<p>联合健康的盈利不及预期导致自 1998 年以来最大抛售</p><p>分析师对公司意外的盈利短缺感到困惑</p><p>Optum 部门的疲软表现令投资者感到意外</p><p>联合健康面临来自患者护理需求增加的压力</p><p>作者：Sriparna Roy</p><p>4 月 17 日（路透社）- 联合健康（UNH.N）历来被投资者视为可靠的公司，自 2008 年全球金融危机以来未曾错过盈利预期。</p><p>直到周四。作为市值最大的保险公司，其季度盈利远未达到预期，导致其在超过 25 年来的单日最大抛售。</p><p>尽管一些分析师称赞公司在电话会议中详细解释了导致盈利不及预期的情况，但分析师们仍对这一短缺感到困惑。</p><p>联合健康在第一季度的收入为 1096 亿美元，约低于预期 20 亿美元，同时也未能达到盈利预期。这家行业风向标指出，老年人医疗费用的上升以及其 Optum 健康服务子公司的 “意外变化” 被视为该集团业务的增长引擎。</p><p>几位分析师表示，他们仍有许多迫切的问题，因为这家保险公司通常在预测上比较保守，并且往往会在年内提高预测。</p><p>瑞穗证券分析师安·海恩斯（Ann Hynes）表示：“我们认为，盈利电话会议没有回答所有投资者的问题，这可能表明联合健康在年初时缺乏清晰度。”</p><p>起初，投资者将盈利不及预期解读为行业普遍问题，积极抛售联合健康的股票及其竞争对手的股票。然而，到上午中段，这种做法发生了变化，竞争对手 Elevance Health（ELV.N）表示仍然预计季度利润将如预期般到来。</p><p>投资者继续对联合健康施加抛售压力，但其他股票恢复了相当一部分损失；Elevance 一度下跌 5.8%，最终仅下跌 2.3%。</p><p>联合健康的市值损失超过 22%，市值缩水近 1200 亿美元，这是自 1998 年以来最大的一天抛售。</p><p>过去一年，该公司面临严峻挑战——其技术部门遭遇网络攻击，影响了 2 亿美国人，以及其保险部门负责人布赖恩·汤普森（Brian Thompson）被谋杀。他在纽约公司投资者会议外被杀，令行业震惊，引发了美国人对健康保险公司不满的愤怒情绪。</p><p>《华尔街日报》在 2 月份报道，司法部正在调查其医疗保险账单做法，因其使用不必要的医疗编码来增加支付。该健康保险公司表示并不知晓调查。</p><p>投资者对其 Optum 部门的表现感到惊讶，该部门包括其药品福利管理部门和为医疗保险运营的处方药计划。这些计划受到 2025 年报销变化的影响。</p><p>投资公司 Bahl &amp; Gaynor 的首席运营官凯文·盖德（Kevin Gade）表示：“Optum 一直是救命稻草，能够在（挑战中）实现增长。”</p><p>他说：“去年，Optum 始终是联合健康相较于同行的亮点。”</p><p>华尔街将密切关注竞争对手的细节，尤其是 Humana（HUM.N），另一家顶级医疗保险优势计划提供商，其股票在周四下跌了 7%。</p><p>Leerink Partners 分析师惠特·梅奥（Whit Mayo）表示：“这是我们看到负面趋势发展得如此迅速的震惊，可能还增加了来自过去一年或两年行业面临的挑战背景的复杂性。”</p><p>联合健康集团在 2025 年第一季度发布罕见的盈利不及预期</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/749e57959fcdbdd3911d0250193f7d7e?x-oss-process=style/lg" alt="" width="1420" height="956" original-src="https://pub.pbkrs.com/uploads/2025/749e57959fcdbdd3911d0250193f7d7e"/></figure>

联合健康

<p>联合健康在 2025 年第一季度意外的盈利失利导致其自 1998 年以来最大的一日抛售，股价下跌超过 22%，市值损失近 1200 亿美元。分析师对这一短缺感到困惑，原因归结为医疗成本上升和其 Optum 部门的问题。尽管对行业普遍问题的初步担忧，竞争对手 Elevance Health 维持了其盈利预测，导致投资者情绪发生变化。该公司面临持续的挑战，包括网络攻击和对医疗保险账单做法的审查</p>

