Elevance Health 3Q Revenue Rises on Higher Premiums
18 Outubro 2023 - 7:56AM
Dow Jones News
By Dean Seal
Elevance Health's revenue rose in the third quarter on higher
premiums and contributions from its pharmacy benefit manager
CarelonRx.
The health insurer and healthcare-services provider, formerly
known as Anthem, posted a profit of $1.29 billion, or $5.45 a
share, compared with $1.6 billion, or $6.62 a share, in the same
quarter a year ago.
Stripping out one-time items, adjusted earnings were $8.99 a
share. Analysts surveyed by FactSet had been expecting $8.45 a
share.
Quarterly revenue rose 7.2% to $42.85 billion, topping analyst
forecasts for $42.69 billion, according to FactSet.
Elevance's top line was pushed higher by growth in premium
revenue from the health benefits business and higher pharmacy
product revenue from CarelonRx, due in part to its acquisition of
BioPlus in the first quarter of 2023. Premiums were up 4.6% to
$35.26 billion.
Membership rose to 47.3 million, driven by growth in BlueCard,
Affordable Care Act health plans and Medicare Advantage membership,
largely offset by attrition in Medicaid as eligibility
redeterminations resumed, a new competitor entered one of its state
Medicaid programs and its employer group risk-based business
declined.
The benefit expense ratio, a measure of the proportion of
premiums paid out in healthcare costs, improved by 40 basis points
to 86.8% due to by premium rate adjustments.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 18, 2023 06:41 ET (10:41 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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