Shares of Elevance Health (NYSE:ELV) fell 12% Thursday morning after the health insurer lowered its forecast for full-year earnings amid higher-than-expected medical expenses in the third quarter.

Elevance continues to expect its Medicare Advantage program to hit 2.2 million to 2.25 million members in 2025, and for adjusted earnings to be $34.15 to $34.85 a share.