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Cigna’s massive pharmacy benefit manager Express Scripts could have lower profits next year due to its transition to a new rebate-free model and discounted contracts for three major clients, the company said Thursday along with the release of its third quarter results.

But “overall, we expect [earnings per share] growth in 2026,” COO Brian Evanko told investors. Earnings should climb due to growth in Cigna’s specialty pharmacy and higher margins in its health insurance business, executives said.

Both Cigna’s health services business Evernorth and its insurance arm Cigna Healthcare beat analyst expectations in the quarter , and Cigna reaffirmed its 2025 outlook following the results. Still, the company’s stock fell more than 17% in morning trade after the results were publi

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