836c233d3626ceaaa9579ecfb98f84bb18dc6e7ad9a85bfb2f712bd219bf0396

| Metric [Unit: USD Billion] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| UnitedHealthcare           | **62.4**  **[0000731766-23-000008_unh-20221231.htm:50]** **[0000731766-23-000003_a2022q4exhibit991.htm:1]**  | **70.468**  **[0000731766-23-000029_unh-20230331.htm:10]**  | **70.2**  **[0000731766-23-000049_a2023q2exhibit991.htm:1]** **[0000731766-23-000053_unh-20230630.htm:18]**  | **69.853**  **[0000731766-23-000064_unh-20230930.htm:14]**  | **70.34**  **[0000731766-24-000081_unh-20231231.htm:51]** **[0000731766-24-000081_unh-20231231.htm:96]**  | **75.4**  **[0000731766-24-000155_unh-20240331.htm:16]**  | **73.866**  **[0000731766-24-000262_unh-20240630.htm:23]**  | **74.9**  **[0000731766-24-000323_unh-20240930.htm:23]**  |
| Optum Health               | **17.8**  **[0000731766-23-000008_unh-20221231.htm:50]** **[0000731766-23-000003_a2022q4exhibit991.htm:1]**  | **23.004**  **[0000731766-23-000029_unh-20230331.htm:10]**  | **23.9**  **[UNH_3383750_4]** **[0000731766-23-000053_unh-20230630.htm:18]**  | **23.864**  **[0000731766-23-000064_unh-20230930.htm:14]**  | **23.83**  **[0000731766-24-000081_unh-20231231.htm:51]** **[0000731766-24-000081_unh-20231231.htm:96]**  | **26.7**  **[0000731766-24-000155_unh-20240331.htm:16]**  | **27.050**  **[0000731766-24-000262_unh-20240630.htm:23]**  | **25.917**  **[0000731766-24-000323_unh-20240930.htm:23]**  |
| Optum Insight              | **3.65**  **[0000731766-23-000008_unh-20221231.htm:50]** **[0000731766-23-000003_a2022q4exhibit991.htm:1]**  | **4.496**  **[0000731766-23-000029_unh-20230331.htm:10]**  | **4.7**  **[UNH_3383750_4]** **[0000731766-23-000053_unh-20230630.htm:18]**  | **4.977**  **[0000731766-23-000064_unh-20230930.htm:14]**  | **4.73**  **[0000731766-24-000081_unh-20231231.htm:51]** **[0000731766-24-000081_unh-20231231.htm:96]**  | **4.5**  **[0000731766-24-000155_unh-20240331.htm:16]**  | **4.543**  **[0000731766-24-000262_unh-20240630.htm:23]**  | **4.931**  **[0000731766-24-000323_unh-20240930.htm:23]**  |
| Optum Rx                   | **25.0**  **[0000731766-23-000008_unh-20221231.htm:50]** **[0000731766-23-000003_a2022q4exhibit991.htm:1]**  | **27.418**  **[0000731766-23-000029_unh-20230331.htm:10]**  | **28.6**  **[0000731766-23-000053_unh-20230630.htm:18]**  | **28.857**  **[0000731766-23-000064_unh-20230930.htm:14]**  | **29.02**  **[0000731766-24-000081_unh-20231231.htm:51]** **[0000731766-24-000081_unh-20231231.htm:96]**  | **30.8**  **[0000731766-24-000155_unh-20240331.htm:16]**  | **32.415**  **[0000731766-24-000262_unh-20240630.htm:23]**  | **34.207**  **[0000731766-24-000323_unh-20240930.htm:23]**  |
| Optum Eliminations         | N/A     | **-0.859**  **[0000731766-23-000029_unh-20230331.htm:10]**  | N/A     | **-0.961**  **[0000731766-23-000064_unh-20230930.htm:14]**  | N/A     | **-1.0**  **[0000731766-24-000155_unh-20240331.htm:16]**  | **-1.129**  **[0000731766-24-000262_unh-20240630.htm:23]**  | N/A     |
| Total Optum                | N/A     | **54.059**  **[0000731766-23-000029_unh-20230331.htm:10]**  | N/A     | **56.737**  **[0000731766-23-000064_unh-20230930.htm:14]**  | N/A     | N/A     | N/A     | N/A     |
| Consolidated Revenues      | N/A     | **91.931**  **[0000731766-23-000029_unh-20230331.htm:10]**  | **92.9**  **[0000731766-23-000049_a2023q2exhibit991.htm:1]** **[0000731766-23-000053_unh-20230630.htm:18]**  | **92.361**  **[0000731766-23-000064_unh-20230930.htm:14]**  | **94.4**  **[0000731766-24-000023_a2023q4exhibit991.htm:1]**  | **99.8**  **[0000731766-24-000155_unh-20240331.htm:16]**  | **98.855**  **[0000731766-24-000262_unh-20240630.htm:23]**  | **100.8**  **[0000731766-24-000323_unh-20240930.htm:23]**  |

d7e03b28d3b8d2934dd1366e83d1dbf2669433d89dd4082dfbffb831664d0fd1

83b9797a4f615a986d4482b0aa027f431c2dc63866a7e926f44bb186ebb63a6b

fd3b6cafaa02a10304caf7ef32a507bea8456fa030bc3b27886839f6d81ae856

UnitedHealth Group is a diversified health and well-being company that operates through two main businesses: Optum and UnitedHealthcare. The company aims to enhance health system performance by improving access, affordability, outcomes, and experiences **[0000731766-24-000081_unh-20231231.htm:47]** **[0000731766-24-000081_unh-20231231.htm:3]** **[0000731766-24-000081_unh-20231231.htm:94]**. UnitedHealth Group offers a range of health benefits and services through its various segments, including care delivery, analytics, technology, and pharmacy care **[0000731766-24-000081_unh-20231231.htm:47]** **[0000731766-24-000081_unh-20231231.htm:3]** **[0000731766-24-000081_unh-20231231.htm:94]**. The company's significant revenue drivers are its UnitedHealthcare and Optum segments, which collectively contribute to its overall financial performance **[UNH_3370234_3]** **[0000731766-24-000023_a2023q4exhibit991.htm:2]**.

