We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Elevance Health Inc | NYSE:ELV | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 3.80 | 0.88% | 434.28 | 436.45 | 428.2301 | 430.43 | 1,330,458 | 20:46:28 |
From Jan 2025 to Mar 2025
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 accessible care. Our fourth quarter results demonstrate tangible progress in improving our operations in response to the dynamic environment facing the industry. As we look to 2025, we remain resolute in our goal to simplify the healthcare experience, deepen the impact of Carelon, and deploy innovative care models, positioning us to achieve sustainable growth over the long run."
Gail K. Boudreaux President and Chief Executive Officer
1.Earnings per diluted share ("EPS").
2.Refer to GAAP reconciliation tables herein for reconciliation of GAAP to adjusted measures.
Elevance Health
Consolidated Enterprise Highlights
(Unaudited)
(In billions)
Three Months Ended
Twelve Months Ended
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Operating Revenue1
$45.0
$42.5
$175.2
$170.2
Operating Gain1,2
$0.7
$1.3
$7.9
$8.5
Adjusted Operating Gain1,3
$1.0
$1.4
$9.3
$9.4
Operating Margin1
1.5 %
3.0 %
4.5 %
5.0 %
Adjusted Operating Margin1
2.3 %
3.2 %
5.3 %
5.5 %
1.
See “Basis of Presentation.”
2.Operating Gain for the three and twelve months ended December 31, 2024, and December 31, 2023, include items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
3.Adjusted Operating Gain for the three and twelve months ended December 31, 2024, and December 31, 2023, exclude items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
Operating revenue was $45.0 billion in the fourth quarter of 2024, an increase of $2.5 billion, or 6 percent compared to the prior year quarter. Operating revenue was $175.2 billion in 2024, an increase of $5.0 billion, or 3 percent. The increase in revenue for the quarter and year was driven by higher premium yields in our Health Benefits segment, acquisitions completed in 2024, and growth in CarelonRx product revenue, partially offset by membership attrition in our Medicaid business.
The benefit expense ratio was 92.4 percent in the fourth quarter, an increase of 320 basis points compared to the prior year period, and 88.5 percent for the full year, an increase of 150 basis points year over year. The increases were driven primarily by higher Medicaid medical cost trends. Days in Claims Payable was 42.9 days as of December 31, 2024, a slight increase of 0.1 days from September 30, 2024, and a decrease of 4.4 days compared to December 31, 2023.
The operating expense ratio was 10.7 percent in the fourth quarter and 11.4 percent for the full year. On an adjusted basis, the corresponding operating expense ratios were 9.9 percent and 10.6 percent. The improvements in the adjusted operating expense ratio over prior year periods of 170 basis points and 70 basis points, respectively, reflect disciplined cost management and enhanced efficiency.
Cash Flow & Balance Sheet
Operating cash flow was $5.8 billion in 2024, approximately 1.0 times GAAP net income. As of December 31, 2024, cash and investments at the parent company totaled approximately $2.4 billion.
During the fourth quarter of 2024, the Company repurchased 4.5 million shares of its common stock for $1.8 billion, at a weighted average price of $401.29, and paid a quarterly dividend of $1.63 per share, representing a distribution of cash totaling $373 million. As of December 31, 2024, the Company had approximately $9.3 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
Twelve Months Ended
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Operating Revenue1
$37.6
$36.5
$150.3
$148.6
Operating Gain1,2
$0.2
$0.8
$6.2
$6.9
Adjusted Operating Gain1,3
$0.3
$0.8
$6.3
$6.9
Operating Margin1
0.6 %
2.1 %
4.2 %
4.6 %
Adjusted Operating Margin1
0.7 %
2.1 %
4.2 %
4.6 %
1.
See “Basis of Presentation.”
2.Operating Gain for the three and twelve months ended December 31, 2024 include items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
3.Operating gain for both the three and twelve months ended December 31, 2024 includes $66 million of business dispositions and related items adjusted out of adjusted shareholders' net income for the Health Benefits segment
Health Benefits segment operating revenue was $37.6 billion in the fourth quarter of 2024, an increase of $1.0 billion, or 3 percent compared to the fourth quarter of 2023. Operating revenue was $150.3 billion in 2024, an increase of $1.7 billion, or 1 percent. The increases for the quarter and year were driven primarily by higher premium yields, partially offset by membership attrition in our Medicaid business.
