华尔街日报报道联合健康集团成为刑事欺诈调查目标

Restricted - External Afsah Quadri+1 212 412 2343afsah.quadri@barclays.comBCI, USEric Ng+ 1 212 526 2260eric.ng@barclays.comBCI, US 3https://news.bloomberglaw.com/health-law-and-business/unitedhealth-wins-favorable-finding-in-medicare-fraud-lawsuitspecial master in the case, found that the DOJ lacked evidence to support its claims of Medicareover payments of at least $2.1bn3.In addition to the most recent article, the Wall Street Journal has also published a series ofreports accusing UNH of over billing Medicare Advantage. For example, WSJ reported inFebruary that the DOJ was investigating UNH for triggering an extra $8.7bn in federal paymentsin 2021. In response to each of these, the company also said they weren't aware of any DOJactions.Bad TimingThe allegations come at an unfortunate time for UNH as the company reported poor 1Q25earnings (see 1Q25 Earnings Missed, And Not Due toTariffs) and shortlyafterthe CEO steppeddown and guidance was withdrawn (see UnitedHealth Group (UNH): 2025 Guidance Pulled andCEO Departs).FIGURE 1. UNH has widened to Cigna and Elevance since earningsOpen in Barclays Live ChartSource:Credit- Barclays Trading, S&P Global Market Intelligence;Bloomberg Indices- BloombergUNH will be attending our annual healthcare conference on May 28th;register here.2 Analyst(s) Certification(s):We, Eric Ng and Afsah Quadri, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about any or all ofthe subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or indirectly related tothe specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, pricesor spreads, some or all of which may have changed since the publication of this document. Barclays Research Department produces various types ofresearch including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations andtrade ideas contained in one type of Barclays Research maydifferfrom those contained in other types of Barclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Disclosure(s) regarding Information SourcesIncludes content supplied by S&P Global Market Intelligence ("S&P") 2025. The use