Elevance Health is a leading health insurer in the United States, providing services to over 46 million medical members through its affiliated health plans . The company operates under several core brands, including Anthem Blue Cross/Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon, and organizes its business activities into four main segments . Elevance Health offers a wide range of health plans and services, pharmacy services, and healthcare-related services, contributing significantly to its overall revenue .
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Health Benefits Segment - Offers a comprehensive suite of health plans and services to various members, including Individual, Employer Group risk-based, Employer Group fee-based, BlueCard, Medicare, Medicaid, and Federal Employees Health Benefits (FEHB) program members. Includes specialty and other insurance products such as stop loss, dental, vision, and supplemental health insurance benefits .
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CarelonRx Segment - Provides pharmacy services to both affiliated health plan customers and external customers. Offers a comprehensive pharmacy services portfolio, including home delivery, specialty pharmacies, claims adjudication, formulary management, pharmacy networks, and infusion services .
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Carelon Services Segment - Integrates various healthcare-related services, including utilization management, behavioral health, integrated care delivery, palliative care, payment integrity services, and health and wellness programs. Includes Carelon Global Solutions, which provides data management, information technology, and business operations services .
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Corporate & Other Segment - Encompasses businesses that do not individually meet the quantitative threshold for an operating segment, as well as corporate expenses not allocated to other segments .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gail K. Boudreaux ExecutiveBoard | President and CEO | Director at Target Corporation; Member of The Business Roundtable; Chair of the Business Council | CEO since 2017, previously EVP at UnitedHealth Group and CEO of UnitedHealthcare. Extensive healthcare leadership experience. | View Report → |
Blair W. Todt Executive | EVP and Chief Legal and Administrative Officer | None | Joined ELV in 2022, promoted to Chief Administrative Officer in 2023. Extensive legal and administrative leadership experience. | |
Felicia F. Norwood Executive | EVP and President of Government Health Benefits | None | Leads Government Health Benefits division. Previously held leadership roles in healthcare and insurance sectors. | |
Mark B. Kaye Executive | EVP and CFO | None | CFO since 2023, previously EVP and CFO at Moody’s Corporation. Extensive financial leadership experience. | |
Peter D. Haytaian Executive | EVP and President of Carelon and CarelonRx | None | Joined ELV in 2012, held leadership roles in Medicaid and Commercial divisions. Currently leads Carelon and CarelonRx. | |
Ronald W. Penczek Executive | Chief Accounting Officer and Controller | None | Joined ELV in 2005, held progressively senior financial roles. Chief Accounting Officer since 2015. | |
Antonio F. Neri Board | Director | President and CEO of Hewlett Packard Enterprise | Director since 2017, extensive technology and executive leadership experience. | |
Bahija Jallal Board | Director | CEO and Director at Immunocore Holdings | Director since 2018, extensive biopharmaceutical and regulatory experience. | |
Elizabeth E. Tallett Board | Independent Chair of the Board | Director at Moderna and Qiagen | Chair since 2018, extensive healthcare and governance experience. Former lead director at Principal Financial. | |
Lewis Hay, III Board | Director | Operating Advisor at Clayton, Dubilier & Rice; Director at L3Harris Technologies and Artera Services | Director since 2013, extensive experience in finance, energy, and governance. Former CEO of NextEra Energy. | |
R. Kerry Clark Board | Director | Director at General Mills and Textron; Director at The Christ Hospital in Cincinnati | Director since 2014, former CEO of Cardinal Health. Extensive healthcare and finance experience. | |
Ramiro G. Peru Board | Director | Director at SM Energy Company and UNS Energy Corporation | Director since 2004, former CFO of Phelps Dodge Corporation. Extensive finance and governance expertise. | |
Ryan M. Schneider Board | Director | Director at Anywhere Real Estate Inc. | Director since 2019, CEO of Anywhere Real Estate. Extensive experience in finance, marketing, and technology. | |
Susan D. DeVore Board | Director | Director at Unum Group and AdventHealth | Director since 2021, former CEO of Premier, Inc. Extensive healthcare and finance expertise. |
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Given the ongoing pressures on Medicaid margins due to the mismatch between rates and member acuity and your expectation that these pressures will continue through 2025 , what specific actions are you taking to realign rates with acuity more quickly, and how confident are you in returning Medicaid margins to your target range?
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Your long-term goal is to achieve at least 12% annual EPS growth , but with a mid-single-digit EPS growth outlook for 2025 and continued Medicaid margin pressures , how do you plan to accelerate earnings growth in 2026 and 2027 to meet this target, and should investors expect any adjustments to your long-term growth algorithm?
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With the decline in the percentage of Medicare Advantage members in plans rated 4 stars or higher due to higher cut points and a major contract narrowly missing 4 stars by 0.0004 , what strategies are you implementing to improve star ratings, and how might this impact your competitiveness and revenue growth in the Medicare Advantage market?
