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Cigna Group (NYSE:CI)

This company has been moved to the archive! The financial data has not been updated since February 27, 2025.

Common-Size Income Statement
Quarterly Data

Cigna Group, common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Pharmacy revenues 76.40 75.91 74.92 73.79 72.02 70.87 70.31 69.52 72.76 72.68 70.81 70.42 71.35 70.77 70.17 69.06 68.47 68.38 68.04 65.85
Premiums 17.60 17.98 19.03 20.37 21.99 22.57 22.85 23.84 20.96 21.27 23.09 23.76 22.83 23.45 24.11 25.17 25.88 26.27 26.65 28.44
Fees and other revenues 6.01 6.11 6.06 5.84 5.99 6.56 6.84 6.64 6.27 6.05 6.11 5.82 5.82 5.78 5.72 5.77 5.65 5.35 5.31 5.71
Revenues from external customers 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Pharmacy and other service costs -74.99 -74.78 -73.90 -72.73 -69.38 -69.04 -69.23 -68.03 -70.48 -70.50 -68.98 -68.39 -68.97 -68.62 -67.73 -67.11 -65.45 -65.48 -65.60 -63.46
Medical costs and other benefit expenses -15.55 -14.98 -15.81 -16.57 -18.26 -18.32 -18.70 -19.56 -17.55 -17.20 -18.14 -18.97 -19.30 -19.01 -19.81 -19.73 -21.40 -20.73 -18.22 -21.83
Gross profit 9.46% 10.25% 10.29% 10.70% 12.36% 12.64% 12.07% 12.40% 11.97% 12.30% 12.87% 12.64% 11.74% 12.37% 12.46% 13.16% 13.15% 13.79% 16.19% 14.70%
Net investment income 0.42 0.13 0.53 0.51 0.57 0.66 0.58 0.60 0.47 0.45 0.72 0.95 0.84 1.07 0.72 0.96 0.90 0.73 0.57 0.93
Selling, general and administrative expenses -5.91 -5.64 -6.12 -6.50 -7.99 -7.77 -7.11 -7.65 -7.65 -6.98 -7.21 -7.57 -8.08 -7.06 -7.00 -8.08 -9.59 -8.12 -8.73 -8.91
Amortization of acquired intangible assets -0.65 -0.69 -0.70 -0.74 -0.89 -0.93 -0.94 -0.99 -1.00 -1.02 -1.11 -1.05 -1.10 -1.14 -1.17 -1.22 -1.20 -1.21 -1.27 -1.31
Income from operations 3.32% 4.05% 4.01% 3.96% 4.05% 4.60% 4.60% 4.36% 3.79% 4.75% 5.27% 4.97% 3.39% 5.24% 5.01% 4.82% 3.25% 5.18% 6.76% 5.41%
Interest expense and other -0.55 -0.59 -0.62 -0.57 -0.71 -0.75 -0.75 -0.77 -0.71 -0.67 -0.67 -0.69 -0.65 -0.69 -0.70 -0.77 -0.82 -0.83 -0.96 -1.03
Debt extinguishment costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 -0.32 0.00 0.00 -0.04 -0.49
Gain (loss) on sale of businesses 0.20 -0.14 0.00 -0.03 -2.91 -0.04 0.00 0.00 -0.16 3.85 0.00 0.00 0.00 0.00 0.00 0.00 10.17 0.00 0.00 0.00
Net realized investment gains (losses) 0.10 -1.45 -0.08 -3.22 -0.07 -0.03 0.05 -0.12 0.00 -0.18 -0.21 -0.73 0.15 0.16 0.14 0.00 0.40 0.08 0.10 -0.23
Income before income taxes 3.07% 1.87% 3.30% 0.14% 0.37% 3.78% 3.90% 3.46% 2.92% 7.74% 4.40% 3.55% 2.90% 4.70% 4.43% 3.73% 13.01% 4.44% 5.86% 3.67%
Income taxes -0.72 -0.58 -0.60 -0.51 1.81 -0.80 -0.77 -0.64 -0.29 -1.58 -0.91 -0.81 -0.40 -0.97 -0.99 -0.84 -2.99 -1.00 -1.35 -0.55
Net income (loss) 2.35% 1.30% 2.71% -0.37% 2.18% 2.97% 3.13% 2.82% 2.63% 6.16% 3.48% 2.75% 2.50% 3.73% 3.45% 2.89% 10.02% 3.44% 4.51% 3.12%
Net income attributable to noncontrolling interests -0.17 -0.14 -0.13 -0.11 -0.15 -0.08 -0.10 -0.08 -0.06 -0.05 -0.03 -0.03 -0.04 -0.03 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02
Shareholders’ net income (loss) 2.18% 1.16% 2.57% -0.49% 2.02% 2.89% 3.02% 2.74% 2.57% 6.12% 3.45% 2.71% 2.46% 3.70% 3.43% 2.86% 10.00% 3.41% 4.49% 3.10%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The financial profile indicates a significant strategic shift in revenue composition and cost structure over the analyzed period. A clear transition is observed from premium-based income toward pharmacy-related revenues, which has fundamentally altered the margins and operating expense ratios.

Revenue Stream Transformation
Pharmacy revenues have increased consistently from 65.85% of total external revenues in March 2020 to 76.40% by December 2024. Conversely, premiums have seen a steady decline, dropping from 28.44% to 17.60% over the same period. Fees and other revenues have remained relatively stable, fluctuating narrowly between 5.31% and 6.84%.
Cost Dynamics and Gross Margin
The cost structure has evolved in alignment with the revenue shift. Pharmacy and other service costs rose from 63.46% to 74.99% of total revenues. In contrast, medical costs and other benefit expenses declined from 21.83% to 15.55%. This shift has resulted in a gradual compression of the gross profit margin, which fell from 14.70% in March 2020 to 9.46% by December 2024.
Operating Efficiency and Expenses
Selling, general, and administrative (SG&A) expenses have demonstrated a general downward trend as a percentage of revenue, improving from 8.91% in early 2020 to 5.91% by the end of 2024. Amortization of acquired intangible assets also showed a gradual decline from 1.31% to 0.65%. Despite these efficiency gains in overhead, income from operations has generally trended lower, moving from 5.41% in March 2020 to 3.32% in December 2024.
Net Profitability and Volatility
Shareholders' net income exhibits significant volatility, heavily influenced by non-recurring items. A notable spike to 10.00% occurred in December 2020, driven by a substantial gain on the sale of businesses. More recent performance shows a leaner net margin, with December 2024 ending at 2.18%. Net investment income has also contracted, decreasing from 0.93% to 0.42% of revenues over the analyzed timeframe.

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