WellPoint Health Networks, Thousand Oaks, Calif., saw its third-quarter profits rise 28% thanks to membership gains in key markets. The company reported net income of $315.1 million, or $1.97 per share, for the quarter ended Sept. 30, up from $246.2 million, or $1.63 per share, in the year-ago period. Revenue rose 16% to $5.85 billion. Enrollment rose 4% year over year to 15.6 million members. Cobalt Corp., which WellPoint acquired last year, contributed $15.4 million to WellPoint's 2004 third-quarter profits. WellPoint's proposed merger with Anthem, Indianapolis, remains in limbo since California Insurance Commissioner John Garamendi blocked part of the $16.4 billion deal on the grounds it would harm policyholders and unfairly enrich company executives. Anthem plans to announce its quarterly results Wednesday. -- by Laura B. Benko
WellPoint's profits climb with ongoing acquisitions
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