Labcorp Holdings Inc. Investor Day 2026

Welcome, everyone. I am not mic'd up. Welcome, everyone, to Labcorp's 2026 Investor Day. Before we get started, please note that our presentations will include forward-looking statements. These statements are subject to change based on various factors, many of which are beyond our control. More information is included in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and other filings with the SEC. Our presentation today will include adjusted financial measures. Please see the Use of Adjusted Measures section within our presentation for more information about the use of adjusted non-GAAP financial measures. We will kick off today's Investor Day with our Chairman and CEO, Adam Schechter, outlining our strategy, market differentiation, and avenues for enterprise growth.

Then we will have business overviews from Bryan Vaughn, our President of our Diagnostics unit, Brian Caveney, President of Biopharma Laboratory Services segment. Then we will have a break. Refreshments will be provided in the foyer during the break. Then we will kick off our science and technology updates with Shak Ramkissoon on our specialty business and Bola Oyegunwa on our technology and AI. We will close our presentations with a financial update and our 2026 to 2029 outlet from Julia Wang, our Chief Financial Officer. We will then take your questions, and we hope to be done by noon today. With that, I will give a brief overview of who we are at Labcorp, and then after that, we will turn it over to our Chairman and CEO, Adam Schechter.

We are always innovating because science never stops. With our scientific expertise supercharged by new technologies, there is no limit to the impact we can make. Today, we are leading with the broadest portfolio in neurology and helping diagnose Alzheimer's earlier than ever. We are using personalized MRD testing to find recurring cancer before it shows up on scans, supporting global clinical trials that are impacting the future of medicine, and designing experiences that empower consumers wherever they are. We do these things because faster insights lead to faster breakthroughs, turn advanced science into clear answers, and give patients more confidence to partner with doctors for their care. We are a company of scientists, technologists, innovators, and healthcare professionals building on the strength of our global laboratory capabilities. When technology becomes a multiplier for our efforts, that is how we create value, improve health, and improve lives.

Welcome to the future of Labcorp.

Welcome Adam Schechter, Chairman and CEO of Labcorp.

Morning, for those of you joining us here in N.Y. Good morning, good afternoon, good evening, for those of you joining us by webcast around the world. It is my great pleasure to welcome all of you to Labcorp's 2026 Investor Day. When I joined Labcorp as CEO in 2019, I knew what Labcorp did was important. I knew it because I go to the doctor myself. I get my blood drawn. I get the results. We talk to my doctor about what we were going to do. I knew it because I was on the board for six years, and I understood the importance of the work that Labcorp was doing. I knew it because I worked for Merck for over 30 years, and I saw the importance of central laboratories in our clinical trials.

When COVID came in 2020, the whole world understood the importance of what Labcorp does every day, the importance of diagnostics and drug development. As I stand here today, six years later, I do not think there has ever been a more important time in Labcorp's history. In fact, Labcorp has never been more important. If you think about the laboratory insights that we provide to help power better health, what we do to help bring breakthrough therapies to market, the future of medicine in personalized care to improve outcomes, all this is intended to build a better, more sustainable healthcare system. When people ask me what am I most concerned about in the next 10 years in healthcare, it is the fact that healthcare costs keep growing. They keep going up, and we have to find a way to curve healthcare costs while we also improve quality and length of life.

I believe what we do every day can be part of the solution to unsustainable healthcare cost increases. In fact, healthcare is entering an entirely new era. We have a growing and aging population. Whether you look at the U.S., Japan, France, we see the aging population. As populations age, they require and utilize more healthcare, driving up costs. We are seeing more and more use of personalized medicine. You have seen cell and gene therapies. You saw a couple of weeks ago in a publication of a vaccine for an individual patient. There is no doubt in my mind that personalized care is the wave of the future, and that we will be able to bend the healthcare curve by utilizing personalized care.

There's no doubt that consumers are playing a much more active role in their healthcare today in every country in the world than they've played before, in wellness and in their overall health. Science and innovation in drug development is continuing to increase. The number of targets, the new computational capabilities with quantum, the things that the industry will be able to do in the future will drive new breakthrough therapies that we will be a part of. All of this has been driven by advanced technologies, which will completely transform healthcare over time. In fact, when you look at those market forces, they reinforce the importance of Labcorp today. Healthcare will become more data-driven, more personalized, technology-enabled, and more consumer-friendly. As all that happens, what we do, laboratory services, will become even more essential.

More essential for wellness and prevention of disease, for finding disease earlier and earlier, for finding what treatment should be used for which patient, and ultimately, to monitor that treatment for that patient over time. All of this becoming more personalized, all of this hopefully bending the curve on healthcare costs, improving health, improving lives, while reducing healthcare costs. Labcorp will be right in the middle of that. Labcorp has been built, has been put together, has been working for years and years to be ready for this moment, to be ready to help make the largest difference that we can make in helping healthcare on a global basis. In fact, we are a global leader in laboratory services. We have our early development, central laboratories, diagnostics, and we're involved from prevention all the way through monitoring of therapies in every part of that system.

We are part of an interconnected ecosystem that has insights and partnerships and science and innovation that are all reinforcing one each other. They're coming together. Our integrated, interconnected ecosystem gives us a truly competitive advantage. In fact, if you look at Labcorp, we have an experienced, focused, mission-driven team with a huge amount of experience. We're all aligned behind a mission to improve health and to improve lives. Our 71,000 employees around the world are all trying to make sure that we do this with our core values of adhering to our mission, putting the customers at the center of everything we do. Innovate, innovate. Be agile, move fast. In this environment, you have to be quick. In everything that we do, our operations have to be excellent. Each part of what we do, operations have to be excellent.

All these things together differentiate us in the marketplace. If you look at Labcorp, science and innovation is at the core of everything that we do, and we have a global scale. In fact, we have over 1,200 PhDs, MDs, scientists, and physicians that publish more than 1,000 publications and presentations a year. We have a broad test menu of over 6,500 tests available on our menu, and we develop and launch more than 100 new tests each and every year. In fact, last year, we launched 165 new tests, and the vast majority of those tests were in our core therapeutic areas that we'll talk about in a moment. We have more than 50 major laboratories around the world. We're involved in more than 85% of drugs that have been approved by the FDA, and we have scale. Boy, do we have scale.

We do more than 750 million tests each and every year, and we're involved in more than 400,000 patients in clinical trials across over 100 countries. I think our scale is truly a differentiator. We are a trusted partner to customers across the health system. It's interesting. If I were to call you on my mobile phone, it would come up as Labcorp. Every time I call a senator, a congressman or woman, a scientist, a family member, they answer the phone. They answer the phone because they think it's Labcorp calling to give them a test result. It's amazing to me how many people answer. For a while, I didn't even know it said Labcorp when I called people.

I'm like, "Wow, they just answered the phone." Then one time a senator said, "Oh, I thought you were delivering lab results." I said, "Why did you think that?" He says, "It comes up as Labcorp when you call." They answer the phone because we are a trusted partner, and the information that we have is important to them. If you look at our biopharma colleagues, we are working with 20 of 20 of the largest global pharmaceutical companies. We're involved in more than 2,400 active clinical trials. Hospital and health systems, you'll hear us talk more and more about this, but we did 12 acquisitions since 2023, and we're working with more than 4,000 hospitals across the U.S. When it comes to providers, they trust us, and we work with over 550,000 physicians in the U.S. and Canada.