E A R N I N G S R E L E A S E ELEVANCE HEALTH REPORTS THIRD QUARTER 2025 RESULTS Indianapolis, IN - October 21, 2025 - Elevance Health, Inc. (NYSE: ELV) reported third quarter 2025 results. Exhibit 99.1 "Our third quarter results were in line with expectations and reflect disciplined execution across Elevance Health. In a dynamic healthcare environment, we're focused on advancing affordability and elevating the member experience through our growing value-based care partnerships and AI-enabled digital soluti ...

Core Insights - Global equity markets experienced broad positive returns in Q3 2025, driven by resilient corporate earnings, enthusiasm for AI, and the U.S. Federal Reserve's first interest rate cut of the year [3][21] - Emerging markets, particularly China, led the gains, supported by a U.S. trade truce and strength in the tech sector [3][4] - The Polaris Global Equity Composite gained 5.04% (net of fees) for the quarter, underperforming the MSCI World Index, which returned 7.36% [5][6] Market Performance - Developed markets saw weaker currencies benefiting export-oriented indices, with Japan's TOPIX Index up 11.0% and the U.K.'s FTSE All-Share Index up 6.9% [4] - The U.S. market, represented by the S&P 500 Index, gained over 8%, primarily due to tech and communication stocks [4] - France and Germany underperformed due to geopolitical and fiscal concerns, with tepid growth projections under new U.S. trade policy [4] Sector Analysis - The healthcare sector was the best performer, with notable gains from pharmaceutical stocks, while financials, consumer discretionary, and IT also contributed positively [5][6] - Health insurers faced challenges, with UnitedHealth Group and CVS Health posting over 10% returns, while Elevance Health's shares dropped sharply due to profit guidance cuts [7] - In IT, Samsung Electronics excelled with strong performance in HBM technology and a significant deal with Tesla for AI chip manufacturing [11] Company Highlights - United Therapeutics Corp. was a top contributor to portfolio performance, driven by positive clinical trial results for its drug Tyvaso, potentially adding $4-5 billion in peak sales [6] - AbbVie, Inc. expects high single-digit revenue growth through 2029, with flagship drugs projected to exceed $31 billion in sales by 2027 [6] - The Carlyle Group Inc. outperformed in the financial sector, up over 20% due to strong fee-based credit and secondaries business [8] Investment Strategy - The current economic environment is characterized by a "two-speed" economy, with a concentrated AI-driven boom amidst subdued growth in other sectors [21][22] - Financials are seen as attractive due to stable net interest margins and loan growth, while defensives like consumer staples and healthcare are expected to perform well [22] - Opportunities in economically-sensitive sectors are being explored, with a focus on industrials benefiting from AI integration and supply chain modernization [22][23]

Core Insights - Elevance Health, Inc. (ELV) is scheduled to report its Q3 2025 results on October 21, 2025, with earnings estimated at $4.97 per share and revenues of $49.5 billion [1][6] Earnings Estimates - The earnings estimate for Q3 2025 has seen one upward revision and two downward revisions, indicating a year-over-year decline of 40.6% [2] - The revenue estimate for Q3 2025 suggests a year-over-year increase of 10.7% [2] - For the full year 2025, the revenue consensus is $197.36 billion, reflecting a 12.6% year-over-year rise, while the EPS consensus is $29.96, indicating a 9.3% year-over-year decrease [3] Earnings Performance - Elevance's earnings have beaten the consensus estimate in two of the last four quarters, with an average surprise of negative 2.3% [3] Earnings Prediction Model - The current Earnings ESP for Elevance is +3.36%, but it holds a Zacks Rank of 4 (Sell), making an earnings beat uncertain [4] Revenue Drivers - The consensus estimate for product revenues indicates a 7.7% growth from the previous year's $5.9 billion, while premiums are expected to increase by 11.5% year-over-year [5][6] Cost and Expense Outlook - Elevated costs and benefit expenses are anticipated to impact profit margins negatively, with total expenses expected to rise around 9% year-over-year in Q3 [9] - The benefit expense ratio is estimated at 91.6, higher than the previous year's 89.5 [9] Segment Performance - The Health Benefits segment's operating income is projected to decrease by 45.5% year-over-year, with declining Medicaid memberships affecting premium growth [10]

