医保成本困局难解联合健康(UNH.US)盈利指引“跳水”股价跟跌

智通财经2025-07-29

智通财经APP获悉，联合健康(UNH.US)在第二季度财报中公布了不及预期的年度利润指引，这让这家医疗保健巨头在努力重拾投资者信心的道路上再次遭遇挫折。该公司目前预计，2025年调整后每股收益将不低于16美元，远低于分析师平均预期的20.40美元;营收将在4455亿至4480亿美元之间，分析师预期为4491.6亿美元。这家素以业绩稳健增长著称的医疗巨头，今年初曾因医疗成本激增意外撤销业绩指引令...

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UnitedHealth (UNH.US) profit guidance \"dives\" and stock prices follow suit","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UNH":1},"content_text":"智通财经APP获悉，联合健康(UNH.US)在第二季度财报中公布了不及预期的年度利润指引，这让这家医疗保健巨头在努力重拾投资者信心的道路上再次遭遇挫折。该公司目前预计，2025年调整后每股收益将不低于16美元，远低于分析师平均预期的20.40美元;营收将在4455亿至4480亿美元之间，分析师预期为4491.6亿美元。这家素以业绩稳健增长著称的医疗巨头，今年初曾因医疗成本激增意外撤销业绩指引令华尔街震惊。而低于预期的业绩指引折射出联合健康当前面临的困境：上半年未能准确预测成本上涨趋势，这可能导致其调整后每股收益出现2008年以来首次年度下滑。据了解，该公司今年4月曾预计调整后每股收益为26至26.50美元，但次月便全面撤销指引。这一区间已较去年底制定的2025年原目标(29.50-30美元)大幅下调。该公司5月紧急换帅，由前CEO、现任董事会主席Stephen Hemsley重新执掌。管理层当时承诺，将在2026年恢复增长，并重回每股收益年均增长13%-16%的长期目标轨道。此次财报中，联合健康再次重申了2026年业绩复苏的预期。不过，联合健康一季度的颓势事实上早已预示整个医疗保险行业即将面临的冲击。Elevance Health(ELV.US)、康西哥(CNC.US)、Molina Healthcare(MOH.US)及Oscar Health(OSCR.US)等同业纷纷下调或撤销业绩指引，并归咎于医疗补助计划(Medicaid)、《平价医疗法案》市场及联邦医疗保险(Medicare)等政府医保项目的问题。当前美国民众医疗需求远超保险公司去年制定保费时的预期。与此同时，部分政府医保项目正收紧补贴资格标准，并通过支付公式调整挤压保险商利润空间。未来，行业前景将更趋严峻：《平价医疗法案》推动参保人数激增的税收抵免政策将于明年到期(除非国会延长);本月通过的共和党支持预算案将削减近万亿美元医疗补助资金，预计未来十年将使无医保人群增加1000万。当保险商本就面临成本预测困境之时，美国政府的政策冲击接踵而至。数据显示，联合健康、康西哥和Molina Healthcare均位列标普500指数年内表现最差的五家公司。尽管管理层称当前困境只是暂时，坚信行业将回归历史盈利增长轨道。但华尔街关注的问题是：美国政府降低医疗成本、缩减医保覆盖的政策转向，会否对行业盈利能力构成更持久的威胁。最新财报显示，联合健康同样面临困扰整个行业的《平价医疗法案》业务问题。公司计提了与下半年“加速确认未来亏损”相关的准备金。第二季度业绩也不尽人意，每股收益4.08美元，低于分析师预估的4.59美元，营收为1116.2亿美元，仅略高于市场预期的1115.2亿美元。但备受关注的医疗赔付率指标基本符合预期。细分来看，旗下诊所及家庭护理业务Optum Health当季利润同比显著下滑，主因诊疗量增加、定价失误及联邦医疗保险拨款削减。该业务此前一直是集团增长最快的利润来源。另外值得关注的是，就在报告发布数日前，联合健康证实正配合美国司法部对其联邦医疗保险账单操作的调查。财报公布后，该公司股价周二美股盘前一度重挫6.7%。今年以来，受司法部调查和业绩指引暂停等因素影响，联合健康股价已累计下跌超44%。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":2,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2555534140","isCrawlerRequest":true}

医保成本困局难解 联合健康(UNH.US)盈利指引“跳水”股价跟跌

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医保成本困局难解联合健康(UNH.US)盈利指引“跳水”股价跟跌