Summary of Qiagen FY Conference Call - March 10, 2026 Company Overview - **Company**: Qiagen (NYSE: QGEN) - **Industry**: Life Science Tools and Diagnostics Key Points Strategic Direction and CEO Transition - Qiagen is currently undergoing a CEO transition, with a search for a new CEO in progress, expected to conclude in Q2 2026 [4][5] - The board is considering all strategic alternatives, including organic growth and potential acquisitions, to enhance shareholder value [6][7] Financial Guidance and Market Conditions - Qiagen has set a full-year growth target of 5%, acknowledging ongoing macroeconomic challenges [13] - The approval of the NIH budget is seen as a positive development for consumables, but there are concerns about customer confidence in making long-term investments [13][14] - The company is facing headwinds from the discontinuation of certain products, which is expected to impact growth in the first half of the year [15] Product Launches and Innovations - Qiagen has launched three new machines in sample preparation, with expectations of increased revenue in the second half of the year [15][31] - The QIAsymphony Connect is designed for liquid biopsy applications, while the QIAsprint targets high-throughput sample preparation for research customers [38][40] - The QIAmini is expected to automate manual processes, enhancing efficiency and potentially increasing market share in sample preparation [32][34] Market Dynamics and Competitive Landscape - The QuantiFERON product remains a key growth pillar, with a significant market share despite competition [47][50] - The market for QuantiFERON is growing, driven by mandatory testing requirements, and Qiagen is focused on maintaining its competitive edge through product improvements and customer contracts [50][51] Financial Performance and Profitability - Qiagen aims for a mid-term adjusted EBIT margin target of 31% by 2028, with expectations for gross margin improvement driven by consumables and efficiency initiatives [42][44] - The Parse acquisition is expected to contribute significantly to revenue, with a focus on R&D to enhance its market position in single-cell research [55][56] Operational Efficiency Initiatives - Qiagen is implementing efficiency initiatives, including a new global ERP system, to improve operational margins [46][66] - The company anticipates that tariff implementations will annualize mid-year, potentially benefiting profitability [66] Customer Sentiment and Market Outlook - There is a mixed sentiment among customers regarding funding and project starts, with some optimism for new instrument requests [22][24] - The company is preparing for potential market shifts and is focused on maintaining strong relationships with existing customers [51] Additional Insights - The company is aware of the competitive landscape and is actively working to enhance its product offerings and customer engagement strategies [50][51] - Qiagen's focus on automation and efficiency is expected to drive long-term growth and profitability in the sample preparation market [34][35]

QIAGEN Conference Call Summary Company Overview - **Company**: QIAGEN (NYSE: QGEN) - **Date**: March 09, 2026 - **Participants**: CFO Roland Sackers, Head of Investor Relations Danielle Wendorff Key Points Strategic Options and CEO Transition - QIAGEN is open to discussions regarding strategic options to enhance shareholder value during the ongoing CEO transition, which is progressing well with a new CEO expected to be announced in Q2 2026 [6][7][8] - The company has a strong market position and a robust pipeline, indicating potential for mergers and acquisitions (M&A) to create additional shareholder value [6][7] Impact of Macro Environment - Current macroeconomic factors, including inflation and shipping costs, are being monitored, but no significant material changes to business operations are anticipated at this time [11][12] - The company is passing the majority of freight costs onto customers, which may mitigate the net impact of rising logistics costs [12] Funding and Market Conditions - Funding in the academic and pharmaceutical sectors remains stable, with expectations of a 50 basis points improvement translating to $5 million [13][14] - The consumable business, which constitutes 85% of revenues, is resilient, while the instrumentation side may face challenges due to funding confidence [13][15] Revenue Guidance for 2026 - QIAGEN expects at least 1% organic growth in Q1 2026 and 5% for the full year, with a significant ramp-up anticipated in the second half [16][19] - Factors contributing to this growth include the discontinuation of two businesses, new product launches, and the Parse acquisition, which is expected to exceed initial revenue projections [19][22] Competitive Landscape - The company is not currently facing significant pricing pressure in its PAS product line, maintaining stable pricing over the last two years [26][27] - QIAGEN's PAS technology is scalable and instrument-free, providing a competitive edge against rivals