Quest Diagnostics — Jan 12, 2026 release

Health Optum Minute clinic duly Healthcare provider and executive needs Scaled, efficient diagnostic testing to alleviate staff burden and gain external expertise Reduced cost in testing capital and infrastructure--and minimized regulatory risks Access to technology, automation, and broader menus of advanced testing Optimized billing, reimbursement, and insurance in-network status for test coverage Ability to focus on quality patient care with faster turnaround time and greater reliability Our strengths enable us to meet each of these needs Scale Board access (PSCs, IOPs) Clinical Innovation Health plan access Value         We help hospitals improve quality, efficiency, and access to capital Reference testing Comprehensive menu across continuum of care for one-stop shop Reduces the need for hospitals to invest in advanced technologies Approximately $1.2B in revenues today Collaborative Lab Solutions (CoLab) Professional lab management and related services based on expertise and scale ~$800M in revenues in 2025 ~$1B in revenues in 2026 including Corewell Health Outreach / JVs Access to capital to invest in core assets Continued access to diagnostic innovation Enhanced affordability         Quest is the lab engine for the growing wellness industry ~$100M direct Quest ~250M annual revenue ~150M partners Function WHOOP Hims&hers OURA Behavioral Change Biometric data from device Biomarker data from lab Provider direction         We expect advanced diagnostic tests in 5 key clinical areas to deliver double-digit growth Advanced Cardiometabolic Health ApoB Lipoprotein(a) Insulin resistance panel with score Autoimmune Disorders ANAlyzeR® primary care screening Therapy guidance (RA, IBD) Brain Health AD-Detect® Alzheimer's disease blood testing New liquid biomarkers Oncology Haystack MRD® IsoPSA® STEP500 liquid and tissue Women's & Reproductive Health QNatal® Advanced (NIPS) QHerit® carrier screening In these 5 areas, advanced diagnostic tests expected to generate ~$1 billion in 2025         We continue to improve quality, productivity, and customer experience 3% annual productivity and cost savings target through Invigorate Onboard Order Collect Transport Test Result Bill Service People Customer-centric and highly engaged employees driving performance and innovation Process Lean, standardized, and digital processes powering experience and productivity Technology Automation, AI, and new software tools enabling operational excellence         Driving productivity across the order-to-cash value stream... Onboard Order Collect Transport Test Result Bill Service Accounts set up within 3 days Electronic order rate Patients served per FTE per day Non-productive stops Requisitions per day per FTE MyQuest® result views eBills delivered Calls per 100 requisitions 8% 4% 8% 19% 5% 51% 45% 26% … while improving customer and patient satisfaction All productivity improvements compared to 2022 performance through YTD November 2025, except MyQuest®result views and eBills delivered, which are compared to 2023 performance; reqs per day per FTE excludes COVID         Enhancing quality, efficiency, and experiences with automation and AI Inside the lab Increasing efficiency and productivity 1 Roche Front End Automation Optimizing specimen management 2 Driving productivity in specimen management accessioning Driving productivity in specimen management accessioning 3 Hologic Digital Cytology AI Driving cytotechnologist productivity through AI-driven prioritization Outside the lab Enhancing customer service and experience 1 Customer Service chatbot Supporting customer service interactions with expanded AI functionality 2 Logistics Virtual Agent Reducing routine calls in our Logistics Operation Center 3 Dynamic route optimization End-to-end logistics solution enabling AI-driven dynamic route optimization         M&A is a key strategy for our growth Over the last 3 years, we've deployed ~$2.8B in capital to generate over $1B in annual revenue Regional independent labs Health system outreach labs Capability-building assets ~50% of capital deployed ~30% of capital deployed ~20% of capital deployed Targeted financial criteria Accretive to adj EPS in year 1 Accretive to ROIC (at least 10%) by year 3         Building new capabilities through strategic partnerships FRESENIUS MEDICAL CARE Provides end-stage renal disease (ESRD) dialysis testing for over 2,600 dialysis centers serving 200,000+ US patients Built dialysis-related water testing capabilities Leverages Quest's national network to enable near-access services Daytime testing optimizes lab utilization Faster results for some dialysis-related testing for patients Greater value for Fresenius Medical Care Improved access to the dialysis market for Quest           We will maintain a disciplined capital deployment strategy Targeted capital deployment 2025-2027 $4.5B - $5.0B operating cash flow $1.5B - $1.7B capital expenditures (~4.5% of revenue) $3.0B - $3.3B free cash flow ~$1.5B acquisitions Drives 1% - 2% revenue growth ~$1.0B dividends Steady annual growth ~$0.7B share repurchases Offset option dilution Majority of FCF to shareholders Consistent with what the company shared at its March 2025 Investor Day.         Our long-term outlook beyond 2025 assumes steady revenue and earnings growth Total revenues 4% - 5% CAGR Includes 1% - 2% growth from new acquisitions Operating margins +75 to +150 basis points by the end of 2027 Adjusted EPS* 7% - 9% CAGR Free cash flow Free cash flow growth commensurate with earnings growth Adjusted EPS growth plus our dividend yield expected to deliver a high single-digit to low double-digit CAGR The lab market is expected to remain strong driven by health trends and diagnostic innovation         Key takeaways The lab market is expected to remain strong driven by health trends and diagnostic innovation Our proven strategy, innovation, and scale position us to generate above-market growth Our operational strategy is designed to enhance quality, customer experiences, and productivity M&A is a key strategy for growth, and we will maintain a disciplined capital deployment strategy Long-term outlook beyond 2025: 4% - 5% revenue CAGR and 7% - 9% adjusted EPS CAGR         Note on Non-GAAP Financial Measures As used in this presentation, the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, gains and losses on investments, and excess tax be