Pharmacy Benefit Services margin pressure from renewals and transition investment.
- The longer-term opportunity depends on executing the new model while managing drug costs and adoption.
Management priorities
- Roll out the rebate-free, delinked pharmacy benefit model in 2027 and more broadly by 2028
- Integrate Shields Health Solutions
- Invest in technology, data analytics, and process re-engineering
- Expand biosimilar offerings and GLP-1 programs
- Support independent and rural pharmacists
Follow CI with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$271.83Current
$225Low
$322.65Average
$415High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Jefferies | Hold | Buy | Downgrade | Aug 4, 2026 |
| Raymond James | Outperform | Strong Buy | Downgrade | Aug 3, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 31, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 31, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 31, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jul 9, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 8, 2026 |
| UBS | Buy | Buy | Maintain | May 22, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | May 20, 2026 |
| Deutsche Bank | Hold | Buy | Downgrade | May 20, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | May 1, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | May 1, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Mar 3, 2026 |
| Truist Securities | Buy | Buy | Maintain | Feb 17, 2026 |
| TD Cowen | Buy | Buy | Maintain | Feb 9, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Nov 4, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 4, 2025 |
| Baird | Outperform | Outperform | Maintain | Aug 14, 2025 |
| Stephens& Co. | Overweight | Overweight | Maintain | Jan 31, 2025 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jan 31, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | Jan 31, 2025 |
| Edward Jones | Hold | Buy | Downgrade | Aug 18, 2023 |
| B of A Securities | Buy | Buy | Maintain | Aug 4, 2023 |
| SVB Leerink | Market Perform | Market Perform | Maintain | Feb 8, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 7, 2022 |
| Loop Capital | Hold | Hold | Maintain | Jun 17, 2022 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | May 9, 2022 |
| Seaport Global | Buy | Buy | Maintain | Nov 17, 2021 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 8, 2021 |
| Citigroup | Buy | Buy | Maintain | Feb 5, 2021 |
| Wedbush | Neutral | Neutral | Maintain | Nov 25, 2020 |
| Susquehanna | Outperform | Neutral | Upgrade | Nov 25, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Nov 25, 2020 |
| Sterne Agee CRT | Buy | Neutral | Upgrade | Nov 25, 2020 |
| Sterne Agee | Neutral | Buy | Downgrade | Nov 25, 2020 |
| Monness Crespi Hardt | Buy | Buy | Maintain | Nov 25, 2020 |
| Leerink Swann | Outperform | Outperform | Maintain | Nov 25, 2020 |
| Bank of America | Buy | Buy | Maintain | Nov 25, 2020 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Nov 5, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $271.83. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | David Windley | $307 | $282.06 | +12.9% | Aug 4, 2026 |
| Raymond James | Analyst unavailable | $320 | $279.05 | +17.7% | Aug 3, 2026 |
| Robert W. Baird | Analyst unavailable | $362 | $287.66 | +33.2% | Jul 31, 2026 |
| Guggenheim | Analyst unavailable | $361 | $287.66 | +32.8% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $307 | $287.66 | +12.9% | Jul 31, 2026 |