Core Viewpoint - The market anticipates Elevance Health (ELV) will report a year-over-year decline in earnings despite higher revenues for the quarter ending September 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Elevance Health is expected to report quarterly earnings of $4.97 per share, reflecting a year-over-year decrease of 40.6%, while revenues are projected to reach $49.5 billion, an increase of 10.7% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.57% higher in the last 30 days, indicating a collective reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +3.36% for Elevance Health, suggesting analysts have recently become more optimistic about the company's earnings prospects [12]. Historical Performance - In the last reported quarter, Elevance Health was expected to post earnings of $9.16 per share but delivered $8.84, resulting in a surprise of -3.49%. Over the last four quarters, the company has beaten consensus EPS estimates twice [13][14]. Investment Considerations - Despite a positive Earnings ESP, Elevance Health carries a Zacks Rank of 4, making it challenging to predict an earnings beat conclusively [12]. Investors should consider other factors beyond earnings results when evaluating the stock [15][17].

Core Points - A lawsuit is currently pending against Elevance Health, Inc. (NYSE: ELV) regarding alleged violations of securities laws [2] - The plaintiff claims that Elevance misrepresented its monitoring of cost trends and the adequacy of premium rates negotiated with states, particularly concerning patients remaining on Medicaid [2] - An amended complaint was filed on October 7, 2025, urging investors who purchased shares prior to April 2024 to contact the Shareholders Foundation for further information [3] Summary by Sections Lawsuit Details - The lawsuit alleges that Elevance Health, Inc. misled investors about its financial guidance and the management of costs associated with Medicaid patients [2] - It is claimed that sicker patients with higher acuity remained on Medicaid, leading to increased per-patient costs that were not adequately reflected in Elevance's financial forecasts [2] Investor Information - Investors who purchased shares of Elevance Health, Inc. before April 2024 and still hold them are encouraged to reach out to the Shareholders Foundation for options regarding the lawsuit [1][3] - The Shareholders Foundation provides services related to shareholder issues and informs investors about securities class actions and legal news [3]

Economic Engagements - Brazil's Finance Minister Fernando Haddad is preparing for potential bilateral discussions at the upcoming G-20 meeting, indicating an active diplomatic agenda [2] - A recent conversation between President Lula and former President Trump was described as "good," suggesting opportunities for further talks with Bessent next week [2] Domestic Economic Indicators - Brazil's FGV Inflation IGP-DI for September showed a month-over-month increase of 0.36%, slightly below the estimated 0.40%, but an acceleration from the previous month's 0.20% [3] AI Economic Impact - San Francisco Federal Reserve President Mary Daly stated that an AI bubble is unlikely to destabilize the financial system, highlighting AI's potential to significantly enhance national productivity [4] - Daly noted no evidence of mass job displacement due to AI, suggesting a gradual impact on the labor market [5] Target Price Revisions - Wells Fargo has raised target prices for several major technology companies, including Microsoft (MSFT) to $675 from $650, and Advanced Micro Devices (AMD) to $275 from $185, reflecting strong confidence in their performance [6] - Other tech upgrades include Meta Platforms (META) with a target price increase to $837 from $811, and Alphabet Inc. (GOOG) to $236 from $187 [7] - In the healthcare sector, UnitedHealth Group (UNH) received a new target price of $400, up from $267, while Humana Inc. (HUM) was raised to $347 from $344, and Elevance Health, Inc. (ELV) to $412 from $330 [8]