Operating gain totaled $0.2 billion in the fourth quarter of 2024 and $6.2 billion for the full year. On an adjusted basis, operating gain was $0.3 billion in the fourth quarter of 2024 and $6.3 billion for the full year. Adjusted operating gain in both periods was impacted primarily by higher cost trend in Medicaid related to redeterminations.
Medical membership totaled approximately 45.7 million as of December 31, 2024, a decrease of 1.1 million, or 2 percent year over year, driven by attrition in our Medicaid business, partially offset by growth in Employer Group fee-based and Affordable Care Act health plan membership.
Carelon is comprised of CarelonRx and Carelon Services.
Carelon
Reportable Segment Highlights
(Unaudited)
(In billions)
Three Months Ended
Twelve Months Ended
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Operating Revenue1,2
$14.7
$12.4
$53.9
$48.0
Operating Gain1
$0.6
$0.6
$2.9
$2.7
Adjusted Operating Gain1,3
$0.8
$0.6
$3.1
$2.7
Operating Margin1
3.9 %
4.8 %
5.4 %
5.5 %
Adjusted Operating Margin1
5.3 %
4.8 %
5.8 %
5.5 %
1.
See “Basis of Presentation.”
2.Operating revenue for both the three and twelve months ended December 31, 2024 includes $0.8 of revenue related to business dispositions and related items that have been excluded from adjusted operating gain.
3.Operating gain for both the three and twelve months ended December 31, 2024 includes $0.2 of business dispositions and related items adjusted out of adjusted shareholders' net income for the Carelon segment.
Operating revenue for Carelon was $14.7 billion in the fourth quarter of 2024, an increase of $2.3 billion, or 19 percent compared to the prior year period. Operating revenue was $53.9 billion in 2024, an increase of $5.9 billion, or 12 percent. The increases for the quarter and the year were driven by the launch and growth of risk-based capabilities in Carelon Services and acquisitions completed in 2024.
Operating gain for Carelon totaled $0.6 billion in the fourth quarter, effectively flat year over year; however, on an adjusted basis, operating gain was $0.8 billion, an increase of $0.2 billion, or 32 percent. The increase for the fourth quarter of 2024 was driven by higher pharmacy product revenue. On a full year basis, operating gain was $2.9 billion in 2024, an increase of $0.2 billion, or 9 percent. Similarly, on an adjusted basis, operating gain was $3.1 billion, an increase of $0.4 billion, or 17 percent.
Quarterly Dividend
On January 22, 2025, the Audit Committee of the Company's Board of Directors declared a first quarter 2025 dividend to shareholders of $1.71 per share. The first quarter dividend is payable on March 25, 2025, to shareholders of record at the close of business on March 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 approximately 112 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 Standard Time (“EST”) to discuss the company’s fourth quarter and full year 2024 results and 2025 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)
866-405-7292 (Domestic Replay)
312-470-0178 (International)
203-369-0604 (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. EST today, until the end of the day on February 21, 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
Elevance Health Earnings Release Financial Schedules and Supplementary Information Quarter & Year Ended December 31, 2024
Elevance Health
Membership and Other Metrics
(Unaudited)
Change from
Medical Membership (in thousands)
December 31, 2024
December 31, 2023
September 30, 2024
December 31, 2023
September 30, 2024
Individual
1,287
1,025
1,299
25.6 %
(0.9) %
Employer Group Risk-Based
3,713
3,756
3,672
(1.1) %
1.1 %
Commercial Risk-Based
5,000
4,781
4,971
4.6 %
0.6 %
BlueCard®1
6,630
6,706
6,677
(1.1) %
(0.7) %
Employer Group Fee-Based
20,569
20,227
20,589
1.7 %
(0.1) %
Commercial Fee-Based
27,199
26,933
27,266
1.0 %
(0.2) %
Medicare Advantage
2,066
2,047
2,047
0.9 %
0.9 %
Medicare Supplement
891
923
894
(3.5) %
(0.3) %
Total Medicare
2,957
2,970
2,941
(0.4) %
0.5 %
Medicaid
8,917
10,503
8,926
(15.1) %
(0.1) %
Federal Employee Program
1,661
1,642
1,656
1.2 %
0.3 %
Total Medical Membership
45,734
46,829
45,760
(2.3) %
(0.1) %
Other Membership (in thousands)
Dental Members
7,282
6,820
7,021
6.8 %
3.7 %
Dental Administration Members
1,887
1,729
1,878
9.1 %
0.5 %
Vision Members
10,419
9,944
10,382
4.8 %
0.4 %
Medicare Part D Standalone Members
256
260
258
(1.5) %
(0.8) %
Other Metrics (in millions)
CarelonRx Quarterly Adjusted Scripts
82.9
78.0
80.2
6.3 %
3.4 %
Carelon Services Consumers Served
101.1
103.3
101.3
(2.1) %
(0.2) %
1.
