Mark Cuban isn't letting up on his criticism of the U.S. healthcare system. The billionaire entrepreneur and founder of online pharmacy Cost Plus Drugs slammed high-deductible insurance plans and the companies that profit from them. His message is that everyday Americans are getting squeezed while executives cash in. Deductibles Are Draining Patients “This is your reminder that all those people who had to switch to lower premium, higher deductible plans, will now be paying full retail price on their bran ...

富国银行将医疗保险公司哈门那的评级从"增持"下调至"持有"，目标价维持在290美元。(格隆汇) ...

特朗普的上述言论，是在一场宣布与九家制药公司达成定价协议的新闻活动结束时作出的。当天，特朗普宣布 与九家制药公司达成协议，该协议旨在以降低部分美国人的药品价格来换取三年关税宽限期。 特朗普宣布 美国总统特朗普的最新言论，对保险公司构成"利空"。 特朗普周五表示，他将在未来几周内召集保险公司开会，以讨论降价问题。特朗普表示，保险公司赚了这么多 钱，必须少赚一点。受此影响，联合健康集团、信诺保险、哈门那等医疗保险公司的股价突然大幅跳水，并全 部翻绿。 美国总统特朗普周五表示，他将在未来几周要求保险公司与他会面，以寻求降低价格。"我将召集那些已经变 得非常富有的大型保险公司开会。"特朗普称，他将游说他们降低价格。"我想，也许只要谈一次，他们就愿意 把价格削减50%、60%甚至70%。他们已经赚得盆满钵满。" 特朗普称："截至今天，17家最大的制药公司中的14家已同意大幅降低药品价格，造福美国民众和美国患者。 这无疑是美国医疗保健史上在患者负担能力方面取得的最大胜利，每一位美国人都将从中受益。" 特朗普说："他们赚了太多钱，必须少赚一点。也许我们可以在不排除他们，不让一切失控的情况下，获得合 理的医疗服务。"特朗普表 ...

杰富瑞将医疗保险公司哈门那的目标价从253美元上调至313美元，评级从"持有"上调至"买入"。 ...

Core Viewpoint - Centene Corporation reported a mixed performance in its latest earnings report, with adjusted earnings per share beating estimates but showing a decline compared to the previous year, while revenues increased significantly year over year [3][4]. Financial Performance - Centene's Q3 2025 adjusted earnings per share were 50 cents, surpassing the Zacks Consensus Estimate of a loss of 21 cents, but down from $1.62 per share in the prior year [3]. - Revenues increased by 18.2% year over year to $49.7 billion, exceeding the consensus mark by 4.4% [3]. - Premiums totaled $44.1 billion, up 22.2% year over year, driven by higher premiums and expanding membership in the Prescription Drug Plan (PDP) [6]. Revenue Breakdown - Medicaid revenues grew 9% year over year to $23.2 billion, while Medicare revenues surged 66% to $9.4 billion [5]. - Commercial revenues improved by 26% year over year to $11 billion [5]. - Service revenues decreased by 1.5% year over year to $772 million, although it beat estimates [7]. Membership and Costs - Total membership (excluding TRICARE) reached 28 million as of September 30, 2025, an 8% increase year over year [8]. - The health benefits ratio deteriorated to 92.7%, a decline of 350 basis points year over year [9]. - Operating expenses rose 37% year over year to $56.6 billion, driven by higher medical costs, which increased by 27% [9]. Cash Flow and Equity - Centene ended Q3 with cash and cash equivalents of $17.1 billion, up from $14.1 billion at the end of 2024 [11]. - Total stockholders' equity fell to $21 billion from $26.5 billion at the end of 2024 [12]. - The company generated $4.7 billion of net cash from operations in the first nine months of 2025, a significant increase from $741 million a year ago [12]. Share Repurchase - Centene repurchased common shares worth approximately $473 million in the first nine months of 2025 [13]. Market Sentiment and Outlook - There has been a downward trend in estimates, with the consensus estimate shifting down by 42.99% [14]. - Centene holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [16]. - The stock has a subpar Growth Score of D and a score of A on the value side, placing it in the top 20% for value investment strategy [15].

