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    Elevance Health Reports First Quarter 2025 Results

    4/22/25 6:00:00 AM ET
    $ELV
    Medical Specialities
    Health Care
    Get the next $ELV alert in real time by email
    • 1Q 2025 operating revenue of $48.8 billion, up 15.4% from 1Q 2024
    • 1Q 2025 adjusted operating gain1 of $3.3 billion, up 4.1% from 1Q 2024
    • 1Q 2025 diluted EPS2 of $9.61; adjusted diluted EPS1 of $11.97
    • Reaffirm FY 2025 adjusted diluted EPS1 of $34.15 to $34.85
    • Returned $1.3 billion of capital to shareholders in 1Q 2025

    Elevance Health, Inc. (NYSE:ELV) reported first quarter 2025 results.

    "At Elevance Health, our purpose—to improve the health of humanity—drives everything we do. In the first quarter, we made measurable progress reimagining the healthcare experience with personalized support, real-time digital solutions, and a whole-health model that improves outcomes and reduces cost. Through Carelon and our broader enterprise, we're delivering on our strategy to be a lifetime trusted health partner—and elevating health beyond healthcare."

    Gail K. Boudreaux

    President and Chief Executive Officer

    1.  

    Refer to GAAP reconciliation tables for reconciliation of GAAP to adjusted measures.

    2.  

    Earnings per diluted share ("EPS").

     

     

     

     

     

     

     

     

    Elevance Health

     

     

    Consolidated Enterprise Highlights

     

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

    (In billions)

    Three Months Ended

     

     

     

     

    March 31, 2025

     

    March 31, 2024

     

     

     

     

     

     

     

     

     

     

    Operating Revenue1

    $48.8

     

    $42.3

     

     

     

    Operating Gain1,2

    $3.2

     

    $3.0

     

     

     

    Adjusted Operating Gain1,3

    $3.3

     

    $3.1

     

     

     

     

     

     

     

     

     

     

    Operating Margin1

    6.5 %

     

    7.1 %

     

     

     

    Adjusted Operating Margin1,3

    6.7 %

     

    7.4 %

     

     

     

     

     

     

     

     

     

    1.  

    See "Basis of Presentation."

    2.  

    Operating Gain for the three months ended March 31, 2025, and March 31, 2024, include items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

    3.  

    Adjusted Operating Gain for the three months ended March 31, 2025, and March 31, 2024, exclude items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

    Operating revenue was $48.8 billion in the first quarter of 2025, an increase of $6.5 billion, or 15 percent compared to the prior year quarter. This was driven by higher premium yields in our Health Benefits segment, acquisitions completed in the past year, growth in our Medicare Advantage and Individual ACA membership, and CarelonRx product revenue, partially offset by membership attrition in our Medicaid business.

    The benefit expense ratio was 86.4 percent, an increase of 80 basis points year over year, reflecting higher Medicaid medical cost trend, partially offset by out of period premium taxes. Days in Claims Payable stood at 44.0 days as of March 31, 2025, when adjusted for our acquisition of CareBridge. This represents an increase of 0.5 days sequentially on a comparable basis.

    The operating expense ratio was 10.9 percent, an improvement of 70 basis points from the prior year. The adjusted operating expense ratio was 10.7 percent, an improvement of 60 basis points, primarily driven by expense leverage associated with growth in operating revenue and ongoing cost management, partially offset by out of period premium tax expense during the quarter.

    Cash Flow & Balance Sheet

    Operating cash flow was $1.0 billion in the quarter, a decrease of approximately $1.0 billion year over year, reflecting timing-related items that negatively impacted working capital. As of March 31, 2025, cash and investments at the parent company totaled approximately $1.4 billion.

    During the first quarter of 2025, the Company repurchased 2.2 million shares of its common stock for $880 million, at a weighted average price of $395.78, and paid a quarterly dividend of $1.71 per share, representing a distribution of cash totaling $386 million. As of March 31, 2025, the Company had approximately $8.4 billion of Board approved share repurchase authorization remaining.

    Health Benefits is comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses.

     

     

     

     

     

     

     

     

    Health Benefits

     

     

    Reportable Segment Highlights

     

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

    (In billions)

    Three Months Ended

     

     

     

     

    March 31, 2025

     

    March 31, 2024

     

     

     

     

     

     

     

     

     

     

    Operating Revenue1

    $41.4

     

    $37.3

     

     

     

    Operating Gain1,2

    $2.2

     

    $2.3

     

     

     

    Adjusted Operating Gain1,3

    $2.2

     

    $2.3

     

     

     

     

     

     

     

     

     

     

    Operating Margin1

    5.4 %

     

    6.1 %

     

     

     

    Adjusted Operating Margin1

    5.4 %

     

    6.2 %

     

     

     

     

     

     

     

     

     

    1.  

    See "Basis of Presentation."

    2.  

