Centene boosted its projected earnings per share for 2024 after scoring more Medicaid managed care contracts in California.
According to a Jan. 3 press release, the company expects its earnings per share floor in 2024 to be $7.15, up from $7 as a result of the state's revised contract decisions.
Health Net, a subsidiary of Centene, picked up contracts in Sacramento and Los Angeles Counties. When California initially selected companies to manage Medi-Cal, its Medicaid program, Health Net lost out to Molina Healthcare in those counties.
According to the news release, Centene has dropped all of its legal challenges to the initial contract decisions.
Centene CEO Sarah London said in a release the payer was "pleased" with California's decision.
"We believe their decision is in the best interest of millions of members, and we look forward to working with [the California Department of Health Care Services] to address health disparities and improve how healthcare is delivered to Medi-Cal members across the state," Ms. London said.