Labcorp is one of the two largest independent clinical laboratory operators in the US, alongside Quest Diagnostics. Headquartered in Burlington, North Carolina, it has about 71,000 employees, serves clients in roughly 100 countries, and performed more than 750 million tests in 2025. Since spinning off its clinical development CRO business as Fortrea in 2023, the company reports two segments: Diagnostics Laboratories and Biopharma Laboratory Services.
Labcorp makes money in two segments. Diagnostics Laboratories ($10.88 billion of 2025 revenue, about 78%) collects specimens through roughly 2,000 patient service centers, in-office phlebotomists, and courier and aircraft routes, runs routine and specialty tests in automated labs, and bills commercial insurers, Medicare and Medicaid, physicians, hospitals, and consumers. Biopharma Laboratory Services ($3.10 billion, about 22%) earns contract fees from drug, biotech, and device companies for central-laboratory testing in clinical trials and early-development (preclinical) studies; it ended 2025 with an $8.72 billion backlog. Hospital lab management and outreach acquisitions feed additional volume into the diagnostics network.