Elevance Health, known as Anthem for most of its modern history, traces its roots to 1944, when Indiana hospital leaders organized the prepaid hospital plan that became Blue Cross of Indiana. Anthem demutualized and listed on the NYSE in 2001, then combined with California's WellPoint Health Networks in 2004.
The Blue Cross Blue Shield Franchise
Elevance holds Blue Cross and Blue Shield licenses in 14 states, including California, New York, Ohio and Georgia. The brand and its dense local networks help it win employer accounts and negotiate with hospitals and doctors.
The Cigna Merger Collapse
In 2015 Anthem agreed to buy Cigna for about $54 billion. The Justice Department sued, a federal court blocked the deal in 2017, and the two companies spent years litigating over who owed breakup fees.
Government Programs and Carelon
Elevance grew through Medicaid and Medicare Advantage, buying Amerigroup in 2012 and WellCare in 2020, and launched an in-house pharmacy benefit manager in 2019. After renaming itself Elevance Health in 2022, it grouped pharmacy and services under Carelon, which generated $19.2 billion of revenue in Q2 2026.
2026: Repairing Margins
FY2025 revenue reached $199.1 billion with $5.66 billion of net income. Facing high Medicaid and Medicare costs, Elevance exited standalone Part D plans and some Medicaid markets; medical membership fell to about 44.9 million by June 2026 while the company raised adjusted EPS guidance to at least $27.00.
