Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 34

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 34
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 of the notes (such settlement being referred to as “T+5”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are generally required to settle in one
business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the first business day preceding the closing date will be required, by virtue of the fact that the notes will
initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement.

Conflicts of Interest

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, and to use the remainder of net proceeds 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. See “Use of Proceeds.” 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.

Selling Restrictions

European Economic Area

The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made
available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of

S-22

Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the