1. **UnitedHealthcare** - Offers a comprehensive range of health benefits and is divided into three sub-segments:
   - **UnitedHealthcare Employer & Individual** - Provides health benefit plans and services to employers and individuals.
   - **UnitedHealthcare Medicare & Retirement** - Offers health and well-being services to individuals aged 65 and older.
   - **UnitedHealthcare Community & State** - Delivers health benefits and services to state programs and communities.

2. **Optum** - Comprises three segments focused on different aspects of health services:
   - **Optum Health** - Focuses on care delivery and management to improve health outcomes.
   - **Optum Insight** - Provides analytics and technology services to enhance healthcare operations.
   - **Optum Rx** - Offers pharmacy care services to optimize medication management and delivery.

64043cd41f5a28a558f2e3a057cb2d27584015502a982507020e78383e7779a5

1. Given the simultaneous pressures from CMS Medicare rate cuts, the Inflation Reduction Act impacts, and increased specialty drug costs, how specifically do you expect these factors to affect your Medicare Advantage margins in 2025, and what mitigation strategies are in place to address them?

2. Your initial 2025 EPS guidance suggests approximately 8% growth, which is below your long-term target of 13–16%; can you elaborate on the key factors driving this conservative outlook and your confidence in returning to the target range in subsequent years?

3. With Medicaid redeterminations leading to higher acuity among remaining members and lagging state rate adjustments, how are you managing the timing mismatch in Medicaid funding, and when do you anticipate alignment between rates and current care activity levels?

4. You mentioned aggressive hospital coding intensity increases adding unnecessary costs; what specific actions are you taking to address this upcoding issue, and how soon do you expect to see these efforts positively impact your cost structure?

5. While investing heavily in AI and technology modernization for 2025, can you detail how these investments will contribute to earnings growth and operational efficiency in the near term, especially amid existing margin pressures?

306d21ae7461f5432710b32be91fb8db86a0ec796c03d7e0f385154a3d086157

Fulfilled Adjusted Scripts

Metric (Unit: Million People)

-----------------------------------------

Served People

8219ec2c5ccf2252b5d8ec78b20e5c653d632e617f5b4433b2547d4b7cf7ea7a

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024 and FY 2025
- **Guidance**:
  1. **Adjusted Earnings Outlook for 2024**: Narrowed to **$27.50 to $27.75** per share  **[UNH_3402829_4]** .
  2. **Impact of Change Healthcare Disruption**: Estimated at **$0.75 per share** for 2024, with a reduction expected in 2025  **[UNH_3402829_4]** .
  3. **2025 Earnings Per Share Guidance**: Upper end of the range around **$30**  **[UNH_3402829_5]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Full Year Adjusted EPS**: Affirmed at **$27.50 to $28.00**  **[UNH_3393369_6]** .
  2. **Medical Care Ratio**: Expected at the upper end of the range, excluding certain effects  **[UNH_3393369_5]** .
  3. **Cyberattack Impact**: Estimated at **$1.90 to $2.05 per share**, with direct costs and business disruption impacts specified  **[UNH_3393369_4]** .
  4. **OptumHealth Margins**: Target of **7.7% to 8%**  **[UNH_3393369_14]** .
  5. **Medical Loss Ratio (MLR)**: Core MLR expected at **84.5%**, GAAP MLR at **84.8%**  **[UNH_3393369_13]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Full Year Adjusted EPS**: Expected at **$27.50 to $28.00**  **[UNH_3379860_5]** **[UNH_3379860_1]** .
  2. **Impact of Change Healthcare Cyberattack**: Estimated at **$1.15 to $1.35 per share**, with direct costs and business disruption impacts detailed  **[UNH_3379860_3]** .
  3. **Medical Care Ratio (MCR)**: First quarter MCR was **84.3%**, with specific impacts noted  **[UNH_3379860_3]** .
  4. **Claims Reserves**: Additional **$800 million** due to potential cyberattack effects  **[UNH_3379860_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS Growth Rate**: Long-term growth rate of **13% to 16%**  **[UNH_3370234_0]** .
  2. **Medicare Advantage Enrollment**: Growth of **450,000 to 550,000 lives**  **[UNH_3370234_14]** .
  3. **Care Ratio Outlook**: **84%, plus or minus 50 basis points**  **[UNH_3370234_3]** .
  4. **Optum Health Margin Targets**: **7.7% to 8.0%**  **[UNH_3370234_12]** .
  5. **Optum Health Patient Engagement**: Serving at least another **750,000 patients** under value-based care  **[UNH_3370234_0]** .

1b2a5c56d47e806b163f35a32af580c9fb1e4b503712eff764a0a186538cae6b

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | June 2024  **[0000731766-24-000323_unh-20240930.htm:34]** **[0000731766-24-000323_unh-20240930.htm:26]** **[0000731766-24-000323_unh-20240930.htm:13]**  |
| End Date/Duration        | No expiration date  **[0000731766-24-000323_unh-20240930.htm:34]**  |
| Total additional amount  | 35 million shares  **[0000731766-24-000323_unh-20240930.htm:34]** **[0000731766-24-000323_unh-20240930.htm:26]** **[0000731766-24-000323_unh-20240930.htm:13]**  |
| Remaining authorization  | 42 million shares  **[0000731766-24-000323_unh-20240930.htm:26]** **[0000731766-24-000323_unh-20240930.htm:13]**  |
| Details                  | Optimizes capital structure and offsets share-based awards  **[0000731766-24-000081_unh-20231231.htm:88]**  |

76afcbcff609f964332070cc817dcc82462f3b71004d95043336160febee5085

Despite a Q4 MLR uptick, UNH projects a 2025 medical care ratio at 86.5% (+100bps vs 2024), driven by IRA impacts, second-year CMS cuts, and public sector mix. PBM reform risk looms, but management targets up to 800k MA adds. Margins stay under pressure.

