Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 80

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 80
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 U.S. federal income tax considerations; and |

| • |     | any other material terms of the warrants, including terms, procedures and limitations relating to the exchange 
 and exercise of the warrants.                                                                                  |

28

DESCRIPTION OF THE RIGHTS We may issue rights to our shareholders for the purchase of our common stock, preferred stock or depositary shares. Each series of rights will be issued under a separate rights agreement to be entered into between us and a bank or trust company, as rights agent, all as set forth in the prospectus supplement relating to the particular issue of rights. The rights agent will act solely as our agent in connection with the certificates relating to the rights of such series and will not assume any obligation or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights. The rights agreement and the rights certificates relating to each series of rights will be filed with the SEC and incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. The applicable prospectus supplement will describe the terms of the rights to be issued, including the following, where applicable:

| • |     | the date for determining the securityholders entitled to the rights distribution; |

| • |     | the aggregate number of shares of common stock, preferred stock or depositary shares purchasable upon exercise of 
 such rights and the exercise price;                                                                               |

| • |     | the aggregate number of rights being issued; |

| • |     | the date, if any, on and after which such rights may be transferable separately; |

| • |     | the date on which the right to exercise such rights shall commence and the date on which such right will expire; |

| • |     | any special U.S. federal income tax consequences; and |

| • |     | any other terms of such rights, including terms, procedures and limitations relating to the distribution, 
 exchange and exercise of such rights.                                                                     |

29

DESCRIPTION OF THE STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS We may issue stock purchase contracts, including contracts obligating you to purchase from us, and us to sell to you, a specified number of shares of our preferred or common stock at a future date or dates. The price per share of stock and the number of shares of stock may be fixed at the time the stock purchase contracts are issued or may be determined by reference to a specific formula described in the stock purchase contracts. We may issue stock purchase contracts separately or as part of units, known as stock