The New Jewish Home Celebrates 10 Remarkable Leaders Over Age 80
Harold Iselin was honored with the Spirit Award
Photos of the gala linked HERE
NEW YORK, May 29, 2025 /PRNewswire/ -- At its 10th annual Eight Over Eighty gala, health care, business and philanthropic leaders in New York City joined The New Jewish Home to honor ten extraordinary individuals whose lives exemplify the power of aging with purpose, creativity, and impact.
The gala, held at the Ziegfeld Ballroom in Manhattan on Wednesday, May 28, successfully raised $1.1M for The New Jewish Home, a comprehensive nonprofit health care system providing health and rehabilitation care to thousands of older New Yorkers of all faiths and ethnicities each year.
This year's honorees included: longtime public servant Bob Abrams and legal pioneer Diane Abrams; Holocaust survivor and author Michael Bornstein; legendary singer-songwriter Judy Collins; renowned screenwriter and playwright Delia Ephron; attorney and environmental advocate David Freeman and the Freeman Family; award-winning journalist and equality activist Carol Jenkins; beloved caregiver Marianne Kerner; preeminent jazz saxophonist Houston Person; and acclaimed author and poet Judith Viorst.
"Tonight, we honor trailblazers over 80 – groundbreaking icons of the arts, journalism and public service," said Dr. Jeffrey Farber, President and CEO of The New Jewish Home. "Our honorees remind us that aging is something to celebrate – not fear. That's the spirit behind our vision at The New Jewish Home, building a future where ageism doesn't stand a chance."
The evening was hosted by Dr. Jonathan LaPook, Chief Medical Correspondent for CBS News, and featured several memorable moments, including the presentation of the Spirit Award to Harold Iselin, Co-Chair of Government Law & Policy Practice at Greenberg Traurig, for his commitment to The New Jewish Home's mission.
Each honoree was celebrated with emotional videos highlighting their life stories and continued contribution to the arts, public service, and social justice well into their 80s. The short films showcased not only their groundbreaking achievements throughout their careers, but also their ongoing passion and dedication to making a difference in their communities during this vibrant stage of life. These powerful tributes demonstrated that their 80s and beyond represents not a winding down, but a continuation of the meaningful work that has defined their extraordinary lives.
Graduates of SkillSpring—The New Jewish Home's workforce development program for young adults from under-resourced communities—also took to the stage, sharing powerful stories about how the program helped them find purpose, pursue careers in health care, and transform their futures.
Notable attendees included former honorees Letty Cottin Pogrebin, co-founder of Ms. Magazine and a feminist powerhouse; Ruth Messinger, former Manhattan Borough President; Jean Troubh, Governor of Century Country Club and Executive Chair of the Board of the City Parks Foundation; Philip Altheim, businessman and philanthropist; and Margot Freedman, longtime member of The New Jewish Home's Board of Directors.
Also in attendance were Hadassah Lieberman, widow of Senator Joe Lieberman; Scott J. Bornstein, Executive Vice President of Greenberg Traurig; Lee H. Perlman, President of GNYHA Management Corporation; Brendan Carr, CEO of Mount Sinai Health System; David L. Reich, Chief Clinical Officer of Mount Sinai Health System and President of The Mount Sinai Hospital; Luz Liebeskind, CFO of UJA-Federation of New York; Marcia Riklis, philanthropist; Michael Kessler, President of The Douglaston Companies; Georgette Bennett, award-winning sociologist; Sarah Kovner, former special assistant to the Secretary of the Department of Health and Human Services; Victor Kovner, former advisor to NYC Mayor David Dinkins; Judith Stern Peck, Director of the Money and Family Life Project at the Ackerman Institute for the Family; Elyse Benenson, charitarian, curator and photographer; Lawrence Benenson, charitarian and Principal of Benenson Capital; and Louise Weadock, Founder and Chief Nursing Officer of ACCESS Nursing.
For links to honoree videos and full biographies, please visit The New Jewish Home's website. Please find photos of the gala here.
About The New Jewish Home:Since 1848, The New Jewish Home has helped older New Yorkers live full and meaningful lives by providing outstanding health care and innovative programming. The New Jewish Home is a mission-driven nonprofit health care system serving older adults of all faiths, ethnicities, and income levels. We provide specialized short-term rehabilitation in partnership with Mount Sinai Health System and NYU Langone Health, long-term skilled nursing, adult day health care, geriatric care management and senior housing. The New Jewish Home is a founding agency of UJA. For more information, visit www.jewishhome.org.
