UnitedHealth Beats Q1 Forecasts Despite $872M Change Healthcare Cyberattack Costs

Apr 16, 2024, 09:45 PM

UnitedHealth Group reported a significant financial impact due to a cyberattack on its Change Healthcare unit, with an estimated cost of up to $1.6 billion for the year and a direct $872 million hit to its first-quarter profit. Despite this, the company surpassed first-quarter earnings expectations, posting adjusted earnings per share of $6.91, against analysts' expectations of $6.59, and revenue of $99.8 billion. The cyberattack, which occurred in February and involved a ransomware group leaking sensitive patient data, has been a major factor in the financial results.