reliant on instrumentation [25][27] Product Launches and Innovations - QIAGEN is launching three new instrumentation platforms: QIAsymphony Connect, QIAsprint Connect, and QIAmini, aimed at high-value applications and expanding market reach [43][44][45] - The QIAsymphony Connect is designed for liquid biopsy customers, while the QIAsprint Connect targets high-throughput sample preparation [43][44] China Market Insights - China represents about 4% of QIAGEN's revenue, with expectations of negative growth in early 2026 but potential for sequential improvement [49][50] - The company has a local brand in China that is performing better than its global brand, indicating a preference for local products in the market [50][52] Capital Deployment and Shareholder Returns - QIAGEN completed a $500 million share buyback in January 2026 and plans to continue this strategy alongside potential dividend increases [53][55] - The company has a strong track record of capital allocation, focusing on organic growth and acquisitions [54][55] AI and Bioinformatics - AI presents a significant opportunity for QIAGEN, particularly in bioinformatics, enhancing the analysis of sequencing data [58][59] - The integration of AI tools is expected to improve customer demand and operational efficiency, although widespread adoption may take time [59][60] Additional Considerations - The company is cautious about the competitive landscape, particularly regarding new entrants in the latent TB testing market, and is preparing for various scenarios [35][36][38] - QIAGEN is focused on maintaining strong customer relationships and ensuring product availability in the face of competition [38][39]

QIAGEN FY Conference Summary Company Overview - **Company**: QIAGEN (NYSE: QGEN) - **Industry**: Tools and Diagnostics Key Highlights 1. **Company Focus and Growth**: - QIAGEN has maintained a focused strategy, aiming to secure a top three market position in its segments, achieving 75% of its business growth priorities at an 8%-9% growth rate in 2025 [7][8] - The company is on track to reach a 30% EBIT margin, indicating strong profitability despite external challenges [8] 2. **CEO Search**: - The board is in the final stages of selecting a new CEO, with candidates possessing significant experience in tools and diagnostics and public markets [10] - An announcement is expected in Q2, with the new CEO potentially starting by the end of Q2 [10] 3. **Board Changes**: - Recent additions to the board include experienced executives in healthcare, enhancing the board's competencies [11] - The board is focused on supporting management while also providing challenges to ensure strategic growth [11] 4. **M&A and Strategic Alternatives**: - QIAGEN is open to exploring strategic alternatives to enhance shareholder value, working with advisors Moelis and Goldman Sachs [13][15] - The company is committed to reviewing strategic options while simultaneously executing its operational goals, including a 7% sales growth target and returning over $1 billion to shareholders [14][15] 5. **2026 Guidance**: - QIAGEN anticipates a stronger growth trajectory in the second half of 2026, driven by new product launches and a favorable base effect from discontinued businesses [22][24] - The company expects to launch three new instruments, contributing to growth in H2 [24] 6. **Market Environment**: - The research and academia sectors are currently cautious regarding capital expenditures, impacting growth [27] - However, visibility on funding from NIH and budget clarity in Germany are improving the overall market environment [27] 7. **Product Performance**: - Digital PCR is a strategic focus for QIAGEN, with significant growth expected in this area, while traditional PCR is deprioritized [40] - The company is confident in its digital PCR offerings, which are expected to drive double-digit growth in consumables and companion diagnostics [42] 8. **QuantiFERON and Competition**: - QIAGEN is preparing for competition from Roche in the QuantiFERON market, emphasizing its readiness and ongoing investment in product innovation [44][45] - The company plans to introduce new features and enhancements in QuantiFERON by Q2 2026 [46] 9. **QIAstat-Dx Growth**: - The QIAstat product line is expected to maintain a double-digit growth profile, driven by new panel introductions and a focus on hospital settings [48] 10. **AI and Bioinformatics**: - QIAGEN has been integrating AI into its bioinformatics portfolio for over 20 years, with plans for 14 new AI-based developments in the next three years [50][52] - The clinical portfolio in bioinformatics is growing double digits, while the research and academia segment is experiencing slower growth due to the need for reinvestment in AI [51][52] Conclusion - QIAGEN is positioned for continued growth and profitability, with a strong focus on strategic alternatives and product innovation. The company is navigating a cautious market environment while preparing for competitive challenges and enhancing its product offerings.