5b8e797b2db633b4189cdd4ee43b22ce42137e91990d5641f40868b33b4cca86

cffe816d7de912797a57c7fc2e615ef3e63fa36271a417e2fd9098ba2e5319b2

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23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name             | Position                                                      | Start Date       | Short Bio                                                                                                                                                                                                 |
|------------------|---------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Andrew Witty     | Chief Executive Officer                                       | February 2021    | Andrew Witty has served as the CEO of UnitedHealth Group since February 2021. He was previously CEO of Optum and President of UnitedHealth Group. Before joining UNH, he was CEO of GlaxoSmithKline  **[0000731766-24-000081_unh-20231231.htm:18]** **[0001104659-24-050055_tm2332959d4_def14a.htm:11]** .                                    |
| Dirk McMahon     | President and Chief Operating Officer                         | February 2021    | Dirk McMahon has served as President and COO of UnitedHealth Group since February 2021. He was previously CEO of UnitedHealthcare and President and COO of Optum  **[0000731766-24-000081_unh-20231231.htm:18]** .                                                                           |
| John Rex         | Executive Vice President and Chief Financial Officer          | June 2016        | John Rex has served as EVP and CFO of UnitedHealth Group since June 2016. He was previously EVP and CFO of Optum and a Managing Director at JP Morgan  **[0000731766-24-000081_unh-20231231.htm:18]** **[0000731766-23-000008_unh-20221231.htm:18]** .                                                                                   |
| Rupert Bondy     | Executive Vice President, Chief Legal Officer and Corporate Secretary | March 2022       | Rupert Bondy has served as EVP and Chief Legal Officer of UnitedHealth Group since March 2022 and Corporate Secretary since April 2022. He was previously SVP, General Counsel, and Corporate Secretary at Reckitt Benckiser Group  **[0000731766-24-000081_unh-20231231.htm:18]** **[0000731766-23-000008_unh-20221231.htm:18]** .     |
| Erin McSweeney   | Executive Vice President and Chief People Officer             | March 2022       | Erin McSweeney has served as EVP and Chief People Officer of UnitedHealth Group since March 2022. She was previously chief of staff to UNH's Office of the Chief Executive and EVP and Chief HR Officer at Optum  **[0000731766-24-000081_unh-20231231.htm:18]** **[0000731766-23-000008_unh-20221231.htm:18]** .                        |
| Thomas Roos      | Senior Vice President and Chief Accounting Officer            | August 2015      | Thomas Roos has served as SVP and Chief Accounting Officer of UnitedHealth Group since August 2015. He was previously a Partner at Deloitte & Touche LLP  **[0000731766-24-000081_unh-20231231.htm:18]** .                                                                                   |
| Brian Thompson   | Chief Executive Officer of UnitedHealthcare                   | April 2021       | Brian Thompson served as CEO of UnitedHealthcare from April 2021 until his passing in December 2024. He held various leadership roles within UnitedHealthcare, including CEO of government programs and CEO of Medicare & Retirement  **[0000731766-24-000081_unh-20231231.htm:19]** **[0000731766-24-000340_btexhibit991.htm:0]** .    |
| Chris Zaetta     | Executive Vice President and Chief Legal Officer              | June 2024        | Christopher R. Zaetta serves as EVP and Chief Legal Officer at UnitedHealth Group. He is listed as Chief Legal Officer in a Form 3 filing dated June 14, 2024  **[0000731766-24-000186_xslF345X02/wk-form3_1718398205.xml:0]** .                                                                              |

8c1963636c7edcaeaaa8b777fce65a08d9f51212990cbe0ab6928bd87bfeab37

4289b09ece62d212a7f8c296ec110c524cdf0a145d65deb8390b156e81fa4dae

**Annual guidance for FY 2025:**
- **Cash Flow from Operations**: Expected to approach $33 billion  **[UNH_3412703_6]**  (no prior guidance)  
- **Optum Rx Revenues**: Expected to grow to about $146 billion  **[UNH_3412703_5]**  (no prior guidance)  
- **Optum Insight Revenues**: Expected to approach $22 billion  **[UNH_3412703_5]**  (no prior guidance)  
- **UnitedHealthcare Revenues**: Expected to approach $340 billion  **[UNH_3412703_5]**  (no prior guidance)  
- **UnitedHealthcare Membership Growth**: Upwards of 1.9 million people  **[UNH_3412703_5]**  (no prior guidance)  
- **Medicare Advantage Membership Growth**: Up to 800,000 people  **[UNH_3412703_5]**  (no prior guidance)  
- **Medical Care Ratio (MLR)**: Full-year MLR expected to be 86.5%, about 100 basis points above 2024  **[UNH_3412703_15]**  (no prior guidance)  
- **Optum Insight Backlog**: Expected to grow to $35 billion  **[UNH_3412703_5]**  (no prior guidance)  
- **Long-Term Growth Objective**: 13% to 16%  **[UNH_3412703_7]**  (no prior guidance)  

bb6f9109d409a86602b150c8f51c46dec79f5f7aba1006b0394630232f431492

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2002  **[0000731766-24-000081_unh-20231231.htm:62]**    | Present  | Current auditor   |

8c64c27655f4d59c19e2ccc159686d5fcabfe8770597fc36c837377abef60988

- UnitedHealth Group is achieving significant **cost efficiencies** through the use of **AI and technology**, running **hundreds of AI use case deployments**, which improve efficiency and reduce costs, contributing positively to the bottom line. [N/A]
- The company is experiencing **strong growth** in its **commercial health benefits business** and **margin progression in OptumHealth**, demonstrating its ability to deliver across multiple segments. [N/A]
- UnitedHealth Group is effectively navigating the **funding reductions in Medicare Advantage (V-28)**, successfully incorporating challenges into their planning and maintaining stability, indicating confidence in continued strong performance in **2025 and beyond**. [N/A]

