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- Elevance Health Inc ELV reported Q3 FY22 adjusted EPS of $7.53, up 10.9% Y/Y, beating the consensus of $7.16.
- Operating revenue are up 11.5% to $39.6 billion, beating the expectations of $39.09 billion, driven by higher premium revenue due to membership growth in Medicaid, MMM & Paramount Advantage acquisitions, and premium rate increases to cover overall cost trends.
- The increase was further attributable to the growth in pharmacy product revenue within IngenioRx related to growth in membership and higher utilization of prescription drugs.
- The benefit expense ratio was 87.2%, down 50 basis points Y/Y.
- Operating cash flow was $4.9 billion, or 3.1x net income, increasing $2.4 billion year-over-year.
- Medical membership totaled 47.3 million as of September 30, 2022, an increase of 4.9% year-over-year.
- As of September 30, 2022, ELV had approximately $2.4 billion of share repurchase authorization remaining.
- On October 18, 2022, the Board declared a fourth-quarter 2022 dividend of $1.28 per share, payable on December 21, 2022, to shareholders of record on December 5, 2022.
- FY22 Outlook: The company expects FY22 adjusted EPS of more than $28.95 (consensus of $28.85) versus prior guidance of $28.70.
- Price Action: ELV shares are up 1.83% at $487.00 during the premarket session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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