Cigna Corporation

Cigna is trading profit today to rebuild its two biggest franchises. Specialty drug services is growing fast while the pharmacy benefit business has been deliberately repriced lower, so the next two years turn on whether the new mix earns as much as the old one.How much of Evernorth's profit comes from the three big clients?

• Specialty drug services became the growth engine.

  Earnings there rose about 20% in each of 2026's first two quarters, above management's long-standing growth range. The business is now roughly a third of company profit, so it has to carry the story.How much of Specialty's growth is biosimilar switching versus volume?

• The pharmacy benefit business was repriced lower on purpose.

  Cigna re-signed its three biggest clients, about $90 billion in revenue, through the end of the decade at thinner margins, and is funding the new fee-based replacement across 2026 and 2027. Evernorth profit is guided down this year.

• The insurance arm is priced for permanently high medical costs.

  Cigna Healthcare holds the other 40% of profit, and management still guides the same cost ratio while medical costs run high single digits with no sign of slowing. It also exits the individual exchange, leaving overhead behind.How much overhead is stranded by the individual exchange exit?