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Elevance Health(ELV)2025年第四季度及全年业绩电话会纪要「NYSE」(英文版)(21页).pdf

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1、LSEG STREETEVENTSEDITED TRANSCRIPTELV.N-Q4 2025 Elevance Health Inc Earnings CallEVENT DATE/TIME:JANUARY 28,2026/1:30PM GMTOVERVIEW:Company SummaryLSEG STREETEVENTS|Contact Us2026 LSEG.All rights reserved.Republication or redistribution of LSEG content,including by framing or similar means,is prohib

2、ited without the prior writtenconsent of LSEG.LSEG and the LSEG logo are registered trademarks of LSEG and its affiliated companies.CORPORATE PARTICIPANTSNathan Rich Elevance Health Inc-Vice President of Investor RelationsGail Boudreaux Elevance Health Inc-President,Chief Executive Officer,DirectorM

3、ark Kaye Elevance Health Inc-Chief Financial Officer,Executive Vice PresidentFelicia Norwood Elevance Health Inc-Executive Vice President and President,Government Health BenefitsPeter Haytaian Elevance Health Inc-Executive Vice President and President,Carelon and CarelonRxMorgan Kendrick Elevance He

4、alth Inc-Executive Vice President&President-Commercial and Specialty BusinessCONFERENCE CALL PARTICIPANTSAJ Rice UBS AG-AnalystAndrew Mok Barclays Services Corp-AnalystJustin Lake Wolfe Research LLC-AnalystLance Wilkes Sanford C Bernstein&Co LLC-AnalystJoshua Raskin Nephron Research LLC-AnalystLisa

5、Gill JPMorgan Chase&Co-AnalystAnn Hynes Mizuho Securities Asia Ltd-AnalystChristian Borgmeyer,CFA Cowen and Company LLC-AnalystScott Fidel Goldman Sachs Group Inc-AnalystKevin Fischbeck Bank of America-AnalystErin Wright Morgan Stanley-AnalystBen Hendrix RBC Capital Markets Inc-Assistant Vice Presid

6、entDavid Windley Jefferies LLC-Equity AnalystSarah James Cantor Fitzgerald LP-Research AnalystJason Cassorla Guggenheim Securities LLC-Equity AnalystGeorge Hill Deutsche Bank AG-AnalystPRESENTATIONOperatorLadies and gentleman,thank you for standing by and welcome to the Elevance Health fourth quarte

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1. **2026年业绩指引**:Elevance Health预计2026年调整后稀释每股收益至少为25.50美元,2027年恢复至少12%的EPS增长。 2. **业务表现**: - **Medicaid**:2026年运营利润率预计为-1.75%,因费率滞后于医疗需求增长。 - **Medicare Advantage**:会员数预计下降高个位数百分比,但利润率将显著改善。 - **商业业务**:定价纪律严格,大型企业客户留存率高,Carelon需求增长。 3. **财务数据**:2025年全年调整后EPS为30.29美元,运营现金流43亿美元,回购26亿美元股票。 4. **长期目标**:企业长期利润率目标为5%-6%,健康福利部门目标为中个位数利润率。 5. **战略重点**:加强医疗协调、数据分析及Carelon平台扩张,应对医疗成本上升和监管变化。
**医保利润前景?** **会员下降原因?** **长期增长信心?**
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