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Cigna signals optimism for 2021 as it raises forecasts despite ongoing pandemic

Dive Brief: Cigna netted a profit of $1.2 billion in the first quarter, on par with the first quarter of last year, while increasing revenue to $41 billion despite continued COVID-19 headwinds in the health insurance market. The Connecticut-based insurer beat Wall Street expectations in the quarter, and increased its forecast for the full year, signaling optimism for the remainder of 2021 despite the ongoing uncertainty. Cigna s Evernorth health services unit, which includes pharmacy benefit manager Express Scripts, helped propel the first quarter beat after netting a 13% increase in revenue year over year. Dive Insight: The first quarter was one of the worst of the pandemic in the U.S., as hospitalizations, cases and deaths all peaked at some point in the period. Those metrics improved dramatically as the quarter went on and as vaccinations climbed, according to data maintained by the Centers for Disease Control and Prevention.

Cigna s revenue up 6 5% year-over-year in Q1 2021

AP Strong performance in Cigna Corp. s Evernorth health services division, investment portfolio and low member medical costs at the end of last year increased the company s revenue 6.5% year-over-year during the first quarter of 2021. The Bloomfield, Conn.-based insurer generated $40.9 billion in revenue during the first quarter, up from $38.4 billion during the same time in 2020. On an investor call, Chief Financial Officer Brian Evanko said the company benefited from its recent partnership with Amazon Prime Therapeutics, and named investments in its Express Scripts pharmacy benefit manager as a potential growth area going forward. We continue to invest aggressively in Evernorth to expand and diversify that suite of care solutions, pharmacy benefit management products and insights, and continue to make organizational investments to expand that portfolio, he said during the call.

4th Circuit sends Virginia county s opioid lawsuit back to federal court

1 Min Read The opioid-liability lawsuit that Arlington County, Virginia, filed in state court in 2019 against a host of drug manufacturers, distributors and pharmacies belongs in federal court, the 4th U.S. Circuit Court of Appeals held Monday in a win for two subcontractors of pharmacy benefits manager Express Scripts Inc. Reversing last year’s ruling by a lower court, the 4th Circuit held that Express Scripts Pharmacy Inc and ESI Mail Pharmacy Service Inc had grounds for federal jurisdiction because part of their business includes administration of the TRICARE Mail-Order Pharmacy, part of the U.S. Defense Department’s health-benefits program. To read the full story on Westlaw Today, click here: bit.ly/3hcutub

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