Centene reaffirms FY adj EPS >$6.80, adds $125M reserve for 2025 MA bids; Medicaid costs elevated

CENTENE CORP

2024-Q1 EPS reported $2.16 revenue$40,407,000,000

Reaffirmed FY2024 adjusted diluted EPS >$6.80 and consolidated health benefits ratio 87.3%-87.9%.
Added ~$125M Q4 premium deficiency reserve related to 2025 Medicare Advantage bids to adjusted EPS guidance.
Medicaid segment experiencing higher than expected medical costs in April and early May 2024; just under 50% of rate changes expected July-October.
Marketplace and Medicare segments performing as expected; strong premium revenue and investment income anticipated for Q2 and remainder of 2024.

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