Cigna Corp. (NYSE: CI) reported Q1 EPS of $4.69, $0.34 better than the analyst estimate of $4.35. Revenue for the quarter came in at $38.15 billion versus the consensus estimate of $37.18 billion.

• Total revenues in the first quarter were $38.5 billion. Adjusted revenues1 were $38.4 billion.
• Shareholders' net income for the first quarter was $1.2 billion, or $3.15 per share
• Adjusted income from operations2 for the first quarter was $1.8 billion, or $4.69 per share
• Adjusted income from operations2,3 is projected to be in the range of $18.00 to $18.60 per share in 2020

"The world is facing an unprecedented health crisis from COVID-19, and Cigna recognizes the many challenges that our customers, clients, health care partners, and communities are facing. We have always tackled the most complex health issues and are well prepared to continue meeting the needs of our customers and clients for greater affordability, predictability and simplicity, even in the most difficult times," said David M. Cordani, President and Chief Executive Officer. "Cigna entered 2020 with a long track record of growth, fueled by innovation and customer service. We delivered first quarter results that build on that foundation, and we remain confident in the strength of our four well-positioned growth platforms."

GUIDANCE:

Cigna Corp. sees FY2020 EPS of $18.00-$18.60, versus the consensus of $18.32. Cigna Corp. sees FY2020 revenue of $154-156 billion, versus the consensus of $154.58 billion.

2020 OUTLOOK

Cigna's outlook for full year 2020 adjusted revenues1,3 is $154 billion to $156 billion. Cigna's outlook for full year 2020 consolidated adjusted income from operations2,3 on a per share basis is in the range of $18.00 to $18.60 per share. Cigna's outlook excludes the impact of additional prior year reserve development of medical costs and potential effects of any future share repurchase3. Also, while we continue to expect to close the sale of Cigna's Group Disability and Life business in the third quarter of 2020, Cigna's outlook assumes a full year of contributions from the Group Disability and Life business.

The foregoing statements represent the Company's current estimates of Cigna's 2020 consolidated adjusted revenues1,3 and adjusted income from operations2,3 on a per share basis as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates.

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