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ANTHEM, INC.

(ANTM)
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Anthem : Medicaid growth helps insurer Anthem beat Q2 expectations

07/21/2021 | 09:39am EDT

INDIANAPOLIS — Anthem topped second-quarter expectations even though the health insurer's profit tumbled as patients who hunkered down last year at the start of the COVID-19 pandemic started seeking care again.

Growing enrolment in government-funded programs like Medicaid and Medicare Advantage helped Anthem balance the jump in care use. The Blue Cross-Blue Shield insurer also booked more revenue from its IngenioRx business, which runs pharmacy benefits.

Overall, Anthem said Wednesday that its net income fell 21% to $1.79 billion, and adjusted earnings totalled $7.03 per share. Operating revenue, which excludes investment income, rose 14% to $33.28 billion.

Analysts expected, on average, earnings of $6.34 per share on $33.15 billion in revenue, according to Zacks Investment Research.

Indianapolis-based Anthem Inc. covers more than 43 million people in several states, including big markets like New York and California. Its IngenioRx business also brought in about $6.2 billion in revenue during the quarter.

Health insurer profits soared last year after the pandemic set in and patients cancelled or postponed elective surgeries and other non-COVID-19 care. But insurance executives predicted that much of this care would eventually take place.

Anthem's benefit expense jumped 27% in the recently completed second quarter to nearly $25 billion. But enrolment in state and federally funded Medicaid plans that Anthem manages climbed 19% to 9.7 million people.

That was helped partly by a suspension of state attempts to recertify the eligibility of people with Medicaid coverage during the pandemic.

Anthem also said Wednesday that it now expects its full-year adjusted net income to be greater than $25.50 per share, up from a previous forecast for earnings surpassing $25.10 per share.

The new outlook tops the average analyst forecast for $25.26 per share, according to FactSet.

Company shares rose 1.4% to $395.45 in early trading. The stock has already climbed 21% since the beginning of the year and 51% in the last 12 months.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANTM at https://www.zacks.com/ap/ANTM

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Analyst Recommendations on ANTHEM, INC.
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Financials (USD)
Sales 2021 137 B - -
Net income 2021 6 123 M - -
Net Debt 2021 17 521 M - -
P/E ratio 2021 15,4x
Yield 2021 1,12%
Capitalization 92 974 M 92 974 M -
EV / Sales 2021 0,80x
EV / Sales 2022 0,72x
Nbr of Employees 83 400
Free-Float 99,4%
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Technical analysis trends ANTHEM, INC.
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Mean consensus BUY
Number of Analysts 24
Last Close Price 381,33 $
Average target price 434,91 $
Spread / Average Target 14,1%
EPS Revisions
Managers and Directors
Gail Koziara Boudreaux President, Chief Executive Officer & Director
John Edward Gallina Chief Financial Officer & Executive Vice President
Elizabeth E. Tallett Independent Chairman
Gloria M. McCarthy Chief Administrative Officer & Executive VP
Ramiro G. Peru Independent Director
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