| Bernstein | Analyst unavailable | $381 | $289.73 | +40.2% | Jul 8, 2026 |
| Wolfe Research | Justin Lake | $315 | $293.83 | +15.9% | Jun 16, 2026 |
| Mizuho Securities | Ann Hynes | $340 | $289.48 | +25.1% | Jun 8, 2026 |
| Barclays | Analyst unavailable | $304 | $286.24 | +11.8% | May 26, 2026 |
| UBS | Analyst unavailable | $400 | $282.02 | +47.2% | May 22, 2026 |
| Morgan Stanley | Analyst unavailable | $361 | $291.28 | +32.8% | May 20, 2026 |
| Deutsche Bank | Analyst unavailable | $302 | $291.28 | +11.1% | May 20, 2026 |
| Bernstein | Analyst unavailable | $371 | $279.35 | +36.5% | May 5, 2026 |
| Raymond James | Sarah James | $340 | $285.11 | +25.1% | May 1, 2026 |
| Robert W. Baird | Analyst unavailable | $337 | $285.6 | +24.0% | May 1, 2026 |
| Mizuho Securities | Analyst unavailable | $330 | $285.54 | +21.4% | May 1, 2026 |
| Barclays | Analyst unavailable | $310 | $290.58 | +14.0% | May 1, 2026 |
| Jefferies | Analyst unavailable | $330 | $278.64 | +21.4% | Apr 20, 2026 |
| Truist Financial | Analyst unavailable | $350 | $292.76 | +28.8% | Feb 17, 2026 |
| Deutsche Bank | Analyst unavailable | $304 | $291.17 | +11.8% | Feb 10, 2026 |
| Truist Financial | Analyst unavailable | $338 | $294.2 | +24.3% | Feb 9, 2026 |
| UBS | Analyst unavailable | $375 | $292.84 | +38.0% | Feb 9, 2026 |
| Barclays | Andrew Mok | $303 | $284.53 | +11.5% | Feb 6, 2026 |
| Mizuho Securities | Analyst unavailable | $325 | $283.91 | +19.6% | Jan 9, 2026 |
| Bernstein | Analyst unavailable | $307 | $287.1 | +12.9% | Jan 6, 2026 |
| Truist Financial | Analyst unavailable | $320 | $279.12 | +17.7% | Jan 5, 2026 |
| Barclays | Analyst unavailable | $305 | $279.12 | +12.2% | Jan 5, 2026 |
| Cowen & Co. | Charles Rhyee | $333 | $274.87 | +22.5% | Dec 15, 2025 |
| Guggenheim | Analyst unavailable | $318 | $273.57 | +17.0% | Dec 2, 2025 |
| Bernstein | Analyst unavailable | $294 | $271.57 | +8.2% | Nov 12, 2025 |
| UBS | Analyst unavailable | $294 | $268 | +8.2% | Nov 12, 2025 |
| Wells Fargo | Analyst unavailable | $300 | $264.66 | +10.4% | Nov 5, 2025 |
| Goldman Sachs | Scott Fidel | $330 | $258.62 | +21.4% | Nov 4, 2025 |
| Jefferies | David Windley | $310 | $244.41 | +14.0% | Nov 3, 2025 |
| Morgan Stanley | Erin Wright | $355 | $243 | +30.6% | Oct 31, 2025 |
| Barclays | Analyst unavailable | $300 | $245.1 | +10.4% | Oct 31, 2025 |
| Goldman Sachs | Scott Fidel | $370 | $295.41 | +36.1% | Oct 14, 2025 |
| Wells Fargo | Analyst unavailable | $354 | $302.99 | +30.2% | Oct 7, 2025 |
| Truist Financial | David MacDonald | $375 | $300.72 | +38.0% | Sep 2, 2025 |
| Robert W. Baird | Michael Ha | $372 | $286 | +36.9% | Aug 14, 2025 |
| Deutsche Bank | George Hill | $415 | $270.74 | +52.7% | Aug 5, 2025 |
| Guggenheim | Jason Cassorla | $388 | $333.82 | +42.7% | May 6, 2025 |
| Morgan Stanley | Erin Wright | $390 | $333.01 | +43.5% | May 5, 2025 |
| Barclays | Andrew Mok | $382 | $333.01 | +40.5% | May 5, 2025 |
| Wells Fargo | Stephen Baxter | $341 | $291.46 | +25.4% | Feb 4, 2025 |
| Piper Sandler | Jessica Tassan | $348 | $292.46 | +28.0% | Feb 3, 2025 |
| Raymond James | John Ransom | $360 | $294.21 | +32.4% | Jan 31, 2025 |
| Morgan Stanley | Erin Wright | $379 | $294.21 | +39.4% | Jan 31, 2025 |
| RBC Capital | Ben Hendrix | $355 | $294.21 | +30.6% | Jan 31, 2025 |
| Piper Sandler | Jessica Tassan | $400 | $338.8 | +47.2% | Jun 25, 2024 |
| Robert W. Baird | Michael Ha | $388 | $332.92 | +42.7% | May 29, 2024 |