MEDIA CONTACT: Callie Samton, njh@berlinrosen.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-new-jewish-home-celebrates-10-remarkable-leaders-over-age-80-302468955.html
SOURCE The New Jewish Home
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Johnson & Johnson seeks first icotrokinra U.S. FDA approval aiming to revolutionize treatment paradigm for adults and adolescents with plaque psoriasis
Icotrokinra is a first-in-class investigational targeted oral peptide that selectively blocks the IL-23 receptor Filing based on unprecedented data package that met all primary endpoints across four Phase 3 studies, including head-to-head superiority comparisons versus deucravacitinib and evaluation of difficult to treat skin sites Submission underscores potential to shift the treatment paradigm for moderate-to-severe plaque psoriasis patients with the standout combination of complete skin clearance, a favorable safety profile, and simplicity of a once daily pill SPRING HOUSE, Pa., July 21, 2025 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) seeking the first approval of icotrokinra, a first-in-class investigational targeted oral peptide that selectively blocks the IL-23 receptor for the treatment of adults and pediatric patients 12 years of age and older with moderate to severe plaque psoriasis (PsO). Icotrokinra is uniquely designed to block the IL-23 receptor, which underpins the inflammatory response in plaque PsO and offers potential in other IL-23-mediated diseases.1,2,3 The application included data from four pivotal Phase 3 studies conducted as part of the ICONIC clinical development program, including ICONIC-LEADa, ICONIC-TOTALb and ICONIC-ADVANCE 1 & ICONIC-ADVANCE 2c. Treatment with icotrokinra met all primary and co-primary endpoints across the development program among adults and pediatric patients 12 years of age and older with moderate-to-severe plaque PsO, demonstrating significant skin clearance and a favorable safety profile in a once-daily pill. Results from the ICONIC-ADVANCE 1 & 2 studies show icotrokinra achieved co-primary endpoints and showed superiority to deucravacitinib in moderate-to-severe plaque PsO. Across all studies, pooled safety data showed a similar proportion of patients experienced adverse events (AEs) between icotrokinra (49.1%) and placebo (51.9%) groups, with no new safety signals identified to date.4,5,6,7,8 "The rapid patient enrollment across our ICONIC clinical program underscores the unmet need for an advanced plaque psoriasis treatment that meaningfully addresses their needs and preferences," said Liza O'Dowd, MD, Vice President, Immunodermatology and Respiratory Disease Area Lead, Johnson & Johnson Innovative Medicine. "Given the breadth and depth of our studies, along with the robust clinical results reported to date, we are confident that icotrokinra has the potential to transform how physicians and patients think about plaque psoriasis care, establishing a new standard in the treatment of this immune-mediated disease." Data submitted to the FDA as part of the NDA include: Results from the Phase 3 ICONIC-LEAD study, presented as a late-breaking abstract at the 2025 American Academy of Dermatology (AAD) Annual Meeting, that showed icotrokinra successfully met the co-primary endpoints of Investigator's Global Assessment (IGA)d score of 0/1 (clear or almost clear skin) and Psoriasis Area and Severity Index (PASI)e 90 compared to placebo at Week 16.4 A subgroup analysis of ICONIC-LEAD, presented at the 2025 World Congress of Pediatric Dermatology (WCPD), which demonstrated pediatric patients 12 years of age and older treated with once daily icotrokinra achieved higher rates of clear or almost clear skin at Week 16 compared to patients receiving placebo with no new safety signals identified.5 Data from the Phase 3 ICONIC-TOTAL study, presented at the 2025 Society for Investigative Dermatology (SID) Annual Meeting, that highlighted the potential of icotrokinra in patients with difficult-to-treat scalp and genital psoriasis.6 Results from the Phase 3 ICONIC-ADVANCE 1 & ICONIC-ADVANCE 2 studies, that further reinforced the overall efficacy profile met co-primary endpoints of IGA 0/1 and PASI 90 versus placebo at Week 16. Icotrokinra also met all key secondary endpoints at Weeks 16 and 24 that measured superiority to deucravacitinib in patients with moderate-to-severe plaque PsO.7,8 Comprehensive results are being prepared for presentation at a future medical meeting. Long-term data from the ICONIC development program, including at least 52-weeks of treatment for ICONIC-LEAD and ICONIC-TOTAL, and results from a randomized withdrawal analysis evaluating the durability of response, are being prepared for presentation at a future medical meeting. Johnson & Johnson has also initiated the Phase 3 ICONIC-ASCENDf study, the first-ever head-to-head study seeking to demonstrate the superiority of an oral pill, icotrokinra, compared to an injectable biologic, ustekinumab, representing an important step forward in psoriasis research.9 Editor's notes: a. ICONIC-LEAD is a Phase 3 randomized controlled trial (RCT) evaluating the efficacy and safety of icotrokinra compared with placebo in 684 participants (icotrokinra=456; placebo=228) 12 years of age or older with moderate-to-severe plaque PsO, with the higher efficacy bar of PASI 90 and IGA score of 0/1 with at least a 2-grade improvement as co-primary endpoints. ICONIC-LEAD enrolled 66 adolescent patients. b. ICONIC-TOTAL is a Phase 3 RCT evaluating the efficacy and safety of icotrokinra compared with placebo for the treatment of plaque PsO in 311 participants (icotrokinra=208; placebo=103) with at least moderate severity affecting special areas (e.g., scalp, genital and/or hands and feet) with overall IGA score of 0 or 1 with at least a 2-grade improvement as the primary endpoint. c. ICONIC- ADVANCE 1 & 2 are Phase 3 RCTs evaluating the efficacy and safety of icotrokinra compared with placebo and deucravacitinib in participants with moderate-to-severe plaque PsO with PASI 90 and IGA score of 0/1 with at least a 