Labcorp announced the nationwide rollout of Agilent Technologies’ PD‑L1 IHC 22C3 pharmDx, the only FDA‑approved companion diagnostic for identifying platinum‑resistant ovarian cancer patients eligible for Merck’s KEYTRUDA® and KEYTRUDA QLEX® therapies.
The test detects PD‑L1 expression in epithelial ovarian, fallopian tube, or primary peritoneal carcinoma and is indicated to select patients for pembrolizumab therapies in combination with paclitaxel, with or without bevacizumab. FDA approval for the diagnostic and the associated therapies was granted in February 2026.
Labcorp’s rapid nationwide availability is part of its strategy to expand its high‑margin specialty testing business and embed itself within health‑system networks. The launch is expected to generate new revenue streams tied to the uptake of KEYTRUDA therapies and reinforce Labcorp’s position as a key partner for oncology drug development and patient care.
Labcorp’s Q4 2025 results showed revenue of $3.52 billion, up 5.6% from $3.33 billion in Q4 2024, and full‑year revenue of $13.95 billion, up 7.2% from $13.01 billion in 2024. Adjusted EPS rose 18% to $4.07 in Q4 and $16.44 for the year. Diagnostics Laboratories segment revenue grew 5.5% to $2.73 billion, with operating margin expanding to 15.4% from 13.9%.
Management highlighted that the company’s growth was driven by strong demand in diagnostics and central laboratory businesses, and that the new companion diagnostic aligns with its focus on precision oncology. CEO Adam Schechter noted that the company “grew revenue over 7% and delivered double‑digit adjusted EPS growth, margin expansion and strong free cash flow” in 2025, and expects continued momentum in 2026.
The launch of the PD‑L1 test positions Labcorp to capture a growing market for immunotherapy in ovarian cancer, where 80% of patients experience recurrence and limited options exist for platinum‑resistant cases. By enabling earlier identification of eligible patients, Labcorp can support the adoption of KEYTRUDA and KEYTRUDA QLEX, potentially increasing utilization of these therapies and strengthening its specialty testing portfolio.
Labcorp is scheduled to release Q1 2026 earnings on April 30 2026, with analysts expecting revenue to rise 4.7% to $3.50 billion and EPS to improve 6.5% to $4.09.
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