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Quest Diagnostics Is the Leading Provider of Diagnostic Testing, Information and Services

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Quest Diagnostics Is the Leading Provider of Diagnostic Testing, Information and Services Execution Value Leadership 2007 Annual Report FINANCIAL HIGHLIGHTS Year Ended December 31 in millions, except per share data 2007 2006 Net Revenues $ 6,705 $ 6,269 Operating Income 1,091 1,128 Net Income 554 626 Net Earnings Per Diluted Share 2.84 3.14 Information is for continuing operations. M9% M9% M9% 5-Year CAGR* 5-Year CAGR* 5-Year CAGR* NET REVENUE OPERATING INCOME NET INCOME ($ in billions) ($ in millions) EPS (diluted) 7 1200 3.5 6.70 4 128 6 3.0 91 , $ 1000 .1 ,0 $1 $3 $6.27 9 $1 008 , .7 2.84 5 2.5 $1 $ 81 $2 800 $5.46 9 $8 $5.07 2.32 785 4 2.0 $ $ 9 $4.6 .9 600 $1 3 1.5 400 2 1.0 200 1 0.5 0 0 0.0 ’03 ’04’05 ’06’07 ’03 ’04’05 ’06’07 ’03 ’04’05 ’06’07 *Compound Annual Growth Rate (2003–2007) Quest Diagnostics is the leading provider of diagnostic testing, information and services. Our strategy is based on Patients, Growth and People. We believe by providing a superior experience for patients, physicians and hospitals, we will differentiate ourselves from the competition, drive profitable growth and create value for shareholders, employees and customers. With the industry’s most extensive laboratory testing menu, we touch the lives of patients approximately 150 million times a year. QUEST DIAGNOSTICS 2007 ANNUAL REPO R T Page 1 TO OUR SHAREHOLDERS, EMPLOYEES AND CUstOMERS: 2007 was a year of significant achievements for Quest Diagnostics. The year started with uncertainty regarding industry pricing and access to health plan contracts. During the course of the year, we took a series of decisive actions to reduce that uncertainty, improve performance and build a solid foundation for future growth. By the end of 2007, despite a major contract loss, intensified competition and pricing pressure, we had re-established growth in revenues, earnings and cash flow. 2007 Financial Highlights world is moving from a focus on curative At Quest Diagnostics we strive constantly Our financial performance improved care to a reliance on early diagnosis and to find new ways to create value for custom- steadily through the year. prevention, including the expanded use ers. We create value with Six Sigma quality, • Revenues increased 7% to $6.7 billion. of targeted medicine. unsurpassed access and convenience, inno- vative science and medicine and advanced • Operating income was $1.1 billion, or Doctors and patients seek ways to detect healthcare information technology. 16.3% of revenues. potential problems early, when there is • Cash from operations was $927 million. time to take preventive action. When we execute and create value, we • Net earnings per diluted share from Pharmaceutical companies are searching lead. I am proud of the determination and continuing operations were $2.84. for promising new therapies, and we resolve of our 43,000 colleagues who are leading our industry forward through their Positioned for Growth can help with companion diagnostic tests that will truly usher in the age of expertise, hard work and dedication. Our company is far stronger today than it personalized medicine. was at the start of 2007. We have signed During 2007 we were saddened by the new contracts, organized for growth, Across the globe in developing nations, passing of William R. Grant, a leader who streamlined our operations and acquired an emerging middle class is becoming had served as a member of the Quest unique assets and capabilities. As a result, interested in their health and in preventing Diagnostics Board of Directors since 1999. we exited the year with annualized revenues disease. Bill was a good friend and trusted adviser. of $7 billion, improved profitability from His integrity, professionalism, knowledge We are well positioned to take advantage the year before and accelerated momen- and friendship are deeply missed. of these major trends. tum as we entered 2008. A Successful Strategy The opportunities have never been greater Execution, Value, Leadership We have a successful strategy based on for the diagnostics industry. Healthcare Flawless execution of our strategy is the three simple but profound words: Patients, has been focused for much of the past key to growing both the top and bottom Growth and People. We have a compelling decade or two on therapies that cure dis- lines. Now is the time to execute and mission to be the undisputed world leader ease and relieve pain. Now the healthcare realize our ambitious dreams. Page 2 QUEST DIAGNOSTICS 2007 ANNUAL REPO R T in diagnostic testing, information and We are excited about the opportunity to services. Our vision is that of dedicated accelerate our growth in anatomic pathology. employees improving the health of patients Many tissue specimens come from primary through unsurpassed diagnostic insights. care physicians. This is a significant growth And we are guided by six core values: opportunity—and one that AmeriPath