Evernorth Drives Cigna’s 27% Revenue Increase to $247.1 Billion in 2024

The Cigna Group released their revenue report for 2024 which showcases their 27% revenue jump to $247.1 billion with Evernorth much to credit.

Evernorth, which includes pharmacy benefit services such as Express Scripts, contributed to the increase that clocked in at $195.3 billion in 2023.

David M. Cordani, chairman and CEO of The Cigna Group, highlighted Evernorth’s contributions during a conference call discussing the results.

“Evernorth continues to drive strong results in line with our expectations, primarily driven by our specialty and care services segment,” Cordani said.

The numbers highlight this statement, with pharmacy benefit services reaching $111.8 billion in adjusted revenue, a 46% jump from $76.8 billion in 2023.

In addition, specialty and care services recorded $90.3 billion in adjusted revenue, marking an 18% increase from the previous year.

Evernorth's growth pattern has remained consistent, establishing itself as the backbone of Cigna’s financial performance.

Eric Palmer, president and CEO of Evernorth Health Services, discussed Evernorth’s continued innovation and adaptability in response to market demands.

"We know that healthcare and prescription drugs need to be more affordable, and that coverage needs to be more transparent and less complex,” Palmer said.

This ongoing commitment to meeting client and patient needs has fueled Evernorth’s success.

To further strengthen the organization, Evernorth recently announced several initiatives focused on improving cost transparency and affordability for patients.

These “protections” aim to ensure that patients directly benefit from Express Scripts' negotiations to reduce drug prices.

For example, Evernorth introduced these protections that allow patients to access medications at the lower prices negotiated by Express Scripts, even during deductible phases when costs can be highest.

Palmer shared that patients will be protected from paying the “high list price of their medication, and will instead get access to the lower price negotiated by Express Scripts.”

Beyond price protections, Evernorth is pushing transparency through personalized reports for patients, detailing annual prescription drug costs, negotiated savings and total plan-paid amounts.

Plan sponsors will also receive comprehensive reports that go beyond the traditional reporting practice, providing greater visibility into pharmacy claims and costs.

In a news release, Adam Kautzner, president of Evernorth Care Management and Express Scripts, discussed the importance of these steps, sharing that it’s their goal to ensure there are no surprises at the pharmacy counter.

A key factor of Evernorth’s innovation is the Encircle Rx solution, which grew to cover about 8 million lives in 2024, Cordani said. This program provides patients on GLP-1 medications with additional lifestyle support and tools to help sustain long-term improvements.

Cordani stressed the importance of these solutions, especially in light of the rising costs of GLP-1 medications in the U.S.

"Despite these medications being relatively cheap to produce, Americans are paying prices that are multiples higher compared to other countries,” Cordani said. “This is not acceptable, nor sustainable."