In this article, we will be taking a look at the 7 Hot Healthcare Stocks to Buy Right Now. Qiagen N.V. is placed seventh among them. Qiagen N.V. (NYSE:QGEN), a global leader in molecular diagnostics and sample preparation technologies, continues to advance its position in clinical laboratories, biopharmaceuticals, and life science research. Headquartered in the Netherlands and operating in over 30 countries under CEO Thierry Bernard, the company provides a wide range of solutions, including nucleic acid e ...

Question-and-Answer SessionMaybe to kick things off, do you want to just give a quick kind of state of the union on where we are coming out of the second quarter?Roland SackersCFO, MD & Member of Management Board Yes. No, happy to do so. Again, as we clearly said before, was a bit -- QIAGEN had a good start into the year, clearly, 7% growth rate in the first quarter, 6% growth rate in the second quarter. I would argue that's probably twice the growth rate we typically see in the diversified tools sector rig ...

Question-and-Answer SessionMaybe to kick things off, do you want to just give a quick kind of state of the union on where we are coming out of the second quarter?Roland SackersCFO, MD & Member of Management Board Yes. No, happy to do so. Again, as we clearly said before, was a bit -- QIAGEN had a good start into the year, clearly, 7% growth rate in the first quarter, 6% growth rate in the second quarter. I would argue that's probably twice the growth rate we typically see in the diversified tools sector rig ...

Summary of Qiagen (NYSE: QGEN) 2025 Conference Call Company Overview - **Company**: Qiagen (NYSE: QGEN) - **Date of Conference**: September 10, 2025 - **Key Speakers**: CFO Roland Sackers, IR John Gilardi Key Points Financial Performance - Qiagen reported a **7% growth rate in Q1** and a **6% growth rate in Q2** of 2025, indicating a positive start to the year [3][4] - The company has increased its revenue and EPS guidance following the first quarter [3][4] - The **five pillars of growth** are crucial for Qiagen's strategy, with a focus on being a top player in all segments [4] Product Performance - **QuantiFERON**: The largest product for Qiagen, has shown **20+ quarters of double-digit growth**. The market is still largely dominated by a 120-year-old skin test, presenting a significant penetration opportunity [4][24] - **QIAstat-Dx**: Strong growth in North America attributed to recent FDA approvals and expansion into syndromic testing [35][38] - **Sample Preparation**: Improvement noted, with new product launches expected, including QIAsymphony Connect, QIASprint Connect, and QIAmini [5][13][17] Market Dynamics - The **U.S. academic market** is facing challenges, with NIH funding contributing **4-5%** of total revenues. However, consumables business remains strong [7][8] - **China Market**: Currently experiencing a decline, with sales at **4-5%** of total revenues. Qiagen is adopting a two-pronged strategy to address structural issues in this market [10][11] - The **diagnostics market** in China is competitive, with **20-25 copycat competitors**. Qiagen is cautious about expecting a return to growth in this region [11] Growth Opportunities - The company is optimistic about the **sample prep market**, aiming for growth acceleration to **3-4%** over time, despite current challenges [22] - **QuantiFERON** has potential for growth due to increasing mandatory testing requirements in various sectors [24][26] - **Digital PCR (QIAcuity)**: Expanding into clinical applications, with significant opportunities in oncology and infectious diseases [41][43] Margin and Profitability - Qiagen is on track to achieve an adjusted operating margin of **31%** earlier than 2028, with expectations of **29-30%** by the end of the year [44][45] - The company is focusing on efficiency projects and better utilization of resources to enhance profitability [45] Capital Allocation - Qiagen has initiated a dividend and is active in share repurchases, with a recent approval for a **$500 million share buyback** [47][48] - The company maintains a balanced approach to capital allocation, investing in organic growth and potential acquisitions [47] Conclusion - Qiagen is navigating a complex market landscape with a focus on growth through innovation in product offerings and strategic market positioning. The company remains optimistic about its financial outlook and growth opportunities across various segments.

