医药：Labcorp一季度收入增长强劲，经调整EPS指引中值上调

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - Labcorp reported a strong performance in Q1 2025, with revenue of $3.345 billion, a year-on-year increase of 5.3$213 million, reflecting a decline of 6.67% compared to the previous year [5][8]. - The main growth drivers for Labcorp were organic growth and acquisitions, particularly in the diagnostics segment, which generated $2.6 billion in revenue, up 6$3.84, a 4% increase, significantly supported by the diagnostics business [8]. - For the full year 2025, revenue guidance remains at 6.7%-8%, with diagnostics revenue growth projected at 6.5%-7.7% [8]. - The adjusted EPS guidance for 2025 has been raised to a range of $15.70-$16.40, with a midpoint growth of 10%, primarily due to improved profit margins and operational efficiency [8]. - Free cash flow for 2025 is expected to remain unchanged, projected between $1.1 billion and$1.25 billion [8]. - Management's confidence has increased due to the strong Q1 performance and successful integration of recent acquisitions [8]. Summary by Sections Sub-industry Ratings - Chemical Pharmaceuticals: No rating - Traditional Chinese Medicine Production: No rating - Biopharmaceutical II: Neutral - Other Pharmaceutical Industries: Neutral [4]. Financial Performance - Labcorp's Q1 2025 revenue was $3.345 billion, a 5.3$469 million, accounting for 14% of revenue, with cost savings from LaunchPad offsetting higher personnel costs [8].