Bob Herman covers health insurance, government programs, hospitals, physicians, and other providers — reporting on how money influences those businesses and shapes what we all pay for care. He is also the author of the Health Care Inc. newsletter. You can reach Bob on Signal at bobjherman.09.

Tara Bannow covers hospitals, providers, and insurers. You can reach Tara on Signal at tarabannow.70.

UnitedHealth Group’s executives on Tuesday somberly conveyed lower profit expectations for the rest of 2025, as the health care conglomerate battles higher medical costs across all lines of health insurance and heightened regulatory scrutiny over its business practices.

In May, UnitedHealth withdrew this year’s financial projections, prompting CEO Andrew Witty to resign. Stephen Hemsley, who was UnitedHealth’s chief from 2006 to 2017 and has been the company’s leading board member since then, replaced Witty. Tuesday marked Hemsley’s official return to earnings calls.

UnitedHealth now expects revenue will reach roughly $447 billion this year, down almost $6 billion, or 1%, from its initial estimate in December of $452.5 billion. Profit, meanwhile, will be “at least” $16 per share — down 44% from its $28.40 per share projection. Many Wall Street analysts predicted the new profit numbers would be closer to $18 per share.

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