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Elevance controls medical costs to $6B profit in 2023

Healthcare company Elevance Health reported a $6bn profit for 2023, beating Wall Street expectations. Revenue was $171bn, an increase attributed to higher premiums and growth in its pharmacy benefit manager, CarelonRX. Q4 revenues were also above predictions at $42.7bn, while profit was down 5% YoY to $831m. Despite high medical costs, Elevance’s medical loss ratio improved in Q4 and overall in 2023 compared with the prior-year period.

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