Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 8

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 8
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 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 Rule 5121 of the Financial Industry Regulatory Authority, Inc. (“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.”                                                                  |

| Further Issues | We may from time to time, without the consent of the holders of the notes, create and issue additional notes having substantially the same terms and conditions, other than the issue date, the offering price, and, if applicable, the original       
 interest accrual date and/or the initial interest payment date, as the 2028 notes, the 2032 notes, the 2036 notes, or the 2055 notes, in each case, so that such issue shall be consolidated and form a single series with the outstanding 2028 notes, 
 2032 notes, 2036 notes, or 2055 notes offered hereby; provided that if such additional notes are not fungible with such notes for U.S. federal income tax purposes, the additional notes will have a separate CUSIP number.                            |

| Trustee, Registrar and Paying Agent | The Bank of New York Mellon Trust Company, N.A. |

| Risk Factors | See “Risk Factors” before considering an investment in any of the notes. |

S-5

RISK FACTORS

In considering whether to invest in any of the notes, you should carefully consider all of the information contained in or incorporated by reference in this prospectus supplement and the accompanying prospectus. In particular, you should consider the risk factors described in our periodic reports filed with the SEC, including those set forth under the caption “Risk Factors” in Item 1A of Part I of our Annual Report on Form 10-Kfor the year ended December 31, 2024, which are incorporated by reference in this prospectus supplement, as well as the additional risks described below. If any of the risks actually occur, our business, financial condition or results of operations could suffer. In that event, we may be unable to meet our obligations under the notes and you may lose all or part of your investment. Additional