UnitedHealth Group Inc 2Q26 Conference Call Takeaways

Research evidence excerpt

UnitedHealth Group Inc 2Q26 Conference Call Takeaways

Global Research

16 July 2026ab

UnitedHealth Group Inc Equities

Americas2Q26 Conference Call Takeaways

Healthcare Providers

12-month rating Buy

We highlight the key takeaways from UNH's 2Q earnings conference call below:

Conference call takes: UNH shares were up 8% today before fading to 4% after 12m price target US$460.00

a strong 2Q earnings and guidance raise. The outperformance was driven primarily

from Medicare Advantage, as the commercial pressure management called out

Price (16 Jul 2026) US$423.38

was a new develop and the rest of the businesses remained steady relative to

expectations. With the peer group pulling back today as well, we note that the RIC: UNH.N BBG: UNH US

MCOs were in favor coming into the quarter so expectations had become

Trading data and key metrics

somewhat elevated.

52-wk range US$431.68-237.77

Commercial: Trend has been running modestly above the 11% that was expected Market cap. US$384b

due to multiple drivers. First the IDR process is contributing 50 bps of incremental Shares o/s 906m (COM)

trend and now total 100 bps of total cost. Provider coding intensity with office Free float 100%

visits and emergency departments are also contributing to cost. Specialty remains Avg. daily volume ('000) 1,792

a consistent driver due to higher net costs and more indications, with anti- Avg. daily value (m) US$698.5

inflammatories and GLP-1 as part of the mix. As a result, the margin recovery

Common s/h equity (12/26E) US$105b

trajectory back to 7% has been pushed back beyond 2027.

P/BV (12/26E) 3.6x

Details on IDR: On IDR, management noted that 40% of all claims that enter IDR Net debt to EBITDA (12/26E) 1.7x

are ineligible, which leads to costs and delays as volumes increased. Additionally,