    Operating Gain for the three months ended March 31, 2024, includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

    3.  

    Operating gain for the three months ended March 31, 2024, includes $16 million of 2024 business dispositions and related items adjusted out of adjusted shareholders' net income for the Health Benefits segment.

    Health Benefits segment operating revenue was $41.4 billion in the first quarter of 2025, an increase of $4.2 billion, or 11 percent compared to the prior year quarter, driven primarily by higher premium yields and growth in our Medicare Advantage and Individual ACA plan membership.

    Operating gain totaled $2.2 billion, impacted primarily by higher medical cost trend in our Medicaid business versus the first quarter of 2024, partially offset by premium rate increases and enhanced operating efficiencies.

    Medical membership totaled approximately 45.8 million as of March 31, 2025, an increase of 99 thousand from year-end 2024, driven by growth in Medicare Advantage and Commercial risk-based members. This growth was partially offset by a decline in Commercial fee-based membership from a known customer transition.

    Carelon is comprised of CarelonRx and Carelon Services.

     

     

     

     

     

     

     

     

    Carelon

     

     

    Reportable Segment Highlights

     

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

    (In billions)

    Three Months Ended

     

     

     

     

    March 31, 2025

     

    March 31, 2024

     

     

     

     

     

     

     

     

     

     

    Operating Revenue1,2

    $16.7

     

    $12.1

     

     

     

    Operating Gain1,3

    $1.1

     

    $0.8

     

     

     

    Adjusted Operating Gain1,4

    $1.1

     

    $0.9

     

     

     

     

     

     

     

     

     

     

    Operating Margin1

    6.6 %

     

    6.7 %

     

     

     

    Adjusted Operating Margin1

    6.6 %

     

    7.1 %

     

     

     

     

     

     

     

     

     

    1.  

    See "Basis of Presentation."

    2.  

    Operating revenue for the three months ended March 31, 2024, includes $0.2 billion of revenue related to 2024 business dispositions and related items that have been excluded from adjusted operating gain.

    3.  

    Operating Gain for the three months ended March 31, 2024, includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

    4.  

    Operating gain for the three months ended March 31, 2024, includes $44 million of 2024 business dispositions and related items adjusted out of adjusted shareholders' net income for the Carelon segment.

    Operating revenue for Carelon was $16.7 billion in the first quarter of 2025, an increase of $4.6 billion, or 38 percent compared to the prior year quarter. This was driven by recent acquisitions in home health and pharmacy services, growth in CarelonRx product revenue, and the scaling of innovative risk-based capabilities in Carelon Services.

    Operating gain for Carelon totaled $1.1 billion, an increase of $0.3 billion, or 34 percent, primarily driven by improved Carelon Health performance and higher CarelonRx product revenue.

    Quarterly Dividend

    On April 16, 2025, the Audit Committee of the Company's Board of Directors declared a second quarter 2025 dividend to shareholders of $1.71 per share. The second quarter dividend is payable on June 25, 2025, to shareholders of record at the close of business on June 10, 2025.

    About Elevance Health

    Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health's companies serve over 110 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

    Conference Call and Webcast

    Management will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time ("EDT") to discuss the company's first quarter results and outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:

     

    888-947-9963 (Domestic)

    866-396-1242 (Domestic Replay)

     
     

    312-470-0178 (International)

    203-369-3272 (International Replay)

     

    The access code for today's conference call is 3972058. There is no access code for the replay. The replay will be available from 11:30 a.m. EDT today, until the end of the day on May 22, 2025. The call will also be available through a live webcast at www.elevancehealth.com under the "Investors" link. A webcast replay will be available following the call.

    Basis of Presentation

    1. Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to the GAAP reconciliation tables.

    2. Operating margin is defined as operating gain divided by operating revenue.

    Elevance Health

    Earnings Release Financial Schedules and Supplementary Information

    Quarter Ended March 31, 2025

    • Membership and Other Metrics
    • Quarterly Consolidated Statements of Income
    • Condensed Consolidated Balance Sheet
    • Condensed Consolidated Statement of Cash Flows
    • Supplemental Financial Information - Reportable Segments
    • Supplemental Financial Information - Reconciliation of Medical Claims Payable
    • Reconciliation of Non-GAAP Financial Measures

    Elevance Health

    Membership and Other Metrics

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Change from

    Medical Membership (in thousands)

    March 31,

    2025

     

    March 31,

    2024

     

    December 31,

    2024

     

    March 31,

    2024

     

    December 31,

    2024

    Individual

    1,423

     

    1,246

     

    1,287

     

    14.2 %

     

    10.6 %

    Employer Group Risk-Based

    3,638

     

    3,648

     

    3,713

     

    (0.3) %

     

    (2.0) %

    Commercial Risk-Based

    5,061

     

    4,894

     

    5,000

     

    3.4 %

     

    1.2 %

    BlueCard®

    6,608

     

