Labcorp cuts growth outlook for research unit as biotech funding crunch persists

Labcorp faces a slowdown in its contract research unit due to biotech clients cutting back on early-stage drug development, a trend that's been ongoing for two years. Despite better-than-expected profits and raised annual profit forecast, Labcorp's stock price dropped due to concerns about this unit. The company plans to sell or restructure $50 million worth of business and adjust its revenue growth outlook. Labcorp expects adjusted profit per share to range from $16.00 to $16.50 for the next year, a slightly more optimistic range than before.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.