Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 81

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 81
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 trading market, on an exchange or otherwise, for such shares; and (vi) sales in other ways not involving market
makers or established trading markets, including direct sales to purchasers.

Any underwriting compensation paid by us to underwriters or
agents in connection with the offering of the securities, and any discounts or concessions or commissions allowed by underwriters to participating dealers, will be set forth in the applicable prospectus supplement. Dealers and agents participating
in the distribution of the securities may be deemed to be underwriters, and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions.

Underwriters, dealers and agents may be entitled, under agreements entered into with us, to indemnification against and contribution toward
certain civil liabilities, including liabilities under the Securities Act. Unless otherwise set forth in an accompanying prospectus supplement, the obligations of any underwriters to purchase any of the securities will be subject to certain
conditions precedent, and the underwriters will be obligated to purchase all of such securities, if any are purchased.

Underwriters,
dealers and agents may engage in transactions with, or perform services for, us and our affiliates in the ordinary course of business.

If
indicated in the prospectus supplement, we may authorize underwriters or other agents to solicit offers by institutions to purchase securities from us pursuant to contracts providing for payment and delivery on a future date. Institutions with which
we may make these delayed delivery contracts include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others. The obligations of any purchaser under any such delayed
delivery contract will be subject to the condition that the purchase of the securities shall not at the time of delivery be prohibited under the laws of the jurisdiction to which the purchaser is subject. The underwriters and other agents will not
have any responsibility with regard to the validity or performance of these delayed delivery contracts.

31

In connection with the offering of the securities hereby, certain underwriters, and selling
group members and their respective affiliates may engage in transactions that stabilize, maintain or otherwise affect the market price of the applicable securities. Such transactions may include stabilization transactions effected in accordance with
Rule 104 of Regulation M promulgated by the SEC pursuant to which such persons may bid for or purchase securities for the purpose of stabilizing their market price. The underwriters in an offering of securities may also create a “short
position” for their account by selling more securities in connection with the