Question-and-Answer SessionMaybe let's do a quick recap of 3Q to kick things off. You had 6% core growth, better than expectations. Sample tech, QuantiFERON, PCR, a little bit of a drag. Just maybe talk about the gives and takes and also on the operating margin side.Roland SackersCFO, MD & Member of Management Board Yes. First of all, thanks for having us, Tycho. I think you organized everything well other than the weather. But again, as you said correctly, I think QIAGEN was clearly off to a good start int ...

Summary of Qiagen's Q3 Conference Call Company Overview - **Company**: Qiagen - **Industry**: Life Sciences, specifically focusing on sample preparation and molecular diagnostics Key Points and Arguments Financial Performance - Qiagen reported a **6% core growth** in Q3, which was better than expectations [1][2] - Growth rates for the year were **7% in Q1**, **6% in Q2**, and **6% in Q3** despite a challenging market environment [2] - The sample preparation business saw an underlying acceleration to **3% growth**, which is significant ahead of upcoming major instrumentation launches [3] Market Challenges - The company is facing challenges due to the **US government shutdown** and funding uncertainties, particularly affecting the academic environment [4][5] - The funding situation remains unclear, impacting long-term investment confidence in new instrumentation [6][8] - The instrumentation segment, which constitutes about **10% of the business**, is expected to take time to normalize due to funding perceptions [8][9] Margin and Guidance - Qiagen's operating margin guidance for the year is between **29% and 30%**, with an expected end at **29.5%**, reflecting a **300 basis points improvement** over the last three years [11] - The company anticipates further margin expansion in the midterm, targeting **31% by 2028** [12][13] - Headwinds include **dilution from acquisitions** and **currency impacts**, but operational improvements are expected to offset these challenges [12] Product Development and Innovation - Qiagen is launching new products, including the **Qiagen Sprint** for high-throughput sample prep and the **Qiagen Symphony Connect** platform, which aims to enhance workflow and integration [25][26] - The company is also introducing the **Qiagen Mini**, a cost-effective solution for sample prep in academic settings [28] - The focus on **digital PCR** is highlighted as a growth driver, with opportunities in **companion diagnostics** and **pharma** [35][36] Strategic Acquisitions - Qiagen's acquisition of **Parse** is seen as a strategic move to enhance its offerings in the single-cell market, with expected revenues from Parse projected to double from **$20 million to at least $40 million** next year [18][19] - The integration of Parse's technology is expected to create synergies with Qiagen's existing customer base, particularly in the academic and pharma sectors [20][22] Market Position and Future Outlook - Qiagen aims to diversify its product offerings beyond respiratory diagnostics, with significant growth in **gastrointestinal** and **meningitis** testing [30][32] - The company is optimistic about returning to a **3-4% CAGR by 2028**, driven by new product launches and market expansion [24] - The normalization of the academic environment is expected to boost sample prep sales, with a focus on maintaining a broad menu of diagnostic options [34] Bioinformatics and SaaS Transition - Qiagen's bioinformatics segment is experiencing double-digit growth, transitioning to a **SaaS business model** which may impact revenue recognition in the short term [39][40] - The acquisition of **Genox** is expected to enhance Qiagen's reach into smaller accounts, contributing to continued growth in this segment [40] Additional Important Insights - The company is leveraging digital channels for sales, with **60% of revenues** currently coming through these channels, aiming to increase this to **75%** [16] - There are ongoing cost-out programs focused on improving gross margins and operational efficiencies [14][15] This summary encapsulates the key insights from Qiagen's Q3 conference call, highlighting the company's performance, challenges, strategic initiatives, and future outlook in the life sciences industry.