previ- Quality, Integrity, Innovation, Accountability, ously lacked the infrastructure to realize. Collaboration and Leadership. We have accelerated innovation, particularly We recognized long ago that in healthcare, in esoteric and gene-based testing. Molec- we must put patients first with special ular testing is now used for more than service that sets us apart. diagnostics—to predict patient outcomes, determine genetic predisposition and pre- Patients, doctors and health plans appreciate dict response to drug therapy. For example, our quality, access and convenience. In our ClariSure Comparative Genomic 2007 we expanded the use of our popular Hybridization microarray was initially validated appointment scheduling system for visits to to identify mental retardation in newborns. our patient service centers. Appointment Future tests may identify genetic abnormal- scheduling puts patients in charge of their ities associated with malignancies such own schedules, and it helps us even out as leukemia. the work flow in our patient service centers. Diversification We have introduced several blood tests to The evidence is clear that our strategy is provide information to physicians about working. During the year, we renewed or We continue to diversify medical conditions without the need for expanded relationships with most of the painful procedures in some cases. For exam- our revenue base. Of our major health plans, including Aetna, ple, our HepaScore liver fibrosis test offers CIGNA, Humana, multiple Blue Cross plans $7 billion in annualized physicians a non-invasive alternative to liver and other local payers. And, despite biopsy by providing laboratory information revenues, about $2.5 billion, becoming a non-contracted provider with about liver fibrosis or cirrhosis in patients UnitedHealthcare, a significant portion of or 35%, now comes from with hepatitis C. Our expanding Leumeta physicians and United members continue family of cancer tests provides an alterna- anatomic pathology and to select us for our unique services. tive to painful bone-marrow biopsies for gene-based and esoteric monitoring leukemia and lymphoma patients. Diversifying Our Business testing, versus $1 billion, or We continue to diversify our revenue base. Point-of-care testing, which is expanding Of our $7 billion in annualized revenues, rapidly, will help us diversify further and also 26%, of our revenues in 2002. about $2.5 billion, or 35%, is now coming drive growth by offering doctors choice and Point-of-care testing helps from anatomic pathology and advanced convenience. They can select traditional gene-based and esoteric testing, versus laboratory testing or in-office testing diversify our revenues further $1 billion, or 26%, of our revenues in 2002. depend ing on the needs of each patient. by offering doctors choice We are well positioned to benefit from the Our acquisition of AmeriPath made us the shift toward point-of-care testing, thanks and convenience. clear leader in cancer diagnostics. We have to our HemoCue, Enterix and Focus strengthened our integrated offering of clin- Diagnostics point-of-care products. ical, anatomic pathology and esoteric test- ing for hospitals, specialists and primary We continue to invest in information tech- care physicians. nology, which is an important differentiator QUEST DIAGNOSTICS 2007 ANNUAL REPO R T Page 3 The unique HemoCue testing device platform uses proprietary cuvette technology to deliver fast, high-quality lab results at the point of care, using only a few drops of blood from the finger tip. and a key enabler of almost everything we • For every patient to think first of Quest do. We now have 125,000 physician users Diagnostics when it comes to lab test- of our Care360 suite of connectivity prod- ing; and ucts. We see tremendous opportunities to • For every doctor, hospital administrator, use healthcare IT to make our diagnostic life insurance executive, and pharma- insights more easily available to doctors, ceutical research head to think of Quest hospitals and, eventually, patients them- Diagnostics as the most trusted source selves, to improve safety and help drive when it comes to diagnostic testing, better healthcare decisions. information and services. India is an enormous growth opportunity, and We stand at the beginning of a new era Opportunity one in which we will be investing over the for Quest Diagnostics, in which we have next several years. Our offerings in India the opportunity to leverage our assets and include advanced esoteric testing for hospi- capabilities to become a powerhouse in With an emerging middle tals, physicians and patients, clinical trials healthcare services and information. testing for global pharmaceutical companies, class of over 300 million, I am very proud that, as we go to press, and risk assessment testing for life insurance Quest Diagnostics has been named one of India represents a companies. “America’s Most Admired Companies” by tremendous growth Fortune Magazine. We are the only diag- The Journey Continues… nostic testing company on this list, which opportunity for us.
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