LABCORP HOLDINGS INC. (LH)

Labcorp Holdings Inc. is a global provider of laboratory services, delivering diagnostic testing and drug development support to physicians, hospitals, pharmaceutical companies, researchers, and patients across approximately 100 countries. With nearly 71,000 employees, the company performed more than 750 million patient tests in 2025 and supported over 85% of new FDA-approved drugs and therapeutic products that year. The company operates through two segments: Diagnostics Laboratories (Dx), which includes routine and specialty/esoteric testing generated primarily in the U.S. and accounted for $10,876.5 million in 2025 revenue (78% of total revenue), and Biopharma Laboratory Services (BLS), comprising Central Laboratory and Early Development businesses with 41% of revenue from the U.S. and 59% from international markets.

Total 2025 revenues were $13,951.7 million. Dx operates a network of more than 2,200 patient service centers and over 7,000 in-office phlebotomists, offering a broad menu of clinical, anatomic pathology, genetic, and genomic tests, along with employment, wellness, toxicology, and drug monitoring testing; the segment launched over 130 new tests in 2025 and invests heavily in digital tools such as digital pathology platforms, provider/payer portals, clinical decision-support reporting, patient-facing apps, and a generative AI-enabled test-selection tool (Test Finder). The company's strategy centers on two near-term priorities—becoming a partner of choice for health systems and regional laboratories (having signed or completed 13 collaboration transactions in 2025) and leading in specialty testing development across oncology, women's health, autoimmune disease, and neurology—alongside three longer-term priorities: building leadership in cell and gene therapy (including an expanded Madison, Wisconsin lab), expanding consumer-centric offerings (supporting roughly 175 million patient encounters annually and offering 100+ tests via Labcorp OnDemand, including new self-collection options for HPV/STI testing), and growing global reach through companion diagnostics, highlighted by a 2025 minority stake acquisition in SYNLAB, a European diagnostics leader.

Revenue is derived from clients, third-party payers (including managed care organizations), Medicare/Medicaid, patients, and biopharma/CRO customers, with reimbursement subject to ongoing pressure from government and commercial payers seeking to control healthcare costs, fee schedule reductions, alternative payment models, and price transparency requirements.