ANTM - Anthem EPS beats by $0.54 misses on revenue; raises FY2021 guidance

Anthem (ANTM): Q1 Non-GAAP EPS of $7.01 beats by $0.54; GAAP EPS of $6.71 beats by $0.33.Revenue of $32.1B (+9.0% Y/Y) misses by $910M.Total medical membership of 43.52M vs. estimate of 43.4M.Benefit expense ratio of 85.6% vs. estimate of 87.4.FY2021 Guidance: GAAP net income is now expected to be greater than $24.05 per share; adjusted net income is expected to be greater than $25.10 per share vs. consensus of $24.66.Medical membership is expected to be in the range of 44.1 - 44.7M. Risk-based membership is expected to be in the range of 18.6 - 19.0M. Fee-based membership is expected to be in the range of 25.5 - 25.7M.Operating revenue is expected to be ~$135.1B, including premium revenue of $114.5B - $115.5B.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.Operating cash flow is

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Anthem EPS beats by $0.54, misses on revenue; raises FY2021 guidance