(Reuters) -Elevance Health Inc lifted its annual earnings forecast on Wednesday after strength in the unit that houses its pharmacy benefits management business, IngenioRx, helped the company sail past market estimates for quarterly profit.

Larger rival UnitedHealth Group Inc had also raised its full-year profit outlook last week as a slow recovery in non-urgent medical procedures and lower COVID-care costs help it rein in medical expenses.

Net profit for Elevance, which was previously known as Anthem, fell to $1.65 billion, or $6.79 per share, in the three months ended June 30, from $1.79 billion, or $7.25 per share, a year earlier.

Excluding items, the company reported earnings of $8.04 per share, above analysts’ estimates of $7.74, according to IBES estimates from Refinitiv.

It now expects adjusted earnings to be greater than $28.70 per share for the year, up from its prior forecast of more than $28.40 per share.

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