Key Takeaways Centene's HBR rose 550 basis points in Q2 2025 on higher medical costs and premium reserve impacts.Rising outpatient use, specialty drug expenses, and Medicaid redeterminations strain Centenes earnings.Centene is tightening cost controls, boosting value-based care, and divesting assets to support efficiency.Centene Corporation (CNC) relies on its Health Benefit Ratio (HBR) as a measure of profitability. Because Medicaid and ACA marketplace plans generate thinner margins than commercial insuran ...