Summary of QIAGEN Conference Call Company Overview - **Company**: QIAGEN (NYSE: QGEN) - **Industry**: Life Sciences Tools and Diagnostics - **Key Focus**: Sample preparation, diagnostics, syndromic testing, latent TB testing [1][3] Leadership Transition - Thierry Bernard has been with QIAGEN for nearly seven years as CEO - The company is undergoing a leadership transition, with a strong board and executive team in place - The transition is seen as a proactive measure to avoid complacency and to prepare for future opportunities [5][43][44] Financial Performance and Targets - QIAGEN has met or exceeded expectations for 24 consecutive quarters - The company aims for a 7% compound annual growth rate (CAGR) in revenue, a 31% EBIT margin, and $2 billion in revenues by 2028 - The company is on track to return at least $1 billion to shareholders, having already committed $500 million to return by January next year [8][10][12][13] Market Conditions and Growth Drivers - The market environment has become more volatile due to geopolitical uncertainties and economic factors - Despite challenges, QIAGEN is still growing at the top tier of the market - The company expects to achieve its revenue targets through its growth pillars, including sample technology, QIAstat-Dx, and QuantiFERON [9][10][12][16] Capital Deployment and Acquisitions - QIAGEN is focused on strategic acquisitions, with the recent Parse acquisition expected to contribute $40 million in revenue and enhance growth - The company has a solid balance sheet with no leverage, allowing for significant acquisition firepower - The Parse acquisition is seen as synergistic, expanding QIAGEN's reach in sample tech and bioinformatics [10][35][36][41] Market Dynamics and Customer Sentiment - There is cautious optimism regarding funding trends in the U.S. and Europe, particularly after the end of the government shutdown - QIAGEN's sales to NIH and CDC have remained stable, with no significant cancellations, although some projects are being postponed - The company is observing a mixed funding environment in Europe, with positive signals from Germany and the U.K. [19][27][28][24] Competitive Landscape - QIAGEN is not seeing significant limitations in syndromic panels compared to competitors - The company is experiencing renewed interest from pharmaceutical companies in companion diagnostics, which is driving performance in digital PCR [29][32][33] Future Outlook - QIAGEN remains cautiously optimistic about its growth potential, with expectations of organic growth between 3-5% in the near term - The company is committed to maintaining realistic yet ambitious guidance, focusing on profitable growth and operational efficiency [14][15][22][16] Conclusion - QIAGEN is positioned well in the life sciences tools and diagnostics industry, with a strong focus on growth, strategic acquisitions, and maintaining a solid financial foundation - The leadership transition is viewed positively, as it aims to bring new perspectives while maintaining the company's strategic focus [42][44]

Financial Data and Key Metrics Changes - Net sales increased by 6% to $533 million, with core sales (excluding discontinued products) also rising by 6% at constant exchange rates [5][10][12] - Adjusted diluted EPS was $0.61, exceeding the outlook of at least $0.58 [8][16] - Adjusted operating income margin remained steady at 29.6% of sales, with cash generation strong at $466 million for the first nine months of 2025 [10][11][16] Business Line Data and Key Metrics Changes - QuantiFERON grew by 11%, driven by strong instrument placements and consumable demand [6][12] - Sample technologies returned to growth with a 3% increase in sales, while QIAcuity maintained double-digit growth [7][12] - QIAGEN Digital Insights delivered solid double-digit growth, supported by the integration of Genox [7][12] Market Data and Key Metrics Changes - Sales in the Americas rose by 7% at constant exchange rates, while EMEA grew by 4% [14] - The Asia-Pacific region saw a decline of 2%, primarily due to a mid-teens decline in China [14] Company Strategy and Development Direction - The company announced the acquisition of PARS Biosciences to expand into the AI-driven single-cell market, enhancing its sample technologies portfolio [5][22] - A $500 million synthetic share repurchase program was announced, aiming to return over $1 billion to shareholders by 2028 [5][11] - The company remains committed to achieving a 7% sales CAGR from 2024 to 2028 and aims to exceed a 31% adjusted operating income margin by the end of 2028 [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the challenging macro environment while maintaining solid growth [4][8] - The adjusted EPS target for 2025 was raised to about $2.38, reflecting improved profitability despite currency headwinds [8][25] - The company anticipates continued growth in core sales and expects to mitigate the impact of tariffs and the U.S. government shutdown [8][41] Other Important Information - The company is on track to launch new sample prep instruments and expand its syndromic testing portfolio [19][23] - R&D investments increased to 9.2% of sales, focusing on key growth pillars [15][16] - The company is preparing for a leadership transition, with the current CEO planning to step down after more than 10 years [9] Q&A Session Summary Question: Can you discuss the PARS acquisition and its competitive landscape? - The acquisition of PARS is strategic and synergistic, allowing QIAGEN to enter the fast-growing single-cell analysis market with instrument-free technology that processes millions of cells [30][32] Question: What is the traction for the new panels in syndromic testing? - QIAGEN Sack continues to deliver strong growth, particularly in GI and meningitis panels, with expectations to exceed midterm revenue guidance [34][36] Question: How have the new panels contributed to platform growth? - The three key panels have significantly contributed to U.S. performance, with more instruments placed in the first half of 2025 than in the entire previous year [37] Question: What is the impact of the U.S. government shutdown on sales? - The shutdown is expected to impact sales, particularly in academia and research, but the company has maintained its guidance for the year [41][43] Question: Can you elaborate on the tariff impact on margins? - The company expects a 90 basis point impact from tariffs, which is net of mitigation efforts, and does not anticipate a larger impact for the next year [45][46] Question: What are the expectations for 2026? - The company is positioned for growth between 5-7% in 2026, depending on market conditions, while maintaining a focus on profitability and cash generation [50][53]

