Quest Diagnostics (DGX) long-term base business revenues expected to grow 4-5%

At a virtual meeting with analysts and investors at its Investor Day, members of the senior management team of Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic information services, will report on progress made on the company's two-point strategy to accelerate growth and drive operational excellence, and provide a new long-term financial outlook.

• Company to repurchase $900 million of its shares in first half of 2021 - Long-term outlook 2022-24 compound annual growth rate (CAGR): Base business revenues (which excludes COVID-19 testing) expected to grow 4-5% and adjusted diluted earnings per share (EPS) for the total company expected to grow 7-9% - Invigorate savings of 3% annually expected to continue - COVID-19 testing is expected to continue into 2022 at lower levels as it moves from primarily clinical uses to testing in support of "Return-to-Life" activities - Outlook for first half of 2021 remains unchanged

"Our response to the COVID-19 pandemic demonstrated our agility and capability for innovation," said Steve Rusckowski, Chairman, CEO and President. "Earnings from COVID-19 testing continue to help fund investments in the business, which will enable us to further accelerate growth and drive operational excellence. Our base business is poised to fully recover by the end of 2021. We have raised our long-term outlook to a 4-5% revenue CAGR for our base business and a 7-9% earnings CAGR for the total company."

At the meeting, members of the company's senior management team will provide perspective on COVID-19 and base business testing trends and highlight the strategic initiatives underway to accelerate the company's growth, including:

• Taking advantage of expanded access to 90% of commercially insured lives across the U.S.
• Strengthening the company's relationships with hospital health systems
• Increasing market share in advanced diagnostics through innovation
• Building on the company's growth in consumer testing
• Supporting return to work, school and life activities with COVID-19 testing
• Delivering more than a 2% revenue CAGR on the base business through strategically aligned accretive acquisitions

In addition, the Quest Diagnostics management team will discuss the company's strategy to drive operational excellence and continue to generate savings of approximately 3% per year.

The company will discuss its capital deployment strategy, including its focus on returning a majority of free cash flow to shareholders through share repurchases and dividends. In the first half of 2021 the company plans to execute $900 million in share repurchases of its common stock.

Outlook for First Half of 2021

The Company's outlook for the first half of 2021 remains unchanged as follows:

The additional table attached below includes reconciliations of non-GAAP adjusted measures to GAAP measures.

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