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Centene (CNC) investor relations material
Centene UBS Global Healthcare Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.UBS Global Healthcare Conference 2025 summary11 Nov, 2025
Business performance and outlook
Q3 results exceeded expectations, leading to an increased full-year outlook; October results are tracking in line with these expectations.
Sequential improvement in Medicaid HBR and margin focus remain priorities as the company heads into 2025 and 2026.
The company is not protesting the loss of the Florida CMS contract and is focused on a seamless member transition.
Medicare annual enrollment is progressing well, with a focus on margin over membership and expected growth in PDP products.
Marketplace open enrollment is being closely monitored, with early signs of increased member engagement and communication.
Contract and partnership updates
The Florida CMS contract, worth $5 billion this year, will run off by 2027, with a low single-digit pre-tax margin.
The PBM contract with Express Scripts was extended through the end of the decade, with renegotiated terms covering economics, operations, and cash flow.
The PBM relationship is fully transparent and pass-through, and the company will evaluate future rebate-free models as needed.
Medicaid and policy environment
Margin consistency in Medicaid is expected next year, supported by rate negotiations, utilization management, and state policy changes, especially for high-cost drugs and GLP-1s.
Medicaid HBR is projected to be stable, with a 93.0% exit rate for Q4 and a 93.7% target for 2026.
Behavioral health accounts for about 20% of Medicaid medical spend, with states considering benefit and network design changes to control costs.
The company is preparing for potential Medicaid work requirements, leveraging experience from prior redeterminations and supporting member transitions.
PBM contract: What non-economic benefits were secured?
Medicaid HBR: What specific levers support outlook?
Subsidies extended: How re-engage members?
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Next Centene earnings date
Q4 20253 Feb, 2026
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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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