Qiagen N.V. (QGEN) Q4 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call summary highlights positive aspects such as revenue growth, increased EPS guidance, and shareholder return plans, including a significant share repurchase. Product development and market expansion into AI-driven segments are promising. The Q&A section reveals management's confidence in overcoming margin challenges and achieving growth targets. While there are concerns about China and CEO succession, these do not overshadow the overall positive sentiment. The lack of a market cap suggests a moderate reaction, leading to a positive stock price prediction over the next two weeks.
Key Financial Performance
Net Sales (Q4 2025) $540 million, growing 1% at CER, exceeding the outlook for flat sales development against Q4 2024. The growth was attributed to continued execution across the business and customer trust in a challenging environment.
Adjusted Diluted EPS (Q4 2025) $0.62 at constant exchange rate, exceeding the outlook of about $0.60 constant exchange rate. This reflects strong operational performance.
Net Sales (Full Year 2025) $2.09 billion, up 5% at CER, at the upper end of the outlook of about 4% to 5% growth. The increase was driven by strong demand across growth pillars and strategic investments.
Adjusted Diluted EPS (Full Year 2025) $2.40 at CER, above the outlook, reflecting the ability to deliver in a challenging environment.
Growth Pillars Combined Sales (2025) $1.49 billion at CER, delivering 8% growth at CER. This reflects continued demand across the portfolio and investments in long-term growth areas.
Sample Technologies Sales (Q4 2025) Up 5% at CER, driven by demand for automated consumables and the acquisition of Parse Biosciences, which extended capabilities into single-cell analysis.
Sample Technologies Sales (Full Year 2025) Up 2% at CER, reflecting improved trends over the year and demand for automated sample preparation.
QuantiFERON Sales (Q4 2025) Up 5% at CER, supported by ongoing conversion in the latent TB testing market.
QuantiFERON Sales (Full Year 2025) Up 10% at CER, driven by a clear strategy to drive further conversion in the latent TB testing market.
QIAcuity Consumables Growth (2025) Double-digit growth, with an installed base exceeding 3,200 instruments globally, reflecting the increasing relevance of digital PCR in high-precision applications.
QIAstat Sales (Q4 2025) Up 15% at CER, supported by menu expansion and a growing installed base.
QIAstat Sales (Full Year 2025) Up 24% at CER, driven by menu expansion and an installed base exceeding 5,200 instruments.
QIAGEN Digital Insights Growth (2025) Continued growth, supported by demand across discovery, research, academia, and clinical customers, as well as the integration of Genoox.
Adjusted Operating Income Margin (2025) Increased by 80 basis points to 29.5%, reflecting efficiency gains that offset headwinds from tariffs, adverse currency movements, and the dilutive impact of acquisitions.
Free Cash Flow (2025) $453 million, supporting investments in the business, including ERP upgrades, while also enabling returns to shareholders.
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Operating Highlights
Sample technologies: Sales grew 5% at CER in Q4 and 2% for the full year. Acquisition of Parse Biosciences extended capabilities into single cell analysis. Liquid biopsy sample preparation portfolio grew by more than 30%. New product launches like QIAsymphony Connect and QIAmini are planned for 2026.
QuantiFERON: Sales grew 5% at CER in Q4 and 10% for the full year. Continued conversion in latent TB testing market. European launch of next-gen QuantiFERON TB Gold Plus assay completed, with U.S. launch planned for 2026.
QIAcuity: Digital PCR solution saw double-digit growth in consumables. Installed base exceeded 3,200 instruments globally. Focus remains on expanding assay portfolio and improving workflows.
QIAstat: Sales grew 15% at CER in Q4 and 24% for the full year. Installed base exceeded 5,200 instruments. New panels for bloodstream infections and sepsis-related applications submitted for clearance.
QIAGEN Digital Insights: Bioinformatics business grew, supported by demand across research and clinical customers. Integration of Genoox strengthened clinical interpretation offering. Plans to develop 14 AI-enabled software solutions over the next two years.
Regional Sales Performance: Sales in Europe, Middle East, and Africa grew 5% at CER in Q4. Sales in the Americas declined 1% CER, with flat results in the U.S. Sales in Asia Pacific and Japan were flat, with China declining at a low teens CER rate.
Profitability: Adjusted operating income margin increased by 80 basis points to 29.5% in 2025. Free cash flow was $453 million, supporting investments and shareholder returns.
Capital Allocation: Over $1.1 billion returned to shareholders since 2024. Investments made in bolt-on acquisitions like Parse Biosciences and Genoox.
Growth Pillars: Combined sales of growth pillars reached $1.49 billion at CER in 2025, growing 8% at CER. On track to achieve $2 billion in combined sales by 2028.
