Centene sets guidance for 2023 ahead of investor day


Centene Corp. CNC, +1.36% set guidance for 2023 on Friday and said it expects revenue for the year to range from $137.4 billion to $139.4 billion. The current FactSet consensus is for revenue of $144.3 billion. The healthcare company said it expects per-share earnings of $5.25 to $5.40 and adjusted EPS of $6.25 to $6.40. The FactSet consensus is for EPS of $6.34. The company is expecting its health benefits ratio to range from 87.2% to 87.8%. The guidance came ahead of an investor day that kicks off later Friday. In preparation for the spinoff of Magellan Specialty Health benefit-management business to Evolent Health Inc., the Centene board has added $2 billion to the company’s share buyback authorization, which still has $950 million remaining under the previous authorization. Shares are down 2.5% in the year to date, while the S&P 500 SPX, -1.11% has fallen 18%.

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