BlueCard® membership for the three months ended December 31, 2023, is restated to align to the Blue Cross Blue Shield Association reporting methodology. For the three months ended December 31, 2023, BlueCard® membership has been restated lower by 132.
Elevance Health
Consolidated Statements of Income
(Unaudited)
(In millions, except per share data)
Three Months Ended December 31
Twelve Months Ended December 31
2024
2023
Change
2024
2023
Change
Revenues
Premiums
$
36,245
$
35,138
3.2
%
$
144,166
$
142,854
0.9
%
Product revenue
6,714
5,394
24.5
%
22,630
19,452
16.3
%
Service fees
2,030
1,922
5.6
%
8,408
7,903
6.4
%
Total operating revenue
44,989
42,454
6.0
%
175,204
170,209
2.9
%
Net investment income
527
529
(0.4
)%
2,051
1,825
12.4
%
Net losses on financial instruments
(74
)
(336
)
NM
(445
)
(694
)
NM
Gain on sale of business
—
—
NM
201
—
NM
Total revenues
45,442
42,647
6.6
%
177,011
171,340
3.3
%
Expenses
Benefit expense
33,500
31,334
6.9
%
127,567
124,330
2.6
%
Cost of products sold
6,012
4,837
24.3
%
19,750
17,293
14.2
%
Operating expense
4,804
4,999
(3.9
)%
20,025
20,087
(0.3
)%
Interest expense
340
259
31.3
%
1,185
1,030
15.0
%
Amortization of other intangible assets
180
217
(17.1
)%
580
885
(34.5
)%
Total expenses
44,836
41,646
7.7
%
169,107
163,625
3.4
%
Income before income tax expense
606
1,001
(39.5
)%
7,904
7,715
2.4
%
Income tax expense
193
170
13.5
%
1,933
1,724
12.1
%
Net income
413
831
(50.3
)%
5,971
5,991
(0.3
)%
Net loss (income) attributable to noncontrolling interests
5
25
NM
9
(4
)
NM
Shareholders' net income
$
418
$
856
(51.2
)%
$
5,980
$
5,987
(0.1
)%
Shareholders' earnings per diluted share
$
1.81
$
3.63
(50.1
)%
$
25.68
$
25.22
1.8
%
Diluted shares
231.1
235.8
(2.0
)%
232.9
237.4
(1.9
)%
Benefit expense as a percentage of premiums
92.4
%
89.2
%
320 bp
88.5
%
87.0
%
150 bp
Operating expense as a percentage of total operating revenue
10.7
%
11.8
%
(110) bp
11.4
%
11.8
%
(40) bp
Income before income tax expense as a percentage of total revenue
1.3
%
2.3
%
(100) bp
4.5
%
4.5
%
— bp
"NM" = calculation not meaningfulElevance Health
Condensed Consolidated Balance Sheet
(In millions)
December 31, 2024
December 31, 2023
Assets
(Unaudited)
Current assets:
Cash and cash equivalents
$8,288
$6,526
Fixed maturity and equity securities
26,393
29,843
Premium and other receivables
18,796
17,865
Other current assets
4,759
5,795
Assets held for sale
490
—
Total current assets
58,726
60,029
Long-term investments
10,784
6,983
Property and equipment, net
4,652
4,359
Goodwill and other intangible assets
40,371
35,590
Other noncurrent assets
2,140
1,967
Total assets
$116,673
$108,928
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable
$15,626
$16,111
Short-term borrowings
365
225
Current portion of long-term debt
1,649
1,649
Other current liabilities
22,572
23,806
Liabilities held for sale
153
—
Total current liabilities
40,365
41,791
Long-term debt, less current portion
29,218
23,246
Other noncurrent liabilities
5,664
4,486
Total liabilities
75,247
69,523
Total shareholders’ equity
41,315
39,306
Noncontrolling interests
111
99
Total equity
41,426
39,405
Total liabilities and equity
$116,673
$108,928
Elevance Health
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(In millions)
Twelve Months Ended December 31
2024
2023
Operating activities
Net income
$
5,971
$
5,991
Depreciation and amortization
1,393
1,745
Share-based compensation
191
289
Changes in operating assets and liabilities
