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    QGEN
    Earnings call· Jun 2026(Q2 FY26)

    QIAGEN N.V. Q2 FY26 earnings call QGEN

    Aug 6, 2026 Source

    Executive summary

    Qiagen Q2 FY26 — Exceeds Outlook with Growth Pillar Strength

    Qiagen delivered Q2 FY26 results above its sales and adjusted EPS outlook, driven by strong performance in its growth pillars like Sample Technologies and QIAcuity. The company reaffirmed its full-year guidance, anticipating a stronger second half fueled by new product launches and easing comparisons, despite continued caution regarding overall funding environments. Management emphasized disciplined execution and strategic investments to maintain high profitability and shareholder returns.

    Highlights

    5

    • Net sales of $535 million exceeded outlook for an approximately 2% decline CER.

    • Adjusted diluted EPS of $0.62 exceeded outlook of at least $0.60 CER.

    • Growth pillars (Sample Technologies, QIAcuity, QDI) delivered 5% growth at CER.

    • QuantiFERON returned to growth at 1% CER, offsetting reduced immigration testing demand.

    • Operating cash flow for H1 FY26 was $301 million, unchanged YoY, supporting financial flexibility.

    Concerns

    4

    • Diagnostic solutions declined 2% at CER, with QIAstat-Dx down 7% CER due to lower respiratory panel sales.

    • PCR and nucleic acid amplification sales declined 8% at CER, impacted by weaker OEM demand.

    • China sales were down low teens at CER, contributing to a 2% CER decline in Asia Pacific.

    • Adjusted operating income declined 2% to $157 million, with margin slightly down to 29.4% from 29.9% YoY.

    Guidance & targets

    10
    CategoryTargetConfidence
    Full-year Net Sales Growth
    about 1% to 2% CER
    high materiality
    High
    Full-year Adjusted Diluted EPS
    at least $2.43 at CER
    high materiality
    High
    Q3 Net Sales Growth
    about 1% to 2% CER
    medium materiality
    High
    Q3 Adjusted Diluted EPS
    at least $0.62 at CER
    medium materiality
    High
    H2 CER Sales Growth
    about 3% to 4%
    high materiality
    High
    Full-year Currency Impact on Sales
    about 1 percentage point tailwind
    low materiality
    High
    Full-year Currency Impact on Adjusted Diluted EPS
    neutral impact
    low materiality
    High
    Q3 Currency Impact on Net Sales
    negative impact of about 1 percentage point
    low materiality
    High
    Q3 Currency Impact on Adjusted Diluted EPS
    neutral
    low materiality
    High
    Full-year Tariff Repayments Benefit
    about $0.02 EPS at CER
    low materiality
    High

    Segment performance

    18
    SegmentRevenueYoYQoQMargin
    Sample Technologies
    Led the quarter, reflecting continued demand for sample preparation solutions.
    Automated consumables: strong demandInstrument sales: higher
    		—9% CER——
    Diagnostic solutions
    		—-2% CER——
    QuantiFERON
    Returned to growth as solid demand across many testing groups more than offset reduced immigration testing demand, primarily in the U.S. and Middle East.
    		—1% CER——
    QIAstat-Dx
    Impacted by challenging prior year comparison in respiratory testing, partially offset by continued strong growth in GI and meningitis/encephalitis panels.
    GI panels: strong growthMeningitis/encephalitis panels: continued strong growth
    		—-7% CER——
    PCR and nucleic acid amplification
    		—-8% CER——
    QIAcuity
    Driven by strong consumables demand, more than offset by weaker OEM demand.
    Consumables demand: strong
    		—double-digit growth CER——
    Genomics and NGS
    		—2% CER——
    Qiagen Digital Insights
    Performed well, led by clinical application.
    		—solid single-digit growth——
    Consumables for universal NGS panels
    Used on third-party sequencers.
    		—>20% CER——
    Americas
    		—1% CER——
    North America
    		—2% growth——
    Brazil and Mexico
    		—declined——
    EMEA
    		—-2% CER——
    Spain, Belgium, Poland
    		—up——
    Germany, France, Italy
    		—down——
    Asia Pacific
    		—-2% CER——
    Asia Pacific (excluding China)
    Supported by high teens growth in Japan.
    		—low single-digit rate CER——
    China
    		—down low teensdouble-digit percentage rate improvement sequentially—

    Operational metrics

    14
    Adjusted Operating Income
    $157 milliondeclined 2%
    Q2 FY26
    Adjusted Operating Income Margin
    29.4%vs 29.9% in Q2 FY25
    Q2 FY26

    Disciplined cost management and efficiency gains helped offset gross margin headwinds.

    Adjusted Gross Margin
    66.2%vs 66.7% in Q2 FY25
    Q2 FY26
    Operating Expenses as Percentage of Sales
    broadly stable
    Q2 FY26
    Cash Payments for Efficiency and Restructuring Programs
    approximately $20 million
    H1 FY26
    Days Sales Outstanding
    55 daysimproved from 57 days at end of FY25
    Q2 FY26
    Days Inventory Outstanding
    153 daysincreased from 149 days at end of FY25
    Q2 FY26

    reflecting inventory build in preparation for new product launches.

    Dividend Per Share
    $0.35up 40% from $0.25 in FY25
    FY26
    Annual Dividend Payment
    $72 million
    July FY26
    Synthetic Share Repurchase
    $500 million
    January FY26
    QuantiFERON Revenue Impact from Immigration Testing
    $35 million
    FY26

    taken out of revenues due to real decrease of migrant testing

    NIH Outlay
    still lowercompared to H1 FY25
    H1 FY26

    despite sequential improvement in Q2 FY26 vs Q1 FY26

    Adjusted Tax Rate
    18%
    Q2 FY26

    in line with our target of 17% to 18%.

