1、USA|Life Science Tools&DiagnosticsEquity ResearchAugust 17,2025 TychoPeterson*|Equity Analyst+1(212)738-5583|MatthewStanton*|Equity Analyst(615)963-8397|JackMelick,CPA*|Equity Associate+1(617)345-8671|NoahKava*|Equity Associate+1(212)323-3939|LaurenTimmins,Ph.D.*|Equity Associate+1(929)237-2038(mobi

2、le)|PriyaPatel*|Equity Associate+1(332)204-0140|Alzheimers Deep Dive:Highlighting the PathAhead for DiagnosticsGiven recent news(Fuji FDA approval,LLY label)and more market-shapingcatalysts on the horizon,we are taking a closer look at Alzheimers disease andthe use of blood-based biomarkers(BBM)for

3、early diagnosis.Within this note,we discuss market drivers,competitive and technological dynamics,and sizepotential tailwinds for our coverage.Our work shows that BBMs could add amaterial boost(100 bps)to the$30B core lab market,most positively for DHR.Backdrop.Recently,there has been a rash of news

4、 relevant to Alzheimers BBMs,including:(1)Fujirebio(received first ever FDA approval for a BBM in May with Quest now offering the testnationwide);(2)LLY(Tewari),which received an updated label to Kisunla in June reducing the riskprofile;and(3)guidelines(unveiling of the first clinical practice guide

5、lines governing BBM usageat AAIC).Looking ahead,there are more catalysts on the horizon that could unlock wider BBMusage,which we detail in this report,along with the evolving BBM competitive landscape and sizeof potential tailwinds.More on BBMs.Blood-based tests are emerging as a disruptive force i

6、n diagnostics,offering aminimally-invasive and scalable option for AD diagnosis,with increasingly impressive performance(most pTau217 meet guideline thresholds)and uptake becoming an important part of the narrativefor several companies(see DHR analyst day recap).While PET has been the gold standard,