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Question-and-Answer SessionThanks, everyone, for being here today. Roland, for the benefit of investors, could you kind of provide a recap of your recent second quarter earnings?Roland SackersCFO, MD & Member of Management Board Happy to do so, and thanks for having us. I would clearly state that QIAGEN overall had a very good start into the year. We had a good growth rate, not only in the first quarter, but also the second quarter came in with a 6% overall growth rate, which I do think, particularly given ...

Qiagen (NYSE:QGEN) FY Conference September 09, 2025 01:05 PM ET Company ParticipantsRoland Sackers - CFO & MDJohn Gilardi - VP & Head - Corporate CommunicationsAisyah Noor - VP - Equity ResearchAisyah NoorI guess we can start. Can everybody hear me? Yes. Thanks for joining us today. My name is Aisha Noor, European MedTech Analyst with Morgan Stanley. I have with me on the stage Mr. Roland Sackers, CFO of Qiagen, and for the first time in my career with Morgan Stanley, Mr. John Gilardi, IR of Qiagen. For res ...

Core Insights - The article emphasizes the importance of diversifying viewpoints in stock analysis and investing, referencing the Japanese proverb "他山之石" which highlights the value of multiple perspectives in gaining knowledge [1] Group 1 - The author expresses a commitment to covering a wide range of assets to identify the best investment opportunities across different types [1] - The foundational aspects of investing are underscored, suggesting that understanding simple fundamentals is crucial for success [1] Group 2 - The article does not provide specific company or industry insights, focusing instead on the philosophy of investment and analysis [1]

Core Insights - Qiagen's international operations are crucial for assessing its financial strength and growth potential [1][2] - The company's total revenue for the quarter ending June 2025 was $533.54 million, reflecting a 7.5% increase year-over-year [4] International Revenue Trends - Revenue from Asia Pacific, Japan, and Rest of World was $73 million, accounting for 13.7% of total revenue, which was a decline of 5.37% from expectations [5] - Europe, Middle East, and Africa generated $179 million, constituting 33.6% of total revenue, exceeding projections by 4.23% [6] Revenue Forecasts - For the current fiscal quarter, total revenue is projected at $524.34 million, a 4.5% increase year-over-year, with Asia Pacific, Japan, and Rest of World expected to contribute $74.92 million [7] - For the full year, total revenue is anticipated to reach $2.07 billion, also reflecting a 4.5% increase, with contributions from Asia Pacific, Japan, and Rest of World at $298.14 million [8] Conclusion - Qiagen's reliance on international markets presents both opportunities and challenges, necessitating close monitoring of its international revenue trends for future projections [9]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) QIAGEN exceeded expectations in Q2 2025, achieving robust growth and improved profitability driven by strong performance in Diagnostic Solutions, particularly QIAstat-Dx and QuantiFERON Q2 2025 Key Financial Metrics | Metric | Amount/Ratio | | :---------------------- | :-------- | | Net Sales | $534 million (+7% actual rates, +6% CER) | | Adjusted Diluted EPS | $0.60 ($0.62 CER) | | Adjusted Operating Income Margin | 29.9% (+1.5 percentage points YoY) | | Diagnostic Solutions Sales | +11% CER | | QIAstat-Dx Sales | +41% CER | | QuantiFERON Sales | +11% CER | [Full-Year 2025 Outlook Update](index=1&type=section&id=Full-Year%202025%20Outlook%20Update) Based on strong H1 2025 performance, QIAGEN raised its full-year net sales outlook while reaffirming adjusted diluted EPS and adjusted operating income margin targets Full-Year 2025 Outlook | Metric | Updated Outlook | Previous Outlook | | :---------------------- | :--------- | :------- | | Net Sales Growth (CER) | 4-5% | approx 4% | | Core Sales Growth (CER) | 5-6% | approx 5% | | Adjusted Diluted EPS (CER) | approx $2.35 | approx $2.35 | | Adjusted Operating Income Margin | approx 30% | approx 30% | [Financial Performance Analysis](index=3&type=section&id=Financial%20Performance%20Analysis) [Consolidated Financial Results (Q2 & H1 2025)](index=3&type=section&id=Consolidated%20Financial%20Results%20%28Q2%20%26%20H1%202025%29) QIAGEN achieved significant improvements in net and operating income during Q2 and H1 2025, primarily driven by sales growth and efficiency gains Q2 and H1 2025 Key Financial Data | Metric ($ million) | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :------------------ | :------------- | :------------- | :--- | :----------- | :----------- | :--- | | Net Sales | 534 | 496 | +7 % | 1,017 | 955 | +6 % | | Operating Income | 122 | (228) | NM | 237 | (133) | NM | | Net Income | 96 | (183) | NM | 187 | (103) | NM | | Diluted EPS | $0.44 | ($0.82) | NM | $0.85 | ($0.46) | NM | | Adjusted Operating Income | 160 | 141 | +13 % | 304 | 259 | +17 % | | Adjusted Net Income | 132 | 123 | +8 % | 253 | 226 | +12 % | | Adjusted Diluted EPS | $0.60 | $0.55 | +9 % | $1.15 | $1.00 | +15 % | [Sales by Product Group](index=4&type=section&id=Sales%20by%20Product%20Group) Diagnostic Solutions was the primary driver of sales growth, achieving strong double-digit increases, while Sample Technologies and Genomics/NGS sales remained stable or slightly declined Sales by Product Group (Q2 and H1 2025) | Product Group ($ million) | Q2 2025 Sales | Q2 2024 Sales | Q2 Change | Q2 CER Change | H1 2025 Sales | H1 2024 Sales | H1 Change | H1 CER Change | | :------------------------- | :------------------- | :------------------- | :----------- | :-------------- | :----------------- | :----------------- | :--------- | :-------------- | | Sample Technologies | 166 | 164 | +2 % | 0 % | 316 | 318 | -1 % | -1 % | | Diagnostic Solutions | 206 | 185 | +12 % | +11 % | 393 | 355 | +11 % | +11 % | | PCR / Nucleic Acid Amplification | 80 | 76 | +5 % | +3 % | 156 | 144 | +9 % | +8 % | | Genomics / NGS | 59 | 58 | +1 % | 0 % | 112 | 113 | -1 % | -1 % | | Other | 22 | 14 | +61 % | +60 % | 40 | 25 | +59 % | +62 % | | **Total Net Sales** | **534** | **496** | **+7 %** | **+6 %** | **1,017** | **955** | **+6 %** | **+6 %** | [Sample Technologies](index=4&type=section&id=Sample%20Technologies) - Q2 2025 sales were flat at constant exchange rates, with mid-single-digit growth in automated kits offset by a decline in manual kits[11](index=11&type=chunk) - Instrument sales remained stable despite a challenging customer spending environment, with continued deployment of QIAsymphony Connect, QIAcube Connect, and EZ2 Connect systems[11](index=11&type=chunk) [Diagnostic Solutions](index=4&type=section&id=Diagnostic%20Solutions) - Q2 2025 sales grew **11% CER to $206 million**; core sales (excluding discontinued NeuMoDx systems) increased **13% CER**[11](index=11&type=chunk) - QIAstat-Dx led with **41% CER growth**, achieving double-digit increases across all regions and exceeding the target of at least 150 system placements per quarter[11](index=11&type=chunk) - QuantiFERON latent TB test sales grew **11% CER**, benefiting from continued conversion from skin tests in the Americas and EMEA, alongside broader market expansion[11](index=11&type=chunk) - Companion diagnostics revenue increased **over 20% CER** in Q2 2025, attributed to new collaborations with leading pharmaceutical partners on QIAcuityDx, QIAstat-Dx, and Next-Generation Sequencing (NGS)[11](index=11&type=chunk) [PCR / Nucleic Acid Amplification](index=4&type=section&id=PCR%20%2F%20Nucleic%20Acid%20Amplification) - Q2 2025 sales increased **3% CER to $80 million** compared to Q2 2024[11](index=11&type=chunk) - QIAcuity saw growth in consumables, but instrument sales were slightly below prior-year levels due to continued cautious customer spending[11](index=11&type=chunk) [Genomics / NGS](index=4&type=section&id=Genomics%20%2F%20NGS) - Q2 2025 sales were stable at **$59 million**[11](index=11&type=chunk) - QIAGEN Digital Insights (QDI) bioinformatics business grew at a low single-digit CER, with double-digit growth in clinical applications offsetting weaker demand from research customers impacted