UnitedHealth Group expects to bring in nearly $360B in revenue for 2023

UnitedHealth Group expects double-digit revenue growth in 2023, with the company's top line protected to come in between $357 billion and $360 billion next year, the company announced Tuesday.

The healthcare giant also expects a profit of between $21.7 billion and $22.3 billion and net earnings of $23.15 to $23.65 per share, according to materials (PDF) released as part of the company's investor conference. Cash flows from operations are expected to range from $27 billion to $28 billion.

UnitedHealth Group expects adjusted net earnings between $24.40 to $24.90 per share.

The company's top line for 2022 is now expected to be approximately $324 billion. Net earnings are expected to be $20.85 to $21.05 per share and adjusted net earnings are expected to be $21.85 to $22.05 per share, as announced in the third-quarter earnings release.  

Net earnings attributable to shareholders are expected to hit about $20 billion this year.

UnitedHealth is already one of the most profitable health insurers, and its strong growth in 2023 will largely be driven by the company's Optum division for healthcare services. 

Revenue at Optum is expected to grow next year by 15% to 17%, led by its outpatient medical centers business and its healthcare data and consulting services unit. Optum's revenue is expected to grow from $183 billion in 2022 to between $212 billion and $214 billion next year.

UnitedHealthcare's health insurance division serves 51 million people worldwide, according to the company. Health insurance enrollment in the U.S. is expected to grow by more than 2%, covering more than 47 million people.

UnitedHealth reported its third-quarter earnings in mid-October, where it posted $5.3 billion in profit and $80.9 billion in revenue for the quarter. It was the most profitable major national payer for the third straight quarter.

Through the first nine months of the year, UnitedHealth Group has reported $15.35 billion in profit and $241.4 billion in revenue.

In early October, UnitedHealth Group completed its controversial acquisition of Change Healthcare just weeks after securing a federal court win allowing the merger to go forward.

The two companies first announced plans to merge in January 2021.

In mid-September, the merger beat a challenge from the Department of Justice (DOJ) on antitrust grounds, and a federal judge gave the companies the go-ahead to close pending the divestiture of Change's ClaimsXten business.

But the feds aren't going down without a fight and want another shot at blocking the acquisition.

The DOJ issued a notice of appeal this month, saying it would take the case to D.C. circuit court. In the brief filing, the DOJ added that New York and Minnesota would also join the legal challenge. UnitedHealth is based in Minnetonka, Minnesota, a suburb of the Twin Cities.