2-grade improvement as co-primary endpoints. d. The IGA is a five-point scale with a severity score ranging from 0 to 4, where 0 indicates clear, 1 is minimal, 2 is mild, 3 is moderate and 4 indicates severe disease.10 e. The PASI score grades the amount of surface area on each body region that is covered by psoriasis plaques and the severity of plaques for their redness, thickness and scaliness.11 PASI 90 corresponds to an improvement of >=90% in PASI score from baseline.11 f. ICONIC-ASCEND is a Phase 3 RCT and the first-ever head-to-head study seeking to demonstrate the superiority of an oral pill, icotrokinra, compared to an injectable biologic, ustekinumab in moderate-to-severe plaque PsO.9 About the ICONIC Clinical Development Program The pivotal Phase 3 ICONIC clinical development program of icotrokinra (JNJ-2113) in adult and adolescent individuals with moderate-to-severe plaque PsO was initiated with two studies in Q4 2023 – ICONIC-LEAD and ICONIC-TOTAL – pursuant to the license and collaboration agreement between Protagonist Therapeutics, Inc. and Janssen Biotech, Inc., a Johnson & Johson company.12 ICONIC-LEAD (NCT06095115) is a RCT to evaluate the efficacy and safety of icotrokinra compared with placebo in participants with moderate-to-severe plaque PsO, with PASI 90 and IGA score of 0 or 1 with at least a 2-grade improvement as co-primary endpoints.13 ICONIC-TOTAL (NCT06095102) is a RCT to evaluate the efficacy and safety of icotrokinra compared with placebo for the treatment of PsO in participants with at least moderate severity affecting special areas (e.g., scalp, genital, and/or hands and feet) with overall IGA score of 0 or 1 with at least a 2-grade improvement as the primary endpoint.14 Other Phase 3 studies in the development program include ICONIC-ADVANCE 1 (NCT06143878) and ICONIC-ADVANCE 2 (NCT06220604), which are evaluating the efficacy and safety of icotrokinra compared with both placebo and deucravacitinib in adults with moderate-to-severe plaque PsO.15,16 ICONIC-ASCEND will evaluate the efficacy and safety of icotrokinra compared with placebo and ustekinumab in participants with moderate-to-severe plaque psoriasis. ICONIC-PsA 1 (NCT06878404) and ICONIC-PsA 2 (NCT06807424) will evaluate the efficacy and safety of icotrokinra compared to placebo in participants with active psoriatic arthritis.17,18 About Plaque Psoriasis Plaque psoriasis (PsO) is a chronic immune-mediated disease resulting in overproduction of skin cells, which causes inflamed, scaly plaques that may be itchy or painful.19 It is estimated that 8 million Americans and more than 125 million people worldwide live with the disease.20 Nearly one-quarter of all people with plaque PsO have cases that are considered moderate-to-severe.20 Plaques typically appear as raised patches with a silvery white buildup of dead skin cells or scales. Plaques may appear red in lighter skin or more of a purple, gray or dark brown color in patients with darker skin tones. Plaques can appear anywhere on the body, although they most often appear on the scalp, knees, elbows, and torso.21 Living with plaque PsO can be a challenge and impact life beyond a person's physical health, including emotional health, relationships, and handling the stressors of life.22 Psoriasis on highly visible areas of the body or sensitive skin, such as the scalp, hands, feet, and genitals, can have an increased negative impact on quality of life.22,23 About Icotrokinra (JNJ-77242113, JNJ-2113) Investigational icotrokinra is the first targeted oral peptide designed to selectively block the IL-23 receptor,1 which underpins the inflammatory response in moderate-to-severe plaque PsO, ulcerative colitis and offers potential in other IL-23-mediated diseases.2,3 Icotrokinra binds to the IL-23 receptor with single-digit picomolar affinity and demonstrated potent, selective inhibition of IL-23 signaling in human T cells.24 The license and collaboration agreement established between Protagonist Therapeutics, Inc. and Janssen Biotech, Inc., a Johnson & Johnson company, in 2017 enabled the companies to work together to discover and develop next-generation compounds that ultimately led to icotrokinra.25 Icotrokinra was jointly discovered and is being developed pursuant to the license and collaboration agreement between Protagonist and Johnson & Johnson. Johnson & Johnson retains exclusive worldwide rights to develop icotrokinra in Phase 2 clinical trials and beyond, and to commercialize compounds derived from the research conducted pursuant to the agreement against a broad range of indications.26,27,28 Icotrokinra is being studied in the pivotal Phase 3 ICONIC clinical development program in moderate-to-severe plaque psoriasis, including ICONIC-ASCEND; the ICONIC-PSA 1 and ICONIC-PSA 2 studies in active psoriatic arthritis; and the Phase 2b ANTHEM-UC study in moderately to severely active ulcerative colitis. About Johnson & Johnson At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow and profoundly impact health for humanity. Learn more at or at Follow us at @JNJInnovMed. Janssen Research & Development, LLC and Janssen Biotech, Inc. are Johnson & Johnson companies. Cautions Concerning Forward-Looking Statements This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding icotrokinra (JNJ-2113). The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behavior and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's most recent Annual Report on Form 10-K, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. 1 Bissonnette R, et al. Data presentation. A phase 2, randomized, placebo-controlled, dose-ranging study of oral JNJ-77242113 for the treatment of moderate-to-severe plaque psoriasis: FRONTIER 1. Presented at WCD 2023, July 3-8.2 Razawy W, et al. The role of IL‐23 receptor signaling in inflammation‐mediated erosive autoimmune arthritis and bone remodeling. Eur J Immunol. 2018 Feb; 48(2): 220–229.3 Tang C, et al. Interleukin-23: as a drug target for autoimmune inflammatory diseases. Immunology. 