Elevance Health因医疗补助问题受挫，下调展望-动脉网

Elevance Health Hit By Medicaid Troubles, Trims Outlook

benzinga 等信源发布 2025-07-17 10:09

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Elevance Health Inc.

安适健有限公司

ELV

shares plummeted nearly 12% on Thursday after the health insurer reported second-quarter 2025 adjusted earnings that missed analyst expectations and significantly lowered its full-year guidance, overshadowing strong revenue growth.

周四，这家健康保险公司在报告 2025 年第二季度调整后的收益未达分析师预期，并大幅下调了全年指导后，其股价暴跌近 12%，掩盖了强劲的收入增长。

The company reported second-quarter 2025 revenues of $49.42 billion, up 14.3% year over year, higher than the consensus of $48.34 billion.

公司报告称，2025年第二季度收入为494.2亿美元，同比增长14.3%，高于483.4亿美元的市场共识。

The increase was driven by higher premium yields in the Health Benefits segment, recently closed acquisitions, and growth in Medicare Advantage membership, partially offset by membership attrition in the Medicaid business.

增长是由健康福利部门的较高保费收益、近期完成的收购以及医疗保险优势计划会员的增长推动的，部分被医疗补助业务的会员流失所抵消。

Also Read:

另请阅读：

UnitedHealth, Centene Hit Hard By Guidance Shock, Trump’s Medicaid Push

联合健康、Centene因指导性预测冲击和特朗普的医疗补助推动而受到重创

Elevance Health reported adjusted earnings of $8.84 per share, missing

Elevance Health报告的调整后每股收益为8.84美元，未达预期。

the consensus of $9.20

9.20 美元的共识

。

The benefit expense ratio was 88.9%, an increase of 260 basis points year over year, reflecting higher medical cost trend primarily in Medicaid business and

费用率是88.9%，同比增长了260个基点，这反映出医疗补助业务中的医疗成本趋势上升。

ACA health plans

ACA健康计划

。

The operating expense ratio was 10.1 percent, an improvement of 160 basis points. The adjusted operating expense ratio was 10%, an improvement of 140 basis points, primarily driven by expense leverage associated with growth in operating revenue and ongoing expense discipline as the company prioritizes investments to support long-term strategy..

运营费用率为10.1%，改善了160个基点。调整后的运营费用率为10%，改善了140个基点，主要得益于与运营收入增长相关的费用杠杆作用以及公司持续的费用管控，同时公司优先考虑支持长期战略的投资。

Health Benefits segment operating revenue was $41.6 billion in the second quarter of 2025, up 12% compared to the prior year quarter, driven primarily by higher premium yields, recently closed acquisitions, and growth in Medicare Advantage membership, partially offset by lower Medicaid membership.

2025年第二季度，健康福利部门的营业收入为416亿美元，同比增长12%，主要得益于更高的保费收益、近期完成的收购以及Medicare Advantage会员的增长，部分被较低的Medicaid会员数量所抵消。

Medical membership totaled approximately 45.6 million, a decline of 212 thousand from the first quarter of 2025, driven by lower Medicaid membership and attrition resulting from lower effectuation rates in Individual ACA business.

医疗会员总数约为4560万，较2025年第一季度减少了21.2万，原因是医疗补助计划会员减少，以及个人ACA业务生效率降低导致的流失。

Operating revenue for Carelon was $18.1 billion, up 36%, driven by recent acquisitions in home health and pharmacy services, growth in CarelonRx product revenue, and the scaling of risk-based capabilities in Carelon Services.

Carelon的营业总收入为181亿美元，增长了36%。这一增长得益于最近在家庭健康和药房服务领域的收购、CarelonRx产品收入的增长，以及Carelon Services中基于风险能力的扩展。

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Guidance

指引

Elevance Health lowered its fiscal year 2025 adjusted earnings guidance

Elevance Health下调了其2025财年调整后收益指引。

from $34.15-$34.85 per share

每股34.15至34.85美元

to approximately $30, versus the consensus of $34.40.

约为30美元，而共识为34.40美元。

“We are updating our outlook to reflect elevated medical cost trends in ACA and slower rate alignment in Medicaid. While the external environment continues to evolve, we are focused on the areas within our control – managing healthcare costs, deploying targeted investments in advanced technology and value-based care delivery, and reinforcing the operational foundation that supports long-term value creation,” said .

“我们正在更新我们的展望，以反映《平价医疗法案》（ACA）中升高的医疗成本趋势以及医疗补助计划（Medicaid）中较慢的费率调整。尽管外部环境持续变化，我们正专注于我们能够控制的领域——管理医疗成本、在先进技术及价值导向的医疗服务上进行有针对性的投资，并强化支持长期价值创造的运营基础，”表示。

Gail Boudreaux

盖尔·鲍德罗克斯

, President and CEO, in a statement on Thursday.

，总裁兼首席执行官，于周四发表声明。

Industry Context and Peer Impact

行业背景与同行影响

This guidance shock from Elevance Health follows a similar move by

Elevance Health的这一指导性冲击是在类似行动之后发生的

Centene Corp

Centene公司

CNC

计算机数控

. Centene recently withdrew its entire 2025 GAAP and adjusted diluted EPS guidance. This decision by Centene was prompted by its initial review of 2025 industry data from

Centene最近撤回了其全部2025年GAAP和调整后的稀释每股收益指导。Centene的这一决定是基于其对2025年行业数据的初步审查。

Wakely

韦克利

，

an independent actuarial firm

一家独立的精算公司

。

Centene’s analysis indicated lower-than-anticipated market growth and significantly higher implied market morbidity (prevalence of illness) in their Health Insurance Marketplace states, leading to a substantial reduction in their expected risk adjustment revenue transfer.

Centene的分析表明，其健康保险市场所在州的市场增长低于预期，且隐含的市场疾病率（患病率）显著更高，导致其预期的风险调整收入转移大幅减少。

These events highlight a broader industry concern among health insurers regarding elevated medical costs and challenges in accurately predicting risk and pricing in government-sponsored programs like Medicaid and the ACA.

这些事件突显了健康保险公司对医疗成本上升的普遍担忧，以及在政府资助的计划（如 Medicaid 和《平价医疗法案》）中准确预测风险和定价所面临的挑战。

Price Action

价格行为

: ELV stock is trading lower by 11.8% to $303.92 at last check Thursday.

：ELV股票在周四最后一次交易中下跌11.8%，至303.92美元。

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