The Indianapolis-based insurer resumed its share repurchase program at the end of Q2.
Despite the domestic spread of the coronavirus disease 2019 (COVID-19) during Q2 2020, Anthem Inc. reported an operating revenue of $29.2 billion, an increase of $4 billion largely attributed to success of IngenioRx.
The company's pharmacy benefit manager recorded an operating gain of $300 million during Q2 and an operating revenue of more than $5.2 billion.
According to the company's latest earnings report released Wednesday morning, Anthem's medical enrollment grew by 1.6 million covered lives year-over-year, bolstered by higher BlueCard activity and the purchase of AmeriBen in Q1.
Anthem's operating cash flow rose by $4.1 billion quarter-over-quarter, which the company attributed to, "growth in net income and the delayed payment of certain federal income and payroll taxes in accordance with the CARES Act."
The Indianapolis-based insurer also resumed its share repurchase program at the end of Q2, after announcing the temporary suspension of the program in its Q1 earnings report.
"During these uncertain times, our business has continued to adapt and respond to the needs of those we serve in light of COVID-19 and the important discussions around health disparities and racial injustice facing our society. Now more than ever, our members, customers, and local communities are looking to us for support and I am honored by the trust they have placed in us," Gail Boudreaux, CEO of Anthem, said in a statement. "Together, with our more than 78,000 associates, Anthem is guided by our mission of improving lives and building a better and healthier America."
Forward looking, Anthem expects its GAAP net income to be greater than $20.91 per share and still projects its adjusted net income will be greater than $22.30 per share.
For complete financial information, review Anthem's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.