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Quest Diagnostics Reaffirms Outlook for Fourth Quarter and 2002 - National Tragedy to Have Temporary Impact on Third Quarter -

09/24/1

"Our thoughts and prayers are with those who have been affected by the tragic events of September 11," said Kenneth W. Freeman, Chairman and Chief Executive Officer. "We were fortunate that none of our employees were injured, and that all of our laboratories around the country maintained continuous operations.

"We expect the impact of the national tragedy to be temporary, and are seeing a gradual return to normal volume levels," Mr. Freeman continued. "For the fourth quarter ending December 31, we expect revenues and earnings to be within the current range of analyst expectations. The range of earnings estimates as published by First Call is $0.45 to $0.50. For the full year, we continue to expect to grow earnings per share before special charges by at least 60% over the prior year level. In 2002, we expect to continue to grow earnings per share more than 30%, and remain comfortable with the current range of analyst estimates of $2.40 to $2.50 per diluted share."

Despite the grounding of commercial aircraft nationwide, Quest Diagnostics employees went to extraordinary lengths to transport patient specimens to the company's laboratories for testing. Responding to logistical challenges posed by the emergency, and maintaining a steadfast commitment to meet the needs of patients, the company immediately implemented an interim transportation plan. Quest Diagnostics leveraged its network of ground couriers and supplemented its own fleet of aircraft with chartered jets to transport patient specimens requiring highly specialized tests to its Nichols Institute esoteric testing laboratory in Southern California. These actions ensured continuous access to vital diagnostic testing for patients.

Quest Diagnostics will release financial results for the third quarter ending September 30, after the close of the stock market on October 18, 2001. The company is currently in a "quiet" period and will discuss results for the third quarter during a conference call on October 19 at 8:00 A.M. Eastern Time. To hear a simulcast of the call over the Internet, or a replay, registered analysts may access StreetEvents at: http://www.streetevents.com and all others may access the Quest Diagnostics website at: http://www.questdiagnostics.com. In addition, a replay of the call will also be available from 10 A.M. on October 19 through 5 P.M. on October 22 to investors in the U.S. by dialing 800-754-7906. Investors outside the U.S. may dial 402-220-0366. No password is required for either number.

Quest Diagnostics is the nation's leading provider of diagnostic testing, information and services with $3.4 billion in annual revenues. The company's diagnostic testing yields information that enables health care professionals and consumers to make better decisions to improve health. Quest Diagnostics offers patients and physicians the broadest access to diagnostic testing services through its national network of approximately 30 full-service laboratories, 150 rapid response laboratories and more than 1,300 patient service centers, where specimens are collected. Quest Diagnostics is the leading provider of esoteric testing, including gene-based testing, and is the leader in routine medical testing, drugs of abuse testing, and non-hospital-based anatomic pathology testing. Through partnerships with pharmaceutical, biotechnology and information technology companies, Quest Diagnostics provides support to help speed the development of health care insights and new therapeutics. Additional company information can be found on the Internet at: http://www.questdiagnostics.com.

The statements in this press release which are not historical facts or information may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. Certain of these risks and uncertainties are listed in the Quest Diagnostics Incorporated 2000 Form 10-K and subsequent filings.

SOURCE Quest Diagnostics Incorporated

CONTACT: investors, Cathy Doherty, +1-201-393-5030, or media, Gary Samuels, +1-201-393-5700, both of Quest Diagnostics Incorporated

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