Elevance Health, Inc. (formerly known as Anthem) reported strong first quarter 2024 profits of $2.2 billion, a 12.9% increase from the prior year quarter, beating both analysts’ and Elevance’s internal expectations. First quarter revenues also increased to $42.6 billion compared to $42.2 billion in the prior year quarter.
Elevance also reported that BlueCard membership grew 3.3% year over year.
In a press release announcing its first quarter earnings, Elevance CEO Gail Boudreaux stated: “Given the solid start to the year, we have increased our outlook for full year earnings.” Elevance raised its guidance for the year to at least $37.20 in earnings per share. According to its earnings presentation, Elevance has a compound annual growth rate target of at least 12%.
Elevance is the largest Blue Cross and Blue Shield licensee, operating Blues plans in fourteen states.
Elevance’s press release announcing its first quarter results is linked here.