Exhibit 99.1 N E W S R E L E A S E Contact: Investor Relations Inquiries Media Inquiries Jennifer Gilligan Isabella Wiltse Senior Vice President, Finance & Investor Relations Vice President, Media & Public Relations (212) 549-1306 (314) 445-0790 FOR IMMEDIATE RELEASE CENTENE CORPORATION REPORTS THIRD QUARTER 2024 RESULTS -- Diluted EPS of $1.36; Adjusted Diluted EPS of $1.62 -- -- Reaffirms 2024 Adjusted Diluted EPS Guidance Floor of Greater Than $6.80 -- • Adjusted diluted EPS of $1.62 in the third quarter of 2024. • Premium and service revenues of $36.9 billion in the third quarter of 2024. • Membership increases of 22% in Marketplace and 49% in Medicare Prescription Drug Plans, compared to the third quarter of 2023. • Continued execution on capital deployment with $1.2 billion of share repurchases during the third quarter of 2024 and an additional $380 million in October, bringing full-year repurchases to $2.4 billion through October 2024. ST. LOUIS, October 25, 2024 -- Centene Corporation (NYSE: CNC) ("the Company") announced today its financial results for the third quarter ended September 30, 2024. In summary, the 2024 third quarter results were as follows: Total revenues (in millions) $ 42,023 Premium and service revenues (in millions) $ 36,899 Health benefits ratio 89.2 % SG&A expense ratio 8.3 % Adjusted SG&A expense ratio (1) 8.3 % GAAP diluted EPS $ 1.36 Adjusted diluted EPS (1) $ 1.62 Total cash flow used in operations (in millions) $ (978) (1) Represents a non-GAAP financial measure. A full reconciliation of the adjusted diluted earnings per share (EPS) and adjusted selling, general and administrative (SG&A) expenses is shown in the Non-GAAP Financial Presentation section of this release. "Our diversified portfolio has allowed us to successfully navigate a dynamic landscape in the quarter. At the same time, we delivered on fundamentals that carry positive implications for Centene's multi-year earnings trajectory, including notable RFP wins, Medicare Stars improvements and ongoing operational efficiencies," said Chief Executive Officer of Centene, Sarah M. London. "We remain confident in our full year outlook for adjusted diluted EPS of greater than $6.80 and are well positioned to capture the powerful, long-term growth opportunities we see in government-sponsored healthcare." 1 Other Events • In October, the Centers for Medicare and Medicaid Services (CMS) issued 2025 Medicare Advantage Star Ratings. Based on the data, Centene has approximately 46% of its Medicare Advantage membership enrolled in plans rated 3.5 stars or higher – compared to approximately 23% in the prior year. This represents meaningful progress and is consistent with internal expectations despite higher than industry-anticipated cut point changes. Additionally, we are appealing CMS' scoring of our TTY (Text-to-Voice teletypewriter services for the hearing impaired) measure which, if successful, could further increase our percentage of Medicare Advantage members enrolled in plans rated 3.5 stars or higher. • In October, Centene's subsidiary, Meridian Health Plan of Michigan, was selected by the Michigan Department of Health and Human Services to provide highly integrated Medicare and Medicaid services for dually eligible Michiganders through a Highly Integrated Dual Eligible Special Needs Plan. The plan is expected to launch on January 1, 2026 and is a seven-year term, with three optional one-year extensions, for a total of 10 possible contract years. • In October, Centene completed the sale of Collaborative Health Systems, a management services organization. • In September, Centene's subsidiary, Health Net Community Solutions, was selected by the California Department of Health Care Services to provide managed dental health care services to beneficiaries of Medi-Cal, the State's Medicaid program, in Los Angeles and Sacramento counties. The new 54-month contract is expected to take effect on July 1, 2025. • In September, Centene's subsidiary, Iowa Total Care, was selected by the Iowa Department of Health and Human Services to continue providing Medicaid managed care services under the Iowa Health Link program. The contract is expected to begin July 1, 2025 and is a four-year term, with an optional two-year extension, for a total of six possible contract years. • In August, Centene's subsidiary, PA Health and Wellness, was selected by the Pennsylvania Department of Human Services to continue to administer Pennsylvania's Community HealthChoices program, the Medicaid managed care program that covers adults who are dually eligible for Medicare and Medicaid or who qualify to receive Medicaid long-term services and supports due to a need for the level of care provided in a nursing facility. The contract is expected to begin April 