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Thursday, September 11, 2025

Centene at Deutsche Bank Summit

 On Thursday, 11 September 2025, Centene Corp (NYSE:CNC) took the stage at the Deutsche Bank Healthcare Summit to discuss its strategic outlook. CEO Sarah London outlined the company’s positive trajectory in Medicaid and Medicare segments, while addressing ongoing challenges in the Marketplace. The reaffirmation of the full-year EPS forecast at $1.75 was a highlight, alongside a promising $700 million improvement in the Medicare segment. However, the Marketplace faces a $2.4 billion risk adjustment headwind.

Key Takeaways

  • Centene reaffirmed its full-year diluted EPS forecast of $1.75.
  • The Medicare segment is on track for a $700 million improvement.
  • Marketplace faces a $2.4 billion risk adjustment headwind.
  • Medicaid results for July and August support expected HBR improvement.
  • The company aims for break-even in Medicare Advantage by 2027.

Financial Results

  • Full-year diluted EPS forecast remains at $1.75.
  • A $700 million improvement is projected in the Medicare segment.
  • Year-over-year improvement in STARS for Medicare is anticipated.
  • The Marketplace segment is expected to perform below break-even this year.

Operational Updates

  • Successfully refiled 2026 Health Insurance Marketplace rates covering 95% of membership.
  • Implemented managed care principles for ABA populations in Florida.
  • Addressed fraud, waste, and abuse in New York’s ABA population.
  • Constructive discussions with states on Medicaid rate increases and benefit adjustments.

Future Outlook

  • Focus on margin improv
  • ement across Medicaid, Medicare Advantage, and Marketplace.
  • Break-even in Medicare Advantage targeted for 2027.
  • Potential market contraction in the Marketplace segment if enhanced APTCs are withdrawn.

  • Q&A Highlights

    • The $2.4 billion Marketplace risk adjustment is factored into 2026 pricing.
    • The Marketplace is deemed sustainable without enhanced subsidies.
    • Medicaid margins are expected to improve in 2026.
    • OB-3 requirements and their impacts are being closely monitored.

    Readers are encouraged to refer to the full transcript for an in-depth understanding of Centene’s strategic discussions at the summit.

    Full transcript

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Alibaba, Baidu begin using their own chips for training AI models, The Information reports

 Chinese tech giants Alibaba and Baidu have started using internally designed chips to train their AI models, partially replacing AI chips made by Nvidia, according to a report by The Information on Thursday, citing four people with direct knowledge of the matter.

https://finance.yahoo.com/news/alibaba-baidu-begin-using-own-154253107.html

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FTC Launches Inquiry into AI Chatbots Acting as Companions

 The Federal Trade Commission is issuing orders to seven companies that provide consumer-facing AI-powered chatbots seeking information on how these firms measure, test, and monitor potentially negative impacts of this technology on children and teens.

AI chatbots may use generative artificial intelligence technology to simulate human-like communication and interpersonal relationships with users. AI chatbots can effectively mimic human characteristics, emotions, and intentions, and generally are designed to communicate like a friend or confidant, which may prompt some users, especially children and teens, to trust and form relationships with chatbots.

The FTC inquiry seeks to understand what steps, if any, companies have taken to evaluate the safety of their chatbots when acting as companions, to limit the products’ use by and potential negative effects on children and teens, and to apprise users and parents of the risks associated with the products.

“Protecting kids online is a top priority for the Trump-Vance FTC, and so is fostering innovation in critical sectors of our economy,” said FTC Chairman Andrew N. Ferguson. “As AI technologies evolve, it is important to consider the effects chatbots can have on children, while also ensuring that the United States maintains its role as a global leader in this new and exciting industry. The study we’re launching today will help us better understand how AI firms are developing their products and the steps they are taking to protect children.”

The FTC is issuing the orders using its 6(b) authority, which authorizes the Commission to conduct wide-ranging studies that do not have a specific law enforcement purpose. The recipients include:

  • Alphabet, Inc.;
  • Character Technologies, Inc.;
  • Instagram, LLC;
  • Meta Platforms, Inc.;
  • OpenAI OpCo, LLC;
  • Snap, Inc.; and
  • X.AI Corp.

The FTC is interested in particular on the impact of these chatbots on children and what actions companies are taking to mitigate potential negative impacts, limit or restrict children’s or teens’ use of these platforms, or comply with the Children’s Online Privacy Protection Act Rule.

