Why Is Qiagen (QGEN) Down 9.4% Since Last Earnings Report?

A month has gone by since the last earnings report for Qiagen (QGEN). Shares have lost about 9.4% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Qiagen due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for QIAGEN N.V. before we dive into how investors and analysts have reacted as of late.

QIAGEN’s Q4 Earnings Meet Estimates, Revenues Up Y/Y

QIAGEN N.V.’s (QGEN) fourth-quarter 2025 adjusted earnings per share (EPS) were 62 cents, the same at the constant exchange rate (CER). The reported figure increased 1.6% on a year-over-year basis. The metric came almost the same as the Zacks Consensus Estimate.

The adjustment excludes the impact of certain non-recurring items, such as business integration, acquisition and restructuring-related expenses, purchased intangible amortization expenses and non-cash interest expense charges, among others. On a GAAP basis, EPS in the fourth quarter was 49 cents compared with 39 cents in the year-ago period.

For the full year, adjusted earnings were $2.38 per share, up 9.2% from the year-ago period’s level.

QIAGEN’s Revenues

Net sales in the fourth quarter were $540.4 million, up 3.7% year over year (up 1% at CER). The top line beat the Zacks Consensus Estimate by 2.36%.

Total revenues for 2025 were $2.09 billion, up 5.7% from the year-ago period’s level.

QIAGEN’s Q4 Revenue Breakdown

QIAGEN reports through four product groups — Sample technologies, Diagnostic solutions, PCR / Nucleic acid amplification, Genomics / NGS and Other.

Sample technologies revenues were up 8% on a reported basis (up 5% at CER) to $175 million. Our model projected $157.1 million for this segment.

Diagnostic solutions revenues were up 3% on a reported basis (1% at CER) to $201 million. Our model estimated $203.2 million for this segment. Within this, QuantiFERON revenues were up 5% at CER, while QIAstat-Dx revenues surged 15% at CER. Other sales dropped 1% at CER.

PCR / Nucleic acid amplification revenues decreased 6% on a reported basis (down 9% at CER) to $78 million. Our model projected $80.9 million for this segment.

Genomics / NGS revenues were $69 million, up 4% year over year on a reported basis and 2% at CER. Our model suggested $66.9 million for this segment.

Other revenues were $18 million, up 20% year over year on a reported basis (up 19% at CER). Our model projected $19.7 million for this segment.

QIAGEN’s Operational Update

In the fourth quarter, the company’s total cost of sales (excluding the amortization of acquisition-related intangibles) rose 14.8%. The adjusted gross profit fell 1.9% year over year to $340.2 million. The adjusted gross margin contracted 359 basis points (bps) to 62.9%.

Sales and marketing expenses increased 6.1% year over year to $120.7 million. R&D expenses of $47.2 million were down 2.8% year over year. G&A expenses rose 18.9% year over year to $33 million.

Adjusted operating income (excluding items like acquisition-related intangible amortization, restructuring, integration and others) fell 11.1% year over year to $139.1 million. The adjusted operating margin contracted 429 bps to 25.7%.

QIAGEN’s Financial Update

QIAGEN exited the fourth quarter of 2025 with cash, cash equivalents and short-term investments of $1.10 billion compared with $1.15 billion at the end of 2024.

The cumulative net cash provided by operating activities at the end of the fourth quarter of 2025 was $654.3 million compared with $673.6 million in the year-ago period.

QIAGEN Initiates Outlook for 2026, Sets Q1 View

For 2026, net sales are expected to increase about 5% CER, including roughly 9% CER growth from its growth pillars. The Zacks Consensus Estimate for revenues is pegged at $2.21 billion.

The adjusted EPS is expected to be at least $2.50 at CER. The Zacks Consensus Estimate is pegged at $2.62.

For the first quarter, the company estimates that net sales will rise about 1% CER from $483 million in the prior-year period. The Zacks Consensus Estimate currently stands at $513.2 million.

The adjusted EPS is expected to be at least 54 cents at CER compared with 55 cents in the first quarter of 2025. The Zacks Consensus Estimate is pegged at 61 cents.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -8.89% due to these changes.

VGM Scores

Currently, Qiagen has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Qiagen has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

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QIAGEN N.V. (QGEN): Free Stock Analysis Report

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