(1,719
)
(534
)
Other non-cash items
(28
)
570
Net cash provided by operating activities
5,808
8,061
Investing activities
Proceeds from sale/ (purchases) of investments, net of maturities
586
(2,700
)
Net purchases of subsidiaries, net of cash acquired/sold
(4,446
)
(1,552
)
Purchases of property and equipment
(1,256
)
(1,296
)
Other, net
(51
)
(24
)
Net cash used in investing activities
(5,167
)
(5,572
)
Financing activities
Net change in short-term and long-term borrowings
6,200
626
Repurchase and retirement of common stock
(2,900
)
(2,676
)
Cash dividends
(1,508
)
(1,395
)
Other, net
(599
)
96
Net cash provided by (used in) financing activities
1,193
(3,349
)
Effect of foreign exchange rates on cash and cash equivalents
(6
)
(1
)
Change in cash and cash equivalents
1,828
(861
)
Cash and cash equivalents at beginning of period
6,526
7,387
Less cash and equivalents included in assets held for sale at end of period
(66
)
—
Cash and cash equivalents at end of period
$
8,288
$
6,526
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 December 31
Twelve Months Ended December 31
2024
2023
Change
2024
2023
Change
Operating Revenue
Health Benefits
$37,580
$36,547
2.8 %
$150,275
$148,571
1.1 %
CarelonRx
9,977
8,827
13.0 %
35,961
33,835
6.3 %
Carelon Services
4,769
3,574
33.4 %
17,961
14,147
27.0 %
Corporate & Other
(14)
181
NM5
309
479
(35.5) %
Eliminations
(7,323)
(6,675)
9.7 %
(29,302)
(26,823)
9.2 %
Total Operating Revenue1
$44,989
$42,454
6.0 %
$175,204
$170,209
2.9 %
Operating Gain (Loss)
Health Benefits2
$207
$767
(73.0) %
$6,243
$6,888
(9.4) %
CarelonRx
533
490
8.8 %
2,172
1,975
10.0 %
Carelon Services2
35
102
(65.7) %
717
680
5.4 %
Corporate & Other2,3
(102)
(75)
NM5
(1,270)
(1,044)
NM5
Total Operating Gain1,4
$673
$1,284
(47.6) %
$7,862
$8,499
(7.5) %
Operating Margin
Health Benefits
0.6 %
2.1 %
(150) bp
4.2 %
4.6 %
(40) bp
CarelonRx
5.3 %
5.6 %
(30) bp
6.0 %
5.8 %
20 bp
Carelon Services
0.7 %
2.9 %
(220) bp
4.0 %
4.8 %
(80) bp
Total Operating Margin1
1.5 %
3.0 %
(150) bp
4.5 %
5.0 %
(50) bp
1.
See “Basis of Presentation.”
2.Operating gain for the three and twelve months ended December 31, 2024 included $281 of business dispositions and related items excluded from adjusted shareholders' net income; including $215 for the Carelon Services segment; and $66 for the Health Benefits segment. Operating gain for the three and twelve months ended December 31, 2024 included $66 and $224, respectively, of transaction and integration related costs, all of which resides in the Corporate & Other reportable segment. Operating gain for the three and twelve months ended December 31, 2024 included $12 and $692, respectively, of litigation and settlement expenses, all of which resides in the Corporate & Other reportable segment. Operating gain for the twelve months ended December 31, 2024 included $268 of business optimization charges which reside in the Corporate & Other reportable segment.
3.Operating gain for the three and twelve months ended December 31, 2023 included; $59 and $213, respectively, of transaction and integration related costs; $22 and $719, respectively, of business optimization charges; and ($7) and ($2), respectively, of litigation and settlement expenses.
4.Operating Gain for the three and twelve months ended December 31, 2024, and December 31, 2023, included items excluded from adjusted shareholders' net income. See "GAAP Reconciliation."
5."NM" = calculation not meaningful.