As part of its inquiry, the FTC is seeking information about how the companies:

  • monetize user engagement;
  • process user inputs and generate outputs in response to user inquiries;
  • develop and approve characters;
  • measure, test, and monitor for negative impacts before and after deployment;
  • mitigate negative impacts, particularly to children;
  • employ disclosures, advertising, and other representations to inform users and parents about features, capabilities, the intended audience, potential negative impacts, and data collection and handling practices;
  • monitor and enforce compliance with Company rules and terms of services (e.g., community guidelines and age restrictions); and
  • use or share personal information obtained through users’ conversations with the chatbots.

The Commission voted 3-0 to issue the 6(b) orders to the seven companies. Commissioners Melissa Holyoak and Mark R. Meador issued separate statements.

The lead staff on this matter are Alysa Bernstein and Erik Jones in the FTC’s Bureau of Consumer Protection.

https://www.ftc.gov/news-events/news/press-releases/2025/09/ftc-launches-inquiry-ai-chatbots-acting-companions

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J&J claims FDA okay for bladder cancer drug TAR-200

 Johnson & Johnson has brought its bladder cancer drug TAR-200 to the US market, a year after its prospects were dented by a negative phase 3 readout.

The novel formulation of the stalwart chemotherapeutic drug gemcitabine, which allows it to be administered directly into the bladder, has been cleared as Inlexzo by the US regulator for high-risk, non-muscle-invasive bladder cancer (NMIBC) that does not respond to BCG, a live bacterial vaccine that is currently the standard first-line treatment.

The drug features a silicone-based drug delivery system that allows for the continuous release of gemcitabine chemotherapy into the bladder via a catheter.

Its approval is based on the results of the phase 2b SunRISe-1 study, reported at last year's ESMO cancer congress, which revealed an 82% complete response (CR) rate, with 51% of them maintaining that response for at least a year.

In a statement, J&J said the drug is the first therapy to provide extended local delivery of a cancer medication into the bladder and is a "potential practice-changing" treatment for people living with this form of cancer.

"When we acquired this novel therapy in 2019, our ambition was to give patients with bladder cancer a renewed sense of hope and belief," said Jennifer Taubert, J&J's head of innovative medicine.

"In an area that has seen little progress for more than 40 years, Inlexzo delivers a first-of-its-kind breakthrough innovation with a bright future ahead," she added.

Around this time last year, prospects for the drug looked rocky after it failed to show efficacy in the SunRISe-2 study, conducted in people with muscle-invasive bladder cancer (MIBC) who were not receiving surgery to remove the bladder (cystectomy) and nearby lymph nodes.

J&J acquired rights to TAR-200 when it bought privately-owned biotech Taris for an undisclosed sum in 2019, and has big sales expectations for the drug. It is also developing a second Taris-derived candidate called TAR-210, an intravesical formulation of J&J's FGFR kinase inhibitor Balversa (erdafitinib), and has previously predicted that combined sales of the two drugs could reach $5 billion at peak.

At the time of the SunRISe-2 readout, J&J said the trial had always been speculative and the result had no bearing on its projections for the Taris-derived candidates. NMIBC is more common than MIBC and accounts for around three-quarters of all cases of bladder cancer at diagnosis.

The company is also running the phase 3 SunRISe-3 study, hoping to position Inlexzo as a first-line alternative to BCG treatment, as well as SunRISe-5, looking at its role as a potential second-line therapy for high-risk NMIBC patients who have previously received BCG treatment and are unwilling or unable to have a cystectomy.

https://pharmaphorum.com/news/jj-claims-fda-okay-bladder-cancer-drug-tar-200

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Pharma says UK is 'tumbling down' rankings for investment

 The UK is losing out to competitors in attracting investment in R&D, clinical trials, and capital projects due to a stubborn refusal to pay for innovative new medicines, according to the pharma industry.

A report on pharma competitiveness, published by the Association of the British Pharmaceutical Industry (ABPI), claims that the UK's position for attracting foreign direct investment (FDI) fell from second in a 2017 report to seventh in 2023, with industry investment in R&D falling by 58% in the six years.

Over that period, the ABPI and its member companies have been incensed by steep increases in the rate that they must repay on sales of newer products to the NHS under the voluntary and statutory rebate schemes, which set a yearly cap on the total allowed sales value of branded medicines to the NHS each year.

Last month, Health Secretary Wes Streeting pulled out of talks seeking to end a deadlock on the rebates, accusing the ABPI of repeatedly delaying a decision on what he said was a "generous offer" on the table.

The report has emerged just as pharma heavyweight MSD abandoned a £1 billion ($1.35 billion) investment programme in the UK, two years after breaking ground on a brand new R&D facility in London, which will now be shelved.

