AHF Blasts ‘Parasitic’ PBM Owner Cigna on $1.3B Q1 Profits

LOS ANGELES--(BUSINESS WIRE)--
Today, AIDS Healthcare Foundation (AHF), the world’s largest HIV and AIDS healthcare provider, commented on the financial results of one of the most parasitic health insurance companies in the U.S. Cigna just announced first quarter 2023 revenue of $46.5 billion, of which $36.2 billion came from Express Scripts, its pharmacy benefits manager, which it bought in 2018. This resulted in $1.3 billion in profits in Q1. (See: Cigna Group “News & Insights” May 5, 2023)

“PBMs are the parasites of the health care industry, denying patients access to their pharmacies, pocketing rebates from drug companies, and driving independent pharmacies out of business to clear the field for their own pharmacy services,” said Michael Weinstein, AHF President. “Express Scripts is one of the biggest and worst. Cigna has a responsibility to stop reaping gargantuan profits off of Express Scripts’ unconscionable behavior and to restore these wrongful gains to Cigna’s plan members in the form of lower premiums and drug cost shares.”

About AHF

AIDS Healthcare Foundation (AHF), the world’s largest HIV/AIDS healthcare organization, provides cutting-edge medicine and advocacy to more than 1.75 million individuals in 45 countries in the US, Africa, Latin America/Caribbean, the Asia/Pacific Region, and Eastern Europe. To learn more about AHF, visit us online at AIDShealth.org, find us on Facebook, follow us on Instagram and Twitter, and subscribe to our Ahfter Hours podcast.

src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20230505005502r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005502/en/

Jacki Schechner, AHF, +1.310.633.0547 cell jacki.schechner@ahf.org

Ged Kenslea, AHF, +1.323.791.5526 cell ged.kenslea@ahf.org

Source: AIDS Healthcare Foundation