| Jefferies | David Windley | $407 | $341.5 | +49.7% | May 6, 2024 |
| Oppenheimer | Michael Wiederhorn | $400 | $344.5 | +47.2% | May 3, 2024 |
| Raymond James | Sarah James | $400 | $344.5 | +47.2% | May 3, 2024 |
| RBC Capital | Ben Hendrix | $384 | $344.5 | +41.3% | May 3, 2024 |
| Mizuho Securities | Ann Hynes | $370 | $324.06 | +36.1% | Feb 5, 2024 |
| Deutsche Bank | George Hill | $370 | $307.32 | +36.1% | Feb 1, 2024 |
| Leerink Partners | Analyst unavailable | $335 | $289 | +23.2% | Feb 8, 2023 |
| Raymond James | Analyst unavailable | $350 | $288.44 | +28.8% | Feb 7, 2023 |
| Stephens | Analyst unavailable | $370 | $289.12 | +36.1% | Feb 6, 2023 |
| Morgan Stanley | Analyst unavailable | $365 | $301.95 | +34.3% | Jan 6, 2023 |
| Morgan Stanley | Analyst unavailable | $347 | $320.9 | +27.7% | Nov 23, 2022 |
| Raymond James | John Ransom | $370 | $322.13 | +36.1% | Nov 6, 2022 |
| Truist Financial | David MacDonald | $330 | $272.63 | +21.4% | Jul 26, 2022 |
| Jefferies | David Windley | $271 | $273.75 | -0.3% | Jul 14, 2022 |
| Morgan Stanley | Ricky Goldwasser | $296 | $257.6 | +8.9% | Jun 22, 2022 |
| Deutsche Bank | George Hill | $284 | $244.52 | +4.5% | Jun 18, 2022 |
| Mizuho Securities | Ann Hynes | $291 | $263.98 | +7.1% | May 9, 2022 |
| Stephens | Analyst unavailable | $290 | $265.6 | +6.7% | Apr 20, 2022 |
| Truist Financial | David MacDonald | $290 | $254.12 | +6.7% | Apr 11, 2022 |
| Mizuho Securities | Ann Hynes | $266 | $240.51 | -2.1% | Mar 2, 2022 |
| Wells Fargo | Steve Baxter | $278 | $226.47 | +2.3% | Jan 6, 2022 |
| J.P. Morgan | Lisa Gill | $248 | $219.2 | -8.8% | Dec 21, 2021 |
| Goldman Sachs | Nathan Rich | $233 | $215.6 | -14.3% | Dec 14, 2021 |
| UBS | Kevin Caliendo | $244 | $216.63 | -10.2% | Nov 18, 2021 |
| Credit Suisse | A.J. Rice | $300 | $216.05 | +10.4% | Nov 8, 2021 |
| Evercore ISI | Michael Newshel | $230 | $211.09 | -15.4% | Nov 4, 2021 |
| Bank of America Securities | Kevin Fischbeck | $225 | $202.71 | -17.2% | Sep 10, 2021 |
| Cowen & Co. | Gary Taylor | $235 | $211.88 | -13.5% | Sep 9, 2021 |
| Raymond James | John Ransom | $275 | $208.14 | +1.2% | Aug 9, 2021 |
| Stephens | Scott Fidel | $270 | $206.32 | -0.7% | Aug 6, 2021 |
| Barclays | Steven Valiquette | $275 | $206.32 | +1.2% | Aug 6, 2021 |
| Oppenheimer | Michael Wiederhorn | $285 | $206.32 | +4.8% | Aug 6, 2021 |
| Cantor Fitzgerald | Steven Halper | $250 | $203.27 | -8.0% | Aug 5, 2021 |
| Wolfe Research | Justin Lake | $294 | $244.85 | +8.2% | Apr 26, 2021 |
Track every rating change on CI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCigna Group, established in 1792 and headquartered in Bloomfield, Connecticut, provides insurance products and related services across the United States. The company operates through two primary segments. Its Evernorth division offers a comprehensive array of coordinated and specialized health solutions, including pharmacy services, benefits administration, care management and delivery, and advanced intelligence solutions. These offerings cater to a diverse clientele, such as health plans, employers, government entities, and healthcare providers.…
Historical context
All CI earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the CI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T04:20:58.372976+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T04:20:58.370034+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.