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 ...

Core Insights - Qiagen reported revenue of $540.42 million for Q4 2025, marking a year-over-year increase of 3.7% and exceeding the Zacks Consensus Estimate by 2.36% [1] - The company's EPS for the quarter was $0.62, slightly down from $0.64 a year ago, with an EPS surprise of 0.83% [1] Financial Performance - Qiagen's stock has returned +4.9% over the past month, outperforming the Zacks S&P 500 composite's +0.9% change, and currently holds a Zacks Rank 3 (Hold) [3] - Key product sales include: - QIAstat-Dx: $39 million, exceeding the estimate of $36.66 million, with a year-over-year increase of +21.9% [4] - QuantiFERON: $123 million, slightly below the estimate of $128.51 million, with a year-over-year increase of +6% [4] - Other diagnostic solutions: $40 million, matching the estimate of $37.47 million, with no change year-over-year [4] - Other product sales: $18 million, exceeding the estimate of $15.71 million, with a year-over-year increase of +20% [4] - PCR/Nucleic acid amplification: $78 million, below the estimate of $80.01 million, with a year-over-year decrease of -4.9% [4] - Genomics/NGS: $69 million, slightly below the estimate of $70.74 million, with a year-over-year increase of +4.6% [4] - Total diagnostic solutions: $201 million, slightly below the estimate of $202.71 million, with a year-over-year increase of +2.6% [4] - Sample technologies: $175 million, exceeding the estimate of $158.35 million, with a year-over-year increase of +8% [4]

Core Insights - QIAGEN N.V. has set its 2026 priorities focused on product commercialization, regulatory milestones, and automation innovations, aiming for $2 billion in combined annual sales by 2028 [1][2] Group 1: Growth Pillars - The five growth pillars identified by QIAGEN include Sample technologies, QIAstat-Dx syndromic testing, QIAcuity digital PCR, QIAGEN Digital Insights (QDI) bioinformatics, and QuantiFERON for latent tuberculosis testing, all of which show significant growth potential [3][4] - QIAGEN plans to launch new products and submissions in 2026 to expand its market reach and enhance its automation systems, thereby increasing recurring revenues from consumables and software [2][4] Group 2: Sample Technologies - QIAGEN's acquisition of Parse Biosciences in December 2025 enhances its Sample technologies portfolio, particularly in single-cell analysis, with expected sales contribution of approximately $40 million in 2026 [4][5] - New sample preparation systems are set to launch in 2026, targeting applications such as liquid biopsy and microbiome research, which will help expand the installed base of instruments [6] Group 3: QIAstat-Dx and QIAcuity - QIAstat-Dx has exceeded 5,200 instrument placements globally by the end of 2025, with new blood culture identification panels submitted for regulatory clearance to enhance its testing menu [7] - QIAcuity digital PCR is set to expand its portfolio with new gene expression assays in 2026, further driving adoption in pharmaceutical applications [9][11] Group 4: QIAGEN Digital Insights (QDI) - QDI plans to introduce at least 14 AI-enabled software solutions by 2028, focusing on enhancing pharmaceutical R&D and clinical decision-making [12][13] - The integration of the Franklin platform with AI capabilities aims to improve genetic analysis and reporting in hereditary and oncology applications [14][15] Group 5: QuantiFERON - QIAGEN is developing a fifth generation of its QuantiFERON test, with updates planned for 2026 to meet increasing testing demands in tuberculosis diagnostics [16][17] - The new generation of chemistry for the LIAISON QuantiFERON-TB Gold Plus II assay is expected to enhance testing capacity and speed, allowing laboratories to test up to 75% more patients per hour [17][18]

