CENTENE CORP

Other than the risk factor listed below, there have been no material changes to the risk factors disclosed in our 2024 Annual Report on Form 10-K.

The imposition of tariffs by the U.S. government and any retaliatory tariffs imposed in response could have a material adverse effect on our results of operations, financial condition and cash flows.

The imposition of tariffs by the U.S. government and any retaliatory tariffs imposed in response is uncertain, including in the amount, applicability and duration of such tariffs. Such tariffs could increase the costs of healthcare, including pharmaceutical drugs, medical devices and other healthcare supplies and equipment. Given the uncertain nature of the impact of tariffs on our costs, we may not be able to accurately predict the effect of these increases in medical expenses. Our revenue from government-sponsored health programs are most often priced annually, which may limit our ability to adjust for any tariff-related impacts timely. Any significant variation from our expectations regarding healthcare costs, including due to tariffs or other assumptions utilized in setting adequate premium rates, could have a material adverse effect on our results of operations, financial condition and cash flows.

Furthermore, disruptions in the supply of products for any of our specialty pharmacies due to tariffs could affect our ability to process and dispense prescriptions in a timely manner, which could materially and adversely affect our results of operations, financial condition and cash flows.