In its report, the ABPI returns to the issue of the levy, saying that "high clawback rates on pharmaceutical companies' revenues, at 23.5% on newer medicines in 2023, dampen investor confidence." It points out that other European countries have much lower rates, such as 5.7% in France and 7% in Germany.

In addition, the UK spends a lower proportion of its healthcare spending on medicines than other countries, while fewer new medicines are made fully available to NHS patients for their full, approved indications. It also slipped down the rankings for hosting industry-sponsored phase 3 trials between 2017 and 2023, although, the report acknowledges "small signs of improvement" at the end of that period.

On the positive side are the UK's strong academic institutions, "word-class" research infrastructure, generous spending on healthcare R&D, strong intellectual property protections, and a "rich ecosystem" of biotech companies that ranks top in Europe and third globally.

"I believe [the] UK has the potential to unlock billions in additional investment in early-stage R&D, ensure patients and the NHS can benefit from access to cutting-edge clinical trials, and attract major capital investment in R&D and medicines manufacturing facilities," said ABPI chief executive Richard Torbett.

"But realising this potential requires industry and government working together to remove existing barriers and lean into areas of untapped strength," he added. "First and foremost, we need to create a commercial environment that rewards pharmaceutical innovation fairly and brings its benefits rapidly to UK patients."

The UK government laid out a plan in July to become the leading life sciences power in Europe by 2030, but pharma companies think that ambition will not be achieved without significant reforms.

"The UK has the key building blocks to be a life sciences powerhouse," commented Russell Abberley, ABPI president and general manager of Amgen in the UK. However, he said the competitiveness report "lays bare the urgent, unresolved challenges we must overcome if our sector is to realise its full potential."

Areas of opportunity for the country include tapping into the UK's strong health data assets and expertise in AI, building on an already strong position in clinical testing of advanced medicines like cell and gene therapies, and continuing an ongoing effort to strip bureaucracy out of pharma licensing regulations.

https://pharmaphorum.com/news/pharma-says-uk-tumbling-down-rankings-investment

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From Bluesky To Reddit, Democrats Celebrate Charlie Kirk's Assassination; Trump Slams Radical Left

 Yesterday, TPUSA founder Charlie Kirk was assassinated while speaking to a crowd of students at Utah Valley University. The murder shocked the nation - with heartfelt messages of love and support pouring in from around the world for a man that had become a powerful influence in the conservative movement.

Yet, as most of the nation reeled from the graphic murder, many on the left - after years of being primed by Democrat leadership to engage in violence against 'nazis' and 'fascists' - could not contain their joy at Kirk's death. 

"You can tell a lot about a person by how they react when someone dies," Kirk famously stated on X in 2016. 

Kirk couldn't have been more right...

Let's begin with Elon Musk, who responded with an exclamation mark to an X post that stated: "I have a friend at Reddit who says they have had over 16,000 posts calling for the Revolution to continue They are saying Charlie Kirk wasn't enough SO, they aren't just celebrating Charlie's demise they are calling for more..." 

That post was responding to another one that read: "just spent 30 mins of Bluesky and Reddit. If you don't believe in the devil, go check it out. Pure evil on the other side."

Absolutely unhinged. 

More unhinged. 

And this. 

Right. 

Dangerous rhetoric from top Democrats on Capitol Hill … does it make sense now? Years of programming their increasingly unhinged followers have led to countless instances of political chaos this year, from leftist burning Tesla showrooms and defacing Tesla vehicles to ICE attacks to riots, to shootings committed by transgender ideologues. And now the assassination of Kirk. 

Remember Democrats put everyone they didn't like on a 'hit list'... 

More unhinged behaviors from Democrats last night. 

MSNBC. 

Musk and Mike Cernovich's conversation on X provides an early glimpse into who may be fueling this radicalism... 

Well, as we've detailed extensively - there's an entire machine dedicated to stoking division and unrest in the country that's difficult to ignore here. 

Trump Calls Out Radical Left

Late last night, President Trump addressed the nation in the Oval Office about Kirk's political assassination, calling it a "dark moment for America" and saying he was a "martyr for truth" and vowed to crack down on the radical left.

"Radical left political violence has hurt too many innocent people and taken too many lives," Trump told the nation.

What's become more evident than ever - which ZeroHedge has been focused on for months - is that the Trump administration might finally get serious about cracking down on the radical left and the NGO sphere. 

Democrats and their billionaire funders feared Kirk. Why? 

