PBMs Are Major Bright Spot in 1Q Earnings for Some Firms

For two of the largest diversified health care companies, their PBM divisions were a much-touted highlight in the firms’ first-quarter 2021 earnings reports and conference calls.

Cigna Corp. Chief Financial Officer Brian Evanko, during a May 7 conference call with analysts and investors, said the firm’s “favorable first-quarter earnings were primarily driven by strong Evernorth performance, favorable net investment income, and favorable prior year medical cost development.” Evernorth is Cigna’s newly renamed health services division, housing its Express Scripts PBM and other assets.

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