2012 Feb; 135(2): 112–124.4 Bissonnette, R et al. Icotrokinra, a Targeted Oral Peptide That Selectively Blocks the Interleukin-23–Receptor, for the Treatment of Moderate-to-Severe Plaque Psoriasis: Results Through Week 24 of the Phase 3, Randomized, Double-blind, Placebo-Controlled ICONIC-LEAD Trial. Late-breaking research presentation (Abstract #66708) at the American Academy of Dermatology (AAD) 2024 Annual Meeting. March 2025.5 Eichenfield, L et al. Efficacy and Safety of Icotrokinra, a Novel Targeted Oral Peptide (IL-23R-inhibitor), in Adolescents With Moderate-to- Severe Plaque Psoriasis: Subgroup Analyses From a Phase 3, Randomized, Double-Blind, Placebo-Controlled Study (ICONIC-LEAD). Presented at the World Congress of Pediatric Dermatology (Abstract #0054). April 2025.6 Gooderham, M.J. et al. Phase 3 results from an innovative trial design of treating plaque psoriasis involving difficult-to-treat, high-impact sites with icotrokinra, a targeted oral peptide that selectively inhibits the IL-23–receptor. Presented at the 2025 Society for Investigative Dermatology (Abstract #LB1142). May 2025.7 Data on file.8 Data on file.9 A Study to Assess Efficacy and Safety of JNJ-77242113 Compared to Placebo and Ustekinumab in Participants With Moderate to Severe Plaque Psoriasis (ICONIC-ASCEND). Identifier NCT0693422. Accessed July 2025.10 Simpson E, Bissonnette R, Eichenfield LF, et al. The validated Investigator Global Assessment for Atopic Dermatitis (vIGA-AD™): The development and reliability testing of a novel clinical outcome measurement instrument for the severity of atopic dermatitis [published online April 25, 2020]. J Am Acad Dermatol. doi: 10.1016/ Accessed July 2025.11 Thompson Jr, D. How the Psoriasis Area and Severity Index works. Everyday Health. Available at: Accessed July 2025.12 Protagonist Therapeutics. Press release. Protagonist announces advancement of JNJ-2113 across multiple indications. Available at: Accessed July 2025.13 A study of JNJ-2113 in adolescent and adult participants with moderate-to-severe plaque psoriasis (ICONIC-LEAD). Identifier NCT06095115. Accessed July 2025.14 A study of JNJ-2113 for the treatment of participants with plaque psoriasis involving special areas (scalp, genital, and/or palms of the hands and the soles of the feet) (ICONIC-TOTAL). Identifier NCT06095102. Accessed July 2025.15 A Study of JNJ-77242113 for the Treatment of Participants With Moderate to Severe Plaque Psoriasis. Identifier NCT06143878. Accessed July 2025.16 A Study of JNJ-77242113 for the Treatment of Participants With Moderate to Severe Plaque Psoriasis (ICONIC-ADVANCE 2). Identifier NCT06220604. Accessed July 2025.17 A Study to Evaluate the Efficacy and Safety of JNJ-77242113 (Icotrokinra) in Biologic-naïve Participants With Active Psoriatic Arthritis (ICONIC-PsA 1). Identifier NCT06878404. A Study to Evaluate the Efficacy and Safety of Icotrokinra (JNJ-77242113) in Biologic-experienced Participants With Active Psoriatic Arthritis (ICONIC-PsA 2). Identifier NCT06807424. National Psoriasis Foundation. About Psoriasis. Available at: Accessed July 2025.20 National Psoriasis Foundation. Psoriasis Statistics. Available at: Accessed July 2025.21 National Psoriasis Foundation. Plaque Psoriasis. Available at: Accessed July 2025.22 National Psoriasis Foundation. Life with Psoriasis. Available at: Accessed July 2025.23 National Psoriasis Foundation. High Impact Sites. Available at: Accessed July 2025.24 Pinter A, et al. Data Presentation. JNJ-77242113 Treatment Induces a Strong Systemic Pharmacodynamic Response Versus Placebo in Serum Samples of Patients with Plaque Psoriasis: Results from the Phase 2, FRONTIER 1 Study. Presented at EADV 2023, October 11-14.25 Johnson & Johnson. Press release. Janssen enters into worldwide exclusive license and collaboration agreement with Protagonist Therapeutics, Inc. for the oral Interlukin-23 receptor antagonist drug candidate for the treatment of Inflammatory Bowel Disease. Available at: Accessed July 2025.26 Protagonist Therapeutics. Press release. Protagonist Therapeutics announces amendment of agreement with Janssen Biotech for the continued development and commercialization of IL-23 antagonists. Available at: Accessed July 2025.27 Protagonist Therapeutics. Press release. Protagonist Reports positive results from Phase 1 and pre-clinical studies of oral Interleukin-23 receptor antagonist JNJ-2113. Available at: Accessed July 2025.28 Protagonist Therapeutics. Press release. Protagonist Therapeutics announces positive topline results for Phase 2b FRONTIER 1 clinical trial of oral IL-23 receptor antagonist JNJ-2113 (PN-235) in psoriasis. Available at: Accessed July 2025. Media contact: Meg Farina mfarina@ Investor contact: Lauren Johnson investor-relations@ View original content to download multimedia: SOURCE Johnson & Johnson Sign in to access your portfolio
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Quest Diagnostics Reports Second Quarter 2025 Financial Results; Raises Guidance for Full Year 2025
Second quarter revenues of $2.76 billion, up 15.2% from 2024 Second quarter reported diluted earnings per share ("EPS") of $2.47, up 21.7% from 2024; and adjusted diluted EPS of $2.62, up 11.5% from 2024 Year-to-date cash provided by operations of $858 million, up 67.1% from 2024 Full year 2025 reported diluted EPS now expected to be between $8.60 and $8.80; and adjusted diluted EPS is expected to be between $9.63 and $9.83 SECAUCUS, N.J., July 22, 2025 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, today announced financial results for the second quarter ended June 30, 2025. "Through continued execution of our strategy, we delivered a strong second quarter, with revenues growing 15.2% which includes 5.2% from organic revenues, as well as adjusted EPS growth of 11.5%," said Jim Davis, Chairman, CEO and President. "Demand for our innovative clinical solutions and expanded business from enterprise accounts complemented growth from acquisitions. We also realized productivity gains as we continued to deploy automation and digital technologies across our operations. Given our performance in the quarter and continued utilization