Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 42

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 42
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 this prospectus and the applicable prospectus supplement, before making a decision to invest in our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

The date of this prospectus is November 1, 2023.

TABLE OF CONTENTS

|                                                                |     | Page |    |
| ABOUT THIS PROSPECTUS                                          |     |      |  1 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS           |     |      |  1 |
| WHERE YOU CAN FIND MORE INFORMATION                            |     |      |  1 |
| INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE                |     |      |  2 |
| OUR COMPANY                                                    |     |      |  3 |
| RISK FACTORS                                                   |     |      |  4 |
| USE OF PROCEEDS                                                |     |      |  5 |
| DESCRIPTION OF THE DEBT SECURITIES                             |     |      |  6 |
| DESCRIPTION OF THE PREFERRED STOCK                             |     |      | 19 |
| DESCRIPTION OF THE COMMON STOCK                                |     |      | 20 |
| DESCRIPTION OF THE DEPOSITARY SHARES                           |     |      | 24 |
| DESCRIPTION OF THE WARRANTS                                    |     |      | 28 |
| DESCRIPTION OF THE RIGHTS                                      |     |      | 29 |
| DESCRIPTION OF THE STOCK PURCHASE CONTRACTS AND STOCK PURCHASE 
 UNITS                                                          |     |      | 30 |
| PLAN OF DISTRIBUTION                                           |     |      | 31 |
| VALIDITY OF THE SECURITIES                                     |     |      | 33 |
| EXPERTS                                                        |     |      | 33 |

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ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, using a
“shelf” registration process. Under this shelf process, we may sell any combination of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities we may
offer. Each time we offer to sell any of the securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering and the securities being offered. The prospectus supplement may also add, update
or change information contained in