Centene Corp Del Stock Price, News & Analysis

Health Net is responding to the declared state of emergency in Alpine, El Dorado, Inyo, Los Angeles, and Placer counties due to wildfires and flash flooding. The company is providing special assistance to ensure members can access essential prescription medications and healthcare services. During this emergency, members can obtain emergency prescription supplies from their pharmacy or contact Health Net for assistance. Health Net also offers telehealth services and mental health support through MHN. They are committed to ensuring continued healthcare access during this crisis.

Centene Corporation (NYSE: CNC) has signed an agreement to sell Magellan Specialty Health to Evolent Health, expecting over $750 million in total proceeds. The deal includes $600 million at closing, with $400 million in cash and the remaining in Evolent stock. An additional $150 million may be earned based on performance metrics in 2024. This transaction aims to create a strategic partnership, enhancing Centene’s portfolio of specialty solutions. The sale is anticipated to close in the first half of 2023, pending regulatory approvals.

Evolent Health announced its agreement to acquire NIA, a specialty benefit management organization owned by Centene, for $650 million. The acquisition, set to close in mid-2023, is expected to add $85 million in adjusted EBITDA by 2024 and enhance Evolent’s value-based specialty care leadership. The deal diversifies Evolent's revenue base and increases cross-selling opportunities from $16 billion to $50 billion. The NIA acquisition will maintain Evolent's strong balance sheet and is projected to immediately improve cash flow and adjusted EBITDA margins.

Centene Corporation (NYSE: CNC) announced the successful completion of its divestiture of the Spanish and Central European Businesses to Vivalto Santé on November 17, 2022. This strategic move is part of Centene's value creation plan, allowing a sharper focus on its core business operations. CEO Sarah London highlighted the transaction as a key milestone. Centene continues to provide integrated healthcare services, primarily targeting under-insured and uninsured populations in the U.S. and international markets.

Centene Corporation (NYSE: CNC) has appointed Monte Ford to its Board of Directors effective November 12, 2022. Ford brings over 20 years of board experience and extensive expertise in consumer technology, having served on the boards of JetBlue Airways and Iron Mountain. CEO Sarah London emphasized that Ford's leadership will enhance Centene's commitment to better health outcomes for its 26 million members. Ford expressed enthusiasm for joining Centene during a transformative period in healthcare, leveraging technology to drive innovation.

Centene Corporation (NYSE: CNC) will present at the Credit Suisse 31st Annual Healthcare Conference from November 7-11, 2022, at the Terreana Resort in California. The company is scheduled to present on November 8 at 9:10 a.m. PT. A live audio webcast will be available at this link. A replay of the presentation can be accessed on Centene's website under the Investors section. Centene, a Fortune 500 company, provides integrated healthcare services focusing on under-insured and uninsured individuals.

Ambetter from Health Net announces plans for accessible health insurance coverage in nine California counties during the open enrollment period from Nov. 1, 2022, to Jan. 31, 2023. Affordable plans offer essential health benefits, including preventive services, maternity care, and mental health support. Members can utilize online enrollment tools and earn rewards through the My Health Pays® program for healthy activities. Health Net, serving over 3 million members since 1977, aims to provide affordable care options tailored to various lifestyles.

Express Scripts, part of Cigna's Evernorth, has partnered with Centene to manage pharmacy benefits for around 20 million members beginning January 2024. This strategic collaboration aims to enhance access and affordability of prescription medications and will utilize Express Scripts' extensive pharmacy network. The partnership follows a competitive bidding process and is expected to drive better health outcomes through improved detection and care.

Centene Corporation (NYSE: CNC) reported a strong third quarter for 2022, with total revenues of $35.9 billion, an 11% increase from the previous year, driven by organic Medicaid and Medicare growth. GAAP diluted EPS rose to $1.27, with adjusted EPS at $1.30. The health benefits ratio (HBR) improved to 88.3%, reflecting robust Medicare results. Centene's Value Creation Plan is progressing, highlighted by a new pharmacy benefits management contract starting in 2024. The company has raised its full-year adjusted EPS guidance to $5.65-$5.75, marking a 5.5% increase in the midpoint.