trends, we are raising our full year 2025 guidance."Three Months Ended June 30,Six Months Ended June 30, 20252024Change20252024Change (dollars in millions, except per share data)Reported: Net revenues $ 2,761$ 2,39715.2 %$ 5,413$ 4,76313.7 %Diagnostic Information Services revenues $ 2,699$ 2,33315.7 %$ 5,288$ 4,63114.2 %Revenue per requisition (0.4) %— %Requisition volume 16.3 %14.3 % Organic requisition volume 2.1 %0.6 %Operating income (a) $ 438$ 35523.3 %$ 784$ 65519.7 %Operating income as a percentage of net revenues (a) 15.9 %14.8 %1.1 %14.5 %13.7 %0.8 %Net income attributable to Quest Diagnostics (a) $ 282$ 22923.1 %$ 502$ 42318.6 %Diluted EPS (a) $ 2.47$ 2.0321.7 %$ 4.41$ 3.7517.6 %Cash provided by operations $ 544$ 36051.5 %$ 858$ 51467.1 %Capital expenditures $ 108$ 9217.3 %$ 225$ 19614.4 % Adjusted (a): Operating income $ 466$ 39817.3 %$ 872$ 74716.8 %Operating income as a percentage of net revenues 16.9 %16.6 %0.3 %16.1 %15.7 %0.4 %Net income attributable to Quest Diagnostics $ 298$ 26612.3 %$ 549$ 49610.7 %Diluted EPS $ 2.62$ 2.3511.5 %$ 4.83$ 4.3910.0 %(a) For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below. Updated Guidance for Full Year 2025 The company updates its full year 2025 guidance as follows:Updated GuidancePrior GuidanceLowHighLowHigh Net revenues $10.80 billion$10.92 billion$10.70 billion$10.85 billion Net revenues increase 9.4 %10.6 %8.4 %9.9 % Reported diluted EPS $8.60$8.80$8.62$8.87 Adjusted diluted EPS $9.63$9.83$9.55$9.80 Cash provided by operations Approximately $1.55 billionApproximately $1.5 billion Capital expenditures Approximately $500 millionApproximately $500 million Note on Non-GAAP Financial Measures As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments, impairment charges and other items. Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables below include reconciliations of non-GAAP adjusted measures to GAAP measures. Conference Call Information Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at We suggest participants dial in approximately 10 minutes before the call. A replay of the call may be accessed online at or, from approximately 10:30 a.m. Eastern Time on July 22, 2025 until midnight Eastern Time on August 5, 2025, by phone at 866-388-5361 for domestic callers or 203-369-0416 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports. About Quest Diagnostics Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, Quest's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our more than 55,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. Forward Looking Statements The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, uncertain and volatile economic conditions, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government policies, including related to trade, and regulations, changing relationships with customers, payers, suppliers or strategic partners, acquisitions and other factors discussed in the company's most recently filed Annual Report on Form 10-K and in any of the company's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the "Business," "Risk Factors," "Cautionary Factors that May Affect Future Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those reports. This earnings release, including the attached financial tables, is available online in the Newsroom section at ADDITIONAL TABLES FOLLOW Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2025 and 2024 (in millions, except per share data) (unaudited) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Net revenues $ 2,761$ 2,397$ 5,413$ 4,763 Operating costs and expenses and other operating income:Cost of services 1,8181,5933,6073,188 Selling, general and administrative 486416962856 Amortization of intangible assets 39297858 Other operating (income) expense, net (20)4(18)6 Total operating costs and expenses, net 2,3232,0424,6294,108 Operating income 438355784655 Other income (expense):Interest expense, net (67)(44)(134)(87) Other income, net 1331012 Total non-operating expense, net (54)(41)(124)(75) Income before income taxes and equity in earnings of equity method investees 384314660580 Income tax expense (97)(74)(156)(140) Equity in earnings of equity method investees, net of taxes 9—278 Net income 296240531448 Less: Net income attributable to noncontrolling interests 14112925 Net income attributable to Quest Diagnostics $ 282$ 229$ 502$ 423 Earnings per share attributable to Quest Diagnostics' common stockholders:Basic $ 2.51$ 2.05$ 4.48$ 3.79 Diluted $ 2.47$ 2.03$ 4.41$ 3.75 Weighted average common shares outstanding:Basic 112111112111 Diluted 113112113112 Quest Diagnostics Incorporated and Subsidiaries Consolidated Balance Sheets June 30, 2025 and December 31, 2024 (in millions, except per share data) (unaudited) June 30,2025December 31,2024 AssetsCurrent assets:Cash and cash equivalents $ 319$ 549 Accounts receivable, net 1,4191,304 Inventories 187188 Prepaid expenses and other current assets 273351 Total current assets 2,1982,392 Property, plant and equipment, net 2,1202,113 Operating lease right-of-use assets 655651 Goodwill 8,8838,856 Intangible assets, net 1,7061,763 Investments in equity method investees 136123 Other assets 271255 Total assets $ 15,969$ 16,153 Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable and accrued expenses $ 1,349$ 1,394 Current portion of long-term debt 504602 Current portion of long-term operating lease liabilities 171173 Total current liabilities 2,0242,169 Long-term debt 5,1695,615 Long-term operating lease liabilities 540535 Other liabilities 890938 Redeemable noncontrolling interest 8183 Stockholders' equity:Quest Diagnostics stockholders' equity:Common stock, par value $0.01 per share; 600 shares authorized as of both June 30, 2025 and December 31, 2024; 162 shares issued as of both June 30, 2025 and December 31, 2024 22 Additional paid-in capital 2,3322,361 Retained earnings 9,6829,360 Accumulated other comprehensive loss (16)(88) Treasury stock, at cost; 50 and 51 shares as of June 30, 2025 and December 31, 2024, respectively (4,772)(4,857) Total Quest Diagnostics stockholders' equity 7,2286,778 