(Reuters) -Centene Corp on Tuesday cut its adjusted profit forecast for 2024 as it expects a hit to Medicaid memberships and pressure on Medicare Advantage (MA) business due to certain policy changes.
Centene has said its fast-growing MA business would face headwinds next year and is likely to contract with the industry under pressure over some policy tweaks that will cut government payouts for Medicare Advantage business from next year.
On an adjusted basis, the company now expects 2024 profit of more than $6.60 per share, compared with its previous forecast of at least $7.15.
On an adjusted basis, Centene earned $2.11 per share in the first quarter, above Refinitiv IBES estimates of $2.09 per share.
(Reporting by Raghav Mahobe and Nandhini Srinivasan in BengaluruEditing by Vinay Dwivedi)
