Qiagen’s 2026 Earnings Call: Quantiferon Growth Timelines and Automation Roadmap Signals Diverge

Date of Call: Aug 6, 2026

Financials Results

• Revenue: $535 million, unchanged on both a reported basis and at CER, exceeding outlook for ~2% decline CER
• EPS: $0.62 per diluted share, above outlook of at least $0.60 at CER
• Operating Margin: 29.4%, compared with 29.9% in the second quarter of 2025; sequentially increased by 200 basis points from 27.4% in Q1 2026

Guidance:

• Full-year total net sales growth expected to be about 1-2% at CER.
• Full-year adjusted diluted EPS expected to be at least $2.43 at CER.
• Third quarter total net sales growth expected to be about 1-2% CER.
• Third quarter adjusted diluted EPS expected to be at least $0.62 at CER.
• CER sales growth expected to improve from -1% in first half to about 3-4% in second half.
• Full-year currency tailwind expected to be about 1 percentage point on sales, neutral on EPS.
• For Q3, currency expected to have negative impact of about 1 percentage point on sales, neutral on EPS.
• Full-year terrace repayments expected to be a benefit of about $0.02 EPS at CER.

Business Commentary:

Revenue and Profitability Exceed Outlook:

• QIAGEN reported net sales of $535 million, exceeding expectations with no change on both a reported basis and at CER, surpassing the outlook for a 2% decline CER.
• Adjusted diluted EPS was 62 cents, also above the outlook of 60 cents CER.
• The resilience of the business and continued investment in the portfolio drove these results.

Growth in Sample Technologies and Bioinformatics:

• The Sample Technologies segment led the quarter with a 9% CER growth, driven by automated consumables and higher instrument sales.
• QIAGEN Digital Insights (QDI) also performed well with solid single-digit growth.
• This growth was due to continued demand for sample preparation solutions and strong consumables demand.

Quantiferon Returns to Growth:

• Quantiferon returned to 1% CER growth, driven by solid demand across most testing groups, offsetting reduced immigration testing demand.
• The growth was supported by an expanded menu into new testing areas, such as latent tuberculosis testing.

Challenges in Diagnostic Solutions:

• The Diagnostic Solutions segment declined 2% at CER, with Chiostat sales declining 7%, impacted by a challenging prior year comparison in respiratory testing.
• The decline was partially offset by strong growth in gastrointestinal and meningitis panels.

Outlook for 2026 and Product Launches:

• QIAGEN reaffirmed its full-year outlook for total net sales growth of 1-2% at CER and adjusted diluted EPS of at least $2.43 CER.
• The outlook is supported by the end of headwinds from discontinued portfolios, contributions from new product launches, and an easier prior year comparison.

Sentiment Analysis:

Overall Tone: Positive

• "We delivered a better-than-expected second quarter, exceeding our outlook for both sales and adjusted diluted EPS while maintaining a high level of profitability." "Our growth pillars delivered 5% growth at CER, probably above market growth." "We continue to generate strong cash flow providing the financial flexibility to invest in the business while returning capital to shareholders." "We reaffirm our full-year outlook and remain confident in stronger growth during the second half of the year."

Q&A:

• Question from Casey Woodring (J.P. Morgan): Maybe just walk through the updated guide for us... what's changed and then any sort of seasonality that you're assuming from 3Q to 4Q...
  Response: Acceleration driven by removal of headwinds from discontinued portfolios, new product launches, and easier comps; remain cautious on U.S. funding; Q4 benefits from easier comps and product launches.

• Question from Jack Meehan (Oberon Research): How should we view the status of the strategic review when a new CEO is named? Does that mean the review stopped or could that continue as a separate topic?
  Response: Strategic review and CEO search are independent, complementary processes; review is continuous and not paused by CEO transition.

• Question from Tycho Peterson (Jefferies): On quantifieron... Are you baking in incremental headwinds from competition here in the back half of the year? And on the strategic review, what's really on the table...
  Response: Quantiferon guide reflects removal of $35M immigration headwind; competition is manageable and increases total available market; strategic review includes R&D portfolio assessment and potential alliances for shareholder value.

• Question from Michael Reiskin (Bank of America): First, I want to ask real quick on capital deployment... Secondly, on the sample tech business...
  Response: No share buybacks post-AGM due to debt holder opposition period; sample tech automation strategy paying off with organic growth and PaaS adding differentiated capabilities.

• Question from Odyssey P. (BNP Paribas): Firstly, on the organic growth acceleration implied by your Q3 guide... Could you help us piece out the divisional growth here relative to Q2 and Q3? And secondly, Could you... give us some additional color on the Q2 weakness, please...
  Response: Q3 growth moderated by strong Quantiferon comp from Q3 2025; Q4 expected to accelerate with new launches and easier comps; Chiostat Q2 weakness due to seasonal respiratory softness, but double-digit growth expected H2 driven by GI, meningitis, and BCID panels.