1, 2025 and is a five-year term, with three optional one-year extensions, for a total of eight possible contract years. • In July, the State of Florida announced plans to execute agreements with eight health plans, including Centene's subsidiary, Sunshine Health. The Statewide Medicaid Managed Care program includes integrated Managed Medical Assistance, Long-Term Care services, Serious Mental Illness, Child Welfare and HIV specialty products. The contract is expected to begin on February 1, 2025. Awards & Community Engagement • In the aftermath of Hurricanes Helene and Milton, Centene's first priority was to conduct outreach to assess the safety of our employees and members. Centene, the Centene Foundation and our health plans then worked to provide on-the-ground support in affected areas in the forms of medical supplies and over-the-counter medications to community health centers and provider practices, hard-to-find essential supplies and monetary donations to approximately two dozen non-profit organizations across Florida, Georgia, North Carolina, South Carolina and Tennessee. • In September, the Centene Foundation announced grants to both The Jed Foundation and the Washington State Opportunity Scholarship in order to expand services to protect the emotional health of teens and young adults and increase access to healthcare careers for students. • In September, WellCare of North Carolina, a Medicaid health plan and a Centene subsidiary, announced a donation available to nine Family Justice Centers across North Carolina. These funds will support Camp HOPE America, a week-long overnight camp specially designed for youth impacted by domestic violence and trauma. • In September, Centene was recognized by Fortune magazine as one of the Best Workplaces in Health Care 2024™ for the third consecutive year in the Large Company category. • In August, Newsweek named Centene among America's Greatest Workplaces for Parents & Families 2024, and U.S. Veterans Magazine included Centene as a Top Veteran-Friendly Employer. 2 Membership The following table sets forth membership by line of business: September 30, 2024 2023 Traditional Medicaid (1) 11,478,600 13,470,900 High Acuity Medicaid (2) 1,590,200 1,769,600 Total Medicaid 13,068,800 15,240,500 Commercial Marketplace 4,501,300 3,681,600 Commercial Group 426,600 424,200 Total Commercial 4,927,900 4,105,800 Medicare (3) 1,129,900 1,310,600 Medicare PDP 6,766,400 4,539,800 Total at-risk membership 25,893,000 25,196,700 TRICARE eligibles 2,747,000 2,773,200 Total 28,640,000 27,969,900 (1) Membership includes Temporary Assistance for Needy Families (TANF), Medicaid Expansion, Children's Health Insurance Program (CHIP), Foster Care and Behavioral Health. (2) Membership includes Aged, Blind, or Disabled (ABD), Intellectual and Developmental Disabilities (IDD), Long-Term Services and Supports (LTSS) and Medicare-Medicaid Plans (MMP) Duals. (3) Membership includes Medicare Advantage and Medicare Supplement. Premium and Service Revenues The following table sets forth supplemental revenue information ($ in millions): Three Months Ended September 30, 2024 2023 % Change Medicaid $ 21,316 $ 21,619 (1) % Commercial 8,693 6,453 35 % Medicare (1) 5,643 5,430 4 % Other 1,247 1,465 (15) % Total premium and service revenues $ 36,899 $ 34,967 6 % (1) Medicare includes Medicare Advantage, Medicare Supplement, Dual Eligible Special Needs Plans (D-SNPs) and Medicare Prescription Drug Plan (PDP). Statement of Operations: Three Months Ended September 30, 2024 • For the third quarter of 2024, premium and service revenues increased 6% to $36.9 billion from $35.0 billion in the comparable period of 2023. The increase was primarily driven by Medicaid rate increases and membership growth in the Marketplace business due to strong product positioning as well as overall market growth, partially offset by lower Medicaid membership primarily due to redeterminations and recent divestitures in the Other segment. • Health benefits ratio (HBR) of 89.2% for the third quarter of 2024 represents an increase from 87.0% in the comparable period in 2023. The increase was primarily driven by higher acuity in Medicaid resulting from the redetermination process as we continue to work with states to match rates with acuity. The increase was also driven by Medicare Star rating impacts. 