Coronavirus Disease (COVID-19)
April 27, 2020 4:15 P.M. EDT | SOURCE: LABCORP
BURLINGTON, N.C., April 27, 2020 — LabCorp (NYSE: LH), a leading global life sciences company that is deeply integrated in guiding patient care, announced that beginning today, it will offer antibody tests for the virus that causes COVID-19. There will be no upfront out-of-pocket costs to people who receive an order for a test through a doctor or healthcare provider, including telemedicine providers.
Antibody blood tests offered by LabCorp are administered across the U.S. at tens of thousands of doctors’ offices and at LabCorp’s nearly 2,000 patient service centers, including LabCorp at Walgreens locations. Results will be available to the ordering healthcare provider within 1-3 days after the date of specimen pick up. They are also available to patients in the LabCorp Patient™ mobile app.
Adam Schechter, president and CEO of LabCorp, said: “We are bringing the full force of LabCorp’s science and testing capabilities to serve individuals across the U.S. whether they had the virus or believe they have the virus. We stand with all Americans, healthcare workers, and those on the frontlines who are helping people in need.”
Richard Ashworth, president of Walgreens, said: “COVID-19 response requires collaboration across industries and sectors, and we’re pleased to further our relationship with LabCorp in order to improve access to COVID-19 and antibody testing in many of the communities we serve. By continuing to expand our testing efforts and resources, together we’ll play a critical role in helping to keep our communities healthy and enabling more Americans to return to work once they can do so safely.”
LabCorp began antibody blood testing on a limited basis to high-priority healthcare workers in late-March and currently has capacity to perform over 50,000 antibody tests per day. By mid-May, LabCorp expects to be able to perform 200,000 tests per day as more tests and testing platforms receive U.S. Food and Drug Administration (FDA) Emergency Use Authorization (EUA).
The COVID-19 antibody blood tests detect the presence of antibodies to the virus and can help identify individuals who have been exposed to the virus. While antibody tests are helpful to understand if an individual has developed antibodies and a potential immune response, antibody testing should not be used as the sole basis to diagnose or exclude infection. Knowing a patient’s results might be useful in the determination of important decisions, such as the ability for hospital staff to care for patients.
These tests have not been reviewed by the FDA but are being offered by LabCorp in accordance with the public health emergency guidance issued by the FDA on March 16.
LabCorp is committed to providing critical information regarding COVID-19. Updates related to LabCorp’s response are available on LabCorp’s COVID-19 microsite.
More information about LabCorp at Walgreens can be found at https://www.LabCorp.com/Walgreens.
LabCorp (NYSE: LH), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class diagnostics solutions, brings innovative medicines to patients faster, and uses technology to improve the delivery of care. LabCorp reported revenue of more than $11.5 billion in 2019.
This press release contains forward-looking statements, including but not limited to statements with respect to clinical laboratory testing, the potential benefits of COVID-19 serological testing, our responses to and the expected future impacts of the COVID-19 pandemic, and the opportunities for future growth. Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the Company’s control, including without limitation, whether our response to the COVID-19 pandemic will prove effective, the impact of the COVID-19 pandemic on our business and financial condition, as well as on general economic, business, and market conditions, competitive actions and other unforeseen changes and general uncertainties in the marketplace, changes in government regulations, including healthcare reform, customer purchasing decisions, including changes in payer regulations or policies, other adverse actions of governmental and third-party payers, the Company’s satisfaction of regulatory and other requirements, patient safety issues, changes in testing guidelines or recommendations, federal, state, and local governmental responses to the COVID-19 pandemic, adverse results in material litigation matters, failure to maintain or develop customer relationships, our ability to develop or acquire new products and adapt to technological changes, failure in information technology, systems or data security, and employee relations. These factors, in some cases, have affected and in the future (together with other factors) could affect the Company’s ability to implement the Company’s business strategy and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the Company’s most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the Company’s other filings with the SEC.