Cigna raises full-year forecast after Q1 earnings beat

Cigna (NYSE:) reported better-than-expected results to send its shares 3% higher in premarket Friday.

Cigna EPS of $5.41 on revenue of $46.5 billion, ahead of the consensus at $5.28 on sales of $45.57B. The medical care ratio came in at 81.3% while Street was at 81.8%.

“Our strong results in the first quarter demonstrate how our company continues to execute well, while also introducing innovative, market-leading solutions that improve clinical outcomes, affordability and transparency for the benefit of those we serve,” said David M. Cordani, chairman and chief executive officer.

For FY23, the company sees EPS of at least $24.70 on revenue of at least $188B. Analysts were expecting a profit per share of $24.73 on revenue of $188.92B.

Goldman Sachs analysts expect investor focus to be on “Cigna’s ability to adapt models to policy changes while achieving topline/margin targets for the PBM.”