    6,635

     

    6,630

     

    (0.4) %

     

    (0.3) %

    Employer Group Fee-Based

    20,522

     

    20,622

     

    20,569

     

    (0.5) %

     

    (0.2) %

    Commercial Fee-Based

    27,130

     

    27,257

     

    27,199

     

    (0.5) %

     

    (0.3) %

    Medicare Advantage

    2,255

     

    2,017

     

    2,066

     

    11.8 %

     

    9.1 %

    Medicare Supplement

    876

     

    896

     

    891

     

    (2.2) %

     

    (1.7) %

    Total Medicare

    3,131

     

    2,913

     

    2,957

     

    7.5 %

     

    5.9 %

    Medicaid

    8,862

     

    9,327

     

    8,917

     

    (5.0) %

     

    (0.6) %

    Federal Employee Program

    1,649

     

    1,658

     

    1,661

     

    (0.5) %

     

    (0.7) %

    Total Medical Membership

    45,833

     

    46,049

     

    45,734

     

    (0.5) %

     

    0.2 %

    Other Metrics (in millions)

     

     

     

     

     

     

     

     

     

    CarelonRx Quarterly Adjusted Scripts

    83.9

     

    77.0

     

    82.9

     

    9.0 %

     

    1.2 %

    Carelon Services Consumers Served

    99.5

     

    102.9

     

    101.1

     

    (3.3) %

     

    (1.6) %

     

     

     

     

     

     

     

     

     

     

    Elevance Health

    Consolidated Statements of Income

    (Unaudited)

    (In millions, except per share data)

    Three Months Ended

    March 31

     

     

    2025

     

     

     

    2024

     

     

    Change

     

     

     

     

     

     

    Revenues

     

     

     

     

     

    Premiums

    $

    40,887

     

     

    $

    35,696

     

     

    14.5

    %

    Product revenue

     

    5,809

     

     

     

    4,499

     

     

    29.1

    %

    Service fees

     

    2,069

     

     

     

    2,078

     

     

    (0.4

    )%

    Total operating revenue

     

    48,765

     

     

     

    42,273

     

     

    15.4

    %

    Net investment income

     

    590

     

     

     

    465

     

     

    26.9

    %

    Net losses on financial instruments

     

    (464

    )

     

     

    (161

    )

     

    NM

     

    Total revenues

     

    48,891

     

     

     

    42,577

     

     

    14.8

    %

    Expenses

     

     

     

     

     

    Benefit expense

     

    35,312

     

     

     

    30,546

     

     

    15.6

    %

    Cost of products sold

     

    4,983

     

     

     

    3,825

     

     

    30.3

    %

    Operating expense

     

    5,300

     

     

     

    4,886

     

     

    8.5

    %

    Interest expense

     

    344

     

     

     

    265

     

     

    29.8

    %

    Amortization of other intangible assets

     

    155

     

     

     

    116

     

     

    33.6

    %

    Total expenses

     

    46,094

     

     

     

    39,638

     

     

    16.3

    %

     

     

     

     

     

     

    Income before income tax expense

     

    2,797

     

     

     

    2,939

     

     

    (4.8

    )%

     

     

     

     

     

     

    Income tax expense

     

    613

     

     

     

    690

     

     

    (11.2

    )%

    Net income

     

    2,184

     

     

     

    2,249

     

     

    (2.9

    )%

     

     

     

     

     

     

    Net income attributable to noncontrolling interests

     

    (1

    )

     

     

    (3

    )

     

    NM

     

    Shareholders' net income

    $

    2,183

     

     

    $

    2,246

     

     

    (2.8

    )%

    Shareholders' earnings per diluted share

    $

    9.61

     

     

    $

    9.59

     

     

    0.2

    %

    Diluted shares

     

    227.2

     

     

     

    234.2

     

     

    (3.0

    )%

     

     

     

     

     

     

    Benefit expense as a percentage of premiums

     

    86.4

    %

     

     

    85.6

    %

     

    80 bp

    Operating expense as a percentage of total operating revenue

     

    10.9

    %

     

     

    11.6

    %

     

    (70) bp

    Income before income tax expense as a percentage of total revenue

     

    5.7

    %

     

     

    6.9

    %

     

    (120) bp

     

    "NM" = calculation not meaningful

     

    Elevance Health

    Condensed Consolidated Balance Sheet

    (In millions)

    March 31,

    2025

     

    December 31,

    2024

    Assets

    (Unaudited)

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $7,500

     

    $8,288

    Fixed maturity and equity securities

    26,152

     

    26,393

    Premium and other receivables

    22,181

     

    19,071

    Other current assets

    5,288

     

    4,700

    Assets held for sale

    —

     

    490

    Total current assets

    61,121

     

    58,942

     

     

     

     

    Long-term investments

    11,227

     

    10,784

    Property and equipment, net

    4,617

     

