Anthem Inc’s Revenue Breakdown by Product (2016-2021)

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This chart shows Anthem Inc’s Revenue Breakdown by Product, across Commercial & Specialty Business, Government Business and IngenioRx products.
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This chart shows Anthem Inc’s Revenue Breakdown by Product, across Commercial & Specialty Business, Government Business and IngenioRx products.

Anthem Inc’s Revenue Breakdown by Product

Products Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Government Business $18,101.00 $20,066.00 $21,658.00 53.00%
Commercial & Specialty Business $9,326.00 $9,550.00 $9,863.00 24.00%
IngenioRx $5,582.00 $6,219.00 $6,549.00 16.00%
Other 1,798 2,517 1,798 7%
Total $34,807 $38,352.00 $40,740.00 100%

(All figures are in millions, except percentages)

The total revenue of Anthem Inc. increased from $34,807 million in Q3 2020 to $40740 million in Q3 2021, marking a 17.04% growth on a year-on-year basis. It jumped by 6.22% as compared to $38,352 million earned in Q2 2021.

Anthem Inc’s Revenue Breakdown by Product is further bifurcated into the following segments:

Government Business

Medicare Supplement plans, Medicare Advantage, including Special Needs Plans, Medicare Part D, and dual-eligible programs through Medicare-Medicaid Plans are all part of the Medicare industry. Anthem Inc.’s Group Retiree Solutions business includes members of groups who are tied to National Accounts, or retired members of Local Group accounts. The Government Business segment includes products and services supplied to the federal government in accordance with the FEHB program.

Managed care options are provided through publicly funded healthcare programs such as Medicaid, ACA-related Medicaid expansion programs, and programs for seniors and people with disabilities. NGS is a Medicare contractor for the federal government at a number of locations across the country. Services include long-term services and support, HIV/AIDS, foster care, behavioral health and/or substance abuse disorders, and intellectual disabilities.

Higher operating revenue was driven by membership growth in our Medicaid company by 19.65% on a YoY basis, which was caused by the temporary suspension of eligibility recertification procedures during the COVID-19 pandemic, acquisitions, new expansions, and membership growth in our Medicare business.

Commercial & Specialty Business

The Commercial & Specialty Business area includes Local Groups, National Accounts, Individuals, and Specialty Businesses. The Commercial & Specialty Business segment’s business units offer fully insured health products as well as a variety of managed care services to self-funded customers, including claims processing, stop-loss insurance, provider network access, medical cost management, disease management, wellness programs, underwriting, actuarial services, and other administrative services; and specialty and other insurance products and services, including dental, vision, and life insurance.

The Commercial & Specialty Business segment accounts for a significant share of Anthem Inc.’s revenue, accounting for 24% in Q3 2021, amounting to $9,326 million. It grew by 5.75% compared to $9,863 million earned in Q3 2020, and by 3.27% compared to $9,550 million in Q2 2021.

IngenioRx

The PBM company, which commenced operations in the second quarter of 2019, is part of the IngenioRx sector. IngenioRx advertises and sells PBM services to clients of Anthem’s linked health plans, as well as to customers outside of Anthem’s health plans. Formulary administration, pharmacy networks, a prescription drug database, member services, and mail order capabilities are all part of IngenioRx’s full PBM services package.

Anthem Inc.’s revenue from the IngenioRx segment increased from $5,582 million in Q3 2020 to $6,549 million in Q3 2021, marking an increment of 17.32% on a year-on-year basis. In Q3 2021, IngenioRx contributed 16% to the company’s revenue.

Other

Diversified Company Group (“DBG”), their integrated health services business, and certain eliminations and corporate expenses not assigned to their other reportable segments, are included in the Other segment.

Anthem Inc.’s revenue from the other segment increased almost by 49% on a YoY basis, from $1,798 million in Q3 2020 to $1,798 million in Q3 2021. Expenses associated with our business efficiency initiatives contributed to the increase in operating loss.

About the Company

Anthem is a prominent healthcare corporation focused on improving people’s lives and making healthcare more accessible. Anthem serves more than 118 million people through its connected firms, including more than 45 million through its family of health plans. Anthem is evolving from a health benefits partner to a long-term, trusted health partner by delivering health beyond healthcare. It is traded on the New York Stock Exchange (NYSE) under the ticker symbol ANTM.

Anthem Inc. works with other BCBS licensees as well as other strategic partners to conduct business. They also serve customers in a number of states across the country through their subsidiaries. In addition, through their IngenioRx business, they began providing pharmacy benefit management (“PBM”) services in the second quarter of 2019.

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