by funding pressures[11](index=11&type=chunk) - QDI performance was also adversely impacted by the transition from multi-year licensing agreements to a subscription (SaaS) model[11](index=11&type=chunk) [Other Sales](index=4&type=section&id=Other%20Sales) - Sales growth in this category primarily reflects continued revenue from the Dialunox system prior to its planned discontinuation in mid-2025, along with a smaller contribution from tariff surcharges introduced in 2025[11](index=11&type=chunk) [Operating Income and Margins](index=3&type=section&id=Operating%20Income%20and%20Margins) Q2 2025 operating income shifted from a loss to a profit year-over-year, with adjusted operating income margin improving due to sales growth, efficiency gains, and the NeuMoDx discontinuation - Q2 2025 operating income was **$122 million**, compared to an operating loss of $228 million in the prior-year period[10](index=10&type=chunk) - Adjusted operating income increased **13% to $160 million**[10](index=10&type=chunk) - Adjusted operating income margin improved to **29.9% of sales** in Q2 2025, up **1.5 percentage points** from 28.4% in Q2 2024; at constant exchange rates, the margin rose to **30.8%**[10](index=10&type=chunk) - Research and development investments represented **8.9% of Q2 2025 sales**, aligning with the 9-10% target[10](index=10&type=chunk) [Earnings Per Share (EPS)](index=3&type=section&id=Earnings%20Per%20Share%20%28EPS%29) Q2 2025 diluted EPS turned positive, and adjusted diluted EPS exceeded expectations, reflecting improved profitability - Q2 2025 diluted EPS was **$0.44**, compared to a net loss per share of $0.82 in Q2 2024[10](index=10&type=chunk) - Adjusted diluted EPS was **$0.60**, or **$0.62 at constant exchange rates**, exceeding the outlook of at least $0.60 CER[10](index=10&type=chunk) - The adjusted tax rate for Q2 2025 was **20%**, slightly above the outlook of approximately 19%[10](index=10&type=chunk) [Cash Flow & Capital Allocation](index=5&type=section&id=Cash%20Flow%20%26%20Capital%20Allocation) [Cash Flow Overview](index=5&type=section&id=Cash%20Flow%20Overview) Net cash provided by operating activities remained stable in H1 2025, but free cash flow slightly decreased due to increased capital expenditures for strategic projects Q2 and H1 2025 Key Cash Flow Data | Metric ($ million) | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :---------------------------------- | :------------- | :------------- | :--- | :----------- | :----------- | :--- | | Net Cash Provided by Operating Activities | 161 | 167 | -3 % | 301 | 300 | 0 % | | Purchases of Property, Plant and Equipment | (40) | (38) | +5 % | (84) | (75) | +12 % | | Free Cash Flow | 121 | 129 | -6 % | 217 | 225 | -3 % | | Net Cash Provided by (Used in) Investing Activities | (42) | (18) | NM | 78 | (11) | NM | | Net Cash Used in Financing Activities | (28) | (127) | NM | (315) | (419) | NM | - Free cash flow for H1 2025 slightly decreased to **$217 million**, primarily due to increased investments in property, plant, and equipment for projects like the SAP system upgrade[14](index=14&type=chunk) [Capital Allocation and Shareholder Returns](index=5&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) QIAGEN returned over $350 million to shareholders in 2025 through synthetic share repurchases and its first cash dividend, while continuing to focus on innovation investments - Over **$350 million** has been returned to shareholders in 2025 through synthetic share repurchases and the first cash dividend[7](index=7&type=chunk) - Approximately **$300 million** was returned to shareholders in January 2025 through a synthetic share repurchase, reducing shares outstanding by **6.2 million** (approx **2.8%**)[14](index=14&type=chunk) - The first annual cash dividend of approximately **$54 million** was paid in July 2025[14](index=14&type=chunk) - Leverage ratio (net debt to adjusted EBITDA) increased from **0.3x** at year-end 2024 to **0.6x** at the end of Q2 2025[14](index=14&type=chunk) - Approximately **$500 million** is expected to be paid in December 2025 for the early redemption