Qiagen N.V. Q2 FY2025 earnings call

• Key Messages: - Q2 net sales $534M, +7% YoY (6% CER growth); core sales +6% CER. Adjusted diluted EPS $0.60, $0.62 at CER. - Growth pillars: QIAstat +41% CER, QuantiFERON +11% CER, QIAcuity double-digit CER growth in consumables, QIAGEN Digital Insights growing with Genoox acquisition. - Upgraded 2025 outlook: 4%-5% net sales growth CER, 5%-6% CER growth in core portfolio; adjusted EPS ~$2.35 CER. - R&D Progress: Sample technologies advancing 3 new instruments; QIAstat-Dx expanding menu; QuantiFERON driving conversions; QIAcuity partnerships; precision medicine collaborations; QIAGEN Digital Insights with Genoox acquisition.

• Sample technologies: Total sales broadly unchanged from Q2 2024, with mid-single-digit growth in automated consumables. Instrument sales held steady. • Diagnostic solutions: QIAstat grew 41% at constant exchange rates (CER) driven by strong instrument placements; QuantiFERON grew 11% CER supported by Americas and EMEA; QIAcuity had double-digit CER growth in consumables but soft instrument sales due to cautious customer spending. • Genomics and NGS product group: Sales stable; QIAGEN Digital Insights had double-digit gains among clinical customers but softer research trends. • Regions: Americas +7% CER, EMEA +8% CER, Asia Pacific -4% CER. Revenue contributions: QIAstat, QuantiFERON, and QIAGEN Digital Insights were key drivers with notable growth percentages.

• Upgraded 2025 net sales outlook: 4%-5% CER growth, core portfolio 5%-6% CER growth. • Q3 2025 targets: At least 4% CER growth in total net sales, at least 5% CER growth in core portfolio; adjusted EPS at least $0.58 CER. • Full year 2025 adjusted EPS expected to be ~$2.35 CER.

• Tariff volatility posing a relative headwind of about 90 basis points on adjusted gross margin. • Macro environment volatility impacting growth projections. • Potential headwinds from discontinued products' sales (e.g., NeuMoDx and DIALUNOX) creating a ~$20M impact in H2 2025).

Q: On quarterly dynamics and guide confidence, especially lapping tougher comps and Q4 guide, A: Thierry Bernard mentions operating in volatile environment, tariff uncertainty, and focus on core growth; Roland Sackers notes focus on core growth rate.

Q: On QIAstat geography, A: Thierry Bernard states all regions contributing to growth, Europe and North America accelerating.

Q: On product group other and QIAstat-Dx regional breakdown, A: Roland Sackers discusses discontinued products' impact and QIAstat's global regional growth.

Q: On QIAcuity outlook and competitive dynamics, A: Thierry Bernard expresses confidence in achieving #1 in digital PCR, noting QIAcuity's quality and partnerships.

Q: On sample technologies instruments and new launches, A: Thierry Bernard talks about progress on new instruments and automation strategy.

Q: On operating margin and tariff assumptions, A: Roland Sackers discusses tariff impact and margin improvement efforts.

Q: On M&A and margins, A: Thierry Bernard and Roland Sackers talk about M&A criteria and margin improvement initiatives.

Q: On NIH and academia customers, A: Thierry Bernard discusses NIH sales and cautious outlook on academia capital sales.

Q: On China and ordering patterns, A: Thierry Bernard talks about China's performance and no inventory building ahead of respiratory season.

Q: On regional dynamics and QDI, A: Thierry Bernard discusses Europe's sample tech dynamics and QDI's clinical vs research split and SaaS transition.