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Magellan Rx Management, a division of Magellan Health (NASDAQ: MGLN), announced preliminary results from its oncology biosimilar medical pharmacy solution. As of May 2020, health plan customers that partnered with Magellan achieved a 90% authorization rate for initial therapies with biosimilar availability. This program, developed in early 2019, comes amid rising oncology biosimilar market entries. Potential savings from biosimilars are estimated at a minimum of 15%, with further results expected in early 2021, as oncology drugs account for a significant share of specialty pharmacy expenses.
Centene Corporation (CNC) and Magellan Health (MGLN) have announced a definitive merger agreement where Centene will acquire Magellan for $95 per share, totaling $2.2 billion. This strategic acquisition aims to enhance Centene's whole health capabilities and establish a leading behavioral health platform, expanding its reach to 41 million members and adding 5.5 million government-sponsored plan members. The transaction is expected to create shareholder value through improved services and synergies, with projected net cost synergies of $50 million by the second year.
Magellan Health (NASDAQ: MGLN) has successfully acquired a 70% stake in Bayless Integrated Healthcare, a prominent behavioral health and primary care provider in Arizona. This acquisition enables Magellan to enhance its integrated care model and expand into new markets. Bayless, known for its holistic approach and telehealth capabilities, will operate within Magellan’s Healthcare segment. The transaction is projected to be neutral to slightly positive for Magellan's 2021 net income. The deal involves certain call and put rights for the remaining equity transfer within 36 months.
Magellan Rx Management, a part of Magellan Health, Inc. (NASDAQ: MGLN), has released its fifth annual Medicaid Pharmacy Trend Report, which details trends in the Medicaid pharmacy fee-for-service sector. The report reveals that specialty drugs represented 48.5% of net costs in 2019, despite only comprising 1.3% of utilization, indicating substantial cost pressures. Additionally, traditional drug spending decreased by 0.4%% from 2018 to 2019, while net spending on specialty drugs rose by 2.4%%. This report serves as a valuable resource for Medicaid agencies aiming to manage costs effectively.
Magellan Health (NASDAQ: MGLN) has officially rebranded the Armed Forces Services Corporation (AFSC) to Magellan Federal. This strategic rebranding aims to enhance communication of value and showcase a broader range of services to military and federal clients. Since acquiring AFSC in 2016, Magellan has expanded its capabilities, operating 250 bases globally with over 3,000 employees. CEO Oscar Montes emphasizes a commitment to delivering quality solutions with compassion, as the new brand solidifies its identity in the market.
Magellan Health (NASDAQ: MGLN) announced that CEO Kenneth Fasola and CFO David Bourdon will participate in three investor conferences in November 2020. The conferences include the Credit Suisse 29th Annual Healthcare Conference on November 11, the Stephens Annual Investment Conference on November 16, and the Jefferies Virtual London Healthcare Conference on November 19. Details and potential live webcasts will be available on Magellan's investor relations page. The company specializes in managing complex health care areas, catering to various stakeholders including health plans and employers.
Senior Whole Health in Massachusetts announced a 4 out of 5 Stars Overall Rating for its Medicare Advantage Dual Eligible Special Needs Plan from CMS, released on October 8, 2020. The plan also received a 3.5 Stars Summary Rating for Health Plan Services and 4.5 Stars for Drug Plan Services for 2021. This achievement underscores the company's commitment to quality care for complex populations. CEO Dave Webster highlighted their dedication to improving health outcomes, while CMS Star Ratings aid beneficiaries in making informed healthcare decisions.
Magellan Health (NASDAQ: MGLN) has rescheduled its Q3 2020 financial results conference call due to a systems outage with its conference call provider. The new date is Thursday, October 29, 2020, at 11:00 a.m. Eastern Time. Participants can join using the provided call-in numbers or via webcast on Magellan's investor relations page. A telephonic replay will be available until November 29, 2020. Magellan Health is recognized for managing complex health areas, supporting health plans, employers, and various agencies.
Magellan Health, Inc. (NASDAQ: MGLN) reported a net revenue of $1.170 billion for Q3 2020, reflecting a 1.0% increase from Q3 2019. However, the company faced a net loss of $17.3 million, a stark contrast to last year’s income of $4.1 million. Segment profit decreased by 25.3% to $34.1 million, while adjusted earnings per share dropped 80.0% to $0.08. Magellan reaffirmed its 2020 revenue and profit guidance but updated net income expectations due to anticipated special charges. Notable developments include partnerships with Livongo and Kaden Health, enhancing their healthcare offerings.
