Humana's earnings call highlighted solid membership growth and operational efficiency improvements, alongside successful Medicaid expansion, indicating strong strategic positioning. However, challenges such as D SNP membership losses, Group Medicare Advantage margin pressures, Stars rating uncertainties, and elevated specialty drug costs underscore notable headwinds. The sentiment is balanced between positive strategic achievements and significant operational challenges.

Company Guidance

During Humana Inc.'s Fourth Quarter 2024 Earnings Conference Call, the company provided key guidance metrics for the upcoming year. The 2024 adjusted earnings per share (EPS) aligned with initial guidance, including investments in stars and growth. For 2025, Humana reaffirmed its outlook, emphasizing a commitment to achieving at least a 3% margin in individual Medicare Advantage (MA) plans. Membership growth was nearly 5% in 2024, driven by strategic product repricing to address elevated medical cost trends, with a focus on shedding unprofitable plans and improving member mix. The company improved its operating expense ratio by 40 basis points in 2024 and closed 650,000 care gaps in the fourth quarter. Humana also outlined investments of a few hundred million dollars in 2025 across clinical excellence, membership strategies, and other areas. However, attrition in the Dual-Eligible Special Needs Plans (D SNP) space was higher than expected, although the company remains confident in quickly improving its position. Additionally, the company anticipates 175,000-150,000 new Medicaid members in 2025 and is focused on sustainable, long-term value and operating efficiencies to drive growth and profitability.

Membership Growth

Humana experienced nearly 5% membership growth in 2024 despite repricing products to reflect elevated medical cost trends.

Operating Expense Improvement

The operating expense ratio improved by 40 basis points in 2024 through optimization and efficiency measures.

Expansion in Medicaid

Humana successfully expanded its Medicaid footprint, now operating in 13 states with recent wins in Georgia and Texas.

Clinical Excellence Progress

Closed 650,000 care gaps in the fourth quarter of 2024, marking significant improvement in clinical performance.

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Humana (HUM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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HUM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2025	2025 (Q1)	9.38 / -	7.23	―	―	―
Feb 11, 2025	2024 (Q4)	-2.23 / -2.16	-0.11	-1863.64% (-2.05)	―
Oct 30, 2024	2024 (Q3)	3.42 / 4.16	7.78	-46.53% (-3.62)	―
Jul 31, 2024	2024 (Q2)	5.86 / 6.96	8.94	-22.15% (-1.98)	―
Apr 24, 2024	2024 (Q1)	6.12 / 7.23	9.38	-22.92% (-2.15)	―
Jan 25, 2024	2023 (Q4)	0.81 / -0.11	1.62	-106.79% (-1.73)	―
Nov 01, 2023	2023 (Q3)	7.16 / 7.78	6.88	13.08% (+0.90)	―
Aug 02, 2023	2023 (Q2)	8.76 / 8.94	8.67	3.11% (+0.27)	―
Apr 26, 2023	2023 (Q1)	9.27 / 9.38	8.04	16.67% (+1.34)	―
Feb 01, 2023	2022 (Q4)	1.46 / 1.62	1.24	30.65% (+0.38)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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HUM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 11, 2025	$266.80	$257.34	-3.55%
Oct 30, 2024	$256.87	$265.39	+3.32%
Jul 31, 2024	$402.00	$359.35	-10.61%
Apr 24, 2024	$325.14	$313.24	-3.66%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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