New Product Launches: Focus on launching QIAsprint Connect, QIAmini, and new panels for QIAstat in 2026. Expansion into single cell analysis and AI-enabled bioinformatics solutions.
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Risk or Challenges
Macroeconomic uncertainty: The company operates amid macroeconomic uncertainty, which could impact overall business performance and strategic execution.
Cautious capital spending environment: There is a cautious capital spending environment, particularly in life sciences, which could limit growth opportunities and affect sales of capital-intensive products.
Volatility in funding: Ongoing volatility in academic and governmental funding trends could impact sales, particularly in the U.S. market.
Tariffs and adverse currency movements: The company faces material headwinds from tariffs and adverse currency movements, which have impacted profitability and could continue to do so.
Discontinuation of products: The discontinuation of NeuMoDx and Dialunox products represents a headwind of about $10 million in sales for the first half of 2026.
Competitive pressures in digital PCR and diagnostics: The company faces competitive pressures in the digital PCR and diagnostics markets, which could impact market share and growth.
Challenges in the Chinese market: Sales in China declined at a low teens CER rate, reflecting challenges in this market, which represents about 4% of total sales.
Integration risks from acquisitions: Recent acquisitions, such as Parse Biosciences and Genoox, could pose integration risks and challenges in realizing expected synergies.
Supply chain and operational risks: The company is investing in IT and ERP upgrades, which could pose operational risks during implementation.
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Guidance & Outlook
Revenue Growth: For 2026, QIAGEN expects net sales growth of at least 5% at constant exchange rates (CER). The company is targeting a 7% core sales compound annual growth rate (CAGR) from 2024 to 2028.
Earnings Per Share (EPS): Adjusted earnings per share (EPS) for 2026 are projected to be at least $2.50 at CER, up from $2.40 in 2025.
Growth Pillars: The growth pillars (Sample Technologies, QuantiFERON, QIAstat, QIAcuity, and QIAGEN Digital Insights) are expected to grow by around 9% at CER in 2026, with a combined sales target of at least $2 billion by 2028.
Product Launches: New product launches in 2026 include QIAsprint Connect, QIAmini, and additional kits for automation. Full IVDR launch for QIAsymphony Connect is planned for mid-2026.
QuantiFERON: QuantiFERON sales are expected to grow at a low single-digit rate in Q1 2026, with an acceleration to around 6% CER growth for the full year. A U.S. launch of the next-generation QuantiFERON TB Gold Plus assay is planned for 2026.
QIAstat: QIAstat is expanding into bloodstream infections and sepsis-related applications, with new panels for complicated urinary tract infections and pneumonia expected in 2026.
QIAcuity: QIAcuity is targeting $100 million in sales for 2026, with continued adoption of digital PCR and new automation solutions.
QIAGEN Digital Insights (QDI): QDI is expected to generate $125 million in sales in 2026, with a focus on developing 14 AI-enabled software solutions over the next two years.
Capital Allocation: QIAGEN plans to continue disciplined capital allocation, including investments in organic growth, targeted acquisitions, and shareholder returns. The company has already returned over $1 billion to shareholders since 2024.
Profitability: The adjusted operating income margin is expected to remain at 29.5% in 2026, with a target of at least 31% by 2028.
Regional Sales Trends: Sales in the Americas and Asia Pacific regions are expected to improve in the second half of 2026, supported by new product launches and better funding conditions.
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Shareholder Return Plan
Annual Dividend Payment: QIAGEN introduced an annual dividend payment starting in 2024 and plans to continue this in mid-2026.
Share Repurchase Program: Since 2024, QIAGEN has returned more than $1.1 billion to shareholders, including a $500 million synthetic share repurchase completed in January 2026.
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Key Q&A
Q:Can you provide more details on the new product launches, specifically QIAcuity and QIAstat, and their expected impact on growth?
A:The new product launches, including QIAstat and QIAcuity, are expected to add at least 2% extra growth in the second half of the year compared to the first half. These products are opening new markets for QIAGEN, such as high-throughput sample technologies and automation for low-throughput labs. QIAcuity has faced delays due to sluggish capital expenses in research and academia, but consumables have grown at double digits. The company aims for $250 million in revenues from digital PCR by 2028, though there might be slight delays.
Q:What are the assumptions for QuantiFERON's growth in the second half of the year?
A:QuantiFERON is expected to achieve 6-7% growth in 2026, aligned with the target of $600 million in revenues by 2028. Growth in the first half of the year is impacted by base effects from significant contracts in late 2024 and early 2025, but it is expected to pick up in the second quarter.
Q:What are your comments on QIAGEN being a potential deal target?