Centene Corporation Conference Call Summary Company Overview - **Company**: Centene Corporation (NYSE:CNC) - **Date of Conference**: November 11, 2025 - **Speakers**: Sarah London (CEO), Drew Asher (CFO) Key Points Industry Context - Centene operates primarily in the healthcare services sector, focusing on government-sponsored programs such as Medicaid and Medicare. Financial Performance - Q3 results exceeded expectations, leading to an upward revision of the full-year outlook to at least $2 per share [4][7] - The company reported a revenue stream of approximately $5 billion from the Florida Medicaid contract, which is expected to decrease to between $4.5 billion and $9.3 billion next year due to contract changes [8][9] Medicaid Updates - Centene was not awarded the CMS Florida contract after six years, impacting their revenue but allowing for a focus on sustainable margins [5][8] - The company is prioritizing a seamless transition for affected members and is not planning to protest the contract decision [5] - Medicaid margins are expected to remain consistent next year, contrasting with some peers who anticipate declines [15][36] Medicare and Marketplace Insights - Open enrollment for Medicare is ongoing, with a focus on margin improvement rather than membership growth [49][54] - The company is optimistic about its position in the Medicare Advantage market, aiming for break-even by 2027 [49] - There is an uptick in call volume related to Marketplace inquiries, indicating member confusion over premium changes [20][22] Legislative and Subsidy Discussions - Ongoing discussions in Congress regarding enhanced subsidies could significantly impact members and the overall market [24][25] - Centene has prepared for various scenarios regarding subsidy extensions and has built pricing for 2026 accordingly [26][30] Operational Strategies - The company is focused on improving margins through various levers, including rate negotiations and utilization management [15][17] - Centene is actively engaged with state governments to optimize Medicaid programs and address issues like fraud and waste [41][42] Future Outlook - The company sees potential for growth in Medicaid and is exploring disruptive opportunities in employer-sponsored insurance [59] - Centene aims to maintain a flexible capital structure, targeting a debt-to-capital ratio below 40% to seize future opportunities [58] Behavioral Health and Cost Management - Behavioral health accounts for approximately 20% of Medicaid spending, and states are increasingly focused on managing these costs [42][43] - Centene is working with states to implement effective policy changes to control costs while maintaining care quality [41] Conclusion - Centene is navigating a complex healthcare landscape with a focus on sustainable growth, margin improvement, and proactive engagement with legislative changes and state partnerships [59][60]

Core Insights - Humana reported Q3 earnings with a revenue increase of 11% year-over-year to $32.65 billion, surpassing analyst expectations of $32 billion [1] - Adjusted earnings per share were $3.24, exceeding the forecast of $2.82 [1] - The medical cost ratio was 91.1%, aligning with company guidance and slightly above the analyst expectation of 90.9% [1] - The company reaffirmed its full-year adjusted earnings per share guidance of approximately $17 [1]

Financial Data and Key Metrics Changes - The company reported revenues of $69.7 billion and adjusted earnings of $7.83 per share for Q3 2025, reflecting sustained growth despite a dynamic market environment [8][31]. - A net after-tax special item benefit of $61 million or $0.23 per share was recorded during the quarter [4]. Business Line Data and Key Metrics Changes - Evernorth Health Services generated revenues of $60.4 billion, with pre-tax adjusted earnings of $1.9 billion, in line with expectations [31]. - Specialty and care services revenues increased by 10% to $26.3 billion, with pre-tax adjusted earnings up 11% to $928 million, driven by strong specialty volume growth and increased biosimilar adoption [32]. - Pharmacy benefit services revenues were $34.1 billion, with pre-tax adjusted earnings of $1 billion, reflecting ongoing investments to improve patient experience [32]. Market Data and Key Metrics Changes - The company noted that generic drugs account for 90% of all prescriptions in the U.S., with prices being one-third cheaper than in other countries [10]. - Brand name medications continue to see significant price increases, with the median price for new FDA-approved drugs projected at approximately $390,000 for a treatment course in 2025 [11]. Company Strategy and Development Direction - The company is focusing on a new rebate-free model for pharmacy benefits, aimed at improving healthcare affordability and patient experience [9][15]. - Strategic investments, such as the acquisition of Shields Health Solutions, are intended to expand the company's capabilities in the specialty market [8][22]. - The company aims to transition at least 50% of its business to the new pharmacy benefits model by the end of 2028 [16]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth despite challenges, reaffirming an adjusted EPS outlook of at least $29.60 for 2025 [18][34]. - The company anticipates margin pressure in the pharmacy benefit services segment over the next two years due to strategic investments and contract renewals [17][28]. - Management highlighted the importance of public-private partnerships and innovation in addressing healthcare challenges [75][78]. Other Important Information - The company reported a debt to capitalization ratio of 44.9% as of September 30, 2025, primarily due to debt issuance related to the investment in Shields Health Solutions [35]. - The company expects strong cash flow from operations in the fourth quarter, consistent with previous patterns [35]. Q&A Session Summary Question: Clarification on pharmacy business and renewal pricing - Management confirmed that the new rebate-free model is designed to be transparent and fee-based, aligning with regulatory priorities, and that the long-term growth algorithm for Evernorth remains intact despite short-term challenges [41][42]. Question: Magnitude of expected decline in pharmacy benefit services - Management indicated that the expected decline in pharmacy benefit services income is due to large client renewals and transitional investment costs, with the decline being more than half attributable to the new margin profile from these renewals [56]. Question: Profitability of large contracts - Management clarified that while large contracts may have lower margins compared to the overall portfolio, they do not operate at a loss and are strategically important for the company [66][68]. Question: Adoption of the new pharmacy benefits model by employers - Management expressed confidence in the new model's appeal to employers, emphasizing its potential to simplify costs and improve employee satisfaction [62][63].

