Elevance Health (ELV) Drops 18.66% After Dismal Q2 Earnings

We recently published These 10 Stocks Fell Hard. Are You Holding Any? Elevance Health, Inc. (NYSE:ELV) is one of this week’s top performers.

Elevance Health fell by 18.66 percent week-on-week to close at $277.09 on Friday versus $340.67 a week earlier following dismal earnings performance in the second quarter of the year.

In its earnings release, Elevance Health, Inc. (NYSE:ELV) said net income during the period dropped by 24.2 percent to $1.744 billion from $2.301 billion in the same period last year, pushing its six-month net earnings lower by 13.7 percent to $3.928 billion from $4.55 billion year-on-year.

Revenues for the second quarter, however, increased by 13.4 percent to $49.776 billion from $43.886 billion year-on-year, while revenues for the first half of the year grew by 14.1 percent to $98.667 billion from $86.463 billion year-on-year.

A medical professional working at a computer, utilizing the company’s digital solutions to improve care quality for consumers.

Looking ahead, Elevance Health, Inc. (NYSE:ELV) also lowered its guidance amid elevated medical cost trends in Obamacare and slower rate alignment in Medicaid.

Given the industry-wide impact of elevated cost trends, the company said it now expects 2025 GAAP net income per diluted share to be approximately $24.10 and adjusted net income per diluted share to be approximately $30.