3 • The SG&A expense ratio was 8.3% for the third quarter of 2024, compared to 8.7% in the third quarter of 2023. The adjusted SG&A expense ratio was 8.3% for the third quarter of 2024, compared to 8.6% in the third quarter of 2023. The decreases were primarily driven by the divestiture of Circle Health Group (Circle Health), which operated at a higher SG&A expense ratio, and continued leveraging of expenses over higher revenues. The decreases were partially offset by growth in the Marketplace business, which operates at a meaningfully higher SG&A expense ratio as compared to Medicaid. • The effective tax rate was 22.9% for the third quarter of 2024, compared to 38.2% in the third quarter of 2023. The effective tax rate for the third quarter of 2023 reflects the tax effects of impairments as well as the then pending divestiture of Circle Health. For the third quarter of 2024, our effective tax rate on adjusted earnings was 23.3%, compared to 24.2% in the third quarter of 2023. • For the third quarter of 2024, adjusted diluted EPS of $1.62, including a $0.10 net benefit associated with a Marketplace premium tax benefit originally expected in the fourth quarter of 2024. • Cash flow used in operations for the third quarter of 2024 was $1.0 billion, primarily driven by the settlement of Marketplace risk adjustment payables for the 2023 benefit year, Medicaid rate increases not yet collected and an increase in Part D receivables, partially offset by net earnings. Balance Sheet At September 30, 2024, the Company had cash, investments and restricted deposits of $36.7 billion and maintained $266 million of cash and cash equivalents in its unregulated entities. Medical claims liabilities totaled $18.0 billion. The Company's days in claims payable was 51 days, a decrease of three days as compared to the second quarter of 2024, and a decrease of two days as compared to the third quarter of 2023. Approximately two days of the sequential quarter decrease was driven by the impact of state directed payments. Total debt was $17.6 billion, which included no borrowings on the $2.0 billion Revolving Credit Facility at quarter end. During the third quarter of 2024, the Company repurchased 16.3 million shares for $1.2 billion. In October 2024, the Company repurchased an additional 5.2 million shares for $380 million. As of October 25, 2024, $2.8 billion remains available under the Company's stock repurchase program. 4 Outlook The Company is updating its 2024 GAAP diluted EPS guidance floor to greater than $5.92 and reaffirming its 2024 adjusted diluted EPS guidance floor of greater than $6.80. A full reconciliation of adjusted diluted EPS is shown in the Non-GAAP Financial Presentation section of this release. The Company's updated annual guidance for 2024 is as follows and will be discussed further on our conference call: Full Year 2024 GAAP diluted EPS > $5.92 Adjusted diluted EPS (1) > $6.80 (1) A full reconciliation of adjusted diluted EPS is shown in the Non-GAAP Financial Presentation section of this release. Full Year 2024 Low High Total revenues (in billions) $ 159.0 $ 161.0 Premium and service revenues (in billions) $ 143.5 $ 144.5 HBR 88.3 % 88.5 % SG&A expense ratio 8.5 % 8.7 % Adjusted SG&A expense ratio (2) 8.5 % 8.7 % Effective tax rate 22.9 % 23.9 % Adjusted effective tax rate (3) 24.0 % 24.5 % Diluted shares outstanding (in millions) 522.2 525.2 (2) Represents a non-GAAP financial measure. Adjusted SG&A expense ratio excludes acquisition and divestiture related expenses and severance costs due to a restructuring of approximately $85 million to $95 million. (3) Represents a non-GAAP financial measure. Adjusted effective tax rate excludes income tax effects of adjustments of approximately $210 million to $220 million. Conference Call As previously announced, the Company will host a conference call Friday, October 25, 2024, at 8:30 a.m. ET to review the financial results for the third quarter ended September 30, 2024. Investors and other interested parties are invited to listen to the conference call by dialing 1-877-883-0383 in the U.S. and Canada; +1-412-902-6506 from abroad, including the following Elite Entry Number: 1267976 to expedite caller registration; or via a live, audio webcast on the Company's website at www.centene.com , under the Investors section. A webcast replay will be available for on-demand listening shortly following the completion of the call for the next 12 months or until 11:59 p.m. ET on Friday, October 24, 2025, at the aforementioned URL. In addition, a digital audio playback will be available until 9 a.m. ET on Friday, November 1, 2024, by dialing 1-877-344-7529 in the U.S., 1-855-669-9658 in Canada, or +1-412-317-0088 from abroad, and entering access code 1668275. 5 Non-GAAP Financial Presentation The Company is providing certain non-GAAP financial measures in this release as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently across periods. The Company uses the presented non-GAAP financial measures internally in evaluating the Company's performance and for planning purposes, by allowing management to focus on period-to-period changes in the Company's core business operations, and in determining employee incentive compensation. Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The Company strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP financial measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. The Company believes the presentation of non-GAAP financial measures that excludes amortization of acquired intangible assets, acquisition and divestiture related expenses, as well as other items, allows investors to develop a more meaningful understanding of the Company's core performance over time. The tables below provide reconciliations of non-GAAP items ($ in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 GAAP net earnings attributable to Centene $ 713 $ 469 $ 3,022 $ 2,657 Amortization of acquired intangible assets 173 180 519 542 Acquisition and divestiture related expenses 8 16 75 52 Other adjustments (1) — 472 (97) 345 Income tax effects of adjustments (2) (45) (55) (171) (190) Adjusted net earnings $ 849 $ 1,082 $ 3,348 $ 3,406 (1) Other adjustments include the following pre-tax items: 2024 : (a) for the nine months ended September 30, 2024: net gain on the previously reported divestiture of Magellan Specialty Health due to the achievement of contingent consideration and finalization of working capital adjustments of $83 million, net gain on the sale of property of $21 million, gain on the previously reported divestiture of Circle Health of $20 million, Health Net Federal Services asset impairment due to the 2024 final ruling on the TRICARE Managed Care Support Contract of $14 million, severance costs due to a restructuring of $13 million, an additional loss on the divestiture of our Spanish and Central European businesses of $7 million and gain on the previously reported divestiture of HealthSmart due to the finalization of working capital adjustments of $7 million. 2023 : (a) for the three months ended September 30, 2023: Circle Health impairment of $251 million, Operose Health impairment of $142 million, real estate impairments of $47 million, severance costs due to a restructuring of $22 million and a reduction to the previously recorded gain on the sale of Magellan Rx of $10 million; (b) for the nine months ended September 30, 2023: Circle Health impairment of $251 million, Operose Health impairment of $142 million, real estate impairments of $92 million, gain on the sale of Apixio of $91 million, gain on the sale of Magellan Specialty Health of $79 million, severance costs due to a restructuring of $22 million, gain on the previously reported divestiture of Centurion of $15 million, an additional loss on the divestiture of our Spanish and Central European businesses of $13 million and a reduction to the previously recorded gain on the sale of Magellan Rx of $10 million. (2) The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. The three and nine months ended September 30, 2024, include a tax benefit of $2 million related to tax adjustments on previously reported divestitures. The nine months ended September 30, 2023, includes a one-time income tax benefit of $69 million resulting from the distribution of long-term stock awards to the estate of the Company's former CEO. 6 Three Months Ended September 30, Nine Months Ended September 30, Annual Guidance December 31, 2024 2024 2023 2024 2023 GAAP diluted EPS attributable to Centene $ 1.36 $ 0.87 $ 5.69 $ 4.85 greater than $5.92 Amortization of acquired intangible assets 0.33 0.33 0.98 0.99 ~$1.32 Acquisition and divestiture related expenses 0.02 0.03 0.14 0.09 ~$0.15 Other adjustments (3) — 0.87 (0.18) 0.63 ~$(0.18) Income tax effects of adjustments (4) (0.09) (0.10) (0.32) (0.35) ~$(0.41) Adjusted diluted EPS $ 1.62 $ 2.00 $ 6.31 $ 6.21 greater than $6.80 (3) Other adjustments include the following pre-tax items: 2024 : (a) for the nine months ended September 30, 2024: net gain on the previously reported divestiture of Magellan Specialty Health due to the achievement of contingent consideration and finalization of working capital adjustments of $0.15 per share ($0.11 after-tax), net gain on the sale of property of $0.04 per share ($0.03 after-tax), gain on the previously reported divestiture of Circle Health of $0.04 per share ($0.12 after-tax), Health Net Federal Services asset impairment due to the 2024 final ruling on the TRICARE Managed Care Support Contract of $0.03 per share ($0.02 after-tax), severance costs due to a restructuring of $0.02 per share ($0.01 after-tax), an additional loss on the divestiture of our Spanish and Central European businesses of $0.01 per share ($0.01 after-tax) and gain on the previously reported divestiture of HealthSmart due to the finalization of working capital adjustments of $0.01 per share ($0.01 after-tax); (b) for the year ended December 31, 2024, an estimated: $0.15 ($0.11 