Overview

• Evernorth’s non-controlling investment is structured as preferred stock with an option to increase its stake and is not expected to materially affect Cigna’s 2025 adjusted EPS guidance of at least $29.60.
• Shields emerged as a stand-alone company after Sycamore Partners’ roughly $10 billion takeover of Walgreens closed last week.
• Shields develops and manages specialty pharmacies for providers, partnering with more than 80 health systems across over 1,000 hospitals and care sites.
• Specialty drugs, taken by a small share of patients, account for more than half of U.S. pharmacy spending, underscoring the strategic draw of provider-based dispensing.
• Cigna’s move follows a 2022 Walgreens-linked Summit Health investment that was later written off, contributing to a $2.7 billion profit loss in 2024.