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Yahoo
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Cigna beats profit estimate on robust health services growth
(Reuters) -Cigna beat Wall Street estimate for second-quarter profit on Thursday, helped by strength in its pharmacy benefit management business. It is one of the last health insurers to report quarterly results for the sector, which has been bogged down by persistently high medical costs in government-backed plans. Cigna, however, is insulated from such cost pressures as it recently sold its Medicare business to Health Care Service Corp. It banks more on its pharmacy benefit management and commercial health insurance businesses. "Our performance in the second quarter reflects our disciplined execution and the strength of our business mix," said CEO David Cordani. Revenue from its Evernorth healthcare services unit, which includes Cigna's pharmacy benefit management business, rose 17% to $57.83 billion during the quarter. Pharmacy benefit managers help negotiate drug prices and coverage with manufacturers on behalf of employers and health plan clients. PBMs' business practices, however, have drawn increasing scrutiny in recent years from U.S. lawmakers looking to lower drug prices, state attorneys generals and from the Federal Trade Commission, which released a report earlier this year accusing PBMs of inflating drug costs. Cigna's adjusted profit of $7.20 per share topped analysts' average estimate of $7.15 per share, according to data compiled by LSEG. The company maintained its annual adjusted profit forecast of at least $29.60 per share, while analysts expect $29.68 per share. For the quarter, it reported a medical care ratio — the percentage of premiums spent on medical care — of 83.2%, up from 82.3% a year earlier, but in line with analysts' estimate. The company said the increase was due to higher stop-loss medical costs. Stop-loss insurance plans help protect health plan sponsors, typically an employer, when medical claims pass a pre-designated threshold. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 hours ago
- Bloomberg
Germany Sees Record Curtailment of Solar and Wind in First Half
Germany curtailed a record amount of solar and wind power in the first half of the year as grid constraints and insufficient battery storage prevented it from taking full advantage of fresh capacity. About 8% of solar energy was deliberately cut in the period, more than double the amount a year earlier, according to data provider LSEG. Wind power was reduced by 5.3%.
Yahoo
4 hours ago
- Yahoo
Puma Shares Plunge 17% After Outlook Slashed on Tariff Impact
Puma (PMMAF, Financials) shares tumbled as much as 18% before finishing 17% lower on Friday after the firm warned that its profits will fall because of rising U.S. import tariffs and problems within the German sportswear business now thinks that full-year sales will drop by a low double-digit amount and that it will lose money in 2025. This is a big change from its earlier prediction of up to 525 million ($614 million) in Hoeld, who became CEO on July 1 to spearhead a turnaround, said, We need to take a hard look at ourselves. Hoeld said in a media teleconference that Puma didn't live up to its own goals and that weak brand momentum, problems with channel mix, and too much inventory were among said that second-quarter revenues declined 2% year over year, to 1.94 billion ($2.27 billion), which was less than analysts had expected, which was 2.06 billion. The adjusted operating profit went from a profit of 13.2 million to a loss of 13.2 million. The company also had one-time costs of 84.6 million connected to its attempts to minimize in North America fell by 9%, while sales in Europe and Asia-Pacific also fell, which caused the said it sent more shipments to the U.S. ahead of projected tariff hikes, which caused its inventory levels to rise. Even though the company plans to raise prices in the fourth quarter, it thinks tariffs will cost them 80 million in gross profit in said at the beginning of this year that it would wait for bigger American brands to raise prices in the American market. "We don't want to be the leader," CFO Markus Neubrand stated in May. This article first appeared on GuruFocus. Sign in to access your portfolio