after-tax) net gain on the previously reported divestiture of Magellan Specialty Health due to the achievement of contingent consideration and finalization of working capital adjustments, $0.04 ($0.03 after-tax) net gain on the sale of property, $0.04 ($0.12 after-tax) gain on the previously reported divestiture of Circle Health, $0.03 ($0.02 after-tax) Health Net Federal Services asset impairment due to the 2024 final ruling on the TRICARE Managed Care Support Contract, $0.02 ($0.01 after-tax) severance costs due to a restructuring, $0.01 ($0.01 after-tax) additional loss on the previously reported divestiture of our Spanish and Central European businesses and $0.01 ($0.01 after-tax) gain on the previously reported divestiture of HealthSmart due to the finalization of working capital adjustments. 2023 : (a) for the three months ended September 30, 2023: Circle Health impairment of $0.46 per share ($0.50 after-tax), Operose Health impairment of $0.26 per share ($0.24 after-tax), real estate impairments of $0.09 per share ($0.09 after-tax), severance costs due to a restructuring of $0.04 per share ($0.03 after-tax) and a reduction to the previously recorded gain on the sale of Magellan Rx of $0.02 per share ($0.00 after-tax); (b) for the nine months ended September 30, 2023: Circle Health impairment of $0.46 per share ($0.49 after-tax), Operose Health impairment of $0.26 per share ($0.24 after-tax), real estate impairments of $0.17 per share ($0.15 after-tax), gain on the sale of Apixio of $0.17 per share ($0.12 after-tax), gain on the sale of Magellan Specialty Health of $0.14 per share ($0.12 after-tax), severance costs due to a restructuring of $0.04 per share ($0.03 after-tax), gain on the previously reported divestiture of Centurion of $0.03 per share ($0.02 after-tax), an additional loss on the divestiture of our Spanish and Central European businesses of $0.02 per share ($0.01 after-tax) and a reduction to the previously recorded gain on the sale of Magellan Rx of $0.02 per share ($0.00 after-tax). (4) The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. The nine months ended September 30, 2023, include a one-time income tax benefit of $0.12 resulting from the distribution of long-term stock awards to the estate of the Company's former CEO. 7 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 GAAP selling, general and administrative expenses $ 3,057 $ 3,048 $ 9,169 $ 9,075 Less: Acquisition and divestiture related expenses 8 16 75 52 Restructuring costs — 22 13 22 Real estate optimization — — — 7 Adjusted selling, general and administrative expenses $ 3,049 $ 3,010 $ 9,081 $ 8,994 To provide clarity on the way management defines certain key metrics and ratios, the Company is providing a description of how the metric or ratio is calculated as follows: • Health Benefits Ratio (HBR) (GAAP) = Medical costs divided by premium revenues. • SG&A Expense Ratio (GAAP) = Selling, general and administrative expenses divided by premium and service revenues. • Adjusted SG&A Expense Ratio (non-GAAP) = Adjusted selling, general and administrative expenses divided by premium and service revenues. • Adjusted Effective Tax Rate (non-GAAP) = GAAP income tax expense (benefit) excluding the income tax effects of adjustments to net earnings divided by adjusted earnings (loss) before income tax expense. • Adjusted Net Earnings (non-GAAP ) = Net earnings less amortization of acquired intangible assets, less acquisition and divestiture related expenses, as well as adjustments for other items, net of the income tax effect of the adjustments. • Adjusted Diluted EPS (non-GAAP) = Adjusted net earnings divided by weighted average common shares outstanding on a fully diluted basis. • Debt to Capitalization Ratio (GAAP) = Total debt, divided by total debt plus total stockholder's equity. • Average Medical Claims Expense (GAAP) = Medical costs for the period divided by number of days in such period. Average medical claims expense is most often calculated for the quarterly reporting period. • Days in Claims Payable (GAAP) = Medical claims liabilities divided by average medical claims expense. Days in claims payable is most often calculated for the quarterly reporting period. In addition, the following terms are defined as follows: • State-directed Payments: Payments directed by a state that have minimal risk but are administered as a premium adjustment. These payments are recorded as premium revenue and medical costs at close to a 100% HBR. In many instances, the Company has little visibility to the timing of these payments until they are paid by a state. • Pass-through Payments: Non-risk supplemental payments from a state that the Company is required to pass through to designated contracted providers. These payments are recorded as premium tax revenue and premium tax expense. 