<p>UnitedHealth’s earnings miss leads to biggest selloff since 1998</p>
<div class="lb-trans"><p>联合健康的盈利不及预期导致自 1998 年以来最大抛售</p>
</div><p>Analysts puzzled by company’s unexpected earnings shortfall</p>
<div class="lb-trans"><p>分析师对公司意外的盈利短缺感到困惑</p>
</div><p>Optum unit’s weak performance surprises investors</p>
<div class="lb-trans"><p>Optum 部门的疲软表现令投资者感到意外</p>
</div><p>UnitedHealth faces pressure from increased patient care needs</p>
<div class="lb-trans"><p>联合健康面临来自患者护理需求增加的压力</p>
</div><p>By Sriparna Roy</p>
<div class="lb-trans"><p>作者：Sriparna Roy</p>
</div><p>April 17 (Reuters) - UnitedHealth (UNH.N) has traditionally been a company investors saw as reliable, having not missed earnings estimates since the 2008 global financial crisis.</p>
<div class="lb-trans"><p>4 月 17 日（路透社）- 联合健康（UNH.N）历来被投资者视为可靠的公司，自 2008 年全球金融危机以来未曾错过盈利预期。</p>
</div><p>Until Thursday. The country’s largest insurer by market value fell far short of expectations with its quarterly earnings, leading to its worst one-day selloff in more than a quarter-century.</p>
<div class="lb-trans"><p>直到周四。作为市值最大的保险公司，其季度盈利远未达到预期，导致其在超过 25 年来的单日最大抛售。</p>
</div><p>Its subsequent conference call still left analysts puzzled over the shortfall, even though some praised it for walking analysts through the circumstances that caused the earnings miss.</p>
<div class="lb-trans"><p>尽管一些分析师称赞公司在电话会议中详细解释了导致盈利不及预期的情况，但分析师们仍对这一短缺感到困惑。</p>
</div><p>UnitedHealth pulled in revenue of $109.6 billion for the first quarter, about $2 billion shy of expectations, and it also fell short of earnings estimates. The industry bellwether pointed to rising medical costs in its plans for older adults - and what it termed as “unanticipated changes” in its Optum health services subsidiary that was viewed as the growth engine of the conglomerate’s business.</p>
<div class="lb-trans"><p>联合健康在第一季度的收入为 1096 亿美元，约低于预期 20 亿美元，同时也未能达到盈利预期。这家行业风向标指出，老年人医疗费用的上升以及其 Optum 健康服务子公司的 “意外变化” 被视为该集团业务的增长引擎。</p>
</div><p>Several analysts said they were left with a lot of burning questions as the insurer is typically known to be conservative in its forecast and often raises it as the year progresses.</p>
<div class="lb-trans"><p>几位分析师表示，他们仍有许多迫切的问题，因为这家保险公司通常在预测上比较保守，并且往往会在年内提高预测。</p>
</div><p>“We do not believe the earnings call answered all investors’ questions which could indicate a lack of clarity on UNH’s part given it is still early in the year,” said Mizuho analyst Ann Hynes.</p>
<div class="lb-trans"><p>瑞穗证券分析师安·海恩斯（Ann Hynes）表示：“我们认为，盈利电话会议没有回答所有投资者的问题，这可能表明联合健康在年初时缺乏清晰度。”</p>
</div><p>At first, investors interpreted the earnings miss as an industry-wide problem, aggressively dumping both UnitedHealth shares and those of its rivals. That approach changed by mid-morning, however, when rival Elevance Health (ELV.N) said it still expected quarterly profits to come in as forecast.</p>
<div class="lb-trans"><p>起初，投资者将盈利不及预期解读为行业普遍问题，积极抛售联合健康的股票及其竞争对手的股票。然而，到上午中段，这种做法发生了变化，竞争对手 Elevance Health（ELV.N）表示仍然预计季度利润将如预期般到来。</p>
</div><p>Investors kept up the selling pressure on UnitedHealth, but the other shares recovered a good chunk of their losses; Elevance, which at one point had been down 5.8%, ended off by just 2.3%.</p>
