Medicaid growth helps insurer Anthem beat Q2 expectations

Anthem topped second-quarter expectations even though the health insurer’s profit tumbled as patients who hunkered down last year at the start of the COVID-19 pandemic started seeking care again

INDIANAPOLIS -- Anthem topped second-quarter expectations even though the health insurer's profit tumbled as patients who hunkered down last year at the start of the COVID-19 pandemic started seeking care again. Growing enrollment in government-funded programs like Medicaid and Medicare Advantage helped Anthem balance the jump in care use. The Blue Cross-Blue Shield insurer also booked more revenue from its IngenioRx business, which runs pharmacy benefits. Overall, Anthem said Wednesday that its net income fell 21% to $1.79 billion, and adjusted earnings totaled $7.03 per share. Operating revenue, which excludes investment income, rose 14% to $33.28 billion. Analysts expected, on average, earnings of $6.34 per share on $33.15 billion in revenue, according to Zacks Investment Research.