27169235fbaa3729dd8d01210e703f9f8096eaa62eb3c4f66fcb619d59a68a3e

1763549476d66288b6c374c871540902648716563d6fea6d74548253b1f38404

| Year | Amount Due (in millions) | Debt Type              | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|----------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2026     | $500 **[0000731766-24-000323_unh-20240930.htm:12]**                 | Floating Rate Notes        | Floating **[0000731766-24-000323_unh-20240930.htm:12]**      | 0.6% = (500 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                       |
| 2026     | $650 **[0000731766-24-000323_unh-20240930.htm:12]**                 | Senior Unsecured Notes     | 4.750 **[0000731766-24-000323_unh-20240930.htm:12]**         | 0.8% = (650 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                       |
| 2027     | $500 **[0000731766-24-000323_unh-20240930.htm:12]**                 | Senior Unsecured Notes     | 4.600 **[0000731766-24-000323_unh-20240930.htm:12]**         | 0.6% = (500 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                       |
| 2029     | $400 **[0000731766-24-000323_unh-20240930.htm:12]**                 | Senior Unsecured Notes     | 4.700 **[0000731766-24-000323_unh-20240930.htm:12]**         | 0.5% = (400 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                       |
| 2030     | $1,250 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 4.800 **[0000731766-24-000323_unh-20240930.htm:12]**         | 1.6% = (1,250 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2031     | $1,000 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 4.900 **[0000731766-24-000323_unh-20240930.htm:12]**         | 1.3% = (1,000 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2032     | $1,500 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 4.950 **[0000731766-24-000323_unh-20240930.htm:12]**         | 1.9% = (1,500 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2034     | $1,250 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 5.000 **[0000731766-24-000323_unh-20240930.htm:12]**         | 1.6% = (1,250 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2034     | $2,000 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 5.150 **[0000731766-24-000323_unh-20240930.htm:12]**         | 2.6% = (2,000 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2044     | $1,500 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 5.500 **[0000731766-24-000323_unh-20240930.htm:12]**         | 1.9% = (1,500 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2054     | $1,750 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 5.375 **[0000731766-24-000323_unh-20240930.htm:12]**         | 2.2% = (1,750 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2054     | $2,750 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 5.625 **[0000731766-24-000323_unh-20240930.htm:12]**         | 3.5% = (2,750 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2064     | $1,100 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 5.500 **[0000731766-24-000323_unh-20240930.htm:12]**         | 1.4% = (1,100 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |
| 2064     | $1,850 **[0000731766-24-000323_unh-20240930.htm:12]**               | Senior Unsecured Notes     | 5.750 **[0000731766-24-000323_unh-20240930.htm:12]**         | 2.4% = (1,850 / 78,010) * 100 **[0000731766-24-000323_unh-20240930.htm:2]** **[0000731766-24-000323_unh-20240930.htm:12]**                                     |

531bc968ef1c5c338def08c5daad0c009b77889c3f8a422ec2ebce37e22d3c01

- Potential regulatory risks associated with **PBM reform** in 2025 could impact UnitedHealth's **Optum Rx** business. The company acknowledges that there is "**a very large drumbeat right now that we'll see reform at some point in 2025**"  **[UNH_3412703_10]** , which could affect their operations.
- Increasing **Medical Care Ratio (MCR)** expected in 2025 may pressure margins. The company expects the full-year MCR to be **86.5%**, about **100 basis points above** the elevated 2024 level.  **[UNH_3412703_15]**  Factors contributing to the higher MCR include "**IRA impacts**", "**second year of the CMS funding rate reductions**", and "**mix shift toward public sector offerings**".  **[UNH_3412703_16]**
- Profitability challenges due to **Medicare Advantage** reimbursement rates not reflecting elevated cost trends. The company notes that reimbursement embedded in rates "**is still not reflective of the elevated cost trend that we saw in 2024**"  **[UNH_3412703_11]** , and hopes for rates that are more aligned with cost trends in future cycles.

95343e64413509e13a899519a150641cc6c0e97a054d394d308a61e2fb2e5b55

1. **MLR Trends and '25 Outlook**  
   **Q:** Any changes in cost trends affecting Q4 and confidence in '25 MLR?  
   **A:** Management noted that despite higher MLR in Q4 due to seasonal factors and non-recurring revenue adjustments, they remain confident in their 2025 outlook.  **[UNH_3412703_8]** **[UNH_3412703_16]**  Hospital coding intensity and specialty prescribing trends stabilized as expected, and they anticipate an 86.5% medical care ratio for 2025, about 100 basis points above 2024 levels.  **[UNH_3412703_8]** **[UNH_3412703_16]** 

2. **Medicare Advantage Growth and Margins**  
   **Q:** How did MA growth fare during AEP, and are margins expected to improve in '25?  
   **A:** The company is on track to achieve its MA growth target of up to 800,000 members, with more than 50% of full-year growth coming from AEP.  **[UNH_3412703_12]** **[UNH_3412703_17]**  They expect 2025 growth to pace in line with 2024 and remain consistent with long-term margin targets for MA, with no significant pricing catch-up needed.  **[UNH_3412703_12]** **[UNH_3412703_17]** 

3. **PBM Reform Implications**  
   **Q:** How will upcoming PBM reform affect your business?  
   **A:** Management acknowledged the potential for PBM reform and emphasized their role in negotiating lower drug prices on behalf of payers.  **[UNH_3412703_10]**  They committed to a full 100% pass-through of all PBM-negotiated rebates to clients, enhancing transparency and addressing policy concerns.  **[UNH_3412703_10]** 

4. **Optum Health Consumer Count and Margins**  
   **Q:** Why did Optum Health's consumer count drop and margins decline?  
   **A:** The decrease of about 4 million consumers was due to strategic decisions to de-emphasize certain areas like urgent care.  **[UNH_3412703_9]**  Margin impacts resulted from restructuring, investments in clinical quality, and refining legacy contracts, but the company feels well-positioned for 2025 with strong engagement and operating efficiencies.  **[UNH_3412703_9]** 

