Centene expects to bring in revenue of between $137.4 billion and $139.4 billion next year, the company announced at its investor day on Friday.
That figure includes estimated revenue from premiums and services of $129.5 billion to $131.5 billion, according to the outlook. The company is projecting earnings to land between $6.25 and $6.40 per share in 2023.
"We are pleased with the progress we have made on our Value Creation Plan in 2022. The momentum we have built will propel us into 2023 and beyond," said Sarah London, CEO of Centene, in the press release. "We look forward to sharing more about Centene's long-term strategy and our plan to deliver profitable growth and increasing value to shareholders into the future during our investor day."
The company issued its outlook for 2023 on the heels of multiple executive movies unveiled earlier this week. Magellan Health chief Ken Fasola will become president of Centene, and Jim Murray, chief transformation officer, will step into the chief operating officer role, the insurer said.
In addition, Centene reaffirmed its full-year guidance for 2022, and expects to bring in between $5.65 and $5.75 in earnings per share and between $142.7 billion and $144.7 billion in revenue. The insurer will release its fourth-quarter and full-year earnings Feb. 7.
Also on Friday, in anticipation of its divestiture of Magellan Specialty Helath, Centene authorized a $2 billion stock buyback, the company said. This is in addition to $950 million in buybacks remaining under its previously authorized program, Centene said.