Elevance Health
Reconciliation of Medical Claims Payable
Years Ended December 31
2024
2023
2022
(In millions)
(Unaudited)
Gross medical claims payable, beginning of year
$
15,865
$
15,348
$
13,282
Ceded medical claims payable, beginning of year
(7
)
(6
)
(21
)
Net medical claims payable, beginning of year
15,858
15,342
13,261
Business combinations and purchase adjustments
143
—
133
Net incurred medical claims:
Current year
125,370
121,798
113,414
Prior years redundancies1
(1,731
)
(1,571
)
(869
)
Total net incurred medical claims
123,639
120,227
112,545
Net payments attributable to:
Current year medical claims
111,051
107,146
98,997
Prior years medical claims
13,142
12,565
11,600
Total net payments
124,193
119,711
110,597
Net medical claims payable, end of year
15,447
15,858
15,342
Ceded medical claims payable, end of year
13
7
6
Gross medical claims payable, end of year2
$
15,460
$
15,865
$
15,348
Current year medical claims paid as a percentage of current year net incurred medical claims
88.6
%
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
12.3
%
11.4
%
7.0
%
Prior year redundancies in the current year as a percentage of prior year net incurred medical claims
1.4
%
1.4
%
0.9
%
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 December 31
Twelve Months Ended December 31
(In millions, except per share data)
2024
2023
Change
2024
2023
Change
Shareholders' net income
$
418
$
856
(51.2
)%
$
5,980
$
5,987
(0.1
)%
Add / (Subtract):
Business dispositions and related items1
281
—
281
—
Amortization of other intangible assets
180
217
580
885
Net losses on financial instruments
74
336
445
694
Transaction and integration related costs2
66
59
224
213
Litigation and settlement expenses2
12
(7
)
692
(2
)
Gain on sale of business
—
—
(201
)
—
Business optimization charges2
—
22
268
719
Tax impact of non-GAAP adjustments
(143
)
(158
)
(575
)
(628
)
Net adjustment items
470
469
1,714
1,881
Adjusted shareholders' net income
$
888
$
1,325
(33.0
)%
$
7,694
$
7,868
(2.2
)%
Shareholders' earnings per diluted share
$
1.81
$
3.63
(50.1
)%
$
25.68
$
25.22
1.8
%
Add / (Subtract):
Business dispositions and related items1
1.22
—
1.21
—
Amortization of other intangible assets
0.78
0.92
2.49
3.73
Net losses on financial instruments
0.32
1.42
1.91
2.92
Transaction and integration related costs2
0.29
0.25
0.96
0.90
Litigation and settlement expenses2
0.05
(0.03
)
2.97
(0.01
)
Gain on sale of business
—
—
(0.86
)
—
Business optimization charges2
—
0.09
1.15
3.03
Tax impact of non-GAAP adjustments
(0.62
)
(0.67
)
(2.47
)
(2.65
)
Net adjustment items
2.03
1.99
7.36
7.92
Adjusted shareholders' earnings per diluted share
$
3.84
$
5.62
(31.7
)%
$
33.04
$
33.14
(0.3
)%
Three Months Ended December 31
Twelve Months Ended December 31
(In millions)
2024
2023
Change
2024
2023
Change
Income before income tax expense
$
606
$
1,001
(39.5
)%
$
7,904
$
7,715
2.4
%
Net investment income
(527
)
(529
)
(2,051
)
(1,825
)
Gain on sale of business
—
—
(201
)
—
Net losses on financial instruments
74
336
445
694
Interest expense
340
259
1,185
1,030
Amortization of other intangible assets
180
217
580
885
Reportable segments operating gain
$
673
$
1,284
(47.6
)%
$
7,862
$
8,499
(7.5
)%
1.Adjustment item resides in the Health Benefits and Carelon Services reportable segments.
2.Adjustment item resides in the Corporate & Other reportable segment.
