Anthem Inc (NYSE:ANTM) has reported Q4 adjusted EPS of $5.14, more than double from $2.54 a year ago and beating the consensus of $5.11.

• Operating revenue rose 14.2% to $36 billion, slightly missing expectations of $36.51 billion, driven by higher premium revenue due to growth in Medicaid and Medicare and pharmacy product revenue related to IngenioRx.
• The benefit expense ratio was 89.5%, an increase of 60 basis points versus the prior-year quarter and a decrease of 90 basis points after adjusting for the repeal of the health insurance tax in 2021. 
• Operating cash flow was $1.7 billion, or 1.5 times net income, a decrease of $2.1 billion when compared year-over-year.
• Medical enrollment increased 5.7% Y/Y to 45.4 million members. Government Business enrollment increased by 2.2 million lives, primarily driven by organic growth in the Medicaid business.
• Dividend: Anthem increased the quarterly dividend by 13% to $1.28 per share, payable on March 25, with a record date of March 10.
• FY22 Outlook: Anthem expects operating revenue of approximately $152 billion, including premium revenue of roughly $130 billion.
• The company sees adjusted EPS of more than $28.25 versus the consensus of $28.66.
• It anticipates operating cash flow to be greater than $6.9 billion.
• Anthem expects 45.6 - 46.2 million medical membership, a risk-based membership of 19.5 - 19.9 million, and a fee-based membership of 26.1 - 26.3 million.
• Price Action: ANTM shares closed lower by 2.30% at $439.18 on Tuesday.