Labcorp Holdings (LH) FY2025 results: revenue $14.0 billion, up 7.2% on the year

Labcorp runs laboratories. One half tests patient samples for doctors, hospitals and patients; the other runs laboratory work for drug companies developing and trialling medicines. During 2025 its nearly 71,000 employees served clients in approximately 100 countries and performed more than 750 million tests, and the company reports that it supported more than 85 percent of the new drugs and therapeutic products approved by the FDA that year. There are two reportable segments: Diagnostics Laboratories, which the company shortens to Dx, and Biopharma Laboratory Services, shortened to BLS.

Diagnostics

Dx offers core and specialty testing through a network of primary and specialty laboratories across the U.S. and Canada, and was the larger of the two segments in 2025. Patients reach it through more than 2,200 patient service centres and more than 7,000 in-office phlebotomists working in customers' own offices and facilities. Testing ordered by physicians and other healthcare providers is the largest part of the clinical laboratory market, and the menu runs from clinical and anatomic pathology to genetic and genomic tests. Beyond clinical care, Dx also does employment and occupational testing, DNA testing, environmental testing, wellness testing, toxicology, pain management testing and medical drug monitoring.

How the testing operation works

Specimens are collected at the service centres and by in-office phlebotomists and moved through a supply chain that follows the sample through its life cycle. The information systems behind it carry more than 90,000 electronic interfaces, and the company states that the vast majority of results reach healthcare providers, and patients with a Labcorp Patient account, within one to two days. Twenty-six regional and specialty laboratories hold ISO 15189 certification and one holds ISO 13485.

Biopharma Laboratory Services

BLS serves pharmaceutical, biotechnology and diagnostic companies worldwide across early development and clinical trial work in multiple therapeutic areas. It supported approximately 85 percent of new drugs and therapeutic products approved by the FDA in 2025, including 81 percent of oncology approvals, 86 percent of approvals submitted by biotechnology companies and 84 percent of those submitted by large pharmaceutical companies. Its Central Laboratory business supports trial activity in approximately 100 countries, delivered through a network of specialty and central laboratories in the U.S., Europe and Asia, with nine laboratories holding ISO 15189 certification and three ISO 13485. Early development work runs from lead optimisation, connecting early discovery to regulated preclinical studies, onwards.

Who pays

Five groups are named. Physicians and other providers authorised to order testing, working in hospitals, health systems, small practices, community clinics and large multidisciplinary organisations. Third parties, meaning health plans, managed care organisations, employer plans and other insurers operating nationally, regionally or locally. Medicare and Medicaid, covering federal programme participants, principally people aged 65 and over in the first case and low-income and disabled patients in the second. Patients, the individuals who receive the testing. And hundreds of pharmaceutical, biotechnology, medical device and diagnostics companies and contract research organisations, from the largest multinationals to small and mid-market firms.

Growing by partnership

The company states two near-term growth priorities across both segments: being a partner of choice for health systems and local and regional laboratories, and leading in the development, licensing and scaling of specialty testing. The company says it expects hospitals, health systems and other laboratories to put their investment into core patient care while looking for partners who can run comprehensive testing, and it signed or completed 13 collaboration transactions with health systems and local and regional laboratories during 2025. The financial test it applies to a partnership is that the deal be accretive in its first year, return the cost of capital within three years and show a clear path to margin improvement.

Regulation

Both the clinical laboratory and biopharma businesses are regulated at international, national, state and local level, covering laboratory licensure and operation, claims submission and reimbursement, healthcare fraud and abuse, the conduct of biopharma laboratory services, the security and confidentiality of health information, quality, and environmental and occupational safety. The filing notes that many of the relevant laws have not yet been interpreted by courts and regulators, so new readings of them could affect operations, and that failing to comply can bring civil and criminal penalties, fines, exclusion from government healthcare programmes and loss of licences and certifications.

From Labcorp's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.