Elevance Health
GAAP Reconciliation
(Unaudited)
Three Months Ended December 31
Twelve Months Ended December 31
(In millions)
2024
2023
Change
2024
2023
Change
Reportable segments operating gain
$
673
$
1,284
(47.6
)%
$
7,862
$
8,499
(7.5
)%
Add / (Subtract):
Business dispositions and related items1
281
—
281
—
Transaction and integration related costs2
66
59
224
213
Litigation and settlement expenses2
12
(7
)
692
(2
)
Business optimization charges2
—
22
268
719
Net adjustment items
359
74
1,465
930
Reportable segments adjusted operating gain
$
1,032
$
1,358
(24.0
)%
$
9,327
$
9,429
(1.1
)%
Three Months Ended December 31
Twelve Months Ended December 31
(In millions)
2024
2023
Change
2024
2023
Change
Operating expense
$
4,804
$
4,999
(3.9
)%
$
20,025
$
20,087
(0.3
)%
Add / (Subtract):
Business dispositions and related items1
(281
)
—
(281
)
—
Transaction and integration related costs2
(66
)
(59
)
(224
)
(213
)
Litigation and settlement expenses2
(12
)
7
(692
)
2
Business optimization charges2
—
(22
)
(268
)
(719
)
Net adjustment items
(359
)
(74
)
(1,465
)
(930
)
Adjusted operating expense
$
4,445
$
4,925
(9.7
)%
$
18,560
$
19,157
(3.1
)%
Operating revenue
$
44,989
$
42,454
6.0
%
$
175,204
$
170,209
2.9
%
Operating expense ratio
10.7
%
11.8
%
(110) bp
11.4
%
11.8
%
(40) bp
Adjusted operating expense ratio
9.9
%
11.6
%
(170) bp
10.6
%
11.3
%
(70) bp
Full Year 2025 Outlook
Shareholders' earnings per diluted share
$30.40 to $31.10
Add / (Subtract):
Amortization of other intangibles3
$2.57
Net losses on financial instruments3
$1.12
Transaction and integration related costs2,3
$1.11
Litigation and settlement expenses2,3
$0.04
Tax impact of non-GAAP adjustments3
Approximately ($1.09)
Net adjustment items
$3.75
Adjusted shareholders' earnings per diluted share
$34.15 to $34.85
1.
Adjustment item resides in the Health Benefits and Carelon Services reportable segments.
2.Adjustment item resides in the Corporate & Other reportable segment.
3.Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount.
Elevance Health
Financial Guidance Summary
(Unaudited)
Full Year 2024 Actual
Full Year 2025 Outlook
Premium Revenue
$144.2 billion
Low double digit growth
Product Revenue
$22.6 billion
Low single digit growth
Service Fees
$8.4 billion
Approximately flat
Total Operating Revenue
$175.2 billion
High single to low double digit growth
Benefit Expense Ratio
88.5%
89.1% +/- 50 bps
Adjusted Operating Expense Ratio
10.6%
10.4% +/- 50 bps
Adjusted Operating Gain
$9.3 billion
$9.55 - $9.85 billion
Other Pre-Tax Items:
Net Investment income
$2,051 million
$1,875 million
Interest Expense
($1,185) million
($1,475) million
Amortization of Intangible Assets
($580) million
($580) million
Net Pre-Tax Income (Expense)
$286 million
($180) million
Adjusted Effective Tax Rate
24.6%
22.0% - 24.0%
GAAP Diluted EPS
$25.68
$30.40 - $31.10
Adjusted Diluted EPS
$33.04
$34.15 - $34.85
Diluted Shares
232.9 million
225 - 226 million
Operating Cash Flow
$5.8 billion
Approximately $8.0 billion
Segment Level Guidance Metrics
Operating Revenue Growth Rate
Health Benefits
$150.3 billion
High single digit growth
CarelonRx
$36.0 billion
Mid teens growth
Carelon Services
$18.0 billion
Greater than 50% growth
GAAP Operating Margin vs. 2024
Health Benefits
4.2%
(50) - (25) bps
CarelonRx
6.0%
0 - 20 bps
Carelon Services
4.0%
(100) - (50) bps
Elevance Health
Membership Guidance Summary
(Unaudited)
Full Year 2024 Actual
Full Year 2025 Outlook
Year-End Medical Enrollment (in 000s)
Commercial Fee-Based
27,199
27,300 - 27,600
Commercial Risk-Based
5,000
5,150 - 5,350
Medicaid
8,917
8,600 - 8,900
Medicare Advantage
2,066
2,200 - 2,250
Medicare Supplement
891
Approximately 850
Federal Employee Program
1,661
Approximately 1,650
Fee-Based
27,199
27,300 - 27,600
Risk-Based
18,535
18,450 - 19,000
Total
45,734
45,750 - 46,600
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/20250122736914/en/
Elevance Health Contacts: Investor Relations Nathan Rich Investor.Relations@elevancehealth.com
Media Leslie Porras Leslie.Porras@elevancehealth.com
1 Year Elevance Health Chart |
1 Month Elevance Health Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
