Centene announced its first quarterly loss in 13 years on Friday. Investors lost an adjusted 16 cents a share in Q2, a huge fall from last quarter’s adjusted gain of $2.90 per share. The company also gave a new projection for earnings per share in 2025: $1.75. The Wall Street Journal reported this is far less than the previously projected $7.25+. Centene, which focuses on government subsidized plans, pulled its revenue guidance on July 1 following a report from actuarial firm Wakely suggesting fewer people would get marketplace coverage than expected, and those who did would need more expensive care. Centene CEO Sarah London said the company is adjusting 2026 pricing for its marketplace plans, which have nearly 5.9 million members as of the end of Q2. “We continue to believe that we will be able to reprice the 2026 portfolio to account for a substantial majority of our marketplace membership, and our goal is to reprice 100% of the book,” London said. Here’s the latest.—CC |