5. **SG&A Efficiency and Technology**  
   **Q:** What are the sources of SG&A efficiency improvements and their durability?  
   **A:** Savings are driven by digital adoption and modernization efforts, including AI and automation.  **[UNH_3412703_14]**  Management believes they are in early stages, with significant opportunities ahead to further reduce administrative tasks and improve consumer experiences.  **[UNH_3412703_14]** 

6. **EPS Seasonality and MLR Sequencing**  
   **Q:** How will EPS seasonality and MLR sequencing differ in 2025?  
   **A:** Earnings progression is expected to be relatively balanced between the first and second halves of 2025.  **[UNH_3412703_15]**  The quarterly MLR pattern will be familiar, with the full-year medical care ratio anticipated at 86.5%, about 100 basis points above 2024.  **[UNH_3412703_15]** 

7. **Medicare Advantage Rate Setting**  
   **Q:** Any perspective on the preliminary MA rates for 2026?  
   **A:** While not speculating on preliminary rates, management looks forward to engaging with the administration.  **[UNH_3412703_11]**  They emphasize the importance of rational rate setting that reflects cost trends appropriately, hoping for improvements over the next cycles.  **[UNH_3412703_11]** 

8. **Customer Satisfaction Initiatives**  
   **Q:** What are you doing to improve customer satisfaction?  
   **A:** Efforts focus on reducing complexity and improving claims processes through technology.  **[UNH_3412703_13]**  Digital engagement has increased significantly, with mobile app visits up **66%** year-over-year, enhancing consumer experience.  **[UNH_3412703_13]** 

5922008436504316619c2c24319fdf1588225699a193d2068d29a911f5fcafb7

111d832400b2a8119a3035cd2efed159b6ca4ac1e79d35b588f1986c895b70c1

- **UnitedHealth Group experienced higher medical costs in Q4 2023, with an unfavorable medical development of $100 million due to increased respiratory-related activity and higher inpatient COVID admission costs, contributing to a higher medical loss ratio (MLR).**  **[UNH_3370234_7]** **[UNH_3370234_5]**
- **Competitive pressures in the Medicare Advantage market led to lower-than-expected enrollment during the Annual Enrollment Period, with only about 100,000 additions, and an aggressive pricing environment may impact future growth.**  **[UNH_3370234_6]** **[UNH_3370234_14]**
- **Regulatory changes and scrutiny on Pharmacy Benefit Managers (PBMs) pose risks to Optum Rx, UnitedHealth's PBM segment, potentially impacting profitability due to possible unbundling and changes in pharmacy reimbursement models.**  **[UNH_3370234_13]**

85fa6a147eecf1c2926f291a045c622362af73a49eeab83474e2788b09d9aa1e

1. **MLR Guidance and Expectations**  
   **Q:** How will MLR trend for the rest of the year?  
   **A:** Management anticipates the full-year Medical Loss Ratio (MLR) to be at the **high end of the range at 84.5%**, reflecting pressures from **Medicaid timing mismatches**, increased **coding intensity**, and changes in **member mix**. For the third quarter, they expect MLR to be around **84%**, possibly a few tens of basis points higher, and do not foresee any material impacts from other elements in the second half of the year.  **[UNH_3393369_8]** **[UNH_3393369_13]** 

2. **Impact of Cyberattack on Change Healthcare**  
   **Q:** What's the effect of the cyberattack on Change Healthcare and recovery expectations?  
   **A:** The cyberattack has caused an earnings impact of **$0.60 to $0.70** per share this year. Management aims to return to **baseline performance in 2025**, recovering the impact as they restore volume and bring in new clients. The restored system is now more secure, which is resonating with clients and accelerating momentum for future growth.  **[UNH_3393369_17]** **[UNH_3393369_16]** 

3. **Medicare Advantage Bids for 2025**  
   **Q:** Did you bid to improve MA margins for 2025?  
   **A:** Management maintains a consistent approach to margins and is operating comfortably within their target range for Medicare Advantage. They are confident in their pricing strategy for 2025 and are prepared for whatever growth outcomes result from the bids. Their pricing reflects expectations incorporated into their 2025 planning.  **[UNH_3393369_10]** 

4. **OptumHealth Margins Outlook**  
   **Q:** How will OptumHealth margins progress this year?  
   **A:** OptumHealth is executing well on their plan to manage through funding rate reductions, focusing on medical cost management, proactive clinical engagement, and disciplined operating cost management. They expect to build momentum and are confident in achieving their full-year margin target of **7.7% to 8%**, showing solid progress in member engagement and reducing readmission rates.  **[UNH_3393369_14]** 

5. **Medicaid Pressure and Rate Expectations**  
   **Q:** Will Medicaid pressure subside in the second half?  
   **A:** Management expects Medicaid pressures to even out over the remainder of **2024** and into **2025**. They have visibility into the majority of their rates for 2024 and are working with state partners to influence key assumptions. While there may be some dislocation, states are committed to accurately reflecting changes in acuity due to redeterminations in current and future rate adjustments.  **[UNH_3393369_11]** 

6. **Drivers of Earnings Outperformance**  
   **Q:** What's driving earnings outperformance despite higher costs?  
   **A:** Strong growth in the **commercial health benefits business**, margin progression in **OptumHealth**, and disciplined operating efficiencies are contributing to earnings outperformance. The entire organization is focused on cost management and leveraging technology to offset pressures from funding cuts, leading to maintained guidance despite increased costs.  **[UNH_3393369_15]** 

7. **Provider Coding Activity Impacts**  
   **Q:** How is provider coding activity affecting results and bids?  
   **A:** The observed upshift in provider coding was largely induced by **level-of-care waivers** during the cyber disruption. Management believes this is an anomaly tied to the waiver period, and they have reinforced utilization management protocols. This impact has been considered in their planning and bids for **2025**, with no concerns regarding future results.  **[UNH_3393369_17]** 

