Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 12

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 12
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 us and our shareholders.

There are currently no trading markets for the notes, and active public trading markets for the notes may not develop or, if any markets develop, may not be maintained. The failure of active liquid trading markets for the notes to develop or be maintained is likely to adversely affect the market prices and liquidity of the notes.

The notes are new issues of securities, and there are currently no existing trading markets for the notes. We do not intend to apply for
listing of the notes of any series on any securities exchange. Although the underwriters have advised us that they intend to make a market in the notes, they are not obligated to do so and may discontinue any

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market-making at any time without notice. Accordingly, active trading markets may not develop for the notes and, even if any markets develop, may not be maintained. If active trading markets for
the notes do not develop or are not maintained, the market prices and liquidity of the notes are likely to be adversely affected, and holders may not be able to sell their notes at desired times and prices or at all. If any of the notes are traded
after their purchase, they may trade at a discount from their purchase prices.

The liquidity of the trading markets, if any, and future
trading prices of the notes will depend on many factors, including, among other things, prevailing interest rates, our financial condition, results of operations, business, prospects and credit quality, and those of comparable entities, the market
for similar securities and the overall securities market, and may be adversely affected by unfavorable changes in any of these factors, some of which are beyond our control. In addition, market volatility or events or developments in the credit
markets could materially and adversely affect the market value of the notes, regardless of our financial condition, results of operations, business, prospects or credit quality.

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USE OF PROCEEDS

We estimate that the net proceeds from the offering of the notes will be approximately $ , after deducting the underwriting
discounts and estimated offering expenses payable by us. We intend to use the net proceeds of this offering to repay or redeem all of our 2025 Notes and to redeem or otherwise repurchase all of our 2026 Notes, in each case at or prior to their
respective maturities. The 2025 Notes bear interest at a rate of 5.350% per year and mature on October 15, 2025 and the 2026 Notes bear interest at