Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 20

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 20
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 of Rule 14e-1under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes of such series as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control repurchase provisions of the relevant notes, we will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control repurchase provisions of such notes by virtue of such conflicts. On the Change of Control Payment Date, we will be required, to the extent lawful, to:

| • |     | accept for payment all notes or portions of notes properly tendered pursuant to the Change of Control Offer; |

| • |     | deposit with the paying agent an amount equal to the Change of Control Payment in respect of all notes or 
 portions of notes properly tendered; and                                                                  |

| • |     | deliver or cause to be delivered to the trustee the notes properly accepted, together with an officer’s 
 certificate stating the principal amount of notes or portions of notes being purchased.                 |

The definition of Change of Control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of “all or substantially all” of the properties or assets of Elevance Health and its subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, the applicability of the requirement that we offer to repurchase the notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of the assets of Elevance Health and its subsidiaries taken as a whole to another Person (as defined in the indenture) or group may be uncertain. For purposes of the foregoing discussion of the applicable Change of Control provisions, the following definitions are applicable: “ Below Investment Grade Rating Event” means the notes of the applicable series are rated below an Investment Grade Rating by each of the Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could reasonably be expected to result in a Change of Control until the end of the 60-dayperiod following public notice of the occurrence of the Change of Control (which 60-dayperiod shall be extended so long