Elevance Health reported a 22.5% decrease in third-quarter net income to $1 billion, despite a year-to-date increase to $5.5 billion. Shares fell 12% after the company lowered its full-year earnings forecast, citing higher medical expenses and challenges in the Medicaid sector. CEO Gail Boudreaux expressed confidence in long-term growth while addressing operational efficiencies amid a dynamic environment.
UnitedHealth Group's Q3 earnings reflect the ongoing impact of the Change ransomware attack, with operational earnings of $8.7 billion, including $0.3 billion in cyberattack effects. The adjusted earnings outlook remains stable despite an estimated $0.75 per share in business disruption impacts. The medical cost ratio rose to 85.2%, influenced by Medicare funding cuts and increased specialty medication prescriptions.
UnitedHealth Group's 2025 profit forecast fell short of Wall Street expectations, predicting a maximum of $30 per share, below the $31.18 estimate. The company cited pressures from government-supported health insurance, rising medical costs, and payment cuts for Medicare and Medicaid plans. Shares dropped 8%, impacting rivals like Humana and CVS Health, as the insurer also adjusted its 2024 profit forecast downward due to a cyberattack's financial repercussions.
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