    4,652

    Goodwill and other intangible assets

    40,360

     

    40,371

    Other noncurrent assets

    2,392

     

    2,140

    Total assets

    $119,717

     

    $116,889

     

     

     

     

    Liabilities and equity

     

     

     

    Liabilities

     

     

     

    Current liabilities:

     

     

     

    Medical claims payable

    $16,812

     

    $15,746

    Short-term borrowings

    250

     

    365

    Current portion of long-term debt

    1,643

     

    1,649

    Other current liabilities

    23,993

     

    22,668

    Liabilities held for sale

    —

     

    153

    Total current liabilities

    42,698

     

    40,581

     

     

     

     

    Long-term debt, less current portion

    28,110

     

    29,218

    Other noncurrent liabilities

    6,289

     

    5,664

    Total liabilities

    77,097

     

    75,463

     

     

     

     

    Total shareholders' equity

    42,503

     

    41,315

    Noncontrolling interests

    117

     

    111

    Total equity

    42,620

     

    41,426

    Total liabilities and equity

    $119,717

     

    $116,889

    Elevance Health

    Condensed Consolidated Statement of Cash Flows

    (Unaudited)

     

     

     

     

    (In millions)

    Three Months Ended

    March 31

     

    2025

     

    2024

     

     

     

     

    Operating activities

     

     

     

    Net income

    $2,184

     

     

    $2,249

     

    Depreciation and amortization

    373

     

     

    331

     

    Share-based compensation

    81

     

     

    62

     

    Changes in operating assets and liabilities

    (1,785

    )

     

    (988

    )

    Other non-cash items

    164

     

     

    324

     

    Net cash provided by operating activities

    1,017

     

     

    1,978

     

     

     

     

     

    Investing activities

     

     

     

    Proceeds from (purchases of) investments, net of sales and maturities

    610

     

     

    (670

    )

    Proceeds from (purchases of) subsidiaries, net of cash acquired/sold

    4

     

     

    (1,120

    )

    Purchases of property and equipment

    (196

    )

     

    (279

    )

    Other, net

    (315

    )

     

    (241

    )

    Net cash used in investing activities

    103

     

     

    (2,310

    )

     

     

     

     

    Financing activities

     

     

     

    Net change in short-term and long-term borrowings

    (1,365

    )

     

    1,350

     

    Repurchase and retirement of common stock

    (880

    )

     

    (566

    )

    Cash dividends

    (386

    )

     

    (379

    )

    Other, net

    722

     

     

    (373

    )

    Net cash (used in) provided by financing activities

    (1,909

    )

     

    32

     

     

     

     

     

    Effect of foreign exchange rates on cash and cash equivalents

    1

     

     

    —

     

     

     

     

     

    Change in cash and cash equivalents

    (788

    )

     

    (300

    )

    Cash and cash equivalents at beginning of period

    8,288

     

     

    6,526

     

     

     

     

     

    Cash and cash equivalents at end of period

    $7,500

     

     

    $6,226

     

    REPORTABLE SEGMENTS

     

    Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; and Corporate & Other (comprised of businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).

     

     

     

     

     

     

     

     

     

    Elevance Health

     

     

    Reportable Segment Highlight Details

     

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

    (In millions)

    Three Months Ended March 31

     

     

     

    2025

     

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

    Operating Revenue

     

     

     

     

     

     

     

    Health Benefits

    $41,431

     

     

    $37,258

     

     

    11.2%

     

     

    CarelonRx

    10,116

     

     

    8,067

     

     

    25.4%

     

     

    Carelon Services

    6,536

     

     

    4,009

     

     

    63.0%

     

     

    Corporate & Other

    165

     

     

    127

     

     

    29.9%

     

     

    Eliminations

    (9,483

    )

     

    (7,188

    )

     

    NM5

     

     

    Total Operating Revenue1

    $48,765

     

     

    $42,273

     

     

    15.4%

     

     

     

     

     

     

     

     

     

     

    Operating Gain (Loss)

     

     

     

     

     

     

     

    Health Benefits2

    $2,217

     

     

    $2,287

     

     

    (3.1)%

     

     

    CarelonRx

    602

     

     

    523

     

     

    15.1%

     

     

    Carelon Services2

    491

     

     

    290

     

     

    69.3%

     

     

    Corporate & Other2,3

    (140

    )

     

    (84

    )

     

    NM5

     

     

    Total Operating Gain1,4

    $3,170

     

     

    $3,016

     

     

    5.1%

     

     

     

     

     

     

     

     

     

     

    Operating Margin

     

     

     

     

     

     

     

    Health Benefits

    5.4

    %

     

    6.1

    %

     

    (70) bp

     

     

    CarelonRx

    6.0

    %

     

    6.5

    %

     

    (50) bp

     

     

    Carelon Services

    7.5

    %

     

    7.2

    %

     

    30 bp

     

     

    Total Operating Margin1

    6.5

    %

     

    7.1

    %

     

    (60) bp

     

    1.  

