Centene Corporation is a leading provider of government-sponsored healthcare services, focusing on improving health and healthcare for low-income, complex populations. The company operates through various segments, offering a range of healthcare programs and services, including Medicaid, Medicare, Commercial health insurance, and other healthcare-related services . Centene provides access to healthcare for nearly 1 in 15 individuals nationwide, emphasizing a local approach to delivering healthcare services .
- Medicaid - Offers programs such as Temporary Assistance for Needy Families (TANF), Medicaid Expansion, and the Children's Health Insurance Program (CHIP), among others.
- Commercial - Includes the Health Insurance Marketplace and various commercial health insurance products.
- Medicare - Covers Medicare Advantage, Dual Eligible Special Needs Plans (D-SNPs), and Medicare Prescription Drug Plans (PDPs).
- Other - Encompasses pharmacy operations, vision and dental services, and behavioral health, among others.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew L. Asher Executive | Executive Vice President and CFO | None | Andrew L. Asher joined Centene in May 2021 as CFO, overseeing financial operations and compliance. | |
Christopher A. Koster Executive | EVP, Secretary, and General Counsel | None | Christopher A. Koster is EVP, Secretary, and General Counsel, confirmed by recent 8-K filings. | |
Katie N. Casso Executive | SVP, Corporate Controller, and CAO | None | Katie N. Casso has been with Centene since January 2016, promoted to her current role in April 2021, overseeing corporate accounting and financial reporting. | |
Kenneth J. Fasola Executive | President | None | Kenneth J. Fasola became President of Centene in December 2022, previously EVP of Health Care Enterprises. | |
Sarah M. London Executive | Chief Executive Officer | None | Sarah M. London has been the CEO of Centene since March 2022, focusing on cost savings, gross margin expansion, and member experience improvement. | View Report → |
Susan R. Smith Executive | Chief Operating Officer | None | Susan R. Smith became COO in January 2024, with prior experience at Humana Inc.. | |
Christopher J. Coughlin Board | Director | Director at Karuna Therapeutics, Inc. and Prestige Consumer Healthcare, Inc. | Christopher J. Coughlin joined the Board in January 2022, Chair of the Compensation and Talent Committee. | |
Frederick H. Eppinger Board | Chairman of the Board | CEO and Director of Stewart Information Services Company | Frederick H. Eppinger has been a Director since April 2006 and Chairman since March 2023, enhancing governance structure. | |
Jessica L. Blume Board | Director | Board Member at Publix Super Markets, Inc. | Jessica L. Blume joined the Board in February 2018, serving on the Audit and Compliance Committee and Chair of the Governance Committee. | |
Kenneth A. Burdick Board | Director | Chairman and CEO of LifeStance Health Group, Inc. | Kenneth A. Burdick has been a Director since January 2022, previously EVP of Markets and Products. | |
Monte E. Ford Board | Director | Principal Partner at CIO Strategy Exchange, Board Member at JetBlue, Iron Mountain, Akamai | Monte E. Ford joined the Board in November 2022, with extensive leadership in technology. | |
Theodore R. Samuels Board | Director | Board Member at Bristol Myers Squibb Company and Perrigo Company plc | Theodore R. Samuels joined the Board in January 2022, with experience in investment management and governance. | |
Thomas R. Greco Board | Director | Board Member at Tapestry, Inc. and Sabra Dipping Company LLC | Thomas R. Greco joined the Board in August 2024, former CEO of Advance Auto Parts, Inc.. | |
Wayne S. DeVeydt Board | Director | Managing Director at Bain Capital, Executive Chairman at Surgery Partners, Inc. | Wayne S. DeVeydt joined the Board in January 2022, Chairman of the Audit and Compliance Committee. |
- Could you elaborate on the sufficiency of the Medicaid rate adjustments you've received so far, and what steps are you taking if rates are still misaligned with the higher acuity of your post-redeterminations member base?
- Given the continued pressure on Medicaid margins from the mismatch of rates and acuity, how confident are you in your ability to grow adjusted EPS next year, and what are the key levers to achieve this growth?
- With the Medicare Advantage business expecting down membership in 2025 but aiming for margin recovery, can you explain how the recent changes in Star ratings and contract portfolio will translate into financial improvement?
- In your Marketplace business, you mentioned expectations for modest membership growth and mid-single-digit macro market growth; can you discuss the potential risks to achieving your target pretax margins given the program integrity enhancements and agent of record lock policies?