Well...

Deseret reporter Brigham Tomco wrote on X that Kirk's mission was stated as simply as this...

"My job every single day is actively trying to stop a revolution. This is where you have to try to point them towards ultimate purposes and towards getting back to the church, getting back to faith, getting married, having children. That is the type of conservatism that I represent, and I'm trying to trying to paint a picture of virtue of lifting people up, not just staying angry."


https://www.zerohedge.com/political/bluesky-reddit-democrats-celebrate-charlie-kirks-assassination-trump-declares-war-radical

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Rifle Ammo In Kirk Assassination Engraved With 'Transtifa' Ideology: Law Enforcement Memo

 Utah Department of Public Safety official Beau Mason and FBI Special Agent in Charge Robert Bohls briefed reporters with new details on the political assassination of TPUSA founder Charlie Kirk and the ongoing manhunt for the suspect who remains at large. Separate from the press conference, the Wall Street Journal confirmed (following an initial report by Steven Crowder) that the "older-model .30 caliber hunting rifle" used in the assassination contained "ammunition engraved with expressions of transgender and antifascist ideology inside the rifle." Additional details about the weapon will be provided at the end of this note.

The FBI also has "good video footage of this individual," and the bureau has "tracked his movements," FBI agent Bohls told reporters.  

Bohls said agents on the ground recovered "a high-powered action rifle," noting that it was found in a wooded area where the shooter had fled.

"Investigators have collected footwear impression, a palmprint and forearm imprints for analysis," the special agent in charge said. He did not provide any color about the assassin's motive. 

Answering a question from a reporter, Mason said the suspect "appears to be of college age".

Highlights of the press conference:

  • FBI has "good" surveillance images of the assassin but is not releasing them yet

  • The suspect was tracked jumping from a building and fleeing into a nearby neighborhood

  • A bolt-action rifle was recovered in a wooded area

  • Assassin is believed to be of college age

  • Assassin remains at large

Let's take a step back. Yesterday, an alleged eyewitness said Kirk was shot around the same time that someone in the crowd "was asked about trans violence."

Which brings us to Steven Crowder, who was the first to report on the political messaging found on the assassin's weapon.

Here's what Crowder wrote:

EXCLUSIVE: This morning my team received an e-mail from officer at ATF.

The email included a screen shot from what appears to be an internal message describing a weapon and cartridges located by an ATF and other law enforcement near the scene of the Charlie Kirk shooting  at Utah Valley State University.

"On September 10, 2025, at approximately 12:24PM, Conservative political influencer Charlie Kirk was shot and killed at the Utah Valley University in Orem, UT. Mr. Kirk was speaking at the University as part of the American Comeback Tour. Multiple SLC I and III agents responded immediately. The suspect fired one shot from an elevated position on a rooftop in an adjacent building on the campus and surveillance video shows the suspect, jumping off and fleeing the area on foot. ATF and other law-enforcement located an older model imported Mauser .30-06 caliber bolt action rifle wrapped in a towel in a wooded area near the campus. The location of the firearm appears to match the suspects route of travel. The spent cartridge was still chambered in addition to three unspent rounds at the top fed magazine. All cartridges have engraved wording on them, expressing transgender and anti-fascist ideology. An emergency trace has been submitted an ATF SLC is working leads generated by the trace. The firearm and ammunition have been taken by the FBI for DNA analysis and fingerprint impressions. Upon completion of forensics, the firearm will be disassembled for additional importer information. Multiple people of interest having contacted or detained because of eyewitness testimony and review of video footage. The primary suspect is yet to be identified. ATF is assisting the investigation with multiple other federal, state, and local partners and the case is co-led by the FBI and Utah SBI.""

This was followed by WSJ's report, confirming Crowder's X post:

Investigators found ammunition engraved with expressions of transgender and antifascist ideology inside the rifle that authorities believe was used in the fatal shooting of Charlie Kirk, according to an internal law enforcement bulletin and a person familiar with the investigation. The older-model .30 caliber hunting rifle was discovered in the woods near the scene of Wednesday’s shooting at Utah Valley University, wrapped in a towel with a spent cartridge still in the chamber, the sources said. There were also three unspent rounds in the magazine, all with wording on them. Kirk, 31, was onstage going back and forth with a student about mass shootings involving transgender people when he was targeted, according to videos of the attack. The student has not been publicly identified.

Less than two weeks ago, we warned:


https://www.zerohedge.com/political/fbi-reveals-charlie-kirk-assassin-was-college-age-armed-bolt-action-rifle

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