    See "Basis of Presentation."

    2.  

    Operating Gain for the three months ended March 31, 2024, included $60 million of 2024 business dispositions and related items; including $44 million for the Carelon Services segment; and $16 million for the Health Benefits segment. Operating Gain for the three months ended March 31, 2024, included $52 million of transaction and integration related costs, $2 million of litigation and settlement expenses, and ($4) million of business optimization charges, all of which reside in the Corporate & Other reportable segment.

    3.  

    Operating Gain for the three months ended March 31, 2025, included $80 million of transaction and integration related costs and $5 million of litigation and settlement expenses, which reside in the Corporate & Other reportable segment.

    4.  

    Operating Gain for the three months ended March 31, 2025, and March 31, 2024, included items excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

    5.  

    "NM" = calculation not meaningful.

    Elevance Health

    Reconciliation of Medical Claims Payable

     

     

    Three Months Ended March 31

     

    Years Ended December 31

     

     

    2025

     

     

     

    2024

     

     

     

    2024

     

     

     

    2023

     

     

     

    2022

     

    (In millions)

    (Unaudited)

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross medical claims payable, beginning of period

    $

    15,580

     

     

    $

    15,865

     

     

    $

    15,865

     

     

    $

    15,348

     

     

    $

    13,282

     

    Ceded medical claims payable, beginning of period

     

    (13

    )

     

     

    (7

    )

     

     

    (7

    )

     

     

    (6

    )

     

     

    (21

    )

    Net medical claims payable, beginning of period

     

    15,567

     

     

     

    15,858

     

     

     

    15,858

     

     

     

    15,342

     

     

     

    13,261

     

     

     

     

     

     

     

     

     

     

     

    Business combinations and purchase adjustments

     

    (85

    )

     

     

    —

     

     

     

    143

     

     

     

    —

     

     

     

    133

     

     

     

     

     

     

     

     

     

     

     

    Net incurred medical claims:

     

     

     

     

     

     

     

     

     

    Current year

     

    35,313

     

     

     

    30,708

     

     

     

    125,370

     

     

     

    121,798

     

     

     

    113,414

     

    Prior years redundancies1

     

    (1,025

    )

     

     

    (1,205

    )

     

     

    (1,731

    )

     

     

    (1,571

    )

     

     

    (869

    )

    Total net incurred medical claims

     

    34,288

     

     

     

    29,503

     

     

     

    123,639

     

     

     

    120,227

     

     

     

    112,545

     

     

     

     

     

     

     

     

     

     

     

    Net payments attributable to:

     

     

     

     

     

     

     

     

     

    Current year medical claims

     

    23,392

     

     

     

    19,580

     

     

     

    110,930

     

     

     

    107,146

     

     

     

    98,997

     

    Prior years medical claims

     

    9,863

     

     

     

    9,606

     

     

     

    13,143

     

     

     

    12,565

     

     

     

    11,600

     

    Total net payments

     

    33,255

     

     

     

    29,186

     

     

     

    124,073

     

     

     

    119,711

     

     

     

    110,597

     

     

     

     

     

     

     

     

     

     

     

    Net medical claims payable, end of period

     

    16,515

     

     

     

    16,175

     

     

     

    15,567

     

     

     

    15,858

     

     

     

    15,342

     

    Ceded medical claims payable, end of period

     

    14

     

     

     

    8

     

     

     

    13

     

     

     

    7

     

     

     

    6

     

    Gross medical claims payable, end of period2

    $

    16,529

     

     

    $

    16,183

     

     

    $

    15,580

     

     

    $

    15,865

     

     

    $

    15,348

     

     

     

     

     

     

     

     

     

     

     

    Current year medical claims paid as a percentage of current year net incurred medical claims

     

    66.2

    %

     

     

    63.8

    %

     

     

    88.5

    %

     

     

    88.0

    %

     

     

    87.3

    %

     

     

     

     

     

     

     

     

     

     

    Prior year redundancies in the current year as a percentage of prior year net medical claims payable less prior year redundancies in the current year

     

    7.1

    %

     

     

    8.2

    %

     

     

    12.3

    %

     

     

    11.4

    %

     

     

    7.0

    %

     

     

     

     

     

     

     

     

     

     

    Prior year redundancies in the current year as a percentage of prior year net incurred medical claims

     

    0.8

    %

     

     

    1.1

    %

     

     

    1.4

    %

     

     

    1.4

    %

     

     

     

    0.9

    %

    1.  

    Negative amounts reported for net incurred medical claims related to prior years result from claims being settled for amounts less than originally estimated.

    2.  

    Excludes insurance lines other than short duration.