8 About Centene Corporation Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace and the TRICARE program. The Company also contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. Centene focuses on long-term growth and value creation as well as the development of its people, systems and capabilities so that it can better serve its members, providers, local communities and government partners. Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, https://investors.centene.com. Forward-Looking Statements All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as "guidance," "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). Centene Corporation and its subsidiaries (Centene, the Company, our or we) intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe-harbor provisions. In particular, these statements include, without limitation, statements about our future operating or financial performance, market opportunity, competition, expected contract start dates and terms, expected activities in connection with completed and future acquisitions and dispositions, our investments, and the adequacy of our available cash resources. These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments, and other factors we believe appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive, and other factors that may cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions. All forward-looking statements included in this press release are based on information available to us on the date hereof. Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events, or otherwise, after the date hereof. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables, and events including, but not limited to: our ability to design and price products that are competitive and/or actuarially sound including but not limited to any impacts resulting from Medicaid redeterminations; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates; competition, including for providers, broker distribution networks, contract reprocurements and organic growth; our ability to adequately anticipate demand and provide for operational resources to maintain service level requirements; our ability to manage our information systems effectively; disruption, unexpected costs, or similar risks from business transactions, including acquisitions, divestitures, and changes in our relationships with third parties; impairments to real estate, investments, goodwill and intangible assets; changes in senior management, loss of one or more key personnel or an inability to attract, hire, integrate and retain skilled personnel; membership and revenue declines or unexpected trends; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; changes in healthcare practices, new technologies, and advances in medicine; our ability to effectively and ethically use artificial intelligence and machine learning in compliance with applicable laws; increased healthcare costs; inflation and interest rates; the effect of social, economic, and political conditions and geopolitical events, including as a result of changes in U.S. presidential administrations or Congress; changes in market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act 9 (collectively referred to as the ACA) and any regulations enacted thereunder; uncertainty concerning government shutdowns, debt ceilings or funding; tax matters; disasters, climate-related incidents, acts of war or aggression or major epidemics; changes in expected contract start dates and terms; changes in provider, broker, vendor, state, federal and other contracts and delays in the timing of regulatory approval of contracts, including due to protests; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare or other customers); the difficulty of predicting the timing or outcome of legal or regulatory audits, investigations, proceedings or matters including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices on acceptable terms, or at all, or whether additional claims, reviews or investigations will be brought by states, the federal government or shareholder litigants, or government investigations; challenges to our contract awards; cyber-attacks or other data security incidents or our failure to comply with applicable privacy, data or security laws and regulations; the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with the terms of our contracts and the undertakings in connection with any regulatory, governmental, or third party consents or approvals for acquisitions or dispositions; any changes in expected closing dates, estimated purchase price, or accretion for acquisitions or dispositions; losses in our investment portfolio; restrictions and limitations in connection with our indebtedness; a downgrade of our corporate family rating, issuer rating or credit rating of our indebtedness; the availability of debt and equity financing on terms that are favorable to us and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission (SEC). This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition, and results of operations, in our filings with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs. The guidance in this press release is only effective as of the date given, October 25, 2024, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. 