Quest Diagnostics Backs Outlook For First Half Of FY21 - Quick Facts

Ahead of its virtual meeting with analysts and investors at its Investor Day later on Thursday, Quest Diagnostics Inc. (DGX) reaffirmed its outlook for the first half of 2021.

For fiscal 2021, the company continues to project earnings in a range of $5.07 to $6.07 per share and adjusted earnings in a range of $5.90 to $6.90 per share on net revenues between $4.85 billion and $5.15 billion.

At the meeting, the company will report on progress made on its two-point strategy to accelerate growth and drive operational excellence, and provide a new long-term financial outlook.

The company said earnings from COVID-19 testing continue to help fund investments in the business, which will enable it to further accelerate growth and drive operational excellence. It added that its base business is poised to fully recover by the end of 2021.

The company also expects to deliver more than 2% revenue CAGR on the base business through strategically aligned accretive acquisitions. It will also drive operational excellence and continue to generate savings of approximately 3% per year.

Additionally, the company plans to execute $900 million in share repurchases of its common stock in the first half of 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) approved Boehringer Ingelheim's Cyltezo as the first interchangeable biosimilar to AbbVie's top-selling drug Humira or adalimumab. Cyltezo, originally approved in August 2017, is both biosimilar to, and interchangeable with Humira for Cyltezo's approved uses. The Food and Drug Administration may be planning to allow people to receive Covid-19 vaccine booster shot that is different from the initial dose, reports indicate. The agency is likely to make the announcement on mix and match approach on coronavirus booster vaccines on Wednesday. The move will be part of FDA's expected authorization of boosters for the Moderna and Johnson & Johnson vaccines. Drug major Johnson & Johnson on Tuesday raised again its forecast for fiscal 2021 earnings and sales, which are above market view, after reporting higher results in the third quarter. The company's quarterly adjusted earnings also beat market estimates. In pre-market activity on the NYSE, JNJ shares were gaining around 1.24 percent to trade at $162.10.
Follow RTT