8. **SG&A Cost Savings and AI Efficiencies**  
   **Q:** What are the key components of SG&A cost savings and AI's role?  
   **A:** The company is achieving strong cost management through digitization and technology efficiencies, including hundreds of **AI use case deployments**. These efforts have allowed them to handle increased volumes with reduced costs, such as a **9% reduction** in onboarding expenses despite record volumes in **OptumRx**. They expect to continue investing in technology to drive efficiency and improve customer experiences.  **[UNH_3393369_9]** 

9. **OptumInsight Backlog Decrease**  
   **Q:** Why did OptumInsight's backlog decline and outlook ahead?  
   **A:** The backlog decrease was impacted by the cyber event, but management is confident in performance going into next year. They are seeing acceleration in momentum as they bring volume back and attract new clients. The restored system's enhanced security is resonating in the marketplace, and they expect to return to baseline performance in **2025**.  **[UNH_3393369_16]** **[UNH_3393369_17]** 

10. **OptumRx Performance and Drivers**  
    **Q:** How are specialty pharmacy and PBM drivers affecting OptumRx?  
    **A:** **OptumRx** is showing strong performance due to investments in both PBM services and pharmacy offerings. They are seeing growth in client volumes, strong retention, and uptake of new products that drive medication affordability. Diversification in pharmacy services, including behavioral health and infusion services, contributes to consistent performance in the business.  **[UNH_3393369_18]** 

11. **OptumHealth Pricing for 2025**  
    **Q:** What's the outlook for OptumHealth pricing in 2025?  
    **A:** OptumHealth continues to have strong relationships with over **100 plan partners**, and discussions have been productive around benefit design, funding, and market planning for **2025**. They are adding plan partners and geographies, and are confident in their position as they drive value through quality care, clinical outcomes, and strong networks. There is increased outreach from payers seeking an enduring partner adept at operating within value-based arrangements.  **[UNH_3393369_19]** 

213b59f01eb0d3508d36d8ff3f5622042d4f85a91ff57bbfbcfb5058458b709d

- **UnitedHealthcare finished 2023 at the top end of its growth ranges** and feels very optimistic about 2024, with good stability and durability in its non-senior businesses.  **[UNH_3370234_9]**
- **Optum Health is confident in achieving its margin targets of 7.7% to 8% for 2024**, driven by significantly improved patient engagement levels, scaled medical management programs, and operating efficiencies. Engagement rates with new patients increased from **20% to 80% over the year**.  **[UNH_3370234_8]** **[UNH_3370234_12]**
- **Optum Rx had a record-selling year, achieving its best-ever sales**, with diverse growth across new business and high retention rates, positioning it strongly for future performance.  **[UNH_3370234_14]**

70b9ff38b82ce135de2af510af7ebc31198389e07ab851058d9fb2341b74a64a

51c208b108367ebc93384a9d2bd1910867368f920e5162f000b7b2c1c8a2af18

- UnitedHealth Group is experiencing pressure on their Medical Care Ratio (MLR) due to factors like Medicaid timing mismatches, provider coding intensity upshifts, and unfavorable member mix, which are expected to impact margins throughout the year.  **[UNH_3393369_13]** **[UNH_3393369_8]**
- OptumInsight's backlog decreased by **$200 million** sequentially, partly due to impacts from the cyberattack on Change Healthcare, potentially challenging revenue growth in this segment.  **[UNH_3393369_16]**
- Funding cuts in Medicare Advantage (V-28 reductions) are pressuring UnitedHealth's Medicare Advantage and OptumHealth businesses, necessitating cost management efforts across the company to offset the impact.  **[UNH_3393369_15]** **[UNH_3393369_8]**

ea300304ca5b3964dda1811ae188fe7341ecea827cae24b5194c4d05707d62bc

- UnitedHealth is facing **higher costs due to aggressive hospital coding practices**, with some entities increasing coding intensity factors by more than **20%**, resulting in an unnecessary additional cost burden.  **[UNH_3402829_2]**
- The **Medicaid business** is experiencing financial pressure due to a **timing mismatch between increased member acuity and lagging state rate updates**, which have not yet caught up to the higher health care needs and increased behavioral health costs of the remaining members after redeterminations.  **[UNH_3402829_2]** **[UNH_3402829_10]**
- UnitedHealth anticipates stepping out for **2025 more conservatively than typical**, with the upper end of their EPS guidance around **$30 per share**, partially due to the concurrent impact of **CMS Medicare rate cuts and the Inflation Reduction Act**, potentially signaling **lower earnings growth**.  **[UNH_3402829_5]**

7f1babec5216f444519d65301f44a58466175076cee95dedb7b6805a6a4f995e

1. **2025 Earnings Guidance**  
   **Q:** Why is 2025 EPS growth lower at 8%?  
   **A:** Due to **government funding reductions** and **continued cost pressures**, especially in Medicare Advantage, we expect **2025 EPS to grow about 8%**, which acknowledges external pressures but preserves long-term investments ( **[UNH_3402829_7]** ).

2. **Medical Cost Pressures**  
   **Q:** How are rising costs impacting your MLR?  
   **A:** Three factors—**specialty drug utilization increases** due to the IRA, **provider coding intensity**, and **Medicaid redetermination timing mismatches**—have equally impacted our MLR this quarter ( **[UNH_3402829_6]** ,  **[UNH_3402829_8]** ).

3. **Medicare Advantage Strategy**  
   **Q:** How important is MA growth to your strategy?  
   **A:** Medicare Advantage remains crucial, but we're diversifying growth across **five pillars**, including value-based care and technology, aiming for stability amid a dynamic MA landscape ( **[UNH_3402829_9]** ).

4. **OptumHealth Margins**  
   **Q:** What drove margin improvements in OptumHealth?  
   **A:** **Portfolio refinements** and focus on **care delivery** improved margins. We're exiting non-core businesses to strengthen our value-based care position ( **[UNH_3402829_12]** ,  **[UNH_3402829_13]** ).