10 CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except shares in thousands and per share data in dollars) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 14,577 $ 17,193 Premium and trade receivables 18,281 15,532 Short-term investments 2,992 2,459 Other current assets 1,559 5,572 Total current assets 37,409 40,756 Long-term investments 17,691 16,286 Restricted deposits 1,452 1,386 Property, software and equipment, net 2,042 2,019 Goodwill 17,558 17,558 Intangible assets, net 5,582 6,101 Other long-term assets 617 535 Total assets $ 82,351 $ 84,641 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Medical claims liability $ 17,995 $ 18,000 Accounts payable and accrued expenses 13,338 16,420 Return of premium payable 1,959 1,462 Unearned revenue 658 715 Current portion of long-term debt 111 119 Total current liabilities 34,061 36,716 Long-term debt 17,494 17,710 Deferred tax liability 769 641 Other long-term liabilities 2,618 3,618 Total liabilities 54,942 58,685 Commitments and contingencies Redeemable noncontrolling interests 13 19 Stockholders' equity: Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $0.001 par value; authorized 800,000 shares; 619,945 issued and 510,078 outstanding at September 30, 2024, and 615,291 issued and 534,484 outstanding at December 31, 2023 1 1 Additional paid-in capital 20,522 20,304 Accumulated other comprehensive (loss) (226) (652) Retained earnings 15,065 12,043 Treasury stock, at cost (109,867 and 80,807 shares, respectively) (8,055) (5,856) Total Centene stockholders' equity 27,307 25,840 Nonredeemable noncontrolling interest 89 97 Total stockholders' equity 27,396 25,937 Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 82,351 $ 84,641 11 CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except shares in thousands and per share data in dollars) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Premium $ 36,115 $ 33,866 $ 106,784 $ 101,404 Service 784 1,101 2,425 3,353 Premium and service revenues 36,899 34,967 109,209 104,757 Premium tax 5,124 3,075 13,057 9,782 Total revenues 42,023 38,042 122,266 114,539 Expenses: Medical costs 32,201 29,479 93,898 88,260 Cost of services 692 856 2,041 2,603 Selling, general and administrative expenses 3,057 3,048 9,169 9,075 Depreciation expense 140 148 408 436 Amortization of acquired intangible assets 173 180 519 542 Premium tax expense 5,095 3,156 13,218 10,021 Impairment — 440 13 478 Total operating expenses 41,358 37,307 119,266 111,415 Earnings from operations 665 735 3,000 3,124 Other income (expense): Investment and other income 432 214 1,440 992 Interest expense (176) (181) (530) (542) Earnings before income tax 921 768 3,910 3,574 Income tax expense 211 293 896 914 Net earnings 710 475 3,014 2,660 (Earnings) loss attributable to noncontrolling interests 3 (6) 8 (3) Net earnings attributable to Centene Corporation $ 713 $ 469 $ 3,022 $ 2,657 Net earnings per common share attributable to Centene Corporation: Basic earnings per common share $ 1.37 $ 0.87 $ 5.71 $ 4.86 Diluted earnings per common share $ 1.36 $ 0.87 $ 5.69 $ 4.85 Weighted average number of common shares outstanding: Basic 521,965 539,535 528,912 546,374 Diluted 523,542 541,270 530,915 548,412 12 CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) Nine Months Ended September 30, 2024 2023 Cash flows from operating activities: Net earnings $ 3,014 $ 2,660 Adjustments to reconcile net earnings to net cash provided by operating activities Depreciation and amortization 927 978 Stock compensation expense 181 167 Impairment 13 478 Deferred income taxes 14 14 (Gain) loss on divestitures, net (103) (172) Other adjustments, net (2) 158 Changes in assets and liabilities Premium and trade receivables (2,737) (2,329) Other assets 78 (103) Medical claims liabilities (5) 401 Unearned revenue (58) 1,878 Accounts payable and accrued expenses (503) 3,127 Other long-term liabilities (84) 583 Other operating activities, net 6 (4) Net cash provided by operating activities 741 7,836 Cash flows from investing activities: Capital expenditures (490) (576) Purchases of investments (5,770) (4,729) Sales and maturities of investments 4,147 4,373 Divestiture proceeds, net of divested cash 959 690 