LOS ANGELES (May 5, 2023) 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.”