United Health因盈利前景疲软而陷入困境，拖累同行走低

2025-07-29 17:57

UnitedHealth press release (NYSE:UNH): Q2 Non-GAAP EPS of $4.08 misses by $0.37.
Revenue of $111.62B (+12.9% Y/Y) in-line.
UnitedHealth Group’s second quarter 2025 revenues grew $12.8 billion year-over-year to $111.6 billion, driven by growth within UnitedHealthcare and Optum.
The second quarter consolidated medical care ratio of 89.4% increased 430 basis points year-over-year. The increase was primarily due to medical cost trends which significantly exceeded pricing trends, including both unit costs and the intensity of services delivered, and the ongoing effects of Medicare funding reductions.
Days claims payable of 44.5 compared to 45.5 in the first quarter 2025 and 45.2 in second quarter 2024.
The second quarter 2025 operating cost ratio of 12.3% compared to 13.3% in the year ago quarter reflecting business mix, inclusive of the Part D program changes, reduced impacts from last year’s Change Healthcare cyberattack and cost management activities. The full year 2025 operating cost ratio is now expected to be 12.75% +/- 25 basis points.
Full Year 2025 Revenue Outlook of $445.5 Billion to $448.0 Billion vs $449.07B consensus
Full Year 2025 Earnings Outlook of at least $14.65 Per Share, Adjusted Earnings of at least $16.00 Per Share vs $20.90 consensus
UNH shares -7% PM.
Fellow managed care insurers Humana (HUM), Elevance Health (ELV), Centene (CNC), Molina (MOH), and Oscar Health (OSCR) are also trading lower.

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