UnitedHealth Group's 13% revenue growth in Q2: 11 things to know

UnitedHealth Group saw double-digit revenue growth over the last three months driven by continued member growth under UnitedHealthcare and value-based arrangements at Optum Health, according to the company's second quarter 2022 earnings report released July 15.

UnitedHealthcare also said it would be getting rid out-of-pocket costs for some prescription drugs under fully insured group plans. Medications that will have a $0 cost-share include insulin, epinephrine, glucagon, naloxone and albuterol. Pending regulatory approvals, the policy could be in place by Jan. 1.

"Customers are responding as we build on our five growth pillars, enabling us to move into the second half of 2022 with strong momentum serving ever more people more deeply," CEO Andrew Witty said.

11 key takeaways:

UnitedHealth Group:

  1. Revenue grew 12.6 percent year over year, increasing from $71.3 billion to $80.3 billion.

  2. Operating costs grew over 12 percent, rising from $65.3 billion to $73.2 billion year over year.

  3. Net earnings were nearly $5.2 billion, a 19 percent increase year over year.

UnitedHealthcare:

  1. Revenue grew nearly 12 percent year over year, increasing from $55.5 billion to $62.1 billion.

  2. Operating earnings were $3.9 billion compared to $3.1 billion at the same time last year.

  3. UnitedHealthcare members grew by more than 600,000 in 2022, including 280,000 in the second quarter. 

Optum:

  1. Revenue grew 17.8 percent year over year, increasing from $38.3 billion to $45.1 billion. Growth was led by Optum Health.

  2. Operating earnings were $3.3 billion compared to $2.9 billion last year.

  3. Optum Health revenue per consumer increased 30 percent year over year and was driven by growth in value-based care and continued expansion of in-home, digital, clinic-based and outpatient care.

  4. Optum Insight's revenue backlog increased by $2.3 billion to $23.6 billion and was driven by managed services for providers and expanded information technology and data analytics products.

  5. Optum Rx's 10 percent revenue growth was driven by expanded pharmacy care services. Adjusted scripts increased to 357 million compared to 342 million in 2021.

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