Core Viewpoint - The company reported better-than-expected Q4 and full-year results, with sales exceeding $2 billion, reflecting a 5% year-over-year growth. Strategic acquisitions of Parse and Genoox were completed, and over $1.1 billion was returned to shareholders. Sales are projected to grow at least 5% by 2026 [1][2]. Group 1: 2025 Full-Year Performance - In 2025, total net sales reached $2.09 billion, a 6% increase (actual exchange rate), and a 5% increase (constant exchange rate), exceeding the company's previous guidance of 4%-5% growth. Adjusted diluted earnings per share were $2.38, higher than the expected $2.38 [3]. - The adjusted operating income margin improved to 29.5%, an increase of 80 basis points from 2024. Operational efficiency improvements offset negative impacts from tariffs and exchange rate fluctuations [3]. Group 2: Q4 Performance - In Q4 2025, net sales were $540 million, a 4% increase (actual exchange rate) and a 1% increase (constant exchange rate), surpassing expectations of flat performance year-over-year. Adjusted diluted earnings per share were $0.62, exceeding the expected $0.60 [4]. - The core growth pillars grew by 7% (constant exchange rate), driving the performance despite challenges from the macroeconomic environment and U.S. government shutdowns. The Q4 results included a negative impact of approximately $10 million from discontinued products [4]. Group 3: Business Segment Performance - Business segments showed varied performance in Q4, with growth pillars leading the way. Sample technologies sales grew by 5% (constant exchange rate) to $175 million, driven by double-digit growth in automated consumables [5][6]. - Diagnostic solutions sales grew by 1% (constant exchange rate) to $201 million, with QIAstat-Dx showing a notable 15% increase. However, PCR/nucleic acid amplification sales declined by 9% to $78 million due to macroeconomic impacts [7][8]. Group 4: Cash Flow and Strategic Actions - In 2025, the company generated a net cash flow from operating activities of $654 million, with free cash flow of $453 million. By the end of 2025, cash, cash equivalents, and short-term investments totaled $1.1 billion [9]. - The company completed two strategic acquisitions and returned over $1.1 billion to shareholders through stock buybacks and dividends. In Q4 2025, the company redeemed convertible bonds due in 2027 and made payments related to the Parse acquisition [9]. Group 5: 2026 Outlook - The company expects at least 5% growth in net sales for 2026, with growth pillars projected to contribute approximately $1.64 billion in sales, reflecting a year-over-year increase of about 9%. Adjusted diluted earnings per share are expected to be at least $2.50 [10][11]. - For Q1 2026, net sales are projected to grow at least 1% (constant exchange rate), but adjusted diluted earnings per share are expected to be at least $0.54, slightly lower than the previous year's $0.55 due to recent acquisitions and tariff impacts [11].

Core Insights - Qiagen closed 2025 with fourth-quarter results exceeding expectations, demonstrating growth in key product lines and improved profitability despite a challenging macro environment for life science funding and capital spending [2] Financial Performance - For Q4 2025, Qiagen reported net sales of $540 million, a 1% increase at constant exchange rates (CER), surpassing the outlook for flat sales year-over-year. Adjusted diluted earnings per share (EPS) were $0.62 at CER, exceeding management's forecast of approximately $0.60 [3] - For the full year, Qiagen achieved net sales of $2.09 billion, reflecting a 5% increase at CER, aligning with the high end of the growth outlook of 4% to 5%. Adjusted diluted EPS rose to $2.40 at CER, which was $0.12 above the initial outlook and compared to $2.18 in 2024 [3][5] Growth Drivers - Qiagen's "growth pillars" generated combined sales of $1.49 billion at CER in 2025, an 8% increase at CER. These pillars include Sample Technologies, QuantiFERON, QIAstat-Dx, QIAcuity, and QIAGEN Digital Insights (QDI), positioning the company for at least $2 billion in combined growth-pillar sales by 2028 [4][5] Profitability and Cash Flow - The adjusted operating margin improved to 29.5%, an increase of 80 basis points. Operating cash flow reached $654 million, and the company returned over $1.1 billion to shareholders, including a $500 million synthetic repurchase [5] - Guidance for 2026 anticipates at least 5% sales growth (CER) and adjusted EPS of at least $2.50 [5]