Q3 2025 results Delivering results above outlook November 4, 2025 Forward looking and intended use statements Safe Harbor Statement: Certain statements in this presentation may constitute forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These statements, including those regarding QIAGEN's products, development timelines, marketing and/or regulatory approvals, financial and ope ...

Core Insights - Qiagen reported revenue of $532.58 million for Q3 2025, a year-over-year increase of 6.1%, with an EPS of $0.61 compared to $0.59 a year ago, exceeding the Zacks Consensus Estimate of $525.99 million by 1.25% [1] - The company delivered an EPS surprise of 5.17%, with the consensus EPS estimate being $0.58 [1] Financial Performance - Qiagen's stock has returned -2.7% over the past month, while the Zacks S&P 500 composite increased by 2.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3] Sales by Product Groups - Diagnostic solutions - QIAstat-Dx: $32 million vs. $34.77 million estimated, +14.3% year-over-year [4] - Diagnostic solutions - QuantiFERON: $136 million vs. $133.3 million estimated, +11.5% year-over-year [4] - Diagnostic solutions - Other: $41 million vs. $39.24 million estimated, 0% year-over-year [4] - Other: $18 million vs. $17.37 million estimated, +28.6% year-over-year [4] - PCR / Nucleic acid amplification: $75 million vs. $76.5 million estimated, +1.4% year-over-year [4] - Genomics / NGS: $61 million vs. $60.62 million estimated, +10.9% year-over-year [4] - Diagnostic solutions total: $209 million vs. $207.61 million estimated, +6.1% year-over-year [4] - Sample technologies: $170 million vs. $163.77 million estimated, +4.9% year-over-year [4]

