Leerink analyst Ana Gupte is more bearish on ObamaCare's Public Exchanges after a Federal Judge ruled in favor of the House Republicans against the funding mechanism for the cost sharing subsidies in Public Exchanges. The analyst expects the ruling to further impact the 2017 Public Exchange selling season to the downside. Within Managed Care, this is more negative for Anthem (ANTM) and Aetna (AET) that remain most committed to remaining and expanding in Public Exchanges, Gupte tells investors in a research note. Conversely, the analyst believes it will be less negative for Humana (HUM) and CIGNA (CI). The analyst says this development "further strengthens" her view that UnitedHealth (UNH) is the top Large Cap Managed Care pick given absence of deal risk, and upside in 2017 from their decision to exit most Public Exchanges.

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Affirms FY 2024 Insurance segment benefit ratio of approximately 90%. Raises 2024 individual Medicare Advantage annual membership growth by 50,000 to now anticipate annual growth of approximately 150,000, or 2.8%.

Reports Q1 revenue $29.61B, consensus $28.47B.