Core Insights - QIAGEN N.V. reported fourth-quarter 2025 adjusted earnings per share (EPS) of 62 cents, consistent with the constant exchange rate (CER), and a year-over-year increase of 1.6% [1][8] - The company's net sales for the fourth quarter reached $540.4 million, reflecting a 3.7% year-over-year growth, and exceeded the Zacks Consensus Estimate by 2.36% [3][8] - For the full year, adjusted EPS was $2.38, marking a 9.2% increase from the previous year [2] Revenue Performance - QIAGEN's total revenues for 2025 amounted to $2.09 billion, up 5.7% from the prior year [3] - Revenue breakdown for Q4 included: - Sample technologies: $175 million, up 8% (5% at CER) [4] - Diagnostic solutions: $201 million, up 3% (1% at CER) [5] - PCR / Nucleic acid amplification: $78 million, down 6% (9% at CER) [5] - Genomics / NGS: $69 million, up 4% (2% at CER) [6] - Other revenues: $18 million, up 20% (19% at CER) [6] Operational Update - Total cost of sales in Q4 increased by 14.8%, leading to an adjusted gross profit decline of 1.9% to $340.2 million [7] - Adjusted gross margin contracted by 359 basis points to 62.9% [7] - Sales and marketing expenses rose by 6.1% to $120.7 million, while R&D expenses decreased by 2.8% to $47.2 million [7] Margin and Income Analysis - Adjusted operating income fell by 11.1% year-over-year to $139.1 million, with the adjusted operating margin contracting by 429 basis points to 25.7% [9] - The company experienced margin pressure due to higher costs, impacting overall profitability [8] Financial Position - QIAGEN ended Q4 2025 with cash, cash equivalents, and short-term investments totaling $1.10 billion, a slight decrease from $1.15 billion at the end of 2024 [10] - Cumulative net cash from operating activities was $654.3 million, down from $673.6 million in the previous year [10] Future Outlook - For 2026, QIAGEN anticipates net sales growth of approximately 5% at CER, with a Zacks Consensus Estimate for revenues at $2.21 billion [11] - Adjusted EPS is projected to be at least $2.50 at CER, with the Zacks Consensus Estimate at $2.62 [11] - For Q1 2026, net sales are expected to rise about 1% at CER from $483 million in the prior year, with an adjusted EPS forecast of at least 54 cents [12]

Financial Data and Key Metrics Changes - QIAGEN exceeded its fourth-quarter outlook with net sales of $540 million, growing 1% at constant exchange rates (CER) compared to flat sales development against Q4 2024 [6][15] - For the full year 2025, net sales reached $2.09 billion, up 5% at CER, at the upper end of the outlook of about 4%-5% growth [6][15] - Adjusted diluted EPS for Q4 was $0.62 at CER, exceeding the outlook of about $0.60, while for the full year, it increased to $2.40 at CER, above the initial outlook [6][15] Business Line Data and Key Metrics Changes - Sample technologies achieved 5% growth at CER in Q4 and 2% for the full year, driven by demand for automated consumables [7][16] - QuantiFERON sales grew 5% at CER in Q4 and 10% for the full year, supported by ongoing conversion in the latent TB testing market [8][16] - QIAstat-Dx grew 15% at CER in Q4 and 24% for the full year, aided by menu expansion and a growing install base [8][16] - The PCR product group saw a decline of 9% at CER in Q4, while the genomics and NGS product group grew 2% at CER, driven by QIAGEN Digital Insights [17] Market Data and Key Metrics Changes - Sales in the Europe, Middle East, and Africa region increased by 5% at CER in Q4, with Belgium, the Netherlands, Spain, and the UK as top performers [18] - In the Americas, sales declined 1% at CER, with the U.S. being flat, partly due to the government shutdown [18] - Asia-Pacific-Japan sales were flat, with a low-teens decline in China, which represents only about 4% of total sales [18] Company Strategy and Development Direction - QIAGEN aims for at least $2 billion in combined sales from its growth pillars by 2028, reflecting continued demand and long-term investment strategies [7][10] - The company is focused on disciplined execution, cost management, and investment in growth pillars, including the recent acquisition of Parse Biosciences to enhance its Sample technologies portfolio [10][22] - New product launches and expansions in automation are expected to drive future growth, with a target of $720 million in Sample technologies sales for 2026 [36][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment and cautious capital spending but expressed confidence in achieving growth targets [35][36] - For 2026, QIAGEN anticipates sales growth of at least 5% at CER and adjusted EPS of at least $2.50 at CER, with expectations for improved funding conditions over the year [29][33] - The company is preparing for new product launches and expects to see gradual improvements in the funding environment for research and academia [69] Other Important Information - QIAGEN returned over $1.1 billion to shareholders since 2024 and introduced an annual dividend payment while pursuing selective acquisitions [10][20] - The company is reviewing its adjusted operating income margin target of at least 31% for 2028, with expectations for continued margin improvement [19][33] Q&A Session Summary Question: Insights on new product launches and growth expectations - Management highlighted that new product launches, including QIAcuity and QIAstat, are expected to open new markets and contribute to growth, with confidence in achieving targets despite previous delays [40][42] Question: Comments on potential acquisition rumors - Management stated that while the market is undergoing consolidation, QIAGEN remains focused on its growth plan and does not comment on rumors, but is open to discussions that could create shareholder value [48] Question: