Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 39

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 39
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writers or their affiliates may hold positions in our outstanding notes. As a result, the underwriters or their affiliates may receive a portion of the
proceeds from this offering if we use the proceeds to repay any of our outstanding indebtedness.

In the ordinary course of their business
activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account
and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. If the underwriters or their affiliates have a lending relationship with us, certain of those
underwriters or their affiliates routinely hedge, and certain other of those underwriters or their affiliates may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, the underwriters and their
affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the notes offered hereby. Any such credit
default swaps or short positions could adversely affect future trading prices of the notes offered hereby. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect
of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

Additionally, BNY Mellon Capital Markets, LLC, one of the underwriters participating in the offering, is an affiliate of the trustee.

S-25

LEGAL MATTERS

The validity of the notes and specified legal matters in connection with this offering will be passed upon for us by Hogan Lovells US LLP.
Davis Polk & Wardwell LLP will act as counsel for the underwriters. Certain legal matters relating to Indiana law will be passed upon for us by Faegre Drinker Biddle & Reath LLP.

EXPERTS

The consolidated financial statements and schedule of Elevance Health appearing in Elevance Health’s Annual Report (Form 10-K) for the year ended December 31, 2024, and the effectiveness of Elevance Health’s internal control over financial reporting as of December 31, 2024, have been audited by
Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon, and incorporated herein by reference. Such consolidated financial statements and schedule are incorporated herein by reference in
reliance upon