- Price
- $46.13
- Fair value
- $49.50
- Discount
- 6.8%
- Uncertainty
- Medium
- LSEG rating
- 2.41
- Moat
- Narrow
- Next earnings
- 2026-11-05
- Next earnings is estimate
- Yes
- Company name
- QIAGEN
- Sector
- Molecular diagnostics & life science tools
- About
- QIAGEN is a Netherlands-based holding company that sells products to extract and analyze DNA, RNA and proteins from biological samples. It reports one segment and sells to two groups of customers: Life Sciences (universities, pharmaceutical research and forensics) and Molecular Diagnostics (clinical labs). Its main product groups are Sample technologies, Diagnostic solutions, PCR and nucleic acid amplification, and Genomics and NGS. QuantiFERON, a blood test for latent tuberculosis, is its largest single product, with sales of $503 million in 2025. Other key products are the QIAstat-Dx syndromic testing system, the QIAcuity digital PCR system and the QIAGEN Digital Insights bioinformatics software. Most sales are consumables that labs buy again for each test, which run on QIAGEN instruments that labs validate for their workflows. In December 2025, QIAGEN bought Parse Biosciences to enter single-cell analysis. Net sales were $1.03 billion in the first half of 2026.
- Thesis
- The market prices QIAGEN for slow growth after it cut its 2026 outlook. On April 27, 2026, QIAGEN lowered its 2026 net sales growth outlook to about 1% to 2% at constant exchange rates, from at least 5%, and its adjusted EPS outlook to at least $2.43, from at least $2.50. The main causes were lower demand for QuantiFERON immigration testing in the United States and the Middle East, and cautious spending by U.S. Life Sciences customers. Instrument sales fell at a low teens rate in Q2 2026. The company also has a new CEO, Jonathan M. Pratt, from September 1, 2026, and its Supervisory Board runs a strategic review with independent advisors. For the gap to close, three things must be true. Growth must speed up in the second half of 2026, as management expects, with Q3 sales up about 1% to 2% at constant exchange rates and adjusted EPS of at least $0.62. QuantiFERON sales must become stable after the drop in immigration testing. New products such as QIAsymphony Connect, QIAmini and the QIAstat-Dx bloodstream infection panels must add sales in 2027, so that the adjusted operating margin stays near 29%. The Q3 2026 report, estimated for about November 5, 2026, and the full-year report in early 2027 with the 2027 outlook give the tests. The new CEO's plan and the result of the strategic review are also dated signals. If these checks pass, the gap can close over the next three to six quarters. The main reason it may not close is a longer drop in U.S. research funding and immigration testing, which QIAGEN cannot control.
- Risks
- QuantiFERON is the largest product. Demand for immigration testing in the United States and the Middle East fell sharply in 2026. If this demand stays low, or other tuberculosis testing groups grow less, the 2026 goal of about $500 million in QuantiFERON sales and the growth outlook are at risk.
U.S. Life Sciences customers, such as universities that depend on government grants, cut spending on instruments. Instrument sales fell at a low teens rate in Q2 2026. A longer cut in research funding lowers sales of instruments and later of consumables.
QIAGEN has a new CEO from September 1, 2026, and the Supervisory Board runs a strategic review. A change of strategy, a large purchase or a sale can change the business and its risk. The result of the review is not known.
Most of the debt is convertible notes and euro private placements. Net debt to adjusted EBITDA rose to 1.1 times at June 30, 2026, from 0.7 times at the end of 2025, after the share repurchase. More large buybacks or purchases can raise leverage further.
- Balance sheet
- Cash: $794M
Debt: $1.7B
Net debt: $861M
Net debt / EBITDA: 1.1× (low)
Interest cover: 10×
Undrawn credit line: $456M, to December 2030
Debt due within 12 months: $17M
Last debt due: 2035
QIAGEN funds itself with convertible notes and euro private placements (Schuldschein). At June 30, 2026, debt principal was about $1.66 billion: $750 million of 2.0% convertible notes due 2032, $500 million of 2.5% convertible notes due 2031, $26 million of convertible notes due 2027, and $379 million of Schuldschein tranches due until 2035. Cash, cash equivalents and short-term investments were $794 million, down from $1.10 billion at December 31, 2025, after the $500 million synthetic share repurchase in January 2026. Net debt to adjusted EBITDA was 1.1 times, as the company reports it. The €400 million revolving credit facility, which runs to December 2030, was not drawn. Interest cover is operating income divided by interest expense for the first half of 2026. QIAGEN paid a dividend of about $72 million in July 2026, 40% more per share than in 2025.
As of 2026-06-30.
- Checkpoints
- Nov 5, 2026 (estimate): Q3 2026 results: return to growth. Pending. Watch: Net sales growth of about 1% to 2% at constant exchange rates and adjusted EPS of at least $0.62, with the 2026 outlook kept, pass; a miss or a new cut to the outlook fails.
Nov 6, 2026: Extraordinary General Meeting: new CEO. Pending. Watch: Shareholders appoint Jonathan M. Pratt to the Managing Board and the company keeps a clear plan for growth pass; a failed vote or a sudden change of leadership fails.
Feb 2027 (estimate): Full-year 2026 results and 2027 outlook. Pending. Watch: A 2027 outlook for faster sales growth with stable QuantiFERON sales and an adjusted operating margin near 29% passes; an outlook for flat sales or a lower margin fails.
- Recent events
- 2026-09-24: QIAGEN launched QIAmini, a system that automates sample preparation for small batches. Four days later, it received U.S. FDA clearance for a new QIAstat-Dx bacteria panel, which completes its U.S. portfolio of bloodstream infection panels.
2026-09-18: QIAGEN called an Extraordinary General Meeting on November 6, 2026, to appoint Jonathan M. Pratt to the Managing Board.
2026-08-24: QIAGEN appointed Jonathan M. Pratt as CEO from September 1, 2026. He was CEO of Filtration Group and earlier led the Waters Division of Waters Corporation and Beckman Coulter Life Sciences. Thierry Bernard stepped down as CEO and supports the transition until the end of 2026. QIAGEN reaffirmed its Q3 and full-year 2026 outlook and said that the strategic review of the Supervisory Board continues.
2026-08-05: QIAGEN reported Q2 2026 results. Net sales were $535 million, unchanged from Q2 2025, above the outlook for a decline of about 2% at constant exchange rates. The growth pillars grew about 5%. Adjusted EPS was $0.62 and the adjusted operating margin was 29.4%. QIAGEN reaffirmed its 2026 outlook.
2026-04-27: QIAGEN reported preliminary Q1 2026 results and cut its 2026 outlook. Net sales were $492 million, down 1% at constant exchange rates, and QuantiFERON sales fell 5% because of lower immigration testing demand. The new outlook is net sales growth of about 1% to 2% at constant exchange rates and adjusted EPS of at least $2.43.