NYSE$ELV
Elevance Health Inc · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Anthem reported strong Q4 2020 results, demonstrating growth across all businesses despite pandemic uncertainties.
Anthem, Inc. reported a solid fourth quarter in 2020, marked by a 16.2% increase in operating revenue to $31.5 billion, driven by growth in Medicaid and Medicare, as well as pharmacy product revenue and the return of the health insurance tax. GAAP net income per share was $2.19, with an adjusted net income per share of $2.54. Medical enrollment reached 42.9 million members, a 4.7% increase year-over-year.
- Operating revenue increased by 16.2% to $31.5 billion, driven by growth in Medicaid and Medicare, pharmacy product revenue, and the return of the health insurance tax.
- GAAP net income was $2.19 per share, and adjusted net income was $2.54 per share.
- Medical enrollment totaled approximately 42.9 million members, an increase of 4.7% from the prior year.
- Operating cash flow was $3.8 billion, an increase of $2.5 billion compared to the prior year quarter.
Headline financials
Revenue & EPS history
Elevance Health · Revenue · Quarterly
$31.5B
Revenue by segment
Elevance Health · $36.7B total across 1 segment · Q3 2023
- Health Benefits$36.7B—100.0%
Forward guidance
Anthem anticipates GAAP net income to exceed $23.51 per share for the full year 2021, which includes approximately $0.99 per share of net unfavorable items. Adjusted net income is expected to be greater than $24.50 per share. Medical membership is projected to be in the range of 44.1 to 44.7 million, and operating revenue is expected to be approximately $135.1 billion.
Tailwinds
- GAAP net income is expected to be greater than $23.51 per share.
- Adjusted net income is expected to be greater than $24.50 per share.
- Medical membership is expected to be in the range of 44.1 - 44.7 million.
- Operating revenue is expected to be approximately $135.1 billion.
- Operating cash flow is expected to be greater than $5.7 billion.
Headwinds
- Adjusted net income guidance includes a net negative headwind of $0.50-$0.70 due to the Consolidated Appropriations Act and COVID-19 related impacts on the Medicare business.
- Benefit expense ratio is expected to be in the range of 88.0% plus or minus 50 basis points.
- SG&A ratio is expected to be 10.8% plus or minus 50 basis points.
- Interest expense is expected to be $785 million.
- Effective tax rate is expected to be between 20.0 - 22.0%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2020
-0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+2.4%
Avg return
30 days after
54%
25 / 46 earnings
Positive
+11.1%
Q4 2018
Best reaction
-15.0%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.3% | +8.5% | +20.3% | |
| Q4 2025 | +5.1% | +5.9% | -0.9% | |
| Q3 2025 | -1.1% | -3.3% | -11.3% | |
| Q2 2025 | +0.3% | +6.0% | +5.9% | |
| Q1 2025 | +2.1% | +3.7% | -5.5% | |
| Q4 2024 | +2.9% | +3.8% | -1.4% | |
| Q3 2024 | -15.0% | -15.5% | -19.4% | |
| Q2 2024 | -8.7% | -8.9% | -1.7% | |
| Q1 2024 | +4.1% | +4.7% | +7.6% | |
| Q4 2023 | +1.8% | +3.0% | +8.9% | |
| Q3 2023 | -0.6% | -3.0% | -0.6% | |
| Q2 2023 | +7.2% | +6.2% | +4.3% | |
| Q1 2023 | -5.8% | -4.2% | -5.2% | |
| Q4 2022 | +3.6% | +2.2% | -0.1% | |
| Q3 2022 | +2.0% | +10.1% | +3.6% | |
| Q2 2022 | -7.6% | -5.3% | +1.2% | |
| Q1 2022 | +1.1% | -2.0% | -4.7% | |
| Q4 2021 | -0.8% | +0.4% | +3.3% | |
| Q3 2021 | +9.3% | +10.4% | +5.5% | |
| Q2 2021 | -1.4% | -2.9% | -3.1% | |
| Q1 2021 | -0.5% | -1.1% | +3.7% | |
| Q4 2020 | -3.8% | -6.4% | -3.0% | |
| Q3 2020 | -8.6% | -6.9% | +4.7% | |
| Q2 2020 | +4.5% | +2.1% | +4.5% | |
| Q1 2020 | +4.7% | +1.0% | +9.7% | |
| Q4 2019 | -8.4% | -8.2% | -11.4% | |
| Q3 2019 | -0.3% | +2.9% | +12.1% | |
| Q2 2019 | -2.9% | -1.4% | -13.9% | |
| Q1 2019 | +2.1% | +6.2% | +10.6% | |
| Q4 2018 | +11.1% | +11.6% | +12.8% | |
| Q3 2018 | +0.2% | +1.4% | +9.3% | |
| Q2 2018 | +0.4% | +2.5% | +7.8% | |
| Q1 2018 | +5.3% | +4.9% | +3.3% | |
| Q4 2017 | +0.2% | -5.3% | -4.3% | |
| Q3 2017 | +6.0% | +7.3% | +12.9% | |
| Q2 2017 | -3.7% | -2.3% | +1.1% | |
| Q1 2017 | +3.4% | +3.9% | +6.2% | |
| Q4 2016 | +2.3% | +1.7% | +7.7% | |
| Q3 2016 | +2.2% | +5.2% | +23.6% | |
| Q2 2016 | -3.4% | -7.3% | -9.2% | |
| Q1 2016 | -2.1% | — | — | |
| Q4 2015 | -8.2% | — | — | |
| Q3 2015 | -2.3% | — | — | |
| Q2 2015 | +0.4% | — | — | |
| Q1 2015 | -2.1% | — | — | |
| Q4 2014 | -0.5% | — | — | |
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