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Investor Relations14 Oct 2025
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Centene (CNC) investor relations material
Centene Deutsche Bank Healthcare Summit summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Deutsche Bank Healthcare Summit summary11 Sep, 2025
Key financial and operational updates
Full-year diluted EPS forecast of $1.75 reaffirmed, with Medicaid results for July and August supporting HBR improvement trajectory for the back half of the year.
95% of Health Insurance Marketplace membership successfully refiled for 2026 rates, with most approvals received and rates reflecting anticipated population acuity.
Medicare segment remains on track for $700 million improvement, with preliminary STARS data in line with expectations and a slightly better four-star percentage, supporting break-even target for Medicare Advantage in 2027.
Marketplace segment expects below break-even margins for the current year, with margin improvement as a major focus for 2026; market contraction anticipated if enhanced APTCs expire and new rules are implemented.
Medicaid rate environment remains constructive, with states increasingly using recent data for rate setting and ongoing collaborative discussions to address program changes and cost management.
Strategic initiatives and market outlook
Rate filings for 2026 considered morbidity shifts, program integrity rules, and potential expiration of enhanced APTCs, with additional levers such as product mix and footprint adjustments used where needed.
Margin recovery in Marketplace and Medicaid is prioritized, with ongoing monitoring of utilization, coding practices, and fraud, waste, and abuse, leveraging AI for early detection.
States are receptive to forward-looking rate discussions due to recent experience with population changes and redeterminations, improving the ability to forecast and adjust rates proactively.
OB-3 and related Medicaid provisions are expected to have their main impact in 2027 and 2028, with some states preparing frameworks for earlier implementation.
Medicare Advantage and Part D segments are performing well, with strategic bidding, clinical initiatives, and administrative efficiencies contributing to margin improvement and stability.
Capital management and cost structure
Goodwill evaluation accelerated to Q3 due to market cap drop, with no expected downstream impacts on statutory subsidiaries or debt covenants; credit facility remains untapped and well within limits.
Capital deployment priorities remain unchanged: focus on funding organic growth, efficient cost structure, and ongoing evaluation of debt, share repurchase, and M&A opportunities.
Discretionary cost flexibility enhanced, with $500–$600 million in SG&A identified and ongoing efforts to standardize and centralize operations to efficiently scale with membership changes.
Long-term margin potential for all three core business lines remains intact, with significant improvement opportunities and portfolio synergies expected to drive performance at the top end of industry margins.
Marketplace sustainability without enhanced APTCs?
State actuary receptivity to forward-looking data
Goodwill write-down: Any downstream financial impact?
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Next Centene earnings date
Q3 202529 Oct, 2025
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Frequently asked questions
Government-sponsored Healthcare Services
Centene Corporation is an American multinational healthcare company providing a range of health insurance products and related services. Centene specializes in government-sponsored healthcare programs, including Medicaid, Medicare, and the Health Insurance Marketplace, making it a significant player in public sector healthcare in the United States. The company is headquartered in St Louis, Missouri, and its shares are traded on the NYSE.
Founding and Re-focusing
The company was founded in 1984 as Family Hospital Physician Associates, it was initially a single health plan provider. In 1997, the company rebranded to Centene Corporation and relocated its headquarters to St. Louis, Missouri. During this time, Centene recognized the growing need and opportunity to serve low-income and vulnerable populations, which were often underserved in the healthcare market. This realization led to a strategic pivot towards government-sponsored programs like Medicaid and Medicare, something that proved to be a success. Some of the closest competitors to Centene are Molina, UnitedHealth Group, and Humana.
Medicare and Medicaid
As previously mentioned, Centene specializes in providing government-sponsored healthcare plans, primarily focusing on Medicaid and Medicare. The company offers a range of services tailored to meet the needs of low-income, underinsured, and uninsured individuals.
For Medicaid recipients, Centene provides managed care services, which include comprehensive health coverage and specialized programs. These programs often cater to specific groups, such as children, pregnant women, elderly individuals, and people with disabilities.
In the Medicare sector, Centene offers Medicare Advantage plans, which are alternatives to traditional Medicare. These plans combine Medicare Parts A (hospital insurance) and B (medical insurance), often including Part D (prescription drug coverage). Centene's Medicare Advantage plans are designed to offer additional benefits, like vision, dental, and wellness programs, which are not typically covered under standard Medicare.
Other Services
Outside of government-sponsored healthcare plans, Centene Corporation offers a variety of health solutions through its subsidiaries. These include commercial health insurance under the Health Net brand, serving individuals, families, and small businesses. Centene also provides specialty services, including behavioral health, pharmacy benefits management, and care management for complex medical conditions. Additionally, the company is active in telehealth services and international healthcare operations, broadening its scope beyond traditional health insurance.
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