Noncontrolling interests 3735 Total stockholders' equity 7,2656,813 Total liabilities and stockholders' equity $ 15,969$ 16,153 Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2025 and 2024 (in millions) (unaudited) Six Months Ended June 30,20252024 Cash flows from operating activities:Net income $ 531$ 448 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 283233 Provision for credit losses 23 Deferred income tax expense (benefit) 8(36) Stock-based compensation expense 4342 Other, net 2616 Changes in operating assets and liabilities:Accounts receivable (115)(113) Accounts payable and accrued expenses (11)(111) Income taxes payable 920 Other assets and liabilities, net 8212 Net cash provided by operating activities 858514 Cash flows from investing activities:Business acquisitions, net of cash acquired (17)(248) Capital expenditures (225)(196) Other investing activities, net 331 Net cash used in investing activities (239)(413) Cash flows from financing activities:Proceeds from borrowings 400— Repayments of debt (1,001)(301) Exercise of stock options 4228 Employee payroll tax withholdings on stock issued under stock-based compensation plans (42)(23) Dividends paid (174)(163) Distributions to noncontrolling interest partners (29)(18) Other financing activities, net (50)(39) Net cash used in financing activities (854)(516) Effect of exchange rate changes on cash and cash equivalents and restricted cash 5— Net change in cash and cash equivalents and restricted cash (230)(415) Cash and cash equivalents and restricted cash, beginning of period 549686 Cash and cash equivalents and restricted cash, end of period $ 319$ 271 Cash paid during the period for:Interest $ 145$ 105 Income taxes $ 110$ 118 Notes to Financial Tables 1) The computation of basic and diluted earnings per common share is as follows: Three Months Ended June 30,Six Months EndedJune 30,2025202420252024(in millions, except per share data) Amounts attributable to Quest Diagnostics' common stockholders:Net income attributable to Quest Diagnostics $ 282$ 229$ 502$ 423 Less: earnings allocated to participating securities 1122 Earnings available to Quest Diagnostics' common stockholders - basic and diluted $ 281$ 228$ 500$ 421 Weighted average common shares outstanding - basic 112111112111 Effect of dilutive securities:Stock options and performance share units 1111 Weighted average common shares outstanding - diluted 113112113112 Earnings per share attributable to Quest Diagnostics' common stockholders:Basic $ 2.51$ 2.05$ 4.48$ 3.79 Diluted $ 2.47$ 2.03$ 4.41$ 3.75 2) The following tables reconcile reported GAAP results to non-GAAP adjusted results: Three Months Ended June 30, 2025(dollars in millions, except per share data)Operating incomeOperating income as a percentage of net revenuesIncome tax expense (e)Equity in earnings of equity method investees, net of taxesNet income attributable to Quest DiagnosticsDiluted EPS As reported $ 43815.9 %$ (97)$ 9$ 282$ 2.47 Restructuring and integration charges (a) 70.3(2)—50.04 Other charges (b) 281.0(6)—220.19 Gains and losses on investments (c) ——1(1)(2)(0.01) Other gains (d) (46)(1.7)12—(34)(0.30) Amortization expense 391.4(11)—280.25 ETB ——(3)—(3)(0.02) As adjusted $ 46616.9 %$ (106)$ 8$ 298$ 2.62Six Months Ended June 30, 2025(dollars in millions, except per share data)Operating incomeOperating income as a percentage of net revenuesIncome tax expense (e)Equity in earnings of equity method investees, net of taxesNet income attributable to Quest DiagnosticsDiluted EPS As reported $ 78414.5 %$ (156)$ 27$ 502$ 4.41 Restructuring and integration charges (a) 260.5(7)—190.17 Other charges (b) 300.6(6)—240.21 Gains and losses on investments (c) ——1(1)(2)(0.01) Other gains (d) (46)(0.9)14(8)(40)(0.36) Amortization expense 781.4(20)—580.51 ETB ——(12)—(12)(0.10) As adjusted $ 87216.1 %$ (186)$ 18$ 549$ 4.83Three Months Ended June 30, 2024(dollars in millions, except per share data)Operating incomeOperating income as a percentage of net revenuesIncome tax expense (e)Equity in earnings of equity method investees, net of taxesNet income attributable to Quest DiagnosticsDiluted EPS As reported $ 35514.8 %$ (74)$ —$ 229$ 2.03 Restructuring and integration charges (a) 100.4(3)—70.06 Other charges (b) 40.2——40.03 Gains and losses on investments (c) ——(3)960.05 Amortization expense 291.2(8)—210.19 ETB ——(1)—(1)(0.01) As adjusted $ 39816.6 %$ (89)$ 9$ 266$ 2.35Six Months Ended June 30, 2024(dollars in millions, except per share data)Operating incomeOperating income as a percentage of net revenuesIncome tax expense (e)Equity in earnings of equity method investees, net of taxesNet income attributable to Quest DiagnosticsDiluted EPS As reported $ 65513.7 %$ (140)$ 8$ 423$ 3.75 Restructuring and integration charges (a) 270.6(7)—200.17 Other charges (b) 70.2——70.06 Gains and losses on investments (c) ——(3)960.05 Amortization expense 581.2(15)—430.39 ETB ——(3)—(3)(0.03) As adjusted $ 74715.7 %$ (168)$ 17$ 496$ 4.39 (a) For each of the three and six months ended June 30, 2025 and 2024, the pre-tax impact represents costs primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. The following table summarizes the pre-tax impact of restructuring and integration charges on our consolidated statements of operations:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(dollars in millions) Cost of services $ 1$ 1$ 7$ 14 Selling, general and administrative 691913 Operating income $ 7$ 10$ 26$ 27 (b) For both the three and six months ended June 30, 2025, the pre-tax impact primarily represents a $24 million impairment charge on certain long-lived assets related to the potential exit of a business. Additionally, each of the three and six months ended June 30, 2025 and June 30, 2024 include losses associated with the change in the fair value of the contingent consideration accrual associated with previous acquisitions. The following table summarizes the pre-tax impact of these other charges on our consolidated statements of operations:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(dollars in millions) Selling, general and