Update on CEO succession search - The search for a new CEO is ongoing, with both internal and external candidates being considered, and management is committed to finding the best fit for the role [50] Question: Clarification on margin expansion and operating leverage - Management expects significant margin improvement in 2026, despite headwinds from acquisitions and tariffs, driven by gross margin improvements and operational efficiency programs [53][55] Question: Outlook for China and exposure to VBP - Management confirmed limited exposure to China, with expectations for low single-digit to negative growth, and stated that the impact of VBP has been factored into their guidance [58][60] Question: Expectations for QIAstat-Dx placements and growth - Management expressed confidence in achieving growth targets for QIAstat-Dx, with a focus on executing product launches and market penetration [62][64]

Financial Data and Key Metrics Changes - QIAGEN exceeded its fourth quarter Outlook with net sales of $540 million, growing 1% at constant exchange rates (CER) compared to flat sales development expected against Q4 2024 [5][6] - For the full year 2025, net sales reached $2.09 billion, up 5% at CER, at the upper end of the Outlook of about 4%-5% growth [6][12] - Adjusted diluted EPS for Q4 was $0.62 at CER, exceeding the Outlook of approximately $0.60, while for the full year, it increased to $2.40 at CER, above the initial Outlook [6][12] Business Line Data and Key Metrics Changes - Sample Technologies achieved 5% growth at CER in Q4 and 2% for the full year, driven by demand for automated consumables [7][16] - QuantiFERON sales grew 5% at CER in Q4 and 10% for the full year, supported by ongoing conversion in the latent TB testing market [8][16] - QIAstat-Dx grew 15% at CER in Q4 and 24% for the full year, benefiting from menu expansion and a growing install base [8][16] - QIAcuity saw double-digit growth in consumables, with over 3,200 instruments installed globally [8][16] Market Data and Key Metrics Changes - Sales in the Europe, Middle East, and Africa region increased by 5% at CER in Q4, with Belgium, the Netherlands, Spain, and the UK as top performers [17] - In the Americas, sales declined by 1% at CER, with the U.S. being flat, partly due to the government shutdown [18] - Sales in the Asia-Pacific-Japan region were flat, with a low-teens decline in China, which represents only about 4% of total sales [18] Company Strategy and Development Direction - QIAGEN aims for at least $2 billion in combined sales from its growth pillars by 2028, reflecting continued demand and long-term investment strategies [7][10] - The company is focused on disciplined execution, cost management, and investment in growth pillars, including the recent acquisition of Parse Biosciences to enhance its Sample Technologies portfolio [10][22] - New product launches and expansions in automation are expected to drive growth, with a target of $720 million in Sample Technologies sales for 2026 [36][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a cautious funding and capital spending environment but expressed confidence in gradual improvement throughout 2026 [35][69] - The company anticipates a sales growth of at least 5% for 2026 and adjusted EPS of at least $2.50 at CER, despite headwinds from discontinued products and competitive pressures [29][33] - Management remains focused on operational efficiency and margin improvement, targeting an adjusted operating income margin of at least 31% by 2028 [19][33] Other Important Information - QIAGEN returned over $1.1 billion to shareholders since 2024 and introduced an annual dividend payment [10][20] - The company completed the acquisition of Parse Biosciences, enhancing its capabilities in single-cell analysis [22][24] - A new supervisory board member, Mark Stevenson, was welcomed, bringing operational and global life sciences experience [10][11] Q&A Session Summary Question: Insights on new product launches and growth targets - Management indicated that new product launches are expected to open new markets and contribute to growth, with confidence in achieving the $250 million target for digital PCR by 2028 despite previous delays [40][42] Question: Comments on potential acquisition rumors - Management stated that while the market is undergoing consolidation, QIAGEN is focused on executing its solid growth plan and does not comment on rumors [48] Question: Update on CEO succession search - The search for a new CEO is ongoing, with both internal and external candidates being considered, and management is committed to finding the best fit for the role [50] Question: Clarification on margin expansion and operating leverage - Management expects significant margin improvement in 2026, driven by gross margin enhancements and operational efficiency programs, despite headwinds from acquisitions and tariffs [53][55] Question: Outlook for China and exposure to VBP - Management confirmed limited exposure to China, with expectations of low single-digit to negative growth due to market conditions, and stated that VBP has been a factor for several years [58][60] Question: Expectations for QIAstat-Dx placements and growth - Management expressed confidence in achieving the target of over $160 million for QIAstat-Dx in 2026, with a focus on executing product launches and market penetration [62][74]

