UnitedHealth Group Inc 2Q26 Conference Call Takeaways

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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,