{"id":1211,"date":"2023-10-15T01:37:06","date_gmt":"2023-10-15T01:37:06","guid":{"rendered":"https:\/\/connectwithfund.com\/investment\/unitedhealth-earnings-beat-estimates-as-company-again-raises-guidance\/"},"modified":"2023-10-15T01:37:07","modified_gmt":"2023-10-15T01:37:07","slug":"unitedhealth-earnings-beat-estimates-as-company-again-raises-guidance","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1211","title":{"rendered":"UnitedHealth earnings beat estimates as company again raises guidance"},"content":{"rendered":"
\n

UnitedHealth Group Inc.
\n UNH,
\n +2.64%<\/bg-quote>
\n posted better-than-expected earnings for the third quarter on Friday and again raised its full-year guidance. <\/p>\n

The healthcare-services and insurance giant reported net income of $5.841 billion, or $6.24 a share, for the quarter, up from $5.262 billion, or $5.55 a share, in the year-earlier period. Adjusted per-share earnings came to $6.56, ahead of the $6.33 FactSet consensus. Revenue rose to $92.361 billion from $80.894 billion a year ago, also ahead of the $91.414 billion FactSet consensus. <\/p>\n

\n

The company raised its full-year adjusted earnings guidance to a range of $24.85 to $25.00 per share, compared with a FactSet consensus of $24.83. <\/p>\n

The third quarter medical loss ratio \u2014 or the percentage of premium dollars spent on clinical services and quality improvement \u2014 came to 82.3%, which was below expectations and \u201ca highlight of the quarter,\u201d Mizuho Securities analyst Ann Hynes wrote in a note Friday. Hynes maintained a buy rating on UnitedHealth shares and $549 price target. <\/p>\n

On a call with analysts Friday, UnitedHealth faced several questions about coverage of popular diabetes and weight-loss drugs such as Ozempic and Wegovy. \u201cWe\u2019re struggling, and frankly our clients are struggling, with the list prices which have been demanded on these products in the U.S.,\u201d UnitedHealth CEO Andrew Witty said on the call. <\/p>\n

Related news: <\/strong>Novo Nordisk boosts sales and profit outlook, buoyed by Ozempic and Wegovy<\/p>\n

Regarding whether customers are seeking increased coverage of the drugs, \u201cit\u2019s a mixed bag,\u201d Brian Thompson, CEO of the company\u2019s UnitedHealthcare unit, said on the call Friday. \u201cSome are seeking coverage, albeit dissatisfied with the price point. Some are backing off, given the cost.\u201d <\/p>\n

Clients see the cost of the drugs as an \u201copen-ended financial risk,\u201d Witty added on the call. \u201cWe\u2019re trying to put forward to manufacturers a variety of options, but we need the manufacturers to move. It\u2019s as simple as that.\u201d <\/p>\n

Even as the executives were speaking, Novo Nordisk
\n NVO,
\n +1.96%<\/bg-quote>
\n boosted its full-year 2023 profit and sales outlook, citing heightened expectations for Ozempic and Wegovy sales. <\/p>\n

Healthcare wage inflation was another concern raised by an analyst on the call Friday, given the recent or planned strikes that have affected major health systems such as Kaiser Permanente and Tenet Healthcare Corp.
\n THC,
\n +2.37%<\/bg-quote>.<\/span>
\n UnitedHealth Group chief operating officer Dirk McMahon said on the call that the company has three-year contracts, muting the impact of any wage inflation, and the company itself has not had trouble recruiting nurses and other healthcare professionals. <\/p>\n

UnitedHealth reported Friday that its quarterly Medicaid membership dropped 3.5%, compared with the previous quarter, as many people are now being kicked off state Medicaid rolls due to the expiration of pandemic-era rules that helped maintain continuous coverage. \u201cThe UnitedHealthcare team remains actively engaged with individuals impacted by the ongoing state-driven Medicaid eligibility redetermination process,\u201d the company said in a release Friday. <\/p>\n

UnitedHealth shares gained 1.6% Friday morning and are up 0.7% in the year to date, while the S&P 500
\n SPX,
\n -0.50%<\/bg-quote>
\n has gained 12.9%. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

UnitedHealth Group Inc. UNH, +2.64% posted better-than-expected earnings for the third quarter on Friday and again raised its full-year guidance. The healthcare-services and insurance giant reported net income of $5.841 billion, or $6.24 a share, for the quarter, up from $5.262 billion, or $5.55 a share, in the year-earlier period. Adjusted per-share earnings came to $6.56, ahead of the $6.33 FactSet consensus. Revenue rose to $92.361 billion from $80.894 billion a year ago, also ahead of the $91.414 billion FactSet consensus. The company raised its full-year adjusted earnings guidance to a range of $24.85 to $25.00 per share, compared with<\/p>\n","protected":false},"author":1,"featured_media":1212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-1211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"\nUnitedHealth earnings beat estimates as company again raises guidance | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"UnitedHealth Group Inc. UNH, +2.64% posted better-than-expected earnings for the third quarter on Friday and again raised its full-year guidance. 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