Risk Sleuth
CI · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

The Cigna Group

27 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. Federal Government

earns from · 11% and 15% of total revenuenamed as a risk
Revenues from U.S. Federal Government agencies, under a number of contracts, were 11% and 15% of total revenue from external customers for the years ended December 31, 2024 and 2023, respectively.Business (Item 1)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CRM and 25 more

Centene Corporation

earns from · approximately 19%
Revenues from a single pharmacy benefit client were approximately 19% and 16% of total revenue from external customers for the years ended December 31, 2025 and 2024, respectively.Business (Item 1)

Also named by MOH

TRICARE

earns from
The Department of War (previously the Department of Defense) TRICARE® is the military health care program available to active-duty service members, active-duty family members, National Guard and Reserve members and their family members, retirees and retiree family members, survivors and certain former spouses.Business (Item 1)

Also named by GH

Prime Therapeutics LLC

earns from
Express Scripts and Prime Therapeutics LLC ("Prime") have agreements to deliver improved choice and affordability for Prime's clients and customers by enhancing retail pharmacy networks, providing access to Accredo and Express Scripts Pharmacy, and providing pharmaceutical manufacturer value.Business (Item 1)

Suppliers

Pharmaceutical wholesaler (unnamed primary)

depends on · approximately half of our pharmaceutical purchases
Evernorth Health Services uses one wholesaler for approximately half of our pharmaceutical purchases, but holds contracts with other wholesalers if needs for an alternate source arise.Business (Item 1)

Change Healthcare

depends onnamed as a risk
For example, Change Healthcare, a health technology company owned by UnitedHealth Group and a service provider for certain of our pharmacy benefit management services, was the victim of a ransomware attack in February 2024.Risk factors (Item 1A)

Also named by AMGN, HROW

Pharmaceutical manufacturers rebates

depends onnamed as a risk
Our contracts with pharmaceutical manufacturers are typically nonexclusive and terminable on relatively short notice by either party.Risk factors (Item 1A)

Partners and platforms

Large retail pharmacy chains

depends on · approximately 47% of the total number of storesnamed as a risk
The 10 largest retail pharmacy chains represent approximately 47% of the total number of stores in our largest network.Risk factors (Item 1A)

United States Postal Service

depends onnamed as a risk
impacts to distribution channels, including changes to the United States Postal Service or the consolidation of shipping carriers;Risk factors (Item 1A)

Also named by BR, DJCO, FDX, HIMS, PBI, PPLI, UPS

Other companies

Goodwill and intangible assets

approximately $73.5 billion, representing 47% of our total consolidated assetsnamed as a risk
the carrying value of goodwill or other intangible assets - which, as of December 31, 2025, was approximately $73.5 billion, representing 47% of our total consolidated assets - may be materially and adversely impacted if acquired businesses do not perform as expected, or if future evaluations require impairment charges that could materially affect our results of operations and shareholders' equity in the period in which the impairment occurs;Risk factors (Item 1A)

Also named by AME, PNFP, PVH, SUNC

VillageMD

$2.7 billion lossnamed as a risk
For example, in the year ended December 31, 2024, we determined our investment in VillageMD was fully impaired and recorded a $2.7 billion loss in Net investment gains/losses in our Consolidated Statements of Income.Risk factors (Item 1A)

Reinsurers

depends onnamed as a risk
Although a portion of our reinsurance exposures are secured, the inability to collect a material recovery from a reinsurer could have a material adverse effect on our results of operations, financial condition and liquidity.Risk factors (Item 1A)

Also named by CB, CINF, LNC, ORI, PRI, RLI, WRB

Places

Express Scripts Pharmacy fulfillment (Arizona, Indiana, Missouri, New Jersey)

operates in
Express Scripts Pharmacy operations consist of 11 licensed pharmacies, inclusive of four fulfillment pharmacies located in Arizona, Indiana, Missouri and New Jersey.Business (Item 1)

International local health markets (China, Singapore, Hong Kong, Spain, India, Middle East)

earns from
Customers include employers and individuals located in specific geographies (China, Singapore, Hong Kong, Spain and India, along with various countries in the Middle East) where the products and services are purchased.Business (Item 1)

