Summary
Elevance Health, Inc. reported a net income of $1,008 million for the third quarter of 2024, a decrease from $1,300 million in the same period last year. Diluted earnings per share (EPS) were $4.36, down from $5.45 year-over-year. For the nine-month period, net income increased to $5,558 million from $5,160 million in 2023, with EPS rising to $23.81 from $21.56. Total operating revenue for the third quarter increased by 5.3% to $44,719 million, driven by premium rate increases and growth in CarelonRx. However, this was partially offset by a decline in Medicaid membership due to eligibility redeterminations. The company also incurred a $666 million accrual for the anticipated Provider Settlement Agreement related to the BCBSA litigation, impacting operating gain. Total assets grew to $116,533 million from $108,928 million at the end of 2023, supported by increased investments and property and equipment. The company continues to return capital to shareholders through dividends and share repurchases, with $11,111 million available for future repurchases. Elevance Health announced two pending acquisitions expected to close in late 2024 or early 2025, aimed at expanding its long-term care and home and community-based services.
Financial Highlights
53 data points| Revenue | $45.11B |
| Cost of Revenue | $5.09B |
| Gross Profit | $40.01B |
| SG&A Expenses | $5.27B |
| Operating Income | $1.41B |
| Interest Expense | $300.00M |
| Net Income | $1.02B |
| EPS (Basic) | $4.38 |
| EPS (Diluted) | $4.36 |
| Shares Outstanding (Basic) | 231.90M |
| Shares Outstanding (Diluted) | 233.10M |
Key Highlights
- 1Q3 2024 net income of $1,008 million, down 22.5% year-over-year, while nine-month net income increased 7.7% to $5,558 million.
- 2Diluted EPS for Q3 2024 was $4.36, a 20.0% decrease year-over-year, but nine-month EPS increased 10.4% to $23.81.
- 3Total operating revenue grew 5.3% in Q3 to $44,719 million, driven by premium rate increases and CarelonRx product revenue, but offset by Medicaid membership attrition.
- 4Medical claims payable decreased to $15,346 million from $16,111 million at the end of 2023.
- 5Total assets increased to $116,533 million from $108,928 million year-end 2023.
- 6The company recognized a $666 million accrual for the estimated Provider Settlement Agreement related to the BCBSA antitrust litigation.
- 7Elevance Health has two pending acquisitions expected to close in late 2024 or early 2025 to expand its long-term care and home and community-based services.