Cigna Healthcare revenues were $10.8 billion with pretax adjusted earnings of $1.1 billion and a medical care ratio of 83.2%, broadly in line with expectations despite elevated medical costs.
Evernorth contributed over 60% of enterprise earnings with revenues of $57.8 billion and pretax adjusted earnings of $1.7 billion, slightly ahead of expectations.
In Q2 2025, The Cigna Group reported total revenue of $67.2 billion and adjusted earnings per share of $7.20.
Operating cash flow was impacted by working capital timing within Evernorth but expected to reverse in the second half of the year.
Pharmacy Benefit Services pretax adjusted earnings increased to $833 million driven by client retention and innovative product offerings.
Specialty and Care Services revenue grew 13% to $25.9 billion with pretax adjusted earnings increasing 12% year-over-year when normalized for the absence of the VillageMD dividend.
Stop-loss premiums grew 13% in Q2 with ongoing efforts to improve margin profile over the next two renewal cycles.
The individual exchange business experienced higher utilization and medical costs but remained manageable due to strategic repositioning and disciplined pricing.
Adjusted diluted earnings per share (EPS) was $0.78, ahead of expectations, supported by strong top-line performance and cost management.
Adjusted gross margin was approximately 76%, reflecting product mix and expected savings from manufacturing optimization programs.
Adjusted operating expenses declined 8% operationally, with decreases in both selling, general and administrative (SG&A) and research and development (R&D) expenses.
Pfizer reported second quarter 2025 revenues of $14.7 billion, a 10% operational increase driven by growth in both U.S. and international markets.
Recently launched and acquired products generated $4.7 billion in revenue year-to-date, growing approximately 15% operationally versus last year.
Reported diluted EPS was $0.51, benefiting from an efficient operating structure and favorable tax rate changes.
The company returned $4.9 billion to shareholders via dividends in the first half of 2025 and invested $4.7 billion in internal R&D.
Cash, cash equivalents, and investments totaled $322 million at June 30, a $29 million increase from the end of 2024.
Mirum Pharmaceuticals reported total net product revenue of $128 million for Q2 2025, representing a 64% increase over the prior year.
Mirum was operating cash flow positive for the quarter and expects to remain so for the full year.
Net product sales were driven by strong performance of Livmarli in both U.S. and international markets, with approximately $57 million in U.S. sales and $31 million internationally.
Noncash stock-based compensation expense was $18 million, and intangible amortization and other noncash items were $6 million.
The bile acid portfolio, including CTEXLI and COBACHOLBAM, contributed approximately $40 million in revenue.
Total operating expenses for the quarter were $133 million, including $46 million in R&D, $63 million in SG&A, and $23 million in cost of sales.
Dafinchi