Summary of QIAGEN Conference Call Company Overview - **Company**: QIAGEN - **Industry**: Life Sciences and Diagnostics Key Points and Arguments Business Performance and Market Trends - QIAGEN's business model serves both life sciences and diagnostics, with over 80% of products sold to both sectors [3][10] - Strong growth observed in diagnostics, particularly with the QuantiFERON test for latent TB detection, expected to approach $500 million in sales this year [3][4] - Growth in QIAstat Dx syndromic testing, which allows testing for multiple pathogens in emergency settings [4] - Life sciences segment faces funding pressures in the U.S. and China, impacting growth [4][10] Customer Segmentation and Demand - Academic customers account for 15-20% of business, while pharma customers represent another 15-20% [10][12] - Demand for sample prep products remains strong, particularly in the pharma sector, despite a cautious capital purchasing environment [12][15] - Digital PCR and bioinformatics are key growth areas, with increasing reliance from pharma for genomic data analysis [13][14] Instrumentation and Consumables - QIAGEN's business is predominantly consumables (90%), with instrumentation lagging due to capital purchase hesitance [15][19] - New instrument launches aimed at high-throughput sample prep are expected to drive future growth [16][47] Regulatory and Policy Environment - Ongoing discussions around pharma tariffs and budget decisions are impacting customer spending [11][26] - The company is preparing for potential tariff impacts, expecting about 90 basis points of margin pressure in 2025 and 2026 [31] Market Opportunities and Challenges - The latent TB testing market is underpenetrated at only 40% conversion, with significant growth potential [62][66] - QIAGEN is working on improving automation and efficiency in testing to drive market conversion [61][68] - Digital PCR is seen as a long-term growth driver, with applications in liquid biopsy and personalized medicine [71][72] Capital Deployment Strategy - QIAGEN has focused on R&D investment (9-10% of sales), targeted M&A, and returning cash to shareholders [84][85] - A dividend was introduced in 2025, reflecting strong cash flow stability [87][88] - The company is evaluating capital deployment options, including share repurchases and M&A opportunities [89][90] Future Outlook - QIAGEN aims to achieve $2 billion in sales by 2028, with a commitment to disciplined capital employment and growth across its five pillars [92][93] - The company emphasizes its role in driving the molecular revolution in diagnostics and life sciences [93] Additional Important Insights - The competitive landscape for QuantiFERON has been anticipated for years, with ongoing improvements to maintain market leadership [60][64] - The company is actively engaging in awareness campaigns to drive TB testing adoption, targeting specific high-risk groups [66][68] - Digital PCR is positioned as a cost-effective alternative to NGS, with faster results and lower costs [77][80]

Committed to solid profitable growth Investor Introduction Q3 2025 Presentation Titel Forward looking and intended use statements Crucial to advancing science Improving healthcare for all Safe Harbor Statement: Certain statements in this presentation may constitute forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These statements, including those regarding QIAGEN's products, d ...

Core Insights - Qiagen N.V. is recognized as one of the most oversold healthcare stocks in 2025, focusing on expanding its precision medicine capabilities through innovative testing solutions [1] Financial Performance - In Q2 2025, Qiagen reported a 7% year-over-year growth in net sales, driven by strong adoption of key products like QIAstat-Dx and QuantiFERON [2] - The company plans to launch three new instruments in late 2025 to enhance diagnostic capabilities and support future growth [2] Product Innovations - Qiagen has advanced its precision oncology portfolio with new QIAseq panels that enable fast and comprehensive cancer genomic profiling, improving cost-effectiveness for laboratories [3] - Innovations also include QIAseqHYB Read Panels for long-read sequencing, addressing complex genomic regions and supporting various next-generation sequencing platforms [3] Strategic Developments - A significant milestone for Qiagen in 2025 is the FDA clearance and commercial rollout of QIAstat-Dx Rise, which is expected to enhance diagnostic access and testing capacity in the U.S. healthcare market [4] - These developments align with Qiagen's strategy to strengthen its molecular diagnostics offerings and expand its role in precision medicine and biotherapeutic development [4]

Company Overview - Qiagen N.V. is a global leader in molecular diagnostics and sample preparation technologies, headquartered in the Netherlands and operating in over 30 countries under CEO Thierry Bernard [2] - The company offers a wide range of solutions including nucleic acid extraction systems, PCR reagents, digital PCR platforms, next-generation sequencing kits, and proteomics tools [2] Financial Performance - In Q2 2025, Qiagen reported net sales of $534 million, representing a 7% increase from the previous year [3] - The adjusted operating income margin was 29.9%, an increase of 1.5 percentage points [3] - Growth was driven by strong demand for products such as QIAstat-Dx, which grew 41% on a constant exchange rate (CER), and QuantiFERON, which increased 11% CER [3] - The company raised its full-year 2025 net sales growth outlook to 4–5% CER and reaffirmed its adjusted diluted EPS targets [3] Product Innovation - Qiagen launched QIAseq xHYB Long Read Panels to enhance target enrichment for long-read sequencing platforms, allowing for more detailed analysis of complex genomic regions [4] - The company is expanding its digital and automation offerings, with growth in QIAcuity digital PCR systems and the QIAGEN Digital Insights software platform [4] - Qiagen is preparing to launch three new instruments by late 2025 to strengthen its molecular diagnostics capabilities [4]