<div class="lb-trans"><p>投资者继续对联合健康施加抛售压力，但其他股票恢复了相当一部分损失；Elevance 一度下跌 5.8%，最终仅下跌 2.3%。</p>
</div><p>UnitedHealth lost more than 22%, shaving nearly $120 billion off its market value, its biggest one-day selloff since 1998.</p>
<div class="lb-trans"><p>联合健康的市值损失超过 22%，市值缩水近 1200 亿美元，这是自 1998 年以来最大的一天抛售。</p>
</div><p>The company has faced stark challenges over the past year - a cyberattack at its tech unit that affected 200 million Americans and the murder of its insurance unit head, Brian Thompson. His killing outside the company’s investor meeting in New York rattled the industry as it triggered an outpouring of anger from Americans frustrated over their dealings with health insurers.</p>
<div class="lb-trans"><p>过去一年，该公司面临严峻挑战——其技术部门遭遇网络攻击，影响了 2 亿美国人，以及其保险部门负责人布赖恩·汤普森（Brian Thompson）被谋杀。他在纽约公司投资者会议外被杀，令行业震惊，引发了美国人对健康保险公司不满的愤怒情绪。</p>
</div><p>In February, the Wall Street Journal reported that the Justice Department was investigating its Medicare billing practices for using unneeded medical codes to increase payments. The health insurer has said it is unaware of a probe.</p>
<div class="lb-trans"><p>《华尔街日报》在 2 月份报道，司法部正在调查其医疗保险账单做法，因其使用不必要的医疗编码来增加支付。该健康保险公司表示并不知晓调查。</p>
</div><p>Investors also expressed surprise at the performance of its Optum unit, which includes its pharmacy benefits management division and the prescription drug plans it runs for Medicare. Those plans were affected by changes in 2025 reimbursements.</p>
<div class="lb-trans"><p>投资者对其 Optum 部门的表现感到惊讶，该部门包括其药品福利管理部门和为医疗保险运营的处方药计划。这些计划受到 2025 年报销变化的影响。</p>
</div><p>“Optum was kind of always the saving grace, being able to grow through (the challenges),” said Kevin Gade, chief operating officer of investment firm Bahl &amp; Gaynor.</p>
<div class="lb-trans"><p>投资公司 Bahl &amp; Gaynor 的首席运营官凯文·盖德（Kevin Gade）表示：“Optum 一直是救命稻草，能够在（挑战中）实现增长。”</p>
</div><p>“Last year, Optum was always the silver lining that UnitedHealth had versus its peers,” he said.</p>
<div class="lb-trans"><p>他说：“去年，Optum 始终是联合健康相较于同行的亮点。”</p>
</div><p>Wall Street will be keenly watching details from rivals, especially Humana (HUM.N) , another top provider of Medicare Advantage plans whose shares fell 7% on Thursday.</p>
<div class="lb-trans"><p>华尔街将密切关注竞争对手的细节，尤其是 Humana（HUM.N），另一家顶级医疗保险优势计划提供商，其股票在周四下跌了 7%。</p>
</div><p>“It’s the shock of how quickly we saw negative trends develop and then probably added complexity from just the challenging backdrop that the industry has seen for the last year or two,” said Leerink Partners analyst Whit Mayo.</p>
<div class="lb-trans"><p>Leerink Partners 分析师惠特·梅奥（Whit Mayo）表示：“这是我们看到负面趋势发展得如此迅速的震惊，可能还增加了来自过去一年或两年行业面临的挑战背景的复杂性。”</p>
</div><p>UnitedHealth Group posts a rare earnings miss in Q1 2025</p>
<div class="lb-trans"><p>联合健康集团在 2025 年第一季度发布罕见的盈利不及预期</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/4lPGTXI" alt="" original-src="https://reut.rs/4lPGTXI"/></p>

UnitedHealth was a reliable earnings performer - until its shocking Thursday results

- UnitedHealth 第一季度营收 1096 亿美元，低于预期 20 亿美元。  
- 公司股价暴跌超过 22%，市值蒸发近 1200 亿美元。  
- Optum 单位表现不佳，令投资者感到意外。  

联合健康一直是稳定的盈利表现者——直到其在周四公布的令人震惊的业绩