Centene (CNC) Bank of America Global Healthcare Conference 2024 summary

Business performance and international growth

• Achieved 11% year-over-year growth in Q2, raising full-year guidance to 8–10% top-line growth.

• International business doubled patient reach since 2019, with revenue growing from $17B to nearly $27B, a 12% CAGR.

• Keytruda expanded from 12 to 28 international indications, driving growth from $5B to $11B since 2019.

• Gardasil international revenue grew nearly fourfold since 2019, supported by expanded supply and immunization programs.

• Emerging markets, especially China, are key for future growth due to demographic trends and increasing vaccination rates.

Pipeline and product innovation

• Phase 3 pipeline expanded to 21 assets, with 8 from external partnerships, nearly tripling since 2021.

• Keytruda’s growth is driven by new indications, especially in early-stage cancers and robust clinical data.

• ADCs, including Trop2, are a focus, with 10 phase 3 studies underway and partnerships with Kelun and Daiichi.

• Subcutaneous Keytruda readout expected in early 2025, with no delays anticipated.

• Diversification efforts include launches in cardiovascular (Winrevair), vaccines (Vaxneuvance, Capvaxive), and immunology.

Market dynamics and competitive strategy

• Gardasil’s China strategy involves expanding coverage, managing inventory with Zhifei, and preparing for male indication launch.

• Differentiation in China relies on broad indications, multinational trust, and real-world evidence.

• Winrevair launches in Germany and Austria, with broader European rollout dependent on reimbursement timelines.

• Vaxneuvance and Capvaxive target adult and pediatric pneumococcal markets, with unique serotype coverage as a differentiator.

• Commercial execution and payer solutions are critical for market share, especially in competitive vaccine and oncology segments.