Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 13

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 13
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 a rate of 4.900% per year and mature on February 8, 2026. We intend to use the remainder of
net proceeds from this offering for working capital and for general corporate purposes, including, but not limited to, the funding of acquisitions, repayment of other short-term and long-term debt, and the repurchase of our common stock pursuant to
our share repurchase program.

Certain of the underwriters and/or their respective affiliates and associated persons may own a portion of
the 2025 Notes and/or the 2026 Notes. If any of the underwriters, together with their respective affiliates and associated persons, receive at least 5% of the net proceeds from this offering, not including underwriting compensation, as a result of
our intended use of the net proceeds from the sale of the notes, such underwriters will be deemed to have a “conflict of interest” within the meaning of FINRA Rule 5121. However, pursuant to FINRA Rule 5121, the appointment of a
qualified independent underwriter is not necessary in connection with this offering because the notes are “investment grade rated” as defined by FINRA Rule 5121. See “Underwriting (Conflicts of Interest)—Conflicts of Interest.”

S-9

SELECTED CONSOLIDATED HISTORICAL FINANCIAL DATA The following table summarizes our financial information. We prepared this information using our unaudited consolidated financial statements for the six-monthperiods ended June 30, 2025 and 2024, and our audited consolidated financial statements for each of the years in the three-year period ended December 31, 2024, which have been audited by Ernst & Young LLP. You should read this information in conjunction with our unaudited and audited consolidated financial statements and notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Quarterly Report on Form 10-Qfor the quarter ended June 30, 2025, and our Annual Report on Form 10-Kfor the year ended December 31, 2024, each of which is incorporated herein by reference. See “ Where You Can Find More Information” on page S-28 of this prospectus supplement. In our opinion, the selected financial data for the six-monthperiods ended June 30, 2025 and 2024, include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of that data. These selected consolidated historical financial data do not necessarily indicate