Centene Reports $738 Million Profit As Medicaid And Medicare Plans Grow

Healthcare Centene Reports $738 Million Profit And Picks Cigna’s Express Scripts As PBM Bruce Japsen Senior Contributor Opinions expressed by Forbes Contributors are their own. I write about healthcare business and policy Following New! Follow this author to stay notified about their latest stories. Got it! Oct 25, 2022, 07:59am EDT | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin Centene Tuesday Oct.

25, 2022 reported $738 million in quarterly profits and raised its guidance for . . .

[+] the rest of the year thanks to strong enrollment and revenue from the government-subsidized health plans it sells. In this photo, The building housing Centene Corporation headquarters is seen Thursday, July 2, 2015, in Clayton, Mo. (AP Photo/Jeff Roberson) ASSOCIATED PRESS Centene Tuesday reported $738 million in quarterly profits, announced Cigna’s Express Scripts PBM will handle its pharmacy benefits in 2024 and raised its guidance for the rest of the year.

Centene, which disclosed that it has awarded its pharmacy benefit management contract to Cigna’s Express Scripts PBM beginning in 2024, raised the lower end of its guidance by five cents to $5. 65 a share and maintained the upper end at $5. 75 per share.

Centene described the move as the “4th guidance raise in 2022 totaling a cumulative $0. 30, or 5. 5%.

” Centene’s net profits rose to $738 million, or $1. 27 per share, in the third quarter ended Sept. 30 compared to $584 million, or 99 cents per share in the year ago period, the company announced Tuesday.

Meanwhile, Centene’s third quarter revenues increased 11% to $35. 9 billion from $32. 4 billion in the year-ago quarter thanks to to growth of sales and membership in its Medicaid and Medicare plans.

Centene, which sells an array of government subsidized health insurance including Obamacare, said total managed care membership increased to 26. 8 million compared to 25. 6 million in the year-ago period.

Total enrollment in Medicaid, Centene’s biggest chunk of business, is now at 15. 7 million compared to nearly 14. 8 million a year ago.

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