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FOR IMMEDIATE RELEASE CONTACT : Steve Filton Chief Financial Officer 610-768-3300 Exhibit 99.1 July 26 , 2021 UNIVERSAL HEALTH SERVICES , INC . REPORTS 2021 SECOND QUARTER FINANCIAL RESULTS , INCREASES 2021 FULL YEAR EARNINGS GUIDANCE AND ANNOUNCES $ 1 BILLION INCREASE TO STOCK REPURCHASE PROGRAM AUTHORIZATION Consolidated Results of Operations , As Reported and As Adjusted – Three - month periods ended June 30 , 2021 and 2020 : KING OF PRUSSIA , PA – Universal Health Services , Inc. ( NYSE : UHS ) announced today that its reported net income attributable to UHS was $ 325.0 million , or $ 3.79 per diluted share , during the second quarter of 2021 , as compared to $ 251.9 million , or $ 2.95 per diluted share , during the second quarter of 2020. Net revenues increased 17.1 % to $ 3.198 billion during the second quarter of 2021 as compared to $ 2.730 billion during the second quarter of 2020 . As reflected on the Schedule of Non - GAAP Supplemental Information ( “ Supplemental Schedule ” ) , our adjusted net income attributable to UHS during the second quarter of 2021 was $ 322.3 million , or $ 3.76 per diluted share , as compared to $ 250.2 million , or $ 2.93 per diluted share , during the second quarter of 2020 . During 2021 , we received approximately $ 189 million of additional funds from the federal government in connection with the Coronavirus Aid , Relief , and Economic Security Act ( " CARES Act ” ) , substantially all of which was received during the first quarter of 2021. During the second quarter of 2021 , we returned the $ 189 million to the appropriate government agencies utilizing a portion of our cash and cash equivalents held on deposit . Therefore , our results of operations for the three and six- month periods ended June 30 , 2021 include no impact from the receipt of those funds . Also , and as previously announced earlier this year , in March of 2021 we made an early repayment of $ 695 million of funds received during 2020 pursuant to the Medicare Accelerated and Advance Payment Program . These funds were returned to the government utilizing a portion of our cash and cash equivalents held on deposit . Included in our reported and adjusted net income attributable to UHS during the three and six - month periods ended June 30 , 2021 was a net favorable after - tax impact of approximately $ 29.8 million , or $ .35 per diluted share , resulting from : • a favorable after - tax impact of $ 42.3 million , or $ .49 per diluted share , resulting from $ 55.3 million of revenues recorded during the second quarter of 2021 in connection with the Kentucky Medicaid Managed Care Hospital Rate Increase Program , covering the period of July 1 , 2020 to June 30 , 2021 , as discussed below in Kentucky Hospital Rate Increase Program ; an unfavorable after - tax impact of approximately $ 27.2 million , or $ .32 per diluted share , resulting from a $ 36.0 million increase to our reserves for self - insured professional and general liability claims , as discussed below in Increase to Self- Insured Professional and General Liability Reserves , and ;