UnitedHealth Group — Jan 16, 2025 release

UnitedHealth Group affirmed the 2025 performance outlook established in December 2024, including revenues of $450 billion to $455 billion, net earnings of $28.15 to $28.65 per share, adjusted net earnings of $29.50 to $30.00 per share and cash flow from operations of $32 billion to $33 billion. Page 1 of 6 Quarterly and Annual Financial Performance (in billions, except percentages) Three Months Ended Year Ended Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2024 2024 (Adj) 2023 2024 2024 (Adj) 2023 Revenues $100.8 $100.8 $94.4 $400.3 $400.5 $371.6 Earnings from Operations $7.8 $8.3 $7.7 $32.3 $34.4 $32.4 Net Margin 5.5% 5.9% 5.8% 3.6% 6.1% 6.0% • UnitedHealth Group’s 2024 revenues grew $28.7 billion or 8% year-over-year to $400.3 billion, driven primarily by serving people more comprehensively across the enterprise. Full year 2024 earnings from operations were $32.3 billion. Adjusted earnings from operations of $34.4 billion exclude the cyberattack direct response costs and South American impacts. • The full year medical care ratio was 85.5% compared to 83.2% in 2023. The increase was primarily due to previously discussed items, including the revenue effects of CMS’s Medicare funding reductions, member mix and timing of Medicaid redeterminations. Factors cited on the company’s third quarter earnings call, including increased hospital coding intensity and specialty medication prescribing, continued at similar levels in the fourth quarter and are reflected in the company