Elevance Health (ELV.US) falls over 18% as Q3 adjusted EPS misses expectations

Elevance Health (ELV.US) opened sharply lower by over 18% on Thursday, hitting a new low, and as of the writing, is down 13.68% to $429. The company reported a net profit of $1.01 billion, or $4.36 per share, for the third quarter ended September 30, down from $1.3 billion, or $5.45 per share, a year ago. Adjusted earnings were $8.37, below analysts' expectations of $9.66 per share. The company's revenue for the quarter increased by $1.8 billion year-on-year to $13.8 billion, driven by the growth capabilities of Carelon services and the revenue growth of CarelonRx products, among other factors. Elevance said that its medical membership decreased by 1.5 million, or 45.8 million, due to requalification and workforce adjustments in some Medicaid states.