5. **OptumInsight Recovery**  
   **Q:** How is OptumInsight performing post-cyberattack?  
   **A:** Recovery is progressing well; some revenue disruption will carry into 2025. We're leveraging **AI innovations** to accelerate growth in our core business ( **[UNH_3402829_14]** ).

6. **Medicaid Redeterminations**  
   **Q:** How are redeterminations affecting Medicaid margins?  
   **A:** The impact from redeterminations is subsiding, but funding rates haven't yet caught up with **current cost trends**. We're working with state partners to address this ( **[UNH_3402829_10]** ).

7. **Capital Deployment Priorities**  
   **Q:** What are your capital deployment plans for 2025?  
   **A:** We'll focus on our **five growth pillars**—benefits, value-based care, technology, pharmacy, and financial services—aiming for strong shareholder returns ( **[UNH_3402829_16]** ).

8. **Commercial Business Performance**  
   **Q:** Are cost pressures affecting your commercial segment?  
   **A:** The commercial business remains strong with effective cost management. The pressures impacting MLR are not affecting this segment ( **[UNH_3402829_11]** ).

9. **Cost Reduction Sustainability**  
   **Q:** Will cost reductions continue into 2025?  
   **A:** Yes, we're committed to **sustainable cost reductions** to offset funding pressures and will remain disciplined in cost management, especially in Optum ( **[UNH_3402829_15]** ).

10. **Investments in AI and Technology**  
    **Q:** How will AI investments impact growth?  
    **A:** **AI is accelerating innovation**, particularly in OptumInsight, transforming products and creating differentiated offerings to drive growth ( **[UNH_3402829_14]** ,  **[UNH_3402829_16]** ).

6a513cfa64c850b391d7497a37468bb1c7c2d1ba89a0782bb9ecd0c94fa87f1a

- **UnitedHealth's commercial membership grew by 2 million members in the first quarter**, surpassing initial guidance, driven by innovative products and expansion into 37 states, indicating strong market share gains and growth potential.  **[UNH_3379860_14]**
- **Medical cost trends and care patterns are within expectations and have been appropriately priced for**, demonstrating effective risk management and operational stability.  **[UNH_3379860_20]**
- **Claims submission activity has returned to normal levels**, improving visibility and supporting confidence in UnitedHealth's operational performance and financial outlook.  **[UNH_3379860_12]**

c62b21353f54539dccc2b321b2a9276440eb4c4a45369cf8eb319df0869fb6d9

- **OptumHealth is experiencing strong performance**, driven by strategic portfolio refinement focusing on care delivery businesses and value-based care models. **Increased outreach from payers seeking enduring partners in capitated arrangements** positions the company for diversified growth across multiple lines of business.  **[UNH_3402829_12]**
- **UnitedHealthcare's Medicare Advantage business is well-positioned**, with a long-term planning view and a focus on benefit stability for consumers. **Leveraging new technologies like AI and machine learning is providing efficiencies that help offset headwinds**, suggesting potential for continued growth despite a dynamic environment.  **[UNH_3402829_9]**
- **UnitedHealth Group is maintaining disciplined capital deployment**, focusing on its five growth pillars: benefit design, value-based care, technology-led opportunities, pharmacy businesses, and financial services. **A shift towards a more consumer-centric experience, with investments in technology and consumerization**, underpins strong returns and future growth opportunities.  **[UNH_3402829_16]**

e056335dcf70dfb9d30012b027af5d09c95cf5f95c3ad53f585198fa0bdf961b

1. **Medical Cost Trends and 2024 MLR Guidance**  
   **Q:** Why was MLR higher than expected, and will this impact 2024 guidance?  
   **A:** Management explained that the **Medical Loss Ratio (MLR)** came in at the top end of their expected range due to increased outpatient activity among seniors and seasonal factors like higher RSV vaccinations and elevated COVID costs.  **[UNH_3370234_5]** **[UNH_3370234_11]**  They believe these factors are not durable and reaffirmed their 2024 MLR guidance of **84% plus or minus 50 basis points**.  **[UNH_3370234_5]** **[UNH_3370234_11]** 

2. **Optum Health Margins and Growth**  
   **Q:** Are Optum Health margin targets for 2024 still achievable?  
   **A:** Management is confident in achieving Optum Health's margin targets of **7.7% to 8.0%** for 2024.  **[UNH_3370234_12]**  They highlighted improved patient engagement, scaled medical management programs, and operational efficiencies as key drivers.  **[UNH_3370234_12]** **[UNH_3370234_8]** 

3. **Medicare Advantage Competitive Landscape**  
   **Q:** How is the competitive environment affecting Medicare Advantage plans?  
   **A:** The company acknowledged a highly competitive Medicare Advantage market with aggressive pricing.  **[UNH_3370234_6]** **[UNH_3370234_14]**  They have taken a thoughtful, long-term approach to benefit design and pricing, aiming for benefit stability over a three-year adjustment period.  **[UNH_3370234_6]**  While initial enrollment was slightly below expectations, they anticipate stronger growth outside the annual enrollment period.  **[UNH_3370234_14]** 

4. **Optum Rx Growth and Regulatory Outlook**  
   **Q:** What's driving Optum Rx growth, and are there concerns about regulatory changes?  
   **A:** Optum Rx experienced strong growth due to diverse services, high client retention, and new products like **WeightEngage**, a comprehensive weight management program.  **[UNH_3370234_10]**  Regarding regulatory changes in the PBM space, management feels confident in their dynamic business model and continues to offer transparent, value-based solutions aligned with client needs.  **[UNH_3370234_13]** 

5. **Commercial and Medicaid Cost Trends**  
   **Q:** Are cost pressures affecting other segments besides seniors?  
   **A:** Management indicated that cost trends remained stable in their commercial, exchange, and Medicaid businesses, with no significant issues to report.  **[UNH_3370234_9]**  The cost pressures observed in 2023 were primarily centered on senior populations.  **[UNH_3370234_9]** 