    Elevance Health

    GAAP Reconciliation

    (Unaudited)

     

    This document references non-GAAP measures, including "Adjusted Shareholders' Net Income," "Adjusted Shareholders' Net Income Per Share," "Adjusted EPS," "Adjusted Operating Gain," "Adjusted Operating Expense" and "Adjusted Operating Expense Ratio," which are non-GAAP measures. These non-GAAP measures are intended to aid investors when comparing Elevance Health's financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are available below. In addition to these non-GAAP measures, references are made to the measures "Operating Revenue" and "Operating Gain/Loss," "Operating Margin" and "Adjusted EPS". Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Each of these measures is provided to further aid investors in understanding and analyzing Elevance Health's operating and financial results. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein. A reconciliation of the non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP, together with a reconciliation of reportable segments operating gain to income before income tax expense, is provided below. Prior amounts may be grouped differently to conform to the current presentation. Net adjustment items per share may not sum due to rounding. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein.

     

     

    Three Months Ended March 31

     

     

    (In millions, except per share data)

     

    2025

     

     

     

    2024

     

     

    Change

    Shareholders' net income

    $

    2,183

     

     

    $

    2,246

     

     

    (2.8

    )%

    Add / (Subtract):

     

     

     

     

     

    Net losses on financial instruments

     

    464

     

     

     

    161

     

     

     

    Amortization of other intangible assets

     

    155

     

     

     

    116

     

     

     

    Transaction and integration related costs1

     

    80

     

     

     

    52

     

     

     

    Litigation and settlement expenses1

     

    5

     

     

     

    2

     

     

     

    Business dispositions and related items2

     

    —

     

     

     

    60

     

     

     

    Business optimization charges1

     

    —

     

     

     

    (4

    )

     

     

    Tax impact of non-GAAP adjustments

     

    (168

    )

     

     

    (96

    )

     

     

    Net adjustment items

     

    536

     

     

     

    291

     

     

     

    Adjusted shareholders' net income

    $

    2,719

     

     

    $

    2,537

     

     

    7.2

    %

     

     

     

     

     

     

    Shareholders' earnings per diluted share

    $

    9.61

     

     

    $

    9.59

     

     

    0.2

    %

    Add / (Subtract):

     

     

     

     

     

    Net losses on financial instruments

     

    2.04

     

     

     

    0.69

     

     

     

    Amortization of other intangible assets

     

    0.68

     

     

     

    0.50

     

     

     

    Transaction and integration related costs1

     

    0.35

     

     

     

    0.22

     

     

     

    Litigation and settlement expenses1

     

    0.02

     

     

     

    0.01

     

     

     

    Business dispositions and related items2

     

    —

     

     

     

    0.26

     

     

     

    Business optimization charges1

     

    —

     

     

     

    (0.02

    )

     

     

    Tax impact of non-GAAP adjustments

     

    (0.74

    )

     

     

    (0.41

    )

     

     

    Net adjustment items

     

    2.36

     

     

     

    1.24

     

     

     

    Adjusted shareholders' earnings per diluted share

    $

    11.97

     

     

    $

    10.83

     

     

    10.5

    %

     

     

     

     

     

     

     

    Three Months Ended March 31

     

     

    (In millions)

     

    2025

     

     

     

    2024

     

     

    Change

     

     

     

     

     

     

    Income before income tax expense

    $

    2,797

     

     

    $

    2,939

     

     

    (4.8

    )%

    Net investment income

     

    (590

    )

     

     

    (465

    )

     

     

    Net losses on financial instruments

     

    464

     

     

     

    161

     

     

     

    Interest expense

     

    344

     

     

     

    265

     

     

     

    Amortization of other intangible assets

     

    155

     

     

     

    116

     

     

     

    Reportable segments operating gain

    $

    3,170

     

     

    $

    3,016

     

     

    5.1

    %

    1.  

    Adjustment item resides in the Corporate & Other reportable segment.

    2.  

    Adjustment item resides in the Health Benefits and Carelon Services reportable segments.

    Elevance Health

    GAAP Reconciliation

    (Unaudited)

     

     

    Three Months Ended

    March 31

     

     

    (In millions)

     

    2025

     

     

     

    2024

     

     

    Change

     

     

     

     

     

     

    Reportable segments operating gain

    $

    3,170

     

     

    $

    3,016

     

     

    5.1

    %

    Add / (Subtract):

     

     

     

     

     

    Transaction and integration related costs1

     

    80

     

     

     

    52

     

     

     

    Litigation and settlement expenses1

     

    5

     

     

     

    2

     

     

     

    Business dispositions and related items2

     

    —

     

     

     

    60

     

     

     

    Business optimization charges1

     

    —

     

     

     

    (4

    )

     

     

    Net adjustment items

     

    85

     

     

     

    110

     

     

     

    Reportable segments adjusted operating gain

    $

    3,255

     

     

    $

    3,126

     

     

    4.1

    %

     

     

     

     

     

     

     

    Three Months Ended

    March 31

     

     

    (In millions)

     