Net cash used in investing activities (1,154) (242) Cash flows from financing activities: Proceeds from long-term debt 350 2,170 Payments and repurchases of long-term debt (594) (1,970) Common stock repurchases (2,181) (1,602) Proceeds from common stock issuances 37 32 Purchase of noncontrolling interest — (87) Other financing activities, net (5) — Net cash used in financing activities (2,393) (1,457) Effect of exchange rate changes on cash, cash equivalents and restricted cash 7 19 Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (2,799) 6,156 Cash and cash equivalents reclassified (to) from held for sale (3) (36) Cash, cash equivalents and restricted cash and cash equivalents, beginning of period 17,452 12,330 Cash, cash equivalents and restricted cash and cash equivalents, end of period $ 14,650 $ 18,450 Supplemental disclosures of cash flow information: Interest paid $ 495 $ 496 Income taxes paid $ 821 $ 759 The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported within the Consolidated Balance Sheets to the totals above: September 30, 2024 2023 Cash and cash equivalents $ 14,577 $ 18,190 Restricted cash and cash equivalents, included in restricted deposits 73 260 Total cash, cash equivalents and restricted cash and cash equivalents $ 14,650 $ 18,450 13 CENTENE CORPORATION SUPPLEMENTAL FINANCIAL DATA Q3 Q2 Q1 Q4 Q3 2024 2024 2024 2023 2023 MEMBERSHIP Traditional Medicaid (1) 11,478,600 11,640,900 11,750,000 12,754,000 13,470,900 High Acuity Medicaid (2) 1,590,200 1,499,000 1,547,600 1,718,000 1,769,600 Total Medicaid 13,068,800 13,139,900 13,297,600 14,472,000 15,240,500 Commercial Marketplace 4,501,300 4,401,300 4,348,800 3,900,100 3,681,600 Commercial Group 426,600 426,400 422,700 427,500 424,200 Total Commercial 4,927,900 4,827,700 4,771,500 4,327,600 4,105,800 Medicare (3) 1,129,900 1,138,400 1,146,800 1,284,200 1,310,600 Medicare PDP 6,766,400 6,603,600 6,438,900 4,617,800 4,539,800 Total at-risk membership 25,893,000 25,709,600 25,654,800 24,701,600 25,196,700 TRICARE eligibles 2,747,000 2,768,000 2,768,000 2,773,200 2,773,200 Total 28,640,000 28,477,600 28,422,800 27,474,800 27,969,900 (1) Membership includes TANF, Medicaid Expansion, CHIP, Foster Care and Behavioral Health. (2) Membership includes ABD, IDD, LTSS and MMP Duals. (3) Membership includes Medicare Advantage and Medicare Supplement. NUMBER OF EMPLOYEES 60,700 60,000 59,900 67,700 67,800 DAYS IN CLAIMS PAYABLE 51 54 53 54 53 CASH, INVESTMENTS AND RESTRICTED DEPOSITS (in millions) Regulated $ 35,558 $ 37,421 $ 36,528 $ 36,314 $ 35,988 Unregulated 1,154 1,078 1,018 1,010 1,020 Total $ 36,712 $ 38,499 $ 37,546 $ 37,324 $ 37,008 DEBT TO CAPITALIZATION 39.1 % 39.1 % 40.0 % 40.7 % 41.5 % OPERATING RATIOS Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 HBR 89.2 % 87.0 % 87.9 % 87.0 % SG&A expense ratio 8.3 % 8.7 % 8.4 % 8.7 % Adjusted SG&A expense ratio 8.3 % 8.6 % 8.3 % 8.6 % HBR BY PRODUCT Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Medicaid 93.1 % 90.7 % 92.3 % 89.9 % Commercial 80.0 % 78.9 % 75.7 % 78.8 % Medicare (4) 88.0 % 82.2 % 89.4 % 84.6 % (4) Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs and Medicare PDP. 14 MEDICAL CLAIMS LIABILITY The changes in medical claims liability are summarized as follows (in millions): Balance, September 30, 2023 $ 17,141 Less: Reinsurance recoverables 45 Balance, September 30, 2023, net 17,096 Incurred related to: Current period 126,158 Prior periods (1,871) Total incurred 124,287 Paid related to: Current period 109,956 Prior periods 13,739 Total paid 123,695 Plus: Premium deficiency reserve 245 Balance, September 30, 2024, net 17,933 Plus: Reinsurance recoverables 62 Balance, September 30, 2024 $ 17,995 Centene's claims reserving process utilizes a consistent actuarial methodology to estimate Centene's ultimate liability. Any reduction in the "Incurred related to: Prior periods" amount may be offset as Centene actuarially determines the "Incurred related to: Current period." Centene believes it has consistently applied its claims reserving methodology. Additionally, approximately $109 million was recorded as a reduction to premium revenues resulting from development within "Incurred related to: Prior periods" due to minimum HBR and other return of premium programs. The amount of the "Incurred related to: Prior periods" above represents favorable development and includes the effects of reserving under moderately adverse conditions, new markets where we use a conservative approach in setting reserves during the initial periods of operations, receipts from other third party payors related to coordination of benefits and lower medical utilization and cost trends for dates of service September 30, 2023, and prior. 15

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.