6. **Claims Payable and Prior Period Development**  
   **Q:** Why did days claims payable decrease, and what's behind the lower prior period development?  
   **A:** The decrease in days claims payable was mainly due to the **$100 million** unfavorable prior period development, driven by increased respiratory activity and higher inpatient COVID costs.  **[UNH_3370234_7]**  Accelerated provider claims submissions and higher claims intensity also contributed.  **[UNH_3370234_7]** 

7. **Healthcare Provider Contracting**  
   **Q:** Are health systems dropping Medicare Advantage contracts with UnitedHealth?  
   **A:** Management stated that provider network disruptions are comparable to historical levels and not materially different this year.  **[UNH_3370234_15]**  They continue to prioritize affordability while negotiating contracts and are committed to minimizing consumer disruptions.  **[UNH_3370234_15]** 

115aab0a18109cb3bff94cfdd871069b204837ac4a46b68a2cb96945a6fbe489

- *1. UnitedHealth Group is under a DOJ investigation, and management declined to provide any details or commentary on the matter, potentially indicating legal and regulatory risks.**  **[UNH_3379860_13]**
- *2. The company did not reiterate its long-term EPS growth guidance of 13% to 16%, which could signal uncertainty about future earnings growth.**  **[UNH_3379860_12]**
- *3. Increased reserves and a cautious approach due to the Change Healthcare cyberattack could negatively impact financials, with management indicating impacts on medical cost ratios and cash flows from operations.**  **[UNH_3379860_17]** **[UNH_3379860_9]** **[UNH_3379860_10]**

ff886734ba09adada535a2892f20c21bddc893f9c8d4cf5611fcf51f9ab3b454

1. **Medical Cost Trends and MLR**  
   **Q:** Did higher reserves indicate a 50 basis point MLR miss?  
   **A:** Management stated that medical cost trends came in **as expected**, with no significant deviations. The $800 million reserve was a prudent measure to account for potential claims disruptions, not an indication of a miss in MLR. The MLR increase was due to conservative reserving, and Q2 MLR is expected to be similar to Q1, including similar impacts from the cyber event.  **[UNH_3379860_9]** ,  **[UNH_3379860_10]** 

2. **Visibility into Cost Trends**  
   **Q:** How is visibility into medical cost trends versus last year?  
   **A:** Management feels confident about visibility into cost trends, noting that claims receipts are now at **normalized levels**. Unlike last year, there are improved sensing mechanisms and fewer unknowns like COVID impacts. They are not expecting the same step-up in trend as seen in early Q2 last year.  **[UNH_3379860_10]** ,  **[UNH_3379860_12]** ,  **[UNH_3379860_20]** 

3. **Impact of Change Healthcare Cyberattack**  
   **Q:** How will the cyberattack affect recovery and 2025 performance?  
   **A:** The company is recovering quickly, with **80% functionality restored** in key areas like pharmacy claims and payments. They expect to return to baseline performance in **2025**, and are confident in bringing customers back due to their support during the outage and ongoing innovation.  **[UNH_3379860_11]** ,  **[UNH_3379860_21]** 

4. **CMS 2025 Rate Notice**  
   **Q:** Does the 2025 rate notice change growth expectations?  
   **A:** Management expressed disappointment with the final rate but does not see it altering their **3-year strategy**. They are well-positioned to handle the extra pressure in 2025, and the changes might lead to growth opportunities, especially in distribution and risk arrangements.  **[UNH_3379860_7]** ,  **[UNH_3379860_19]** 

5. **IBNR Increase of $3 Billion**  
   **Q:** Can you elaborate on the $3 billion IBNR increase?  
   **A:** The $3 billion increase is in **incurred but not reported (IBNR)** reserves due to potential claims disruptions from the cyberattack. This is separate from processed claims inventories and reflects a prudent stance to account for unreceived claims.  **[UNH_3379860_16]** ,  **[UNH_3379860_17]** 

6. **Commercial Membership Growth**  
   **Q:** What drove strong commercial membership growth?  
   **A:** Growth was broad-based across individual, local, and national segments, with **2 million members added** in Q1. Key drivers include innovative products, expansion into **37 states**, and latency from redeterminations contributing to risk-based growth.  **[UNH_3379860_14]** 

7. **OptumHealth Capacity and Risk Deals**  
   **Q:** How is OptumHealth's capacity growth and risk deal outlook?  
   **A:** OptumHealth continues to grow capacity with more providers and is not seeing constraints. They are expanding risk partnerships across multiple payers, renegotiating contracts to ensure appropriate funding levels, and are proud of their growth.  **[UNH_3379860_15]** 

8. **Capital Deployment and M&A Priorities**  
   **Q:** What are the capital deployment priorities and M&A outlook?  
   **A:** The company maintains a balanced view on capital deployment, with ongoing share repurchases, dividends, and a robust pipeline of M&A opportunities. They see interesting prospects in areas aligning with their strategic growth initiatives and are prepared to be opportunistic.  **[UNH_3379860_18]** 

9. **Care Patterns and Trend Assumptions**  
   **Q:** What are the trend assumptions for major categories in guidance?  
   **A:** Trends are consistent with expectations. Outpatient care for seniors, especially in **orthopedic and cardiac** areas, continues to be higher but at expected levels. Unit costs are up due to multiyear provider contracts renewing, and specialty Rx costs are increasing as planned.  **[UNH_3379860_20]** 

10. **EPS Long-Term Growth Guidance**  
    **Q:** Is the 13–16% long-term EPS growth guidance reaffirmed?  
    **A:** Yes, management reaffirmed their commitment to the **13–16%** long-term growth objective, expressing confidence in achieving this target in the years ahead.  **[UNH_3379860_12]** ,  **[UNH_3379860_21]** 

040e8ead64d55441009f9dec41cdc839410c8a444d45fd08a5fd42ff8fa26997

Unitedhealth Group Inc (UNH)

Financials