    2025

     

     

     

    2024

     

     

    Change

    Operating expense

    $

    5,300

     

     

    $

    4,886

     

     

    8.5

    %

    Add / (Subtract):

     

     

     

     

     

    Transaction and integration related costs1

     

    (80

    )

     

     

    (52

    )

     

     

    Litigation and settlement expenses1

     

    (5

    )

     

     

    (2

    )

     

     

    Business dispositions and related items2

     

    —

     

     

     

    (60

    )

     

     

    Business optimization charges1

     

    —

     

     

     

    4

     

     

     

    Net adjustment items

     

    (85

    )

     

     

    (110

    )

     

     

    Adjusted operating expense

    $

    5,215

     

     

    $

    4,776

     

     

    9.2

    %

     

     

     

     

     

     

    Operating revenue

    $

    48,765

     

     

    $

    42,273

     

     

    15.4

    %

     

     

     

     

     

     

    Operating expense ratio

     

    10.9

    %

     

     

    11.6

    %

     

    (70) bp

    Adjusted operating expense ratio

     

    10.7

    %

     

     

    11.3

    %

     

    (60) bp

     

     

     

     

     

     

     

     

     

     

     

     

     

    Full Year

    2025 Outlook

     

     

    Shareholders' earnings per diluted share

    $28.30 to $29.00

     

     

    Add / (Subtract):

     

     

     

    Net losses on financial instruments3

    $3.21

     

     

     

    Amortization of other intangible assets3

    $2.98

     

     

     

    Transaction and integration related costs1,3

    $1.35

     

     

     

    Litigation and settlement expenses1,3

    $0.06

     

     

     

    Tax impact of non-GAAP adjustments3

    Approximately ($1.75)

     

     

    Net adjustment items

    $5.85

     

     

     

    Adjusted shareholders' earnings per diluted share

    $34.15 to $34.85

     

     

    1.  

    Adjustment item resides in the Corporate & Other reportable segment.

    2.  

    Adjustment item resides in the Health Benefits and Carelon Services reportable segments.

    3.  

    Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount.

    Forward-Looking Statements

    This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as "expect," "feel," "believe," "will," "may," "should," "anticipate," "intend," "estimate," "project," "forecast," "plan" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems, or failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity related to the health benefits industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250421567802/en/

    Elevance Health Contacts:

    Investor Relations

    Nathan Rich

    [email protected]

    Media

    Leslie Porras

    [email protected]

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    • Elevance Health downgraded by Robert W. Baird with a new price target

      Robert W. Baird downgraded Elevance Health from Outperform to Neutral and set a new price target of $529.00

      4/15/25 9:24:40 AM ET
      $ELV
      Medical Specialities
      Health Care
    • Elevance Health upgraded by Argus with a new price target

      Argus upgraded Elevance Health from Hold to Buy and set a new price target of $450.00

      3/17/25 8:22:06 AM ET
      $ELV
      Medical Specialities
      Health Care
    • Elevance Health downgraded by Stephens with a new price target

      Stephens downgraded Elevance Health from Overweight to Equal-Weight and set a new price target of $440.00 from $520.00 previously

      1/22/25 7:37:04 AM ET
      $ELV
      Medical Specialities
      Health Care

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    • Elevance Health Reports First Quarter 2025 Results

      1Q 2025 operating revenue of $48.8 billion, up 15.4% from 1Q 2024 1Q 2025 adjusted operating gain1 of $3.3 billion, up 4.1% from 1Q 2024 1Q 2025 diluted EPS2 of $9.61; adjusted diluted EPS1 of $11.97 Reaffirm FY 2025 adjusted diluted EPS1 of $34.15 to $34.85 Returned $1.3 billion of capital to shareholders in 1Q 2025 Elevance Health, Inc. (NYSE:ELV) reported first quarter 2025 results. "At Elevance Health, our purpose—to improve the health of humanity—drives everything we do. In the first quarter, we made measurable progress reimagining the healthcare experience with personalized support, real-time digital solutions, and a whole-health model that improves outcomes and reduces co

      4/22/25 6:00:00 AM ET
      $ELV
      Medical Specialities
      Health Care
    • Elevance Health to Hold Conference Call and Webcast to Discuss First Quarter 2025 Results on April 22, 2025

      Elevance Health (NYSE:ELV) will release first quarter 2025 financial results on April 22, 2025, at 6:00 a.m. Eastern Daylight Time ("EDT"). Management will review these results and its outlook during a conference call at 8:30 a.m. EDT that same morning. The conference call should be accessed at least 15 minutes prior to its start with the following numbers: 888-947-9963 – Access Code - 3972058 (Domestic) 312-470-0178 – Access Code - 3972058 (International) 800-396-1242 – No Access Code (Domestic Replay) 203-369-3272 – No Access Code (International Replay) The replay will be available from 11:30 a.m. EDT on April 22, 2025, until the end of the day on May 22, 2025. The call will als

