Centene is expecting to see total revenues between $137.4 billion and $139.4 billion in 2023, down from the $142.7 billion to $144.7 billion it is projecting for this year.
The St. Louis-based payer shared its expectations in a news release ahead of its Dec. 16 investor day.
The company is expecting to see higher adjusted earnings next year. Centene is projecting adjusted diluted earnings per share of $6.25 to $6.40 in 2023, compared to $5.65 to $5.75 per share in 2022.
Centene also said its board of directors authorized a $2 billion increase to its existing stock repurchase program, attributing the move to the upcoming sale of Magellan Specialty Health, as well as "planning for the future." The increase is in addition to the approximately $950 million remaining under the previously authorized program.
The sale of Magellan Specialty Health to healthcare administration company Evolent Health is expected to close in the first half of 2023. The deal is worth up to $750 million.