2024-01-24 12:01:04 ET
Elevance Health, Inc. (ELV)
Q4 2023 Earnings Conference Call
January 24, 2024, 08:30 AM ET
Company Participants
Steve Tanal - VP of IR
Gail Boudreaux - President and CEO
Mark Kaye - CFO
Peter Haytaian - President of Carelon
Felicia Norwood - President, Government Health Benefits Business.
Morgan Kendrick - President, Commercial Health Benefits Business
Conference Call Participants
A.J. Rice - UBS
Kevin Fischbeck - Bank of America
Josh Raskin - Nephron Research
Sarah James - Cancer Fitzgerald
Stephen Baxter - Wells Fargo
Lance Wilkes - Bernstein
Nathan Rich - Goldman Sachs
Lisa Gill - JPMorgan
Scott Fidel - Stephens
Ben Hendrix - RBC Capital Markets
Justin Lake - Wolfe Research
Gary Taylor - TD Cowen
David Windley - Jefferies
George Hill - Deutsche Bank
Presentation
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Elevance Health Fourth Quarter Earnings Conference Call. [Operator Instructions] As a reminder, today’s conference is being recorded.
I would now like to turn the conference over to the company's management. Please go ahead.
Steve Tanal
Good morning, and welcome to Elevance Health's fourth quarter 2023 earnings call. This is Steve Tanal, Vice President of Investor Relations. And with us this morning on the earnings call are Gail Boudreaux, President and CEO; Mark Kaye, our CFO; Peter Haytaian, President of Carelon, Morgan Kendrick, President of our Commercial Health Benefits Business; and Felicia Norwood, President of our Government Health Benefits Business.
Gail will begin the call with a brief discussion of the quarter and year and recent progress against our strategic initiatives. Mark will then discuss our financial results and outlook in greater detail. After our prepared remarks, the team will be available for Q&A.
During the call, we will reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available on our website, elevancehealth.com. We will also be making some forward-looking statements on this call. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Elevance Health. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to carefully review the risk factors discussed in today's press release and in our quarterly filings with the SEC.
I will now turn the call over to Gail.
Gail Boudreaux
Thanks, Steve, and good morning, everyone.
Today, we're pleased to share that Elevance Health delivered a strong end to 2023, demonstrating our ability to execute with agility and the balance and resilience of our enterprise. In the fourth quarter, Elevance Health delivered GAAP diluted earnings per share of $3.63 and adjusted diluted earnings per share of $5.62.
For the full year, we reported GAAP diluted earnings per share of $25.22 and adjusted diluted earnings per share of $33.14. 2023 marks the sixth consecutive year in which we grew adjusted diluted earnings per share within or above our 12% to 15% long-term target growth rate with a compound annual growth rate exceeding the high end of the range. This reflects the ongoing execution of our strategy to accelerate capabilities and services, invest in high-growth opportunities and optimize our health benefits business.
In 2023, we made significant strides building upon our flywheel for growth. Carelon has and will continue to add attractive capabilities that we can scale rapidly and sustainably over the long term. For example, just a few weeks ago, we announced the acquisition of Paragon Healthcare, a company specializing in infusible and injectable therapies....
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Elevance Health, Inc. (ELV) Q4 2023 Earnings Call Transcript