Elevance Delivers Robust Enrollment, Revenue Growth in Second Quarter

Elevance Health Inc. (formerly known as Anthem, Inc.) posted strong results for the second quarter of 2022, raising its end-of-year earnings projection and earning praise from Wall Street. However, the company’s strong results — which were driven by high profitability in Medicare, Medicaid and PBM earnings — could be less robust in the third quarter, executives said, with COVID-19 surging once again due to the BA.5 variant.

The insurer reported adjusted earnings per share (EPS) of $0.29, which beat the Wall Street consensus of approximately $0.28 by 4%, according to Evercore ISI analyst Michael Newshel. According to an Elevance press release, revenue grew by 15.6% year over year to reach $38.5 billion, while profits grew by 13.7% year over year to nearly $2.4 billion. Enrollment reached 47.1 million members, up 2.7 million or 6.1% year over year. The medical loss ratio (MLR) companywide was 87%.

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Peter Johnson

Peter Johnson

Peter has worked as a journalist since 2011 and has covered health care since 2020. At AIS Health, Peter covers trends in finance, business and policy that affect the health insurance and pharma sectors. For Health Plan Weekly, he covers all aspects of the U.S. health insurance sector, including employer-sponsored insurance, Medicaid managed care, Medicare Advantage and the Affordable Care Act individual marketplaces. In Radar on Drug Benefits, Peter covers the operations of (and conflicts between) pharmacy benefit managers and pharmaceutical manufacturers, with a particular focus on pricing dynamics and market access. Before joining AIS Health, Peter covered transportation, public safety and local government for various outlets in Seattle, his hometown and current place of residence. He graduated with a B.A. from Colby College.

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