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Considering increased utilization trends in Medicare, including pressures from the Two-Midnight Rule and a late summer surge in COVID , how are you adjusting your pricing and cost management strategies for 2025 to account for these trends, and what impact do you anticipate on your Medicare margins?
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CarelonRx's strong performance included a one-time favorable revenue adjustment, and specialty pharmacy trends increased as expected ; can you discuss the sustainability of CarelonRx's earnings growth in the face of rising specialty drug costs, and how does this align with your long-term margin expectations for the segment?
Research analysts who have asked questions during Elevance Health earnings calls.
Andrew Mok
Barclays
6 questions for ELV
Erin Wright
Morgan Stanley
6 questions for ELV
George Hill
Deutsche Bank
6 questions for ELV
Joshua Raskin
Nephron Research
6 questions for ELV
Justin Lake
Wolfe Research, LLC
6 questions for ELV
Lance Wilkes
Sanford C. Bernstein & Co., LLC
6 questions for ELV
Lisa Gill
JPMorgan Chase & Co.
6 questions for ELV
Ryan Langston
TD Cowen
6 questions for ELV
Ann Hynes
Mizuho Financial Group
5 questions for ELV
Benjamin Hendrix
RBC Capital Markets
5 questions for ELV
Sarah James
Cantor Fitzgerald
4 questions for ELV
Scott Fidel
Stephens Inc.
4 questions for ELV
Albert Rice
UBS
3 questions for ELV
Benjamin Mayo
Leerink Partners
3 questions for ELV
Dave Windley
Jefferies LLC
3 questions for ELV
Hua Ha
Robert W. Baird & Co. Incorporated
3 questions for ELV
Joanna Gajuk
Bank of America
3 questions for ELV
Kevin Fischbeck
Bank of America
3 questions for ELV
Stephen Baxter
Wells Fargo
3 questions for ELV
Stephen Baxter
Wells Fargo & Company
3 questions for ELV
A.J. Rice
UBS
2 questions for ELV
David Windley
Jefferies Financial Group Inc.
2 questions for ELV
A.J. Rice
UBS Group AG
1 question for ELV
Jason Cassorla
Guggenheim Partners
1 question for ELV
Michael Ha
Robert W. Baird & Co.
1 question for ELV
Whit Mayo
Leerink Partners
1 question for ELV
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Paragon Healthcare, Inc. | 2024 | Completed on March 11, 2024, this acquisition integrates Paragon’s infusion services into CarelonRx with an omnichannel model, and its purchase price allocation included $411 for finite-lived intangible assets and $751 for goodwill (mostly non-deductible for tax purposes). |
BioPlus Parent, LLC | 2023 | Completed on February 15, 2023, this deal brought one of the largest independent specialty pharmacy organizations into the CarelonRx network with significant allocations of $820 million to intangible assets and $893 million to goodwill, supporting Elevance Health’s specialty pharmacy strategy. |
Louisiana Health Service & Indemnity Company, d/b/a BCBSLA | 2024 | Planned acquisition announced on January 23, 2023, aimed at expanding whole-health solutions for the Individual, Employer Group, Medicaid, and Medicare markets in Louisiana and subject to closing conditions and approvals. |
Centers Plan for Healthy Living LLC | 2024 | Planned acquisition announced on December 31, 2023, this managed long-term care plan serving New York Medicaid and dual-eligible populations is expected to close in the third quarter of 2024, aligning with the expansion of the Health Benefits segment. |
Centers for Specialty Care Group IPA, LLC | 2024 | Planned acquisition announced on December 31, 2023, focused on serving New York Medicaid/Medicare members, it is set to close in the third or fourth quarter of 2024 and supports an expanded care management strategy, subject to standard conditions. |
RSV QOZB LTSS, Inc. (CareBridge) | 2024 | Planned acquisition with the agreement entered on October 15, 2024, this value‐based home and community services provider for Medicaid and dual-eligible populations aligns with a care-at-home strategy and is expected to close in Q4 2024 or Q1 2025, pending customary approvals. |
Integra Managed Care | 2022 | Completed on May 5, 2022, this acquisition from Personal Touch Holding Corporation, a managed long-term care plan serving New York Medicaid members, featured allocations of $89 million to finite-lived intangible assets, $250 million to indefinite-lived intangible assets, and $110 million in goodwill, adding 43,000 members to the network. |
Recent press releases and 8-K filings for ELV.
- Elevance Health has issued a policy effective October 21, 2025 covering HistoSonics’ non-invasive histotripsy system for liver tumors
- Coverage applies to commercial, Medicare, and Medicaid plans in 14 states, including California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, and Wisconsin
- The expansion increases access to approximately 45.4 million members
- Decision is based on growing clinical evidence of long-term safety and efficacy of HistoSonics’ histotripsy therapy
- Elevance Health will extend insurance coverage for HistoSonics’ non-invasive histotripsy treatment of hepatic tumors to about 45.4 million members across its commercial, Medicare and Medicaid plans, effective October 21, 2025.