Core Insights - Centene reported revenue of $49.69 billion for the quarter ended September 2025, reflecting an 18.2% increase year-over-year and a surprise of +4.35% over the Zacks Consensus Estimate of $47.62 billion [1] - The earnings per share (EPS) was $0.50, a significant decrease from $1.62 in the same quarter last year, with an EPS surprise of +338.1% compared to the consensus estimate of -$0.21 [1] Financial Performance Metrics - Total Medical Health Benefits loss ratio was reported at 92.7%, slightly better than the estimated 93% [4] - Membership in High Acuity Medicaid was 1.59 million, close to the estimated 1.6 million [4] - Medicare PDP membership reached 7.97 million, exceeding the average estimate of 7.88 million [4] - Medicare membership was reported at 1.01 million, slightly below the estimated 1.03 million [4] Revenue Breakdown - Premium revenues totaled $44.13 billion, surpassing the average estimate of $42.81 billion, with a year-over-year increase of +22.2% [4] - Service revenues were $772 million, slightly below the average estimate of $727.33 million, representing a -1.5% change year-over-year [4] - Combined premium and service revenues were $44.9 billion, exceeding the average estimate of $43.54 billion, with a year-over-year increase of +21.7% [4] - Premium tax revenues were $4.79 billion, above the average estimate of $4.07 billion, showing a -6.5% change year-over-year [4] - Medicaid premium and service revenues were $23.17 billion, exceeding the estimate of $22.33 billion, with an +8.7% change year-over-year [4] - Commercial premium and service revenues reached $10.99 billion, surpassing the estimate of $10.41 billion, reflecting a +26.5% year-over-year increase [4] - Medicare premium and service revenues were $9.39 billion, slightly below the average estimate of $9.53 billion, with a significant +66.4% change year-over-year [4] - Other premium and service revenues totaled $1.34 billion, exceeding the estimate of $1.25 billion, representing a +7.8% change year-over-year [4]

Core Insights - Molina (MOH) is expected to report quarterly earnings of $3.97 per share, reflecting a decline of 33.9% year-over-year, while revenues are forecasted to reach $10.9 billion, an increase of 5.4% year-over-year [1] - The consensus EPS estimate has been revised upward by 7.8% in the past 30 days, indicating a reassessment of initial estimates by analysts [1][2] Revenue Projections - Analysts predict 'Revenue- Premium revenue' at $10.31 billion, a change of +6.3% from the prior-year quarter [4] - 'Revenue- Premium tax revenue' is estimated to be $474.87 million, indicating a decline of -6.5% year-over-year [4] - 'Revenue- Premium revenue- Medicare' is projected to reach $1.48 billion, reflecting an increase of +8% from the prior-year quarter [4] - The consensus estimate for 'Revenue- Premium revenue- Medicaid' stands at $7.66 billion, suggesting a slight decline of -0.1% year-over-year [5] Membership and MCR Estimates - 'Ending Membership by Program - Total' is expected to be 5.74 million, up from 5.60 million year-over-year [6] - 'MCR - Total' is projected at 90.3%, an increase from 89.2% in the previous year [5] - 'MCR - Medicare' is expected to be 87.0%, down from 89.6% in the same quarter last year [5] - 'MCR - Marketplace' is forecasted at 84.7%, up from 73.0% year-over-year [6] - 'Ending Membership by Program - Medicaid' is estimated to reach 4.80 million, down from 4.94 million year-over-year [6] - 'Ending Membership by Program - Medicare' is projected at 263.02 thousand, an increase from 247.00 thousand year-over-year [7] - 'Ending Membership by Program - Marketplaces' is expected to be 659.47 thousand, up from 410.00 thousand year-over-year [7] Market Performance - Molina shares have returned +8.6% over the past month, outperforming the Zacks S&P 500 composite's +1.2% change [8] - Despite recent performance, Molina holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance relative to the overall market in the near future [8]