- Regarding the underlying utilization trends in Medicaid, especially in areas like behavioral health and home health, are you seeing any new pressures or emerging trends that could impact your medical loss ratio beyond what you've previously disclosed?
Research analysts who have asked questions during Centene Corp earnings calls.
Andrew Mok
Barclays
5 questions for CNC
Joshua Raskin
Nephron Research
5 questions for CNC
Justin Lake
Wolfe Research
5 questions for CNC
Lance Wilkes
Bernstein
5 questions for CNC
Sarah James
Cantor Fitzgerald
5 questions for CNC
Stephen Baxter
Wells Fargo
5 questions for CNC
Albert Rice
UBS
3 questions for CNC
Ann Hynes
Mizuho Securities USA LLC
3 questions for CNC
David Windley
Jefferies
3 questions for CNC
George Hill
Deutsche Bank
3 questions for CNC
Hua Ha
Robert W. Baird & Co.
3 questions for CNC
John Stansel
JPMorgan Chase & Co.
3 questions for CNC
Adam Ron
Bank of America
2 questions for CNC
A.J. Rice
UBS Group AG
2 questions for CNC
Dave Windley
Jefferies LLC
2 questions for CNC
Kevin Fischbeck
Bank of America
2 questions for CNC
Michael Ha
Robert W. Baird & Co.
2 questions for CNC
Scott Fidel
Stephens
2 questions for CNC
Christian Bomer
TD Cowen
1 question for CNC
Joaquin Arriagada Martinez
Bank of America
1 question for CNC
John Stansell
JPMorgan Chase & Co.
1 question for CNC
Ryan Langston
TD Cowen
1 question for CNC
| Customer | Relationship | Segment | Details |
|---|---|---|---|
State of New York | Medicaid managed care program | All | Contributed 10% of total revenue in 2021 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Magellan Health, Inc. | 2022 | The acquisition was completed on January 4, 2022 for approximately $2.6 billion in total consideration—$2.5 billion in cash plus $67 million in replacement equity awards. The deal was structured as a business combination to enhance Centene’s ability to deliver integrated healthcare solutions for complex, high-cost populations, with Magellan continuing to operate independently under Centene’s Health Care Enterprises umbrella. |
Recent press releases and 8-K filings for CNC.
- Portnoy Law Firm advises investors who bought Centene securities between December 12, 2024 and June 30, 2025 to file a lead plaintiff motion by September 8, 2025 to seek recovery of their losses.
- The lawsuit alleges Centene misstated its 2025 revenue outlook by overstating enrollment rates and understating morbidity trends, concealing adverse developments from investors.
- On July 1, 2025, Centene withdrew its full-year 2025 guidance—revising earnings to approximately $1.8 billion and adjusted EPS to $2.75—after reporting weaker marketplace growth, causing the stock to drop over 40%.
- Centene shares fell ~10% in pre-market trading on July 25, 2025, after reporting a GAAP diluted loss per share of -$0.51, driven by a reduction in its net 2025 Marketplace risk adjustment revenue transfer estimate.
- Investors filed a class action suit, Lunstrum v. Centene Corporation, alleging the company misled shareholders with inflated guidance and optimistic enrollment projections between December 12, 2024 and June 30, 2025; lead plaintiff deadline is September 8, 2025.
- Centene abruptly withdrew its 2025 financial guidance on July 1, 2025, after an independent Wakely review showed lower-than-expected market growth and higher morbidity, triggering a >40% stock decline.
- Faruqi & Faruqi is investigating Centene over alleged misleading statements on enrollment and morbidity rates, urging investors with losses exceeding $75,000 from December 12, 2024 to June 30, 2025 to come forward.
- Investors are reminded of the September 8, 2025 deadline to move for lead plaintiff status in the federal securities class action.
- On July 1, 2025, Centene withdrew its 2025 guidance, cutting it to approximately $1.8 billion in revenue and an adjusted diluted EPS of $2.75.
- Following the guidance withdrawal, Centene’s stock dropped 40.4%, from $56.65 on July 1 to $33.78 on July 2, 2025.
- Centene posted a GAAP diluted loss per share of –$0.51 for Q2 2025, driven by reduced net Marketplace risk adjustment revenue transfers.
- On July 1, 2025, the company withdrew its full-year guidance after an independent Wakely review found lower-than-expected marketplace growth and higher morbidity, sending the stock down 40%.
- Upon Q2 results on July 25, 2025, shares plunged an additional 10% in pre-market trading.
