Labcorp Reports Strong 2026 Third Quarter Results; Raises Full Year 2026 Guidance

• Results from operations for third quarter 2026 versus third quarter 2025:
  • Revenue: $3.81 billion vs. $3.56 billion, up 6.9%
  • Diluted EPS: $3.22 vs. $3.12, up 3.3%
  • Adjusted EPS: $4.78 vs. $4.18, up 14.5%
• Raised full-year enterprise revenue growth and adjusted EPS guidance:
  • Revenue growth range of 5.9% to 6.7%; up 50 basis points at the midpoint
  • Adjusted EPS range of $18.30 to $18.70; up 18 cents at the midpoint
• Advanced M&A strategy by announcing or closing four transactions; each are expected to be accretive to adjusted EPS in year one and return cost of capital by year three
• Received FDA approval of PGDx elio® tissue complete CDx as a companion diagnostic to help identify patients with advanced melanoma

BURLINGTON, N.C., Oct. 28, 2026 /PRNewswire/ -- Labcorp Holdings Inc. (NYSE: LH), a global leader of innovative and comprehensive laboratory services, today announced results for the third quarter ended September 30, 2026 and updated its full-year financial guidance.

"Labcorp delivered another strong quarter with 7% revenue growth, continued margin expansion and 14.5% adjusted EPS growth, leading to a raise in our full-year guidance," said Adam Schechter, Chairman and CEO of Labcorp. "We furthered our leadership in specialty testing by launching innovative tests for advanced melanoma, Alzheimer's disease, and hepatitis D, while expanding access through strategic acquisitions across our Diagnostics and Biopharma Laboratory Services businesses. As healthcare continues to be transformed by advances in science and technology, personalized medicine, and evolving consumer expectations, Labcorp is well positioned to capitalize on these trends and drive sustainable long-term growth."

Labcorp continues to advance its strategic priorities:

Lead in specialty testing:

• Received FDA approval of PGDx elio® tissue complete CDx as a companion diagnostic to help identify patients with advanced melanoma.
• Announced a collaboration with the Knight Cancer Institute at Oregon Health & Science University on a clinical study evaluating the use of Plasma Detect® Genome MRD Ultra to help identify disease recurrence earlier in patients with muscle-invasive bladder cancer.
• Announced the availability of a new hepatitis D reflex testing option within its comprehensive hepatitis testing portfolio.
• Subsequent to the quarter:
  • launched the FDA-cleared Elecsys® pTau-217 blood test, expanding access to Alzheimer's disease testing in both primary and specialty care settings.
  • announced a collaboration with Waters Corporation that positions Labcorp as the first commercial laboratory to offer the FDA-approved BD Onclarity™ HPV assay across clinician- and self-collected screening options, including in-clinic, patient service center and at-home settings.

Be the partner of choice for health systems and leading pharmaceutical companies:

• Acquired MLM Medical Labs, a leading global central and specialty laboratory provider with operations across the United States, Germany and South Africa.
• Partnered with the National Association of Community Health Centers to strengthen leadership development, support practice improvement and advance community health initiatives across the nation's Community Health Center network.
• Subsequent to quarter end, signed the following three acquisition agreements; the timing of each of these is subject to regulatory approvals and customary closing conditions:
  • an agreement to acquire select assets of BioReference Health's laboratory testing businesses focused on clinical and women's health testing services, urology, corrections and certain operational assets.
  • an agreement with Myriad Genetics to acquire their Prenatal Health testing business, which includes the Prequel^®, Foresight, SneakPeek^®, and FirstGene^® tests.
  • and an agreement to acquire Millennium Health, an accredited specialty laboratory with more than 15 years of experience in drug testing and surveillance.

Collectively, these acquisitions and partnerships expand Labcorp's capabilities across specialty testing, clinical trials and women's health, strengthen customer relationships and enhance the company's ability to generate long-term growth.

Drive personalized health solutions:

• Expanded the Labcorp OnDemand test menu, including the launch of our Advanced Health Panel and the Marker by Labcorp™ Genetic Health Panel. The OnDemand portfolio now has over 140 panels and tests.
• On Labcorp OnDemand, launched the Thrive 5 Health Test in collaboration with Thrive Global that combines lab results with other health biomarkers and personalized recommendations to improve health.

Shape our future through technology and innovation:

• Announced enhancements to Labcorp Global Trial Connect™, including new capabilities across the Labcorp Sponsor™ and Labcorp Investigator™ portal experiences.

Labcorp also remains committed to a disciplined allocation of capital. In the third quarter of 2026, the company invested $255.5 million in acquisitions and paid out $58.2 million in dividends. On October 21, 2026, the company announced a quarterly cash dividend of $0.72 per share of common stock, payable on December 11, 2026, to stockholders of record at the close of business on November 24, 2026. The company has $1.4 billion remaining under its board-authorized share repurchase program, providing continued flexibility to return capital to shareholders.

CONSOLIDATED RESULTS

CONSOLIDATED RESULTS

Capital Allocation Summary

• At the end of the quarter, Labcorp's cash and cash equivalents balance was $261.8 million and total debt was $5.85 billion.
• During the quarter, the company invested $255.5 million in acquisitions and paid out $58.2 million in dividends.