Qiagen FY Conference Summary Company Overview - **Company**: Qiagen (NYSE: QGEN) - **Industry**: Life Sciences Tools and Diagnostics - **Market Position**: Qiagen has been developing molecular solutions for over 40 years, focusing on PCR, digital PCR, and next-generation sequencing, serving over 500,000 customers globally with a revenue of $2 billion, primarily from recurring consumables [3][4] Core Business Highlights - **Balanced Revenue Sources**: Over 50% of revenues come from the Americas, with significant contributions from Europe, the Middle East, Africa, and emerging markets [4] - **Growth Strategy**: Qiagen aims for a 7% CAGR through 2028, targeting $2 billion in revenues from key growth pillars and maintaining a 31% EBIT margin [6][7] - **Shareholder Returns**: Commitment to return at least $1 billion to shareholders, with recent share buybacks totaling $500 million [8][21] Financial Performance and Guidance - **2025 Performance**: Anticipated core growth of 5%-6% and EPS of $2.38, with operational execution on track [9] - **2026 Outlook**: Expected revenue growth of 5%-7%, with Parse Biosciences contributing approximately $40 million [24] Product Development and Innovations - **Sample Technology Leadership**: Qiagen is focusing on enhancing sample technology, with new instruments like QIAsymphony Connect and QIAmini set to launch [15][16] - **Digital PCR Growth**: The digital PCR market is expected to grow at 15%-20%, with Qiagen leading in placements and offering unique companion diagnostic solutions [25][26] - **QuantiFERON and Syndromic Testing**: QuantiFERON continues to show double-digit growth, with a target of $600 million in revenues by 2028. QIAstat is positioned as a solid number two in syndromic testing, with a target of $200 million by 2028 [10][31][32] Market Dynamics and Competitive Landscape - **Digital PCR Market**: Qiagen is competing with established players like Bio-Rad and Thermo Fisher, with a focus on expanding its assay offerings [25][26] - **QuantiFERON Competition**: Qiagen maintains a competitive edge through continuous investment in technology and partnerships, despite the presence of competitors [30] - **Syndromic Testing Market**: QIAstat is expected to grow with new panel approvals and a strong installed base, targeting unmet medical needs [31][32] Research and Development Focus - **Investment in R&D**: Qiagen allocates 9%-10% of revenues to R&D, focusing on automation and high-value applications [11][14] - **AI Integration**: The company is leveraging AI across various dimensions, including sales, marketing, and manufacturing, to enhance operational efficiency [19][20] M&A Strategy - **Acquisition Criteria**: Qiagen focuses on bolt-on acquisitions that are synergistic, immediately accretive to sales, and financially beneficial within two to three years [18][40] - **Recent Acquisitions**: The acquisition of Parse Biosciences and Genoox enhances Qiagen's capabilities in sample technology and bioinformatics [18][19] Conclusion - **Future Outlook**: Qiagen is optimistic about market recovery in the second half of 2026, continued growth in digital PCR, and the impact of new product launches in sample technology [41][42]

Summary of Qiagen Conference Call Company Overview - **Company**: Qiagen - **Industry**: Life Science Tools Key Points Financial Performance - Qiagen reported a **7% growth rate** in Q1 and a **6% growth rate** in Q2 and Q3, outperforming peers in the life science tools sector [2][3] - **85%** of Qiagen's business is consumables, which is more resilient compared to instrumentation [3] - The company anticipates a **2% core growth** in Q4, down from **6%** in Q3, attributed to tougher comparisons and ongoing funding concerns [14][15] Market Dynamics - The impact of **NIH funding constraints** is estimated to affect growth by **4% to 5%** in academia, with a more significant impact on instrumentation sales [4][12] - **China** represents **4%-5%** of total revenues, with recent performance showing **double-digit negative growth** [10][13] - The company is optimistic about the **2026** outlook, expecting improvements in the macro environment and growth from new product launches [64] Product and Innovation Highlights - **QuantiFERON** remains a strong growth driver, with a market share that continues to grow despite competition from traditional skin tests [20][21] - The **QIAstat-Dx** platform has seen strong placements, driven by menu expansion and new product launches [28][29] - Upcoming launches include the **QIAsprint** and **QIAmini**, targeting high-throughput and low-throughput markets, respectively [32][33] CEO Transition and M&A - A CEO transition is underway, with the previous CEO stepping down after **10 years** [6][7] - The acquisition of **PARS Biosciences** is expected to enhance Qiagen's capabilities in single-cell RNA products, with projected revenues of **$40 million** for the next year [43][45] Competitive Landscape - The competitive landscape for TB testing remains challenging, with Qiagen maintaining a significant market share against traditional methods [21][22] - The company is focused on improving workflow and expanding its product offerings to maintain its competitive edge [24][26] Financial Guidance and Margins - Qiagen aims for a **midterm margin target** of **31%** by 2028, with expectations of margin improvement despite headwinds from acquisitions and currency fluctuations [66][68] - The company is currently operating at **29.5%** margins, with plans to improve through operational efficiencies and product mix [67][68] Conclusion - Qiagen is positioned well within the life science tools industry, with a strong focus on consumables, innovative product launches, and strategic acquisitions. The company is navigating macroeconomic challenges while maintaining a positive outlook for future growth.