Anthem saw its revenues and net income increase in the first quarter of fiscal year 2019, thanks in part to gains in membership and premium increases, according to the company’s financial release.
In the three months ended March 31, Anthem reported revenues of $24.7 billion, up 9.4 percent from $22.5 billion recorded in the same period a year prior. Factors that affected revenue included membership growth across Anthem’s business lines and premium rate increases.
Anthem’s medical enrollment grew by 1.2 million year over year to 40.8 million as of March 31. Growth in its Medicaid and Medicare lines drove a large portion of the gains.
At the same time, Anthem saw expenses rise 9.5 percent year over year to $22.7 billion, up from $20.8 billion. Anthem ended the first quarter with net income of $1.6 billion, up 18.2 percent from a $1.3 billion profit recorded in the first quarter of 2018.
Gail K. Boudreaux, president and CEO of Anthem, said in the earnings statement: “Looking ahead, the upcoming launch of [pharmacy benefit manager] IngenioRx is a key milestone in the realization of our vision and strategy. With IngenioRx, we finally have a strong integrated pharmacy and medical platform, one that is predicated on providing the lowest absolute cost of care, and we are well positioned for accelerated growth.”
Date: April 25, 2019