of 2027 convertible notes[14](index=14&type=chunk) [Strategic Initiatives & Portfolio Update](index=5&type=section&id=Strategic%20Initiatives%20%26%20Portfolio%20Update) [QIAGEN Digital Insights (QDI)](index=5&type=section&id=QIAGEN%20Digital%20Insights%20%28QDI%29) QIAGEN acquired Genoox in May 2025, integrating its AI-driven Franklin cloud platform into clinical genomics offerings to enhance NGS data interpretation for rare diseases, cancer, and reproductive health - Acquired Genoox in May 2025, adding the Franklin cloud platform to its clinical genomics offerings[14](index=14&type=chunk) - The Franklin platform supports scalable, AI-powered NGS data interpretation for decision support in rare diseases, cancer, and reproductive health issues[14](index=14&type=chunk) - This integration is expected to enhance diagnostic accuracy and strengthen QDI's position in clinical NGS interpretation, especially for small to medium-sized laboratories[14](index=14&type=chunk) [Sample Technologies Development](index=5&type=section&id=Sample%20Technologies%20Development) QIAGEN is developing three new sample preparation platforms (QIAsymphony Connect, QIAsprint Connect, and QIAmini), planned for launch from late 2025, aiming to expand its installed base in clinical and research settings through improved automation, flexible throughput, and connectivity - Three new sample preparation platforms are under development: QIAsymphony Connect (2025), QIAsprint Connect (2026), and QIAmini (2026)[14](index=14&type=chunk) - These systems aim to provide improved automation, flexible throughput, and connectivity to expand the installed base in clinical and research settings[14](index=14&type=chunk) [QIAcuity Partnerships](index=5&type=section&id=QIAcuity%20Partnerships) QIAcuity's applications in oncology are expanding through collaborations with ID Solutions and Tracer Biotechnologies, aiming to support decentralized clinical trials and future companion diagnostics - Collaboration with ID Solutions to offer multiplex assays for detecting cancer mutations in cfDNA and FFPE samples[14](index=14&type=chunk) - Separate agreement with Tracer Biotechnologies focuses on developing MRD (minimal residual disease) assays for solid tumors[14](index=14&type=chunk) - These initiatives aim to support decentralized clinical trials and future companion diagnostics[14](index=14&type=chunk) [Precision Medicine & Companion Diagnostics](index=5&type=section&id=Precision%20Medicine%20%26%20Companion%20Diagnostics) In June 2025, QIAGEN expanded its NGS-based companion diagnostics pipeline through new global partnerships, including with Incyte for CALR gene mutation detection and Foresight Diagnostics for converting CLARITY ctDNA assays into diagnostic kits - Global partnership with Incyte to develop an assay for CALR gene mutations in patients with myeloproliferative neoplasms[14](index=14&type=chunk) - Collaboration with Foresight Diagnostics to convert the CLARITY ctDNA assay for lymphoma from a central lab service into a diagnostic kit for clinical trials[14](index=14&type=chunk) [Outlook](index=6&type=section&id=Outlook) [Full-Year 2025 Outlook](index=6&type=section&id=Full-Year%202025%20Outlook) QIAGEN updated its full-year 2025 net sales growth outlook to 4-5% CER, core business growth to 5-6% CER, and reaffirmed adjusted diluted EPS at approximately $2.35 CER and adjusted operating income margin at approximately 30% Full-Year 2025 Outlook | Metric | Outlook | | :---------------------- | :--------- | | Net Sales Growth (CER) | 4-5% | | Core Sales Growth (CER) | 5-6% | | Adjusted Diluted EPS (CER) | approx $2.35 | | Adjusted Operating Income Margin | approx 30% | - Foreign currency movements are expected to have a positive impact of approximately one percentage point on net sales and an adverse impact of approximately **$0.02** on adjusted diluted EPS for full-year 2025[15](index=15&type=chunk) [Q3 2025 Outlook](index=6&type=section&id=Q3%202025%20Outlook) For Q3 2025, QIAGEN anticipates net sales growth of at least 4% CER and adjusted diluted EPS of at least $0.58 CER Q3 2025 Outlook | Metric | Outlook | | :---------------------- | :--------- | | Net Sales Growth (CER) | at least 4% | | Core Sales Growth (CER) | at least 5% | | Adjusted Diluted EPS (CER) | at least $0.58 | | FX Impact on Net Sales | positive impact of up to one percentage point | | FX Impact on Adjusted Diluted EPS | neutral | [Additional Information](index=6&type=section&id=Additional%20Information) [Use of Adjusted Results (Non-GAAP)](index=6&type=section&id=Use%20of%20Adjusted%20Results%20%28Non-GAAP%29) QIAGEN uses adjusted (non-GAAP) financial measures and constant exchange rate (CER) metrics to provide deeper insights into its business performance, excluding items not representative of core operations or affecting comparability - QIAGEN reports adjusted results and constant exchange rate (CER) measures, along with other non-GAAP financial metrics, to provide deeper insights into its business performance[18](index=18&type=chunk) - Adjusted results exclude items considered outside the scope of ongoing core operations, subject to significant cyclical fluctuations, or reducing comparability with competitors and historical performance[18](index=18&type=chunk) - These non-GAAP and CER metrics are used internally for planning, forecasting, reporting, and employee compensation purposes[18](index=18&type=chunk) [About QIAGEN](index=6&type=section&id=About%20QIAGEN) QIAGEN N.V. is a global leader in sample to insight solutions, serving over 500,000 customers in life sciences and molecular diagnostics by enabling them to extract and analyze molecular information from biological samples - QIAGEN N.V. is a global leader in sample to insight solutions, enabling over **500,000 customers** worldwide to extract and analyze molecular information from biological samples containing the building blocks of life[19](index=19&type=chunk) - Its solutions include sample technologies (separating and processing DNA, RNA, and proteins), assay technologies (preparing biomolecules for analysis), bioinformatics (supporting complex data interpretation), and automation solutions[19](index=19&type=chunk) - As of June 30, 2025, QIAGEN had approximately **5,700 employees** at more than **35 locations** worldwide[19](index=19&type=chunk) [Forward-Looking Statements & Contacts](index=7&type=section&id=Forward-Looking%20Statements%20%26%20Contacts) This press release contains forward-looking statements subject to various uncertainties and risks, such as growth management, currency fluctuations, regulatory approvals, and market acceptance, and provides investor relations and public relations contact information - Certain statements in this press release may constitute forward-looking statements, involving products, development timelines, marketing and/or regulatory approvals, financial and operational outlook, growth strategies, collaborations, and operating results[20](index=20&type=chunk) - These statements are based on current expectations and assumptions but involve uncertainties and risks, including challenges in managing growth and international operations (such as currency fluctuations, tariffs, tax laws, regulatory processes, and supply chain dependencies)[20](index=20&type=chunk) - For a more complete discussion of risks and uncertainties, refer to the 'Risk Factors' section in the company's latest Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission[20](index=20&type=chunk) - Investor Relations contact: ir@QIAGEN.com; Public Relations contact: pr@QIAGEN.com[21](index=21&type=chunk) [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section provides unaudited statements of income for Q2 and H1 2025 compared to the same periods in 2024, detailing net sales, cost of sales, operating expenses, and net income/loss Condensed Consolidated Statements of Income (Unaudited) | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Net Sales | $533,540 | $496,347 | $1,016,996 | $955,143 | | Total Cost of Sales | 199,254 | 461,583 | 374,029 | 629,390 | | Gross Profit | 334,286 | 34,764 | 642,967 | 325,753 | | Total Operating Expenses | 212,384 | 263,201 | 405,718 | 459,243 | | Operating Income (Loss) | 