• Question from Dan Brennan (TD Cowen): Can you just comment how management and or the board think about private equity versus strategic acquirers?... And just wondering if you guys can offer any initial thoughts about how you're looking to exit this year and kind of what that sets up for next year.
  Response: Strategic review continuous; PE vs. strategic considerations are evaluated based on best value for QIAGEN's mid-term plan; focus currently on delivering 2026 guidance and improving profitability.

• Question from Jan Kaaf (Deutsche Bank): My first one is on instruments... In which product category specifically have you seen the highest declines?... And secondly, on chiostate, how is the development of the complicated UTI panel progressing?
  Response: Instrument declines driven by lower respiratory panel sales and new launch validation; capital sales cautious due to NIH funding still below prior year. Complicated UTI panel development progressing well, expected CE Mark in Europe in H2 2027, with significant financial opportunity.

Contradiction Point 1

Quantiferon Revenue Growth Outlook

Contradictory signals on returning to growth in H2 2026.

Tycho Peterson (Jefferies) - Tycho Peterson (Jefferies)

2026Q2: The business is expected to return to growth in H2 2026. - Thierry Bernard(CEO)

Are incremental competition headwinds influencing the softened language on the $500M Quantiferon target and the recent guidance changes? - Tycho Peterson (Jefferies)

2026Q2: Growth is expected to return in H2, driven by progress in other applications... will strengthen in 2027. - Thierry Bernard(CEO)

Contradiction Point 2

Timeline for Fully Automated Quantiferon Solution

Contradiction on the readiness and launch timing of the automated solution.

Dan Arias (Esto) - Dan Arias (Esto)

2026Q2: The first installations are expected in the second half of 2027. - Thierry Bernard(CEO)

What factors contribute to the 1.5-year timeline for the fully automated Quantiferon solution's market launch, and what are the major hurdles? - Dan Arias (Stifel)

2026Q2: The H2 2027 launch timeline is realistic. - Thierry Bernard(CEO)

Contradiction Point 3

QuantiFERON Growth Outlook and Market Dynamics

Contradiction on near-term growth recovery and competitive landscape for QuantiFERON.

Tycho Peterson (Jefferies) - Tycho Peterson (Jefferies)

2026Q2: Growth is expected to return in H2, driven by progress in other applications... New competition is seen positively as it validates the large total addressable market. - Thierry Bernard(CEO)

What guidance adjustments are being made due to softened language on the $500M Quantiferon target and incremental competition headwinds? - Jack Meehan (Nephron Research)

20260428-2026 Q1: The weakness is not competitive; recent competitor offerings are seen as equivalent to QIAGEN's third-generation product. - Thierry Bernard(CEO)

Contradiction Point 4

Growth Expectations and Contributions

Contradiction on the growth driver and timing for the new automation systems.

Casey Woodring (J.P. Morgan) - Casey Woodring (J.P. Morgan)

2026Q2: The acceleration in the second half is driven by: ... 2) contributions from new product launches (sample tech automation systems, new Chiastat panels, companion diagnostics, etc.), contributing ~2 percentage points. - Thierry Bernard(CEO) and Roland Sackers(CFO)

What's the reasoning behind the updated second-half guidance (reduced from 4% to 3-4%) and the seasonality assumptions from Q3 to Q4? - Tycho Peterson (Jefferies LLC)

2025Q4: The 2%+ growth acceleration in H2 is driven by three new product launches opening entirely new markets (QIAsprint Connect in high-throughput sample prep, QIAmini for low-throughput labs, and new QIAstat blood culture panels). This justifies confidence in the growth contribution. - Thierry Bernard(CEO)

Contradiction Point 5

U.S. Life Sciences Funding Environment and Cautious Outlook

Contradiction on the assessment of U.S. Life Sciences funding weakness and its sector-specific nature.

Casey Woodring (J.P. Morgan) - Casey Woodring (J.P. Morgan)

2026Q2: Growth is expected to be weighted towards Q4, benefiting from product launches and an easier comparison... The company remains cautious, noting that while U.S. funding is improving sequentially, year-to-date NIH funding in H1 2026 is still below H1 2025. - Roland Sackers(CFO)

Walk through the updated second-half guidance (reduced from 4% to 3-4%) and the seasonality assumptions from Q3 to Q4? - Tycho Peterson (Jefferies)

20260428-2026 Q1: The weakness is mainly in pure research/academia (e.g., traditional PCR, enzymes, oligos) and not in pharma or biotech. - Thierry Bernard(CEO)