Molina Healthcare | North America Mixed on HIX

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Molina Healthcare | North America Mixed on HIX

Update

July 23, 2026 02:18 AM GMT

Morgan Stanley & Co. LLCMMolina Healthcare | North America Erin Wright

Equity Analyst

Mixed on HIX Erin.Wright1@morganstanley.comDerek Gross +1 212 761-6137

Research Associate

Derek.Gross@morganstanley.com +1 212 761-2455

AlphaSignals Earnings Reaction Michelle Foley

Unchanged Modest upside Largely unchanged Michelle.Foley@morganstanley.com +1 212 761-4056

Impact to our thesis Financial results versus consensus Direction of next 12-month Linda Bolduc

consensus EPS

Source: Company data, Morgan Stanley Research Linda.Bolduc@morganstanley.com +1 617 856-8009

Craig Hettenbach

Pre-Call View - MOH Should Fall on Underwhelming Revised 2026 EPS Guidance Equity Analyst

Craig.Hettenbach@morganstanley.com +1 212 761-6435

and Marketplace (HIX) Headwinds, Despite 2Q26 EPS and MLR Beat: MOH 2Q

Jialin Jin

EPS of $1.51 was +13c above Cons, aided by disciplined medical cost management Research Associate

and better execution in the Medicare and Medicaid segments. Enterprise MLR of Jay.Jin@morganstanley.com +1 212 761-3913

92.2% was 20bps better than Cons 92.4% with Medicare MLR of 90.7% a bright Molina Healthcare Inc (MOH.N, MOH UN)

spot (240 bps favorable vs Cons 93.1%) and reflects lower medical cost trend and Healthcare Facilities & Managed Care | United States of

pricing implemented for 2026 with overall sub-segment performance noted as America

better than internal expectations. Meanwhile, Medicaid MLR of 92.7% was 40 bps Stock Rating Equal-weight

Industry View In-Line

favorable to Cons 93.1% and reflects a stabilization of the imbalance between rates Price target $167.00

and cost trend. Importantly, management reiterated its belief in 2026 as a trough Shr price, close (Jul 22, 2026) $221.74