121,902 | (228,437) | 237,249 | (133,490) | | Net Income (Loss) | $96,250 | ($183,460) | $187,008 | ($102,787) | | Diluted Earnings (Loss) Per Common Share | $0.44 | ($0.83) | $0.85 | ($0.46) | | Adjusted Diluted Earnings Per Common Share | $0.60 | $0.55 | $1.15 | $1.00 | [Reconciliation of Reported to Adjusted Results](index=9&type=section&id=Reconciliation%20of%20Reported%20to%20Adjusted%20Results) This section provides a detailed reconciliation of GAAP reported results to non-GAAP adjusted results for Q2 and H1 2025, highlighting adjustments for business integration, acquisitions, restructuring, intangible asset amortization, and tax items Reconciliation of Reported to Adjusted Results (Unaudited) | Three Months Ended June 30, 2025 | Net Sales ($ million) | Gross Profit ($ million) | Operating Income ($ million) | Income Before Income Taxes ($ million) | Income Tax Expense ($ million) | Tax Rate | Net Income ($ million) | Diluted EPS* | | :------------------------------- | :------- | :----- | :------- | :------- | :----- | :--- | :----- | :------- | | Reported Results | 533.5 | 334.3 | 121.9 | 126.8 | (30.6) | 24% | 96.2 | $0.44 | | Total Adjustments | — | 21.7 | 37.6 | 37.7 | (2.0) | | 35.7 | 0.16 | | Adjusted Results | 533.5 | 356.0 | 159.5 | 164.5 | (32.6) | 20% | 131.9 | $0.60 | | Six Months Ended June 30, 2025 | Net Sales ($ million) | Gross Profit ($ million) | Operating Income ($ million) | Income Before Income Taxes ($ million) | Income Tax Expense ($ million) | Tax Rate | Net Income ($ million) | Diluted EPS* | | Reported Results | 1,017.0 | 643.0 | 237.2 | 246.3 | (59.3) | 24% | 187.0 | $0.85 | | Total Adjustments | — | 38.9 | 66.5 | 69.1 | (3.2) | | 65.9 | 0.30 | | Adjusted Results | 1,017.0 | 681.9 | 303.7 | 315.4 | (62.5) | 20% | 252.9 | $1.15 | - Adjusting items include business integration, acquisition, and restructuring-related items, amortization of purchased intangible assets, non-cash other net income, and certain income tax items[25](index=25&type=chunk)[26](index=26&type=chunk) [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents unaudited balance sheets as of June 30, 2025, compared to December 31, 2024, detailing assets, liabilities, and shareholders' equity Condensed Consolidated Balance Sheets (Unaudited) | (in thousands, except par value) | June 30, 2025 | December 31, 2024 (Restated) | | :--------------------------------- | :------------ | :-------------------- | | Total Current Assets | 1,818,989 | 1,959,853 | | Total Non-Current Assets | 4,004,769 | 3,729,769 | | **Total Assets** | **$5,823,758**| **$5,689,622** | | Total Current Liabilities | 1,128,314 | 1,042,031 | | Total Non-Current Liabilities | 1,189,954 | 1,080,252 | | Total Equity | 3,505,490 | 3,567,339 | | **Total Liabilities and Equity** | **$5,823,758**| **$5,689,622** | - Balances for 'Current portion of long-term debt' and 'Long-term debt, net of current portion' as of December 31, 2024, have been adjusted to reclassify **$498.4 million** of 2027 convertible notes, previously classified as long-term debt, to current liabilities[29](index=29&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section provides unaudited cash flow statements for the six months ended June 30, 2025, compared to the same period in 2024, detailing cash flows from operating, investing, and financing activities, as well as free cash flow Condensed Consolidated Statements of Cash Flows (Unaudited) | (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :----------------------- | :----------------------- | | Net Cash Provided by Operating Activities | $301,175 | $299,695 | | Net Cash Provided by (Used in) Investing Activities | 78,084 | (11,406) | | Net Cash Used in Financing Activities | (314,698) | (419,470) | | Net Increase (Decrease) in Cash and Cash Equivalents | 70,260 | (134,440) | | Cash and Cash Equivalents at End of Period | $733,815 | $533,644 | | Free Cash Flow | $217,083 | $224,921 | - Free cash flow is a non-GAAP financial measure calculated as net cash provided by operating activities less purchases of property, plant, and equipment[31](index=31&type=chunk)