Business Description

Labcorp ® Holdings Inc. is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. The Company provides insights and accelerates innovations to improve health and improve lives through its unparalleled diagnostics and drug development laboratory capabilities. During 2025, the Company’s nearly 71,000 employees served clients in approximately 100 countries and performed more than 750 million tests for patients around the world. In addition, the Company provided support for more than 85% of the new drugs and therapeutic products approved in 2025 by the FDA. The Company’s strength in science, technology, and innovation, as well as its global scale, powers its continued success, differentiates the Company, and enables it to play a leading role in advancing healthcare across the globe. These strengths are critical to the Company’s ability to carry out its mission to improve health and improve lives. Enterprise Strategy Through leadership in science, technology and innovation, the Company provides vital information and services to help its customers make clear and confident decisions to improve health and improve lives. The Company is expanding its role in the rapidly evolving healthcare market by strengthening its positions across its portfolio of capabilities, growing strategic opportunities that drive new business, and differentiating its unique offerings. The Company is focused on two near-term strategic opportunities for growth across both Dx and BLS: Be a Partner of Choice for Health Systems and Local and Regional Laboratories Lead in the Development, Licensing, and Scaling of Specialty Testing • The Company expects hospitals, health systems, and other laboratories to focus on investing in core patient care services, while seeking partners that offer comprehensive testing capabilities. • The Company continues to see a strong pipeline of partnership opportunities and, during 2025, signed or completed 13 collaboration transactions with health systems and local and regional laboratories. • The Company seeks partnerships that meet financial criteria, including being accretive in the first year, returning the cost of capital within three years, and providing a clear path to margin improvement. • The Company believes it is an attractive partner for hospitals, health systems, and local and regional laboratories due to its: ◦ innovative offerings in high‑growth specialty areas; ◦ industry‑leading test portfolio and national presence; ◦ differentiated data and analytics capabilities; and ◦ proven track record of integrating laboratory services. • The specialty testing market continues to experience above‑market growth, driven by scientific advancement, earlier disease detection, increased adoption of biomarker‑based testing, and growing demand for more personalized care. • The Company focuses on four primary specialty testing areas that it believes represent significant growth areas: oncology, women’s health, autoimmune disease, and neurology. • These areas align closely with the needs of health systems and biopharma customers, as the development of specialty tests and CDx expands access to advanced diagnostics, supports clinical decision-making and precision medicine, and enables scalable, data-driven solutions across patient care and drug development. • The Company has demonstrated its ability to deliver comprehensive specialty testing portfolios in these four areas, which collectively account for more than half of the clinical trials supported by its Central Laboratory business. • During 2025, the Company expanded its specialty testing offerings with the launch of tests that: ◦ aid in the diagnosis of Alzheimer’s disease; ◦ indicate the presence of molecular residual disease; and ◦ expand precision and offerings within its oncology portfolio. 7 TABLE OF CONTENTS Longer-term, the Company is focused on three enterprise-wide strategic priorities to drive growth: Establish Leadership and Partnership Capabilities in Cell and Gene Therapy Expand Consumer-centric Capabilities • Cell and gene therapy is an increasing focus of biopharma research and development, with approximately 2,000 clinical trials underway globally, representing roughly 20% of biopharma drug development pipelines. • During 2025, the Company expanded its cell and gene therapy laboratory in Madison,…