Overview

• Shields becomes a private standalone company after Sycamore Partners carved it out following the Walgreens takeover.
• The investment is structured as preferred equity with no controlling stake, includes an option for further funding, and is not expected to affect Cigna’s 2025 EPS guidance.
• Shields partners with more than 80 health systems spanning over 1,000 hospitals and care sites across the United States.
• Cigna cites growing demand for complex therapies as it advances provider-facing specialty pharmacy services through the Shields relationship.
• J.P. Morgan estimates peg Shields’ trailing revenue near $700 million with adjusted operating income above $200 million, while Cigna’s prior Summit Health write-down highlights execution risk.