The Cigna Group (Cigna (CI)) shares edged down on Thursday after the company reported first-quarter results that beat analyst expectations and raised its full-year outlook. But the health insurer also revealed plans to exit the individual exchange business and conduct a strategic review of its eviCore unit, signaling a sharper focus on its core operations.

Cigna Earnings

Cigna reported first-quarter 2026 adjusted earnings of $7.79 per share, topping the consensus estimate of $7.61 per share. Revenue rose 5% to $68.52 billion, also beating the consensus of $66.37 billion, driven primarily by growth at Evernorth Health Services.

Outlook Raised on Growth Momentum

The company raised its full-year outlook for consolidated adjusted income from operations to at least $30.35 per share, slightly above the consensus of $30.33 and its prior guidance of $30.25. On an investor call, management said the updated guidance reflects the sustained growth, durability, and strength of the business. Cigna Healthcare also affirmed its Medical Care Ratio target of between 83.7% and 84.7%.

Customer Metrics

Total customer relationships dipped 2% quarter-over-quarter to 185.5 million. Pharmacy customers fell 2% sequentially to 121.0 million, reflecting expected client transitions and lower membership from health plan clients. However, total medical customers increased 1% to 18.3 million, driven by growth in Middle, Select, and International markets, partially offset by lower membership in National Accounts.

Evernorth Health Services posted quarterly sales of $58.44 billion, up 9%, with Pharmacy Benefit revenues of $33 billion, up 11% primarily due to drug mix. Specialty and Care sales reached $25.4 billion, up 6%, reflecting strong specialty volume growth.

Strategic Moves

Cigna announced it will exit the individual exchange business at the end of this year. The company also initiated a strategic review of alternatives for eviCore, a subsidiary that provides medical benefits management services, as it looks to focus on its core growth platforms.

Conference Call Highlights

On the call, management highlighted the launch of a new rebate-free pharmacy benefits model called Signature, aimed at providing consumers with the lowest out-of-pocket costs. CEO David Cordani also announced his transition to Executive Chair, with Brian Ivanko set to succeed him as CEO in July 2026.

Cigna Technical Analysis: Momentum and Key Support Levels

Cigna shares are trading near the upper end of their 52-week range, suggesting a strong position relative to historical performance. The stock sits 5.4% above its 20-day simple moving average (SMA) and 6.2% above its 50-day SMA, indicating short- and intermediate-term strength. The relative strength index (RSI) is at 64.87, a neutral level that leaves room for further upside but also warrants caution for potential pullbacks.

• Key Resistance: $292.50 — A significant level where selling pressure may emerge.
• Key Support: $258.00 — A critical level that could provide buying interest if tested.

CI Price Action: Cigna Group shares were down 0.19% at $289.10 at the time of publication on Thursday.