Elevance Health Inc: Q&A Our Way: Perspective on Q2 Moving Parts

研报英文原文证据摘录

Elevance Health Inc: Q&A Our Way: Perspective on Q2 Moving Parts

Global Research

15 July 2026ab

Elevance Health Inc Equities

United StatesQ&A Our Way: Perspective on Q2 Moving Parts

Healthcare Providers

12-month rating Buy

ELV reported 2Q26 EPS of $7.45, $1.28/1.29 ahead of UBSe/Cons.The beat was driven

largely by investment income. ELV raised their 2026 EPS outlook to at least $27.00. (Link)

12m price target US$460.00

Medicaid Exits; Medicaid Margin Still Tracking Target, Albeit as Higher Rates

Offset Elevated Utilization Price (15 Jul 2026) US$390.33

Regarding potential Medicaid market exits in the future, Elevance said that these may RIC: ELV.N BBG: ELV US

encompass a combination of choosing not to rebid expiring contracts and negotiating

Trading data and key metrics

targeted exits, assuming in the latter case that a mutually agreed upon framework can

52-wk range US$426.79-274.66

be negotiated. The company is not sizing the magnitude of potential exits but noted any

actions would likely be at the statewide level. As it relates to Medicaid utilization, the Market cap. US$85.1b

company said the cost trend was consistent with 1Q when the first quarter PPD, weather Shares o/s 218m (COM)

and flu benefit are excluded. With that, while rate increases came in better than Free float 98%

expected, the company noted it can be inferred that the elevated utilization (vs Q1) is Avg. daily volume ('000) 545

the offset that leads management to leave its Medicaid margin outlook unchanged at - Avg. daily value (m) US$211.3

1.75%. Elevance indicated that the 2H26 margin trajectory is consistent with what the Common s/h equity (12/26E) US$44.8b

company had anticipated when providing its original guidance for Medicaid margin. P/BV (12/26E) 1.9x