A:The CEO stated that the market is undergoing consolidation, but QIAGEN is focused on delivering its solid plan for the coming years. The company does not comment on rumors but is open to discussions that could create shareholder value.
Q:What is the status of the CEO succession search?
A:The search for a new CEO is ongoing, involving both internal and external candidates. The process is advancing well, but the company is taking the necessary time to find the best person for the job. The management team remains fully dedicated to QIAGEN in the meantime.
Q:Can you explain the margin expansion expectations for 2026?
A:The company expects significant margin improvement in 2026, despite headwinds from acquisitions, tariffs, and FX. Gross margin improvement is expected to contribute around 160 basis points, driven by sample preparation growth, better production utilization for QIAstat, and ongoing efficiency programs.
Q:What is the outlook for China and its impact on QIAGEN's revenues?
A:China accounts for only 4% of QIAGEN's revenues and is not a significant market for the company. The outlook for China remains low single-digit to negative growth, with no expected return to growth in the visible future due to political and economic conditions.
Q:What are the expectations for QIAstat placements in 2026?
A:The company aims to achieve more than $160 million in revenues for QIAstat in 2026, with a focus on executing product launches and market penetration. While 600 placements in 2025 were considered a good performance, the company is focused on meeting its revenue objectives.
Q:What is the guidance for QuantiFERON in Q1 2026?
A:QuantiFERON's Q1 2026 guidance reflects a base effect from significant tenders in previous years. The company expects normalized growth of 10% for the year, with no significant impact from shelf life or pricing flexibility.
Q:What are the expectations for end markets in Q1 2026?
A:The funding environment for research and academia is expected to improve slightly, with NIH budgets increasing by around 1%. The company anticipates a gradual improvement in capital expenses throughout 2026, leading to mid-single-digit growth for the total market.
Q:What is the target for Sample tech in 2026, and how will new automation solutions contribute?
A:The target for Sample tech in 2026 is $720 million, including a $40 million contribution from Parse. New automation solutions like QIAsymphony Connect and QIAmini are expected to contribute to the 2% extra growth in the second half of the year.
Q:What are the assumptions for the U.S. respiratory season in 2026 and QIAstat panel usage?
A:The respiratory season is expected to remain significant, with increased awareness of respiratory pathogens. The proportion of QIAstat customers using more than one panel continues to increase, supported by consistent menu expansion.
Q:Does the 7% sales growth target through 2028 include the contribution of Parse?
A:Yes, the 7% CAGR now includes the contribution of recent acquisitions like Parse, given the more volatile market conditions. The company remains focused on executing this growth plan.
Q:Are you still confident in exceeding the 31% margin target for 2028?
A:The company believes it can exceed the 31% margin target for 2028, despite market challenges. High-margin products and ongoing efficiency programs are expected to drive margin improvements.
Q:What is the pricing strategy for QuantiFERON, and has it changed recently?
A:The pricing strategy for QuantiFERON includes flexibility to secure pre-annual contracts, which has been in place for over a year. Overall, the company continues to pass price increases annually.
Q:How does QIAGEN view its ability to create shareholder value as a stand-alone company?
A:QIAGEN remains focused on executing its growth and profitability plans, supported by new product launches and strategic acquisitions. The company believes the fundamentals of the life sciences and clinical markets remain strong.
Q:Review of Unclear Management Responses
A:Management avoided directly addressing questions about QIAGEN being a potential deal target, citing a focus on delivering their plan and not commenting on rumors. Additionally, they did not provide a clear timeline for the CEO succession search, emphasizing the need to find the best candidate without rushing the process.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
AI
Biosciences sample
CEO MD
CER QIAstat
CER conversion
CER digit
CER outlook
MD Member
Parse Biosciences
Parse acquisition
QIAGEN Digital
QIAmini
QIAsprint Connect
QIAstat QIAcuity
Roland
Sample technology
Supervisory
capital spending
cell analysis
chemistry
currency movement
end outlook
funding environment
headwind tariff
infection
margin basis
pillar CER
product launch
relevance
sale pillar
tariff currency
technology sale
track
workflow
QGEN Transcript
Qiagen N.V. (QGEN) Q4 2025 Earnings Call Transcript
Positive2-5
The earnings call summary highlights positive aspects such as revenue growth, increased EPS guidance, and shareholder return plans, including a significant share repurchase. Product development and market expansion into AI-driven segments are promising. The Q&A section reveals management's confidence in overcoming margin challenges and achieving growth targets. While there are concerns about China and CEO succession, these do not overshadow the overall positive sentiment. The lack of a market cap suggests a moderate reaction, leading to a positive stock price prediction over the next two weeks.
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Neutral1-13
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Neutral12-2
QGEN Report
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