Elevance Health 1Q Earnings, Revenue Rise With Higher Membership

By Dean Seal

Elevance Health Inc. reported stronger-than-expected revenue and earnings growth in the first quarter as membership in Medicaid and Medicare Advantage continues to rise.

The health insurer and Blue Cross Blue Shield owner, formerly known as Anthem Inc., posted a profit of $1.99 billion, or $8.30 a share, compared with $1.79 billion, or $7.32 a share, in the same quarter a year ago

Stripping out one-time items, adjusted earnings were $9.46 a share. Analysts polled by FactSet had been expecting $9.29 a share.

Total revenue rose to $42.17 billion from $38.1 billion last year.

Operating revenue grew 10.6% to $41.9 billion, driven by higher premium revenue from membership growth in Medicaid and Medicare Advantage, along with premium-rate increases in its health benefits business and higher pharmacy product revenue from its CarelonRx unit. Analysts had been expecting $40.92 billion, according to FactSet.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 19, 2023 06:40 ET (10:40 GMT)

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