Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 1

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 1
---
 |     | Plus accrued interest, if any, from, September 15, 2025, if settlement occurs after that date. |

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. The underwriters expect to deliver the notes in book-entry form only through the facilities of The Depository Trust Company for the accounts of its participants, including Clearstream Banking, S.A., and Euroclear Bank SA/NV, as operator of the Euroclear System, against payment in New York, New York on or about September 15, 2025, which will be the fifth business day following the date of the pricing of the notes (such settlement being referred to as “T+5”). See “ Underwriting (Conflicts of Interest)—Settlement Cycle.” Joint Book-Running Managers

| BofA Securities               |     | Deutsche Bank Securities |     | Mizuho                      |
| PNC Capital Markets LLC (2028 
 notes)                        |     | UBS Investment Bank      
 (2036 notes)             |     | US Bancorp                  
 (2032 notes and 2055 notes) |

Senior Co-Managers

| Barclays    |     | Citigroup              |     | Goldman Sachs & Co. LLC |
| J.P. Morgan |     | Morgan Stanley         |     | Truist Securities       |
|             |     | Wells Fargo Securities |     |                         |

Junior Co-Managers

| BNY Capital Markets |     | Huntington Capital Markets |     | Scotiabank    |
| SMBC Nikko          |     |                            |     | TD Securities |

The date of this prospectus supplement is September 8, 2025.

TABLE OF CONTENTS

Prospectus Supplement

|                                            |     | Page |      |
| FORWARD-LOOKING STATEMENTS                 |     | S-ii |      |
| SUMMARY                                    |     |      | S-1  |
| RISK FACTORS                               |     |      | S-5  |
| USE OF                                     
 PROCEEDS                                   |     |      | S-8  |
| SELECTED CONSOLIDATED HISTORICAL FINANCIAL 
 DATA                                       |     |      | S-9  |
| DESCRIPTION OF THE NOTES                   |     |      | S-11 |
| MATERIAL UNITED STATES FEDERAL             
 INCOME TAX CONSIDER