The Cigna Group reported a $300 million first quarter loss as the company’s Evernorth health services business grapples with the loss in value of its investment in doctor-staffed clinic operator VillageMD.
Cigna’s Evernorth holds a minority stake in VillageMD, a Chicago-based startup now scaling back on the expansion of doctor practices and clinics the company attached to Walgreens. In late March, Walgreens reported a $6 billion loss in its second quarter thanks to the loss in value of its controlling stake in VillageMD.
Cigna said its adjusted income from operations for first quarter 2024 was $1.9 billion, or $6.47 per share, compared with $1.6 billion, or $5.
“The sale of our Medicare businesses to HCSC remains on track with the expiration of the waiting period under the Hart-Scott Rodino Act having occurred on April 17,” Cigna said. “The transaction is expected to close in the first quarter of 2025.”