Commodities and inputs

GLP-1 medications

earns from
Our Evernorth EnGuideSM Pharmacy ("EnGuide Pharmacy") was established in 2025 to focus on the growing population of customers that are prescribed GLP-1 medications requiring clinical support.Business (Item 1)

Also named by BDX, PEP

Regulators

Federal Trade Commission (FTC)

subject tonamed as a risk
In September 2024, the FTC filed an administrative complaint against Express Scripts and two other PBMs, among others, for allegedly engaging in anticompetitive and unfair rebate practices related to insulin drug pricing.Risk factors (Item 1A)

Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more

Defense Health Agency (DHA)

subject to
As an example, we have a contract with the DHA that subjects us to applicable Federal Acquisition Regulations ("FAR") and the FAR Supplement, which govern federal government contracts.Business (Item 1)

Laws and programs

Inflation Reduction Act

subject tonamed as a risk
Additionally, laws such as the Inflation Reduction Act have granted CMS the ability to negotiate drug prices for high-cost Medicare Part D and Part B drugs, and other federal and state legislative proposals and executive actions can lead to residual effects as drug companies adjust pricing strategies for broader marketplaces, impacting which medications are prioritized.Risk factors (Item 1A)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CNC and 26 more

HIPAA

subject tonamed as a risk
If HHS alleges or finds noncompliance with HIPAA requirements or implements an enforcement action against us, it could have an adverse effect on our results of operations, financial position, cash flows and reputation.Risk factors (Item 1A)

Also named by AFL, BAX, BBSI, DHR, DOC, DOCN, DOCU, DXCM and 19 more

False Claims Act

subject tonamed as a risk
Noncompliance with such laws may result in enforcement and other actions, including civil and criminal penalties, substantial financial liabilities (including treble damages under the False Claims Act), and exclusion from participation in federal and state health care programs.Business (Item 1)

Also named by ACN, ASTS, CDW, CHE, CVS, DGX, FLR, GE and 13 more

Medicare Part D

subject tonamed as a risk
The legislation also includes provisions affecting PBM services provided in connection with Medicare Part D plans that, beginning in January 2028, prohibit PBMs from receiving compensation that is directly or indirectly linked to the list price of a covered Part D drug, limiting PBM compensation to bona fide service fees.Business (Item 1)

Also named by ABBV, AMGN, BMY, CNC, CVS, ELV, INCY, JNJ and 5 more

Patient Protection and Affordable Care Act (ACA)

subject tonamed as a risk
The ACA subjects individual and small group policy rate increases above an identified threshold to review by the United States Department of Health and Human Services ("HHS"), and our U.S. Healthcare medical plans are subject to minimum MLR requirements.Business (Item 1)

Also named by BAX, DHR, MCK, UNH, WGS

ACA enhanced premium tax credits

subject tonamed as a risk
The Inflation Reduction Act of 2022 extended the increased premium tax credits for individuals enrolled in ACA-qualified health plans through December 31, 2025, which were not renewed.Business (Item 1)

Also named by DVA

Consolidated Appropriations Act, 2026

subject tonamed as a risk
With respect to employer-sponsored health plans subject to the Employee Retirement Income Security Act ("ERISA"), the legislation includes provisions, effective beginning in August 2028, that require PBMs to remit 100% of certain rebates, fees and other remuneration to plan sponsors.Business (Item 1)

Budget Reconciliation Act of 2025

subject tonamed as a risk
In July 2025, Congress enacted the Budget Reconciliation Act of 2025, which included provisions affecting Medicare and Medicaid, including measures expected to reduce federal Medicaid spending and modify Medicaid eligibility, among other changes.Business (Item 1)

State PBM pharmacy ownership ban

subject tonamed as a risk
One state recently enacted legislation prohibiting PBMs from owning or operating pharmacies within the state, which affects vertically integrated entities such as ours and is currently the subject of ongoing litigation.Business (Item 1)

Employee Retirement Income Security Act (ERISA)

subject to
Our domestic subsidiaries sell most of their products and services to sponsors of employee benefit plans that are governed by ERISA.Business (Item 1)

Also named by CVS, DY, FSS, PFG, PRU, SNA, UNH, UNM