Diagnostics Laboratories Segment Summary

Biopharma Laboratory Services Segment Summary

Labcorp is updating 2026 full year guidance to reflect its third quarter performance and full year outlook. The following guidance assumes foreign exchange rates effective as of September 30, 2026. Enterprise level guidance includes the estimated impact from currently anticipated capital allocation, including acquisitions, share repurchases, and dividends.

(Dollars in millions, except per share data)

Use of Adjusted Measures
The company has provided in this press release and accompanying tables "adjusted" financial information that has not been prepared in accordance with GAAP, including adjusted net income, adjusted EPS (or adjusted net income per share), adjusted operating income, adjusted operating margin, free cash flow, and certain segment information. The company believes these adjusted measures are useful to investors as a supplement to, but not as a substitute for, GAAP measures, in evaluating the company's operational performance. The company further believes that the use of these non-GAAP financial measures provides an additional tool for investors in evaluating operating results and trends, and growth and shareholder returns, as well as in comparing the company's financial results with the financial results of other companies. However, the company notes that these adjusted measures may be different from and not directly comparable to the measures presented by other companies. Reconciliations of these non-GAAP measures to the most comparable GAAP measures and an identification of the components that comprise "special items" used for certain adjusted financial information are included in the tables accompanying this press release.

The company today is providing an investor relations presentation with additional information on its business and operations, which is available in the investor relations section of the company's website at https://ir.labcorp.com. Analysts and investors are directed to the website to review this supplemental information.

A webcast discussing Labcorp's quarterly results will be held today at 9:00 a.m. ET and is available by accessing the Labcorp investor relations website and navigating to the "Events" section. Alternatively, the live webcast can be accessed on this link. This webcast will be archived and accessible for one year.

About Labcorp 
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's nearly 71,000 employees serve clients in approximately 100 countries, provided support for more than 85% of the new drugs and therapeutic products approved by the FDA in 2025, and performed more than 750 million tests for patients around the world. Learn more at www.labcorp.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements with respect to (i) the estimated 2026 guidance and related assumptions, (ii) the impact of various factors on operating and financial results, including global economic and market conditions on the company's businesses, operating results, cash flows and/or financial condition, (iii) current and future offerings, capabilities, and business strategies, including those related to high-growth specialty areas, (iv) expected savings, synergies and other benefits to the company, customers or patients from acquisitions and other transactions, partnerships, company initiatives and investments, (v) new or improved technologies or technology-related offerings, or partnerships in connection therewith, and (vi) opportunities for future growth.

Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company's control, including without limitation: (i) the failure to receive tax-free treatment with respect to the spin-off of the company's former Clinical Development and Commercialization Services business for U.S. federal income purposes; (ii) the impact of spin-off related items; (iii) personnel costs and potential difficulties with employee relations and retention; (iv) the trading price of the company's stock, competitive actions and other unforeseen changes and general uncertainties in the marketplace; (v) the impact of changes to existing or adoption of new laws and regulations applicable to the company, including healthcare reform, or changes to the interpretation and application of such laws and regulations; (vi) customer preferences and purchasing decisions; (vii) changes in payer regulations or policies and adverse actions of governmental and third-party payers; (viii) changes in testing guidelines or recommendations; (ix) the impact of global geopolitical events; (x) the effect of public opinion on the company's reputation; (xi) adverse results in material litigation matters; (xii) failure to maintain or develop customer relationships; (xiii) the company's ability to develop or acquire new products and adapt to technological changes; (xiv) failures of, or adverse events relating to, the company's or its third-party suppliers', vendors' or partners' information technology systems, programs, or processes or the company's data security; (xv) the impact of potential losses under repurchase agreements; (xvi) adverse weather conditions; (xvii) the number of revenue days in a financial period; (xviii) inflation; (xix) increased competition; (xx) adverse effects from the development, implementation, use of, or failure of new or improved technologies, internal technology platforms, or technology-related offerings of the company or its third-party suppliers, vendors or partners, including the failure to realize the anticipated benefits from such technologies, platforms, or offerings; and (xxi) the effect of exchange rate fluctuations. These factors, in some cases, have affected and in the future (together with other factors) could affect the company's ability to implement the company's business strategy, and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of the forward-looking statements.

The company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the company's most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the company's other filings with the SEC. The information in this press release should be read in conjunction with a review of the company's filings with the SEC including the information in the company's most recent Annual Report on Form 10-K, and subsequent Forms 10-Q, under the heading "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS".

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- Tables to Follow -

CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Data)

CONSOLIDATED BALANCE SHEETS

(In Millions)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

Condensed Combined Non-GAAP Segment Information

(Dollars in Millions)

The consolidated revenue and adjusted segment operating income are presented net of intercompany transaction eliminations and other amounts not used in determining segment performance. Adjusted operating income and adjusted operating margin are non-GAAP measures. See the subsequent reconciliation of non-GAAP financial measures.

Reconciliation of Non-GAAP Measures

(Dollars and Shares in Millions, Except Per Share Data)

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SOURCE Labcorp Holdings Inc