administrative $ —$ 1$ —$ 1 Other operating (income) expense, net 283306 Operating income $ 28$ 4$ 30$ 7 (c) For each of the three and six months ended June 30, 2025 and 2024, the pre-tax impact represents gains and losses associated with changes in the carrying value of our strategic investments, recorded in equity in earnings of equity method investees, net of taxes, and other income, net. (d) The three and six months ended June 30, 2025 include a $46 million pre-tax gain, recorded in other operating (income) expense, net, from a payroll tax credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") associated with the retention of employees. Additionally, the six months ended June 30, 2025 includes an $8 million gain, recorded in equity in earnings of equity method investees, net of taxes, representing a non-recurring gain related to a lease. (e) For restructuring and integration charges, other gains/charges, gains and losses on investments and amortization expense, income tax impacts, where recorded, were primarily calculated using combined statutory income tax rates of 25.5% for both 2025 and 2024. 3) The outlook for adjusted diluted EPS represents management's estimates for the full year 2025 before the impact of special items. Further impacts to earnings related to special items may occur throughout 2025. Additionally, the amount of ETB is dependent upon employee stock option exercises and our stock price, which are difficult to predict. The following table reconciles our 2025 outlook for diluted EPS under GAAP to our outlook for adjusted diluted EPS: LowHigh Diluted EPS $ 8.60$ 8.80 Restructuring and integration charges (a) 0.240.24 Amortization expense (b) 1.031.03 Other charges (c) 0.270.27 Other gains (d) (0.36)(0.36) Gains and losses on investments (0.01)(0.01) ETB (0.14)(0.14) Adjusted diluted EPS $ 9.63$ 9.83 (a) Represents estimated pre-tax charges of $37 million primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%. (b) Represents estimated pre-tax amortization expenses of $157 million. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%. (c) Principally represents a $24 million pre-tax impairment charge on certain long-lived assets related to the potential exit of a business. Also includes estimated pre-tax net charges of $12 million associated with the increase in the fair value of the contingent consideration accrual associated with previous acquisitions. Income tax benefits on the impairment charge were calculated using a combined statutory income tax rate of 25.5%. No income tax benefits were recorded on the changes associated with the contingent consideration accrual. (d) Includes a pre-tax gain of $46 million related to a payroll tax credit under the CARES Act associated with the retention of employees. Also, includes a non-recurring pre-tax gain of $8 million related to a lease. Income tax impacts on the gains were calculated using a combined statutory income tax rate of 25.5%. 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New York to scale back key energy efficiency program
This story originally appeared in New York Focus, a nonprofit news publication investigating power in New York. Sign up for their newsletter here. New York Governor Kathy Hochul has made energy affordability a centerpiece of her political platform this year, blasting proposed utility rate hikes and even promising to slow down implementation of the state's climate law over the concern that the clean energy transition is costing New Yorkers too much. But Hochul's administration is slashing an energy affordability program that was once a priority for the governor, New York Focus has learned. The EmPower+ program was designed specifically to help low- and moderate-income households 'save energy and money' through energy efficiency upgrades. Since 2023 — at Hochul's initiative — it has been New York's one-stop shop to help residents take advantage of green building upgrades they might not otherwise be able to afford, like better insulation and replacing old boilers. 'I don't know of any other program that makes such a big difference to the energy bill and the quality of life for a household that goes through [it],' said Jessica Azulay, executive director of the advocacy group Alliance for a Green Economy. The program is now facing drastic budget cuts. In a July 11 meeting, the New York State Energy Research and Development Authority (NYSERDA) warned local contractors who install the upgrades that it would be cutting the EmPower+ budget from roughly $220 million this year to $80 million in 2027. Michael Hernandez, New York policy director at the pro-electrification group Rewiring America, said he was 'shocked' to learn of the impending cuts and has been sounding the alarm among advocates and lawmakers. Azulay called the projected cuts 'devastating.' 'As families are facing rising energy bills, the state is cutting back on a key tool that it has to help people get their energy bills under control, and to have homes that are more comfortable and safer and healthier,' she said. In recent years, EmPower+ has served tens of thousands of New Yorkers, helping them identify ways that their homes might be wasting energy and fix them through installing better insulation and air sealing and switching to efficient new appliances like heat pumps. The program targets one- to four-family homes, allowing both homeowners and renters to participate. The program covers up to $24,000 worth of upgrades per household, using a mix of state and federal funding. It aims to cover the full cost of upgrades for low-income households and, in some cases, guarantee that participants never pay more than 6% of their income on energy, by providing ongoing subsidies where needed. Even New Yorkers who have gotten relatively minor upgrades through the program say it can make a big difference. Isaac Silberman-Gorn, a first-time homeowner in Troy, outside Albany, said the program recently allowed him to replace a 'dinosaur' of a dryer with a brand-new heat pump model. Thanks to the upgrade, his energy usage no longer spikes every time he does a load of laundry. 