'Elevance Health Is Off To Strong Start In 2023', Says CEO As Q1 Earnings Beat Expectations

Elevance Health Inc ELV has reported Q1 FY23 adjusted EPS of $9.46, up 15.5% Y/Y, beating the consensus of $9.26.
Revenue is up 10.7% to $42.17 billion, beating the expectations of $40.83 billion, driven by higher premium revenue due to membership growth in Medicaid and Medicare Advantage and premium rate increases in the Health Benefits business.
Operating revenue increased 10.6% to $41.89 billion, attributable to growth in pharmacy product revenue within CarelonRx driven by growth in members served and script volume.
Also Read: Elevance To Acquire Louisiana Nonprofit Health Insurer, Adds 1.9M Members.
The benefit expense ratio was 85.8%, down 30 basis points Y/Y due to commercial risk-based health plans.
Operating cash flow was $3.5 billion, or 1.7x net income. Including the early receipt of April's premium payments from CMS, the cash flow reached $6.5 billion.
Medical membership totaled 48.1 million, an increase of 2.9% year-over-year.
2023 Guidance: Elevance Health expects adjusted net income to exceed $32.70 per share compared to the consensus of $32.79.
Price Action: ELV shares closed at $483.08 on Tuesday.

Earnings Calendar