Financial Data and Key Metrics Changes - QIAGEN exceeded its fourth quarter 2025 Outlook with net sales of $540 million, growing 1% at constant exchange rates (CER) compared to flat sales development expected against Q4 2024 [5][12] - Adjusted diluted EPS for Q4 was $0.62 at CER, surpassing the Outlook of approximately $0.60 [5][12] - For the full year 2025, net sales reached $2.09 billion, up 5% at CER, at the upper end of the Outlook of 4%-5% growth [5][12] - Adjusted diluted EPS for the full year increased to $2.40 at CER, exceeding the initial Outlook by $0.12 [5][12] Business Line Data and Key Metrics Changes - Sample Technologies achieved 5% growth at CER in Q4 and 2% for the full year, driven by demand for automated consumables [6][13] - QuantiFERON sales grew 5% at CER in Q4 and 10% for the full year, supported by ongoing conversion in the latent TB testing market [7][14] - QIAstat-Dx grew 15% at CER in Q4 and 24% for the full year, aided by menu expansion and a growing install base [7][14] - QIAcuity saw double-digit growth in consumables, with over 3,200 instruments installed globally [7][14] - The bioinformatics business, QIAGEN Digital Insights, continued to grow, bolstered by demand from both research and clinical customers [8][24] Market Data and Key Metrics Changes - Sales in the Europe, Middle East, and Africa region increased by 5% at CER in Q4, with Belgium, the Netherlands, Spain, and the UK as top performers [16] - In the Americas, sales declined by 1% at CER, with the U.S. market remaining flat, partly due to the government shutdown [16] - Asia-Pacific-Japan region sales were flat, with a low-teens decline in China, which represents only about 4% of total sales [16][56] Company Strategy and Development Direction - QIAGEN aims for at least $2 billion in combined sales from its growth pillars by 2028, reflecting continued demand and long-term investment strategies [6][34] - The company is focused on disciplined execution, cost management, and investment in growth pillars, including the recent acquisition of Parse Biosciences to enhance Sample Technologies [9][19] - New product launches are expected to contribute significantly to growth, with QIAsymphony Connect and QIAmini targeting automation across various applications [20][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a cautious funding and capital spending environment but expressed confidence in achieving growth targets due to a strong pipeline of new product launches [32][66] - The company anticipates gradual improvement in the funding environment throughout 2026, with expectations for mid-single-digit growth in the total market [66] - QIAGEN's 2026 Outlook includes sales growth of at least 5% at CER and adjusted EPS of at least $2.50 at CER [26][31] Other Important Information - QIAGEN returned over $1.1 billion to shareholders since 2024 and plans to continue this trend alongside selective acquisitions [9][18] - The company is reviewing its adjusted operating income margin target of at least 31% for 2028, with expectations for continued margin improvement despite headwinds from tariffs and currency movements [17][31] Q&A Session Summary Question: Insights on new product launches and growth targets - Management highlighted that new product launches are expected to open new markets and contribute to growth, with confidence in achieving the $250 million target for digital PCR by 2028 despite previous delays [37][39] Question: Comments on potential acquisition rumors - Management stated that while the market is undergoing consolidation, QIAGEN remains focused on its growth plan and does not comment on rumors [45] Question: Update on CEO succession search - The search for a new CEO is ongoing, with both internal and external candidates being considered, and updates will be provided as progress is made [46] Question: Margin expansion and operating leverage - Management expects significant margin improvement in 2026, driven by gross margin improvements and operational efficiency programs, despite headwinds from acquisitions and tariffs [49][50] Question: Growth outlook in China - Management confirmed limited exposure to China, with expectations for low single-digit to negative growth due to market conditions and political factors [56][57] Question: QIAstat-Dx placements and respiratory season outlook - Management expressed confidence in achieving growth targets for QIAstat-Dx, with expectations for continued relevance in respiratory testing [71][72]

Q4 and FY 2025 results Continuously delivering solid profitable growth February 4, 2026 Forward looking and intended use statements Safe Harbor Statement: Certain statements contained in this presentation may be considered 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 can be identified by the use of forward-looking terminology such as "believe", "hope", "pl ...