- Coverage will include plans in 14 states—California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin—broadening patient access to the therapy.
- The decision is driven by growing clinical evidence of the long-term safety and efficacy of the Edison® Histotripsy System, with additional real-world data currently being collected worldwide.
- Elevance Health will extend insurance coverage for HistoSonics’ Edison® histotripsy system to 45.4 million plan members across 14 states, broadening access to non-invasive liver tumor treatment.
- The Edison® system, FDA-cleared via De Novo in October 2023, uses focused ultrasound to mechanically ablate tumors without incision, radiation, or heat.
- In the HOPE4LIVER pivotal trial, the system achieved 90 % tumor control at 12 months with comparable outcomes and shorter recovery versus existing ablation therapies.
- Coverage decisions build on multiple Blue Cross Blue Shield plan approvals, and HistoSonics is pursuing UNOS recognition to include histotripsy in liver transplant candidate selection.
- Effective October 21, 2025, Elevance Health will cover HistoSonics’ non-invasive histotripsy for liver tumors, extending access to 45.4 million members across 14 states.
- Coverage spans commercial, Medicare and Medicaid plans in California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin.
- The decision is driven by growing clinical and real-world data demonstrating the safety and efficacy of histotripsy in treating liver tumors, enhancing non-invasive treatment options.
- Effective October 21, 2025, Elevance Health will cover HistoSonics’ Edison® system across 14 states—including California, Texas, Florida and New York—for its commercial, Medicare and Medicaid plans, benefiting 45.4 million members.
- HistoSonics’ Edison system, which received FDA De Novo authorization in October 2023, employs focused ultrasound to mechanically ablate liver tumors without incisions or heat; #HOPE4LIVER key trial data showed a 90% local tumor-control rate at 12 months.
- Elevance’s decision reflects a broader trend of payer adoption of histotripsy and follows UNOS listing the system as a treatment option for patients awaiting liver transplants, underscoring growing insurer support for non-invasive oncology solutions.
- Effective Oct. 21, 2025, Elevance Health will cover HistoSonics’ Edison® histotripsy system for non-invasive liver tumor ablation in its commercial, Medicare and Medicaid plans across 14 states.
- The expansion benefits 45.4 million Elevance Health members.
- HistoSonics’ histotripsy technology, FDA-authorized via De Novo in October 2023, uses focused ultrasound to mechanically disrupt and liquefy liver tumors without incisions, needles or thermal ablation.
- The coverage decision aligns with growing insurer adoption and the inclusion of the system on UNOS protocols for patients awaiting liver transplantation.
- Effective 21 October 2025, Elevance Health extends histotripsy coverage to 45.4 million members across commercial, Medicare and Medicaid plans.
- Coverage applies in 14 states, including California, New York and Ohio.
- Decision is based on increasing clinical and real-world evidence of safety and efficacy, with ongoing long-term data collection in global centers.
- Effective October 21, 2025, Elevance Health will extend insurance coverage for HistoSonics’ non-invasive Edison Histotripsy System to 45.4 million members across commercial, Medicare and Medicaid plans in 14 states.
- Coverage expansion is based on growing clinical evidence for safety and efficacy since the device’s FDA De Novo approval in October 2023.
- The pivotal HOPE4LIVER study demonstrated a 90% local tumor control rate at 12 months, on par with existing ablation therapies, with fewer complications and faster recovery.
- This decision builds on earlier coverage by multiple Blue Cross Blue Shield plans and UNOS’s adoption of histotripsy as a locoregional therapy option for liver transplant candidates.
- Effective October 21, 2025, Elevance Health issues a positive medical policy covering HistoSonics’ non-invasive histotripsy for liver tumors across its commercial, Medicare, and Medicaid plans in 14 states, expanding access to 45.4 million members.
- The policy leverages mounting clinical evidence for the Edison® Histotripsy System, which earned FDA De Novo authorization in October 2023 for non-thermal liver tumor ablation.
- Pivotal #HOPE4LIVER trial results show a 90% local tumor control rate at 12 months, comparable to existing ablative therapies while reducing complications and recovery time.
- This expansion follows prior coverage decisions by multiple Blue Cross Blue Shield plans and complements UNOS recognition of histotripsy as an approved loco-regional therapy for patients awaiting liver transplantation.
- GAAP EPS of $5.32 and adjusted EPS of $6.30, revenue of $50.1 billion (+12% YoY); ended Q3 with 45.4 million medical members and a 91.3% consolidated benefit expense ratio.
- Reaffirmed FY 2025 adjusted EPS guidance of ~$30, with a $27 baseline excluding $3 of nonrecurring items.
- Provided preliminary 2026 planning assumptions: anticipate at least a 125 basis point YoY decline in Medicaid margins, slight improvement in Medicare operating margin, and high single-digit decline in ACA margins under current policies.
- CarillonRx revenue grew 20% YoY, Carillon services rose >50%, and Carillon external revenue expanded double digits, driven by strong organic growth and recent acquisitions.