Elevance Elevance Week Day 5: Carelon Services

Research evidence excerpt

Elevance Elevance Week Day 5: Carelon Services

J P M O R G A N North America Equity Research

08 June 2026

Elevance Overweight

ELV, ELV US

Elevance Week Day 5: Carelon Services Price (05 Jun 26):$415.53

Managed Care and Facilities

Lisa C. Gill AC

(1-212) 622-6466

lisa.c.gill@jpmorgan.com

John Stansel, CFA

(1-212) 622-0083

john.stansel@jpmorgan.com

For Day 5 of Elevance Week, we conclude with an overview of ELV’s healthcare

Benjamin Rossi

services segment, Carelon Services. We are focused on select assets within Carelon

(1-212) 622-9603

Services, representing a portfolio of care management, care delivery, and data and benjamin.rossi@jpmorgan.com

analytics solutions, which have been expanded via M&A and partnership. Last Cole Harris

week we hosted a call with ELV CEO Gail Boudreaux. Please reach out to us (1-212) 622-9068

or your J.P. Morgan sales contact for replay details. cole.harris@jpmorgan.com

J.P. Morgan Securities LLC

• Carelon Services includes care delivery, care management services, and

data & analytics solutions. The company views Carelon Services as a means

to deliver low-cost, high-quality care by creating and enabling new care

delivery and payment models, with a focus on serving patients with complex

and chronic conditions. Carelon Services’ sub-segments are organized around

two pillars: Carelon Health (behavioral health and care delivery & enablement)

and Carelon Insight (analytics & insights). We note that the businesses within

Carelon Services are payor agnostic, serving both ELV members as well as

third-party payors.

• ELV is taking a different approach to healthcare services. ELV owns care

delivery assets on a targeted basis, and management does not believe the

company needs to own care delivery broadly to achieve its objectives (although