LABCORP HOLDINGS INC. (LH)

Labcorp Holdings Inc. is a global provider of laboratory services that supplies information to help doctors, hospitals, pharmaceutical companies, researchers and patients make healthcare decisions. It combines diagnostics and drug development laboratory capabilities. In 2025 its nearly 71,000 employees served clients in approximately 100 countries and performed more than 750 million tests. The company supported more than 85% of the new drugs and therapeutic products approved by the FDA that year. Its stated growth priorities include partnering with health systems and local and regional laboratories, scaling specialty testing in oncology, women's health, autoimmune disease and neurology, building cell and gene therapy capabilities, expanding consumer-centric offerings, and growing internationally, including through companion diagnostics (CDx). In 2025 it signed or completed 13 collaboration transactions with health systems and laboratories and acquired a minority stake in SYNLAB, a European diagnostics provider.

The company operates two segments. Diagnostics Laboratories (Dx) generated $10,876.5 million of 2025 revenue and offers routine testing and specialty/esoteric testing through a network of primary and specialty laboratories in the U.S. and Canada. Its test menu covers clinical, anatomic pathology, genetic and genomic tests, including blood chemistry, urinalysis, PAP, PSA and infectious disease tests, as well as gene-based testing, employment and occupational testing, toxicology and medical drug monitoring, and health and wellness services such as on-site and at-home testing. Dx launched more than 130 new tests in 2025 and offers digital pathology, provider and payer platforms, clinical decision support reporting, patient apps and a generative AI test selection tool. The Biopharma Laboratory Services (BLS) segment consists of the Central Laboratory and ED businesses and supports drug development. Total 2025 revenues were $13,951.7 million.

Dx customers include physicians and other healthcare providers, third-party health plans and employer plans, Medicare and Medicaid, and patients. In 2025, third-party payers accounted for 37% of total revenues, clients 23%, patients 10% and Medicare and Medicaid 8%. BLS serves hundreds of pharmaceutical, biotechnology, medical device and diagnostics companies and contract research organizations, from large multinationals to emerging companies, and accounted for 22% of revenues. Nearly all Dx revenue is U.S.-based, while about 41% of BLS revenue came from the U.S. and 59% from other countries. By region, North America generated 87% of total revenues, Europe 9% and other regions 4%. The company also offers more than 100 health and wellness tests directly to consumers through Labcorp OnDemand and supports approximately 175 million patient encounters annually.

Dx provides patient access through more than 2,200 patient service centers and more than 7,000 in-office phlebotomists, supported by a specimen supply chain and an IT system with more than 90,000 electronic interfaces. Most test results are delivered within one to two days. Twenty-six regional and specialty laboratories hold ISO 15189 certification and one holds ISO 13485 certification. BLS maintains a global central laboratory footprint, and in 2025 the company expanded its cell and gene therapy laboratory in Madison, Wisconsin. The text does not describe suppliers, competitors or headquarters location.