'It's the first new appliance I've ever had,' he said. 'Our energy bills are lower. I'm not worried about the thing starting a fire, which is nice.' Silberman-Gorn, who works part-time as a bicycle mechanic and at an environmental nonprofit, said he wouldn't have been able to afford the state-of-the-art new dryer if EmPower+ hadn't covered the cost. 'That was a game changer,' he said. The program relies heavily on the work of local contractors, who conduct NYSERDA-funded energy audits for homes and then, typically, file the application to NYSERDA for upgrades that might be warranted. They've been a key avenue for bringing people into the program, often through customers who refer the companies to friends and neighbors they think might be eligible for similar upgrades. NYSERDA told contractors in last week's meeting that they can no longer sign up new customers for EmPower+ themselves. Clean energy advocates and contractors participating in the program see this as another way to tighten the belt. 'That will naturally slow the program down big-time,' said Hal Smith, CEO of Halco Home Solutions and president of the Building Performance Contractors Association of NYS, a trade group. He said his own company, which works across the Finger Lakes region and has a staff of about 180, should be able to weather the cuts because it does a variety of work and serves customers across the income spectrum. But he worries that some companies working mainly or even exclusively for EmPower+ may have to shut down entirely or lay off much of their staff. The cuts are particularly hard to stomach after years where NYSERDA was pushing for 'more, more, more,' Smith said, building up the program as the state scrambled to meet clean energy targets and encouraging as many contractors as possible to get on board. 'That's been the march for years, and we've all grown, grown, grown,' he said. 'Now NYSERDA is saying we have to put on the brakes.' A NYSERDA spokesperson said that EmPower+ remains a high priority for the agency and that it is only pausing applications from contractors while it reviews how to direct funds to the households most in need. (The spokesperson did not comment on the agency's funding cuts to the program.) Smith said he doesn't blame any one actor for the cuts. The EmPower+ program — which was the result of a 2023 merger between two others — draws its funding from a dizzying array of sources. There's money from New Yorkers' utility bills, through a program approved by the state's Public Service Commission; from the East Coast cap-and-trade program known as RGGI; from the state budget; from a federal home energy rebate program created under former President Joe Biden; and from the longer-standing federal heating assistance program LIHEAP. Scott Oliver, an EmPower+ program administrator at NYSERDA, told contractors last week that federal and state budget cuts were forcing the agency to scale back the program. Hochul and state lawmakers gave EmPower+ a $200 million funding surge in 2023 but earmarked only $50 million for the program this year. President Donald Trump's administration is seeking to eliminate LIHEAP entirely and cut back other weatherization funds. Hochul could direct NYSERDA to tap other funding sources for the program, advocates say. The cap-and-trade program RGGI has earned New York anywhere from $100 million to $400 million a year over the last decade and accumulated a surplus of more than $850 million, according to NYSERDA's latest financial statement. The state's new $1 billion climate fund included only $50 million specifically for EmPower+, but has another $110 million for unspecified green buildings projects, which the governor could use for the program. (The New York State Assembly had sought in negotiations to allocate more than $300 million just to EmPower+.) And the Public Service Commission, New York's utility regulator, recently increased the funding going from energy customers' bills to programs like EmPower+, if not by as much as some advocates had hoped. Advocates say it's not yet clear whether Hochul's administration intentionally cut EmPower+ or whether the program, with its complicated mix of funding, has simply slipped through the cracks. Still, Hernandez, of Rewiring America, said it was bewildering that Hochul's administration could allow such cuts to proceed while the governor emphasizes energy affordability as much as she has: 'How can she be saying, doing both of those things at the same time?' In a statement, the governor's office highlighted the $50 million for EmPower+ in this year's state budget. 'Governor Hochul has made affordability for New Yorkers a top priority,' said Hochul's energy and environment spokesperson Ken Lovett. 'The Governor continues to push back against devastating cuts in Washington, and calls on our state's Congressional Republican delegation to join the fight to protect our state's most vulnerable citizens.' The EmPower+ cuts further slow New York's progress toward meeting legally binding climate targets, in particular a requirement to slash energy use in buildings by 2025. That deadline is now just months away, and the state is far from meeting it. Some climate hawks in the state legislature are beginning to cry foul over the EmPower+ cuts. 'I'm sure that right now the governor is doing her best to look at where we can cut corners,' said Assemblymember Dana Levenberg, of Westchester and the Hudson Valley, referring to the massive funding cuts coming down from Washington. 'This is not where we should be doing that.' In their presentation last week, NYSERDA officials said they were still looking for alternate sources of funding to keep EmPower+ whole. 'This is a problem that is absolutely fixable, and we need the governor to step in here and make the call,' said Azulay, of Alliance for a Green Economy. Hochul has promised that she's attuned to such concerns. 'Utility costs are a huge burden on families,' she told reporters earlier this month, 'and I'll do whatever I can to really alleviate that.' Solve the daily Crossword
