Anthem beats earnings estimates, raises 2019 profit forecast

REUTERS: Anthem Inc's first-quarter profit beat Wall Street estimates on Wednesday as it reined in expenses, and the U.S. health insurer raised its earnings forecast for the year.Advertisement

Anthem, which operates Blue Cross Blue Shield plans in 14 states, also overhauled its pharmacy benefits business after years of relying on Express Scripts to handle those operations. Its new company, IngenioRx, is expected to be launched during the second quarter with the help of CVS Health Corp. Members in the company's health plans rose by 1.2 million to 40.8 million, helped by growth in the government business that provides Medicare health plans for people aged 65 and older and Medicaid plans for the poor.The company gained market share across its commercial, Medicare and Medicaid businesses and its earnings forecast for the year beat the average Wall Street estimate of US$19.17, implying consensus estimates will move higher, Stephens Inc analyst Scott Fidel said.

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