Good you morning, and us to for financial Thank morning, call results the you, thank this for on I will all the comment and XXXX joining Joe. On quarter guidance. our today. reduction a
business highlight our developments, also on initiatives. including improvement I’ll margin progress operational and
quarter of net $XX.X revenue of third per the For share. and $X.XX we income $X.X of billion, EPS million reported of XXXX, net
per profit or share $XX.X $X.XX net $XX.X Our million of we was segment achieved adjusted million. income and
initiatives. quarter we lowering improvement for XXXX behavioral MCC due charges of severance business, Results our our care Cost the two specialty following operational health related solid and were earnings in and our are in pressure and factors. to to Pharmacy, primarily but the guidance
towards financial these in details short-term will John call, goal and least the nature income discuss progress are additional pressures adjusted margin our not Later I’ll XXXX. affect As X% in on provide by at quarterly our should of results.
Our XXXX. initial XXXX’s outlook some updated guidance for earnings our on commentary and
we during improvement continue execute the margin the our are portfolio progress highlight third industry-competitive making health of to plans, managed against me our plan. quarter Complete developments of we towards and action within plans achieving some Care the Within medical Medicaid Magellan our towards let Now goal specific business our margins.
care to the and I medical outcomes In to continue am to efforts that on progress. improving from focused to remains associated the quality team show Virginia, report our pleased of cost our our costs, reducing to provided addition services In the members. improve
Our for quarter the was in medical loss ‘XXs. ratio the low
plans our focus not Virginia. in changed The does medical of action
inpatient, care management to appropriate through outpatient, and the reviews. personal We services value claim as drive continue of payment well integrity as
example, coordination key health is where behavioral proactively on while managing we services basis. For duplicated best member approach and The connecting care to member-centric been the outpatient a understanding the waste in for them avoiding appropriate we’ve care, successful and what’s services.
also hospitalizations visits. in interventions inpatient upfront ER These increases prevent and
in to While good we we still about have margin in the out made target Virginia, continued to we’ve feel work to-date reach to XXXX. do progress our
report our we these largely Regarding risk to highlighted including an earnings awaiting call we our reflect our and to year. with scores for line that we’ve update I’m in current our the capitation fiscal increased acuity second plan, call rates were received new to in the quarter New updated are our that population. York pleased a rates they of expectations,
to our business. turning Health Specialty and Now Behavioral
We Behavioral have our business. within experienced cost care, for of Health an increase particularly admissions inpatient in
to contracts rates We capitation are emerging annual anticipated mitigate that allow trend. currently customer working and impact. of on plans note re-setting I’d future our action the experience reflect for also to
medical while So, XXXX material industry-leading cost will affect providers outlook, respect integration clinical authorization an channel, a automated authorization solutions The prior impact XXXX. of expect growth for of development, do Decision provider and see we Because to and not in recently imaging are ongoing piloting in the are procedures a the pressures provide accountable to a of Point. care of enable with groups. earnings called providers deployed cost With care. predetermine product real-time necessity at new tool these determinations their number our full currently the of guidelines this we program we increasingly through certain patients, the have as point inform
pleased chain operational goods me you of also with been priority XX% renegotiated have supply our XXXX, working quarterly savings margin. pharmacies, our to for towards of negotiations provide the strategic Magellan we highlights actively with the let through Rx. gross lowering cost some Now Throughout and sold I’m report improving for to-date; network customers, that wholesalers. our of manufacturers creating we while our
carve-out and attract existing retain Our pharmacy services new our team to and customers. has deepening also been specialty broadening
therapeutic create or develop that care. savings, to in continue our We quality there maintaining of where evaluate is drugs, strategies enhances opportunity increase management while which an of classes competition, to improving
The U.S. treat has therapeutics. oncology are expanded growing and that this in formulary we and of medical program Earlier to into biologics biosimilars fastest biologics biologic Food year spend, management reported Administration classes the as our recently class growing to response Drug such therapeutic benefit asthma. the
expanded we’ve a consumers, In providers. oncology market solution customers, into preparation also of program educate for and the management medical pharmacy entry aims expanded comprehensive to that members, biosimilars, our
base. rate. with to about These market our expanded growth products and with employer for client our In PBM book of accounts in middle traction services business. gaining our prospects We solid large we feel and traction continue employer core our already organic retention see are business, XXXX good
more since early finalized We details in will our was December. plan share
of In reflects we to management. quality the share high NCQA we utilization our are management that for members. provide accredited by This addition, Magellan their to customers recognition pleased that management Rx was medical recently and
D in XX% Part the current our out did. our three of that were rates in of XX% we to result, regions business, membership benchmarks our below XXXX. And retain to four bid we a In estimate as
necessary in the experience was business entry past, As the designed we PDP gain market. to primarily mentioned PBM managed into care to the serve the our
multi-year to margin costs. the strategy administrative key reducing is of improvement our elements One our
and efforts improve all against We operations. to efficiency of across remove our redundancy, platforms, continue businesses to through to accelerate right-size review and our execute opportunities
noted later to which implementation earlier, several anticipated As year, of this incur reflects I plan XXXX initiatives. we severance of the these charges
funding call used and XXXX of for is expansion guidance margin will investments for more contribute provide December. our We’ll in target to these will another details Some things be our our business. future during
the the margin emphasize this are plan. pace headwinds should of our to turning improvement that over short-term call affect I’d like nature year John, in Before not and to facing the us
opportunity income continue growth and We long-term our pharmacy remain least the businesses. for X% margin XXXX. to adjusted company at in on for we to the healthcare significant by net see focused improving And both
Now call Jon Rubin. I’ll Chief turn Officer, to over Jon? the our Financial
