持久顺风

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Idea

August 19, 2026 04:01 AM GMT

Quest Diagnostics Inc. | North America

Morgan Stanley & Co. LLC

Erin Wright

Equity Analyst

Durable Tailwinds

Michelle Foley

Research Associate

We hosted DGX VP of Finance for meetings today. It

emphasized durable utilization trends, with structural demand

supporting sustained growth. Consumer tracking towards ~30%

y/y rev. growth. Prioritizing profitable MRD scaling. Margins

expanding through '27 and macro largely manageable. Reit OW.

Linda Bolduc

Equity Analyst

Derek Gross

Research Associate

Craig Hettenbach

Equity Analyst

Key Takeaways

Jialin Jin

Research Associate

Utilization remains strong across all channels. MSD% 'same-store' CoLab revenue

growth in 2Q offers a strong read on hospital utilization.

Consumer testing remains a standout, growing closer to ~30% in '26.

Partnerships help market its testing capabilities at relatively low incremental

cost.

DGX expects margin expansion (75-100bps '24-'27), supported by Corewell/

Fresenius ramp, Invigorate savings and strong utilization despite PAMA

uncertainty.

It emphasized multiple growth levers in utilization, advanced diagnostics, hospital

partnerships, consumer, and M&A.

These drivers support a new era for DGX w/ also inherent advantages as a high

quality/lower cost solution across the HC system translating into LT share gains.

Utilization Steady with Supportive Underlying Trends: DGX expects utilization to

stay strong. Physician segment revenue growth has been +HSD%, supported by

Quest Diagnostics Inc. (DGX.N, DGX UN)

Healthcare Services & Distribution | United States of

America

Stock Rating

Industry View

Price target

Shr price, close (Aug 18, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

ModelWare EPS ($)

EPS ($)**

EPS ($)§

P/E**

Div yld (%)

9.85

9.81

17.6

1.8

are also healthy; the ~$1.2B reference-testing business is growing MSD%, while the

Quarter

2025

~$1B CoLab business is benefiting from Corewell (~$250M), but still posting MSD%

Q1

Q2

Q3

Q4

2.21

2.62

2.60

2.42

req increased 2.9%, driven by higher tests per req, with unit price ~flat. Increased

11.16

11.19

21.2

1.4

11.99

12.03

19.7

1.1

12.89

…