      3/31/25 4:05:00 PM ET
      $ELV
      Medical Specialities
      Health Care
    • Elevance Health Reports Fourth Quarter and Full Year 2024 Results; Sets Full Year 2025 Outlook

      4Q 2024 operating revenue of $45.0 billion; FY 2024 of $175.2 billion 4Q 2024 diluted EPS1 of $1.81; adjusted diluted EPS2 of $3.84 FY 2024 diluted EPS1 of $25.68; adjusted diluted EPS2 of $33.04 Projected FY 2025 GAAP diluted EPS1 to be in the range of $30.40 to $31.10 Projected FY 2025 adjusted diluted EPS2 to be in the range of $34.15 to $34.85 Quarterly dividend increased by 5% to $1.71 per share Elevance Health, Inc. (NYSE:ELV) reported fourth quarter and full year 2024 results. "As part of our commitment to elevating whole health and advancing health beyond healthcare, we deliver value to the members and care providers we serve by ensuring simple, affordable, and

      1/23/25 6:00:00 AM ET
      $ELV
      Medical Specialities
      Health Care

    $ELV
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    • Elevance Health Reports First Quarter 2025 Results

      1Q 2025 operating revenue of $48.8 billion, up 15.4% from 1Q 2024 1Q 2025 adjusted operating gain1 of $3.3 billion, up 4.1% from 1Q 2024 1Q 2025 diluted EPS2 of $9.61; adjusted diluted EPS1 of $11.97 Reaffirm FY 2025 adjusted diluted EPS1 of $34.15 to $34.85 Returned $1.3 billion of capital to shareholders in 1Q 2025 Elevance Health, Inc. (NYSE:ELV) reported first quarter 2025 results. "At Elevance Health, our purpose—to improve the health of humanity—drives everything we do. In the first quarter, we made measurable progress reimagining the healthcare experience with personalized support, real-time digital solutions, and a whole-health model that improves outcomes and reduces co

      4/22/25 6:00:00 AM ET
      $ELV
      Medical Specialities
      Health Care
    • Elevance Health to Hold Conference Call and Webcast to Discuss First Quarter 2025 Results on April 22, 2025

      Elevance Health (NYSE:ELV) will release first quarter 2025 financial results on April 22, 2025, at 6:00 a.m. Eastern Daylight Time ("EDT"). Management will review these results and its outlook during a conference call at 8:30 a.m. EDT that same morning. The conference call should be accessed at least 15 minutes prior to its start with the following numbers: 888-947-9963 – Access Code - 3972058 (Domestic) 312-470-0178 – Access Code - 3972058 (International) 800-396-1242 – No Access Code (Domestic Replay) 203-369-3272 – No Access Code (International Replay) The replay will be available from 11:30 a.m. EDT on April 22, 2025, until the end of the day on May 22, 2025. The call will als

      3/31/25 4:05:00 PM ET
      $ELV
      Medical Specialities
      Health Care
    • Elevance Health Reports Fourth Quarter and Full Year 2024 Results; Sets Full Year 2025 Outlook

      4Q 2024 operating revenue of $45.0 billion; FY 2024 of $175.2 billion 4Q 2024 diluted EPS1 of $1.81; adjusted diluted EPS2 of $3.84 FY 2024 diluted EPS1 of $25.68; adjusted diluted EPS2 of $33.04 Projected FY 2025 GAAP diluted EPS1 to be in the range of $30.40 to $31.10 Projected FY 2025 adjusted diluted EPS2 to be in the range of $34.15 to $34.85 Quarterly dividend increased by 5% to $1.71 per share Elevance Health, Inc. (NYSE:ELV) reported fourth quarter and full year 2024 results. "As part of our commitment to elevating whole health and advancing health beyond healthcare, we deliver value to the members and care providers we serve by ensuring simple, affordable, and

      1/23/25 6:00:00 AM ET
      $ELV
      Medical Specialities
      Health Care
    • Director Strable-Soethout Deanna D was granted 601 shares, increasing direct ownership by 58% to 1,646 units (SEC Form 4)

      4 - Elevance Health, Inc. (0001156039) (Issuer)

      5/16/25 4:19:25 PM ET
      $ELV
      Medical Specialities
      Health Care
    • Director Schneider Ryan M. was granted 601 shares, increasing direct ownership by 10% to 6,600 units (SEC Form 4)

      4 - Elevance Health, Inc. (0001156039) (Issuer)

      5/16/25 4:18:55 PM ET
      $ELV
      Medical Specialities
      Health Care
    • Director Peru Ramiro G was granted 601 shares, increasing direct ownership by 7% to 9,345 units (SEC Form 4)

      4 - Elevance Health, Inc. (0001156039) (Issuer)

      5/16/25 4:18:24 PM ET
      $ELV
      Medical Specialities
      Health Care