- A class action (Lunstrum v. Centene) filed on behalf of investors from Dec 12, 2024–Jun 30, 2025, alleges Centene misled investors about enrollment trends and morbidity assumptions.
- Grabar Law Office is investigating whether officers and directors of Centene Corporation (NYSE: CNC) breached their fiduciary duties by allegedly providing misleading FY 2025 revenue guidance and adjusted EPS statements amid undisclosed enrollment and morbidity issues.
- Similar investigations have been launched for DoubleVerify Holdings (NYSE: DV) over ad-spend and technology disclosures , Flywire Corporation (NASDAQ: FLYW) over revenue sustainability and visa-headwind impacts , and Sable Offshore Corp. (NYSE: SOC) over misstated oil production claims.
- Eligible long-term shareholders—CNC: pre-Dec 12, 2024; DV: pre-Nov 10, 2023; FLYW: pre-Feb 28, 2024; SOC: pre-May 19, 2025—can seek corporate reforms, restitution of funds, and court-approved incentive awards at no cost.
- Those who purchased during each company’s respective class period may participate in the class actions initiated against Centene, DoubleVerify, Flywire, and Sable Offshore.
- Faruqi & Faruqi is investigating potential securities claims against Centene, with the September 8, 2025 deadline to seek lead plaintiff status.
- The investigation covers investors who bought Centene securities between December 12, 2024 and June 30, 2025.
- Allegations include materially false statements and concealment of adverse enrollment and morbidity rates, culminating in the withdrawal of 2025 guidance, with revenue guidance cut to ~$1.8 billion and adjusted diluted EPS to $2.75.
- Centene’s stock dropped 40.4%, falling from $56.65 on July 1, 2025 to $33.78 on July 2, 2025 following the guidance withdrawal.
- Faruqi & Faruqi LLP is investigating potential securities claims against Centene Corporation, reminding investors of the September 8, 2025 deadline to seek lead plaintiff status in the class action.
- The lawsuit alleges Centene made materially false and misleading statements about enrollment and morbidity rates, leading to a guidance withdrawal on July 1, 2025, with revised 2025 guidance of ~$1.8 billion revenue and $2.75 adjusted EPS.
- Following the guidance withdrawal, Centene’s stock fell from $56.65 on July 1, 2025 to $33.78 on July 2, 2025—a 40.4% decline.
- Investors who suffered losses exceeding $75,000 in Centene between December 12, 2024 and June 30, 2025 are encouraged to contact Faruqi & Faruqi at 877-247-4292 or 212-983-9330.
- Levi & Korsinsky, LLP has filed a complaint on behalf of investors who acquired Centene securities between December 12, 2024 and June 30, 2025.
- The suit, Brock Lunstrum v. Centene Corporation, et al. (Case No. 1:25-cv-05659), was filed in the Southern District of New York.
- Plaintiffs allege Centene made materially false and misleading statements about enrollment and morbidity rates, then withdrew its 2025 guidance to approximately $1.8 billion in revenue and an adjusted EPS of $2.75 on July 1, 2025.
- Following the guidance withdrawal, Centene’s stock fell 40.4%, from $56.65 on July 1 to $33.78 on July 2, 2025.
- The deadline to seek appointment as lead plaintiff is September 8, 2025.
- Centene Corporation filed an 8-K on May 6, 2025, reporting that its senior management will meet with investors to reaffirm its 2025 full year GAAP diluted EPS guidance floor of greater than $6.19 and adjusted diluted EPS floor of greater than $7.25.
- The filing includes standard forward-looking statements and risk disclosures regarding future operating and financial performance.
- The report was duly signed by Christopher A. Koster, Executive Vice President, Secretary and General Counsel.
- Q1 Performance: Centene delivered strong Q1 2025 results with GAAP diluted EPS of $2.63 and adjusted diluted EPS of $2.90, reflecting a 28% increase vs Q1 2024.
- Revenue Highlights: Total revenues reached $46.62B with premium and service revenue of approximately $42.5B, up 17% year-over-year.
- Guidance Update: The company maintained its full-year adjusted EPS guidance of > $7.25 and raised its full-year premium and service revenue guidance by $6.0B.
- Membership & Contract Wins: Significant membership gains with 29% increase in Marketplace and 22% in Medicare PDP, along with key Medicaid contract wins in Illinois and Nevada.
- Operational Focus: Management emphasized improved rate negotiations, margin recovery in Medicaid, and initiatives to manage excess medical expenses for future performance.