Item 7.01 - Regulation FD Disclosure
Officers of Elevance Health, Inc. (the “Company”) will speak with investors over the next several weeks. During these meetings, Company officers intend to reaffirm the Company’s net income guidance for full year 2024 to be greater than $34.29 per diluted share, including approximately $2.81 per diluted share of net unfavorable items. Excluding these items, the Company continues to expect adjusted net income to be greater than $37.10 per diluted share.
In addition, the Company officers will also report that the Centers for Medicare & Medicaid Services (“CMS”) informed the Company that four of the Company’s Medicare Advantage contracts will have a higher 2024 Star Rating because CMS updated the original ratings announced in October 2023. As a result, the Company now estimates it will have approximately 49% of its Medicare Advantage members enrolled in plans rated at least 4-Star for 2024 Star Ratings (payment year 2025), based on January 2024 enrollment. The Company estimates the financial benefit of the reconsideration decision on payment year 2025 revenue to be approximately $190 million.
None of the information furnished in Item 7.01 hereto shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Unless expressly set forth by specific reference in such filings, none of the information furnished in this report shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.
FORWARD-LOOKING STATEMENTS
This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof.
