Cigna Group (NYSE:CI) said it expects margin pressure within the pharmacy benefit services segment over the next two years. During its earnings call, the company added that in Evernorth, it expects operating income to be slightly down in 2026.

The specialty and care services business is expected to grow income towards the higher end of its long-term growth target, offset by a decline in pharmacy benefit services.

Goldman Sachs on Tuesday reduced EPS estimates and lowered price forecast from $370 to $330, while maintaining its Buy rating.

While investors have long applied a significant discount to Cigna’s forward P/E multiple to anticipate future pressure on pharmacy benefit manager (PBM) margins, the market did not expect that “the PBM margin reset” would arrive with the 3Q25 ...