Core Insights - Elevance Health, Inc. (NYSE:ELV) is highlighted as one of the stocks with the lowest P/E ratios on the NYSE [1] - Cantor Fitzgerald has reaffirmed its Overweight rating and set a price target of $400 for Elevance Health, indicating confidence in the company's future performance [2] - The company’s weighted-average estimate for 2026 Marketplace rates is only about 40 basis points away from proposed rates, with most initial state authorizations aligning closely with payor plans [2] - Less than 25% of members currently have final rates, and political factors may still influence outcomes related to the CMS Marketplace Integrity & Affordability Final Rule [3] - Elevance Health has reiterated its 2025 earnings outlook, projecting a benefit expense ratio near 90% and earnings of $24.10 per diluted share, with an adjusted basis projection of approximately $30.00 [4] Business Segments - Elevance Health operates through four main business segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other [4]

INDIANAPOLIS--(BUSINESS WIRE)--Elevance Health (NYSE: ELV) will release third quarter 2025 financial results on October 21, 2025, at 6:00 a.m. Eastern Daylight Time ("EDT†). Management will review these results and its outlook during a conference call at 8:30 a.m. EDT that same morning. The conference call should be accessed at least 15 minutes prior to its start with the following numbers: 888-947- 9963 - Access Code - 3972058 (Domestic) 312-470-0178 - Access Code - 3972058 (International) 800-. ...

Core Insights - Artisan Partners' Artisan Select Equity Fund reported returns of 6.77%, 6.76%, and 6.80% for its Investor Class, Advisor Class, and Institutional Class respectively in Q2 2025, underperforming the S&P 500 Index which returned 10.94% [1] Company Analysis: Elevance Health, Inc. - Elevance Health, Inc. has experienced significant stock price pressure, with a one-month return of -0.01% and a 52-week decline of 38.73%, closing at $318.61 per share with a market capitalization of $71.744 billion as of September 29, 2025 [2] - The decline in Elevance's Medicaid business is attributed to a drop in its contribution to normalized profits from approximately 15% to 5% over the past year, largely due to enrollment volatility caused by the COVID-19 pandemic [3] - The Medicaid program saw a 32% increase in membership during the pandemic, peaking at 95 million enrollees, followed by a 17% decline as reverification resumed, leading to a shift in the health profile of remaining enrollees and squeezing Medicaid margins [3] - State-level premium rates for Medicaid are currently being renegotiated higher, which is expected to normalize margins for Elevance Health as the company moves through 2025 and 2026 [3]

Core Insights - Elevance Health, Inc. is a prominent healthcare company with a market capitalization of $71.7 billion, serving approximately 46.8 million members through various health plans and services [1] Financial Performance - The company is set to announce its fiscal Q3 earnings for 2025 on October 21st, with analysts projecting a profit of $5.01 per share, representing a 40.1% decline from $8.37 per share in the same quarter last year [2] - For the current year, analysts expect Elevance Health to report an EPS of $29.89, down 9.5% from $33.04 in fiscal 2024, but anticipate a rebound in FY2026 with a projected EPS of $30.96, reflecting a 3.6% year-over-year increase [3] Stock Performance - Shares of Elevance Health have decreased by 38.8% over the past 52 weeks, significantly underperforming compared to the S&P 500 Index, which has increased by 15.6%, and the Health Care Select Sector SPDR Fund, which has seen an 11.5% loss during the same period [4] Market Sentiment - Wall Street analysts maintain a "Moderate Buy" rating for Elevance Health, with 13 out of 21 analysts recommending "Strong Buy," one suggesting "Moderate Buy," six indicating "Hold," and one advising "Strong Sell." The mean price target for the stock is $359.06, suggesting a potential upside of 12.7% from current levels [6] Regulatory Environment - On September 25, shares of Elevance Health fell by 3% following the U.S. Commerce Department's initiation of a national security investigation into medical equipment imports, which could lead to new tariffs and create uncertainty within the healthcare sector [5]