    Parse Sales Contribution
    around $40 millionexpected to exceed
    FY26

    Original sales target for Parse

    Industry KPIs

    6
    MetricValueDetails
    Revenue EPS guidanceFY Net Sales: 1% to 2% CER; FY Adjusted Diluted EPS: at least $2.43 CER%
    China revenue exposuredown low teens%
    Diagnostics testing demandQIAstat-Dx: -7% CER%
    M a contribution synergiesParse: around $40 millionUSD
    Segment organic revenue growthSample Technologies: 9% CER; Diagnostic solutions: -2% CER; PCR and nucleic acid amplification: -8% CER; Genomics and NGS: 2% CER%
    Instruments vs consumables services mixSample Technologies: 9% CER growth%

    Product announcements

    6
    ProductTypeDetails
    QIAsymphony Connectlaunch
    QIAsprint Connectlaunch
    QIAminilaunch
    Parse Immune Profiling Solutionslaunch
    QIAcuity Gene Expression Assays & High Multiplex Kitlaunch
    QIAcuity Cell and Gene Therapy Offeringexpansion

    Deals & partnerships

    3
    DiaSorin and InpecoDevelop and launch first fully automated Sample to Insight workflow for QuantiFERON testing

    Collaboration to launch a fully automated Sample to Insight workflow for QuantiFERON testing in H2 2027, combining sample handling, incubation, and detection.

    HamiltonExpand QIAcuity cell and gene therapy offering with new software and broader workflow automation

    Collaboration to expand the QIAcuity portfolio for cell and gene therapy applications through new software and broader workflow automation.

    NVIDIACombine curated biomedical knowledge with accelerated computing and graph-based AI to accelerate drug discovery

    Collaboration to combine Qiagen Digital Insights' curated biomedical knowledge with NVIDIA's accelerated computing and graph-based AI to help researchers accelerate drug discovery.

    Risks & headwinds

    5
    Reduced US immigration testing demand for QuantiFERONFY26

    $35 million revenue impact

    Mitigation: Management took out $35 million of revenues from QuantiFERON guidance due to this decline.

    Challenging prior year comparison for QIAstat respiratory testing

    impacted Q2 FY26

    Mitigation: Continued menu expansion into GI and meningitis panels, and new BCID panels for bloodstream infections.

    Weaker OEM demandQ2 FY26

    impacted PCR and nucleic acid amplification sales

    Lower NIH fundingH1 FY26

    NIH outlay in H1 FY26 still lower than H1 FY25

    Mitigation: Sequential improvement in Q2 FY26 vs Q1 FY26, but caution remains on capital sales.

    Competition in latent TB testingongoing

    new entrants in the market

    Mitigation: Focus on converting TST customers to blood tests and developing new applications (e.g., diabetes, dialysis).

    What to watch in Q3 FY26

    5

    H2 Sales Growth Acceleration

    H2 FY26
    CurrentH1 FY26 sales growth -1% CER
    Target3% to 4% CER

    Why it matters

    Verifies the company's ability to achieve its full-year guidance and the effectiveness of new product launches and easing comps.

    We expect CER sales growth to improve from minus 1% in the first half to about 3% to 4% in the second half.

    Q&A highlights

    7

    Clarify the slightly lowered back-half growth expectation (from 4% to 3-4%) and the drivers for the Q3 vs Q4 step-up.

    Management reiterated confidence in H2 acceleration due to easing headwinds from discontinued products, new product launches (Sample Tech, QIAstat, QIAcuity), Parse's strong performance, and modestly improving US life science funding. They noted Q4 benefits from incremental contributions and an easier prior-year comparison.

    “We expect CER sales growth to improve from minus 1% in the first half to about 3% to 4% in the second half.”

    asked by Casey Woodring · answered by Thierry Bernard

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Q2 Performance and Reaffirmed Outlook

    Qiagen exceeded its Q2 FY26 sales and adjusted EPS outlook, reporting $535 million in net sales and $0.62 adjusted diluted EPS, both unchanged at constant exchange rates (CER). This strong performance, driven by growth pillars, reinforces confidence in the reaffirmed full-year outlook of 1-2% CER net sales growth and at least $2.43 adjusted diluted EPS. The company anticipates a significant acceleration in the second half, with CER sales growth improving from -1% in H1 to 3-4% in H2, fueled by new product launches and easing comparisons.

    02

    Growth Pillars and Strategic Investments

    Sample Technologies led the quarter with 9% CER growth, supported by automated consumables and instrument sales, and is expected to achieve double-digit growth in H2. QIAcuity delivered double-digit growth from strong consumables demand, and Qiagen Digital Insights (QDI) showed solid single-digit growth. The company continues to invest in its portfolio, including new automation systems like QIAsymphony Connect and QIAsprint Connect, and expanding the QIAcuity and QIAstat-Dx menus, which are key drivers for future growth.

    03

    QuantiFERON's Return to Growth and Future Innovations

    QuantiFERON returned to 1% CER growth in Q2, with solid demand offsetting a $35 million revenue impact from reduced US immigration testing. Qiagen is innovating in latent TB testing with a planned fully automated Sample to Insight workflow in partnership with DiaSorin and Inpeco for H2 2027. Additionally, an AI-enabled tool to assess active TB progression risk is under development, expected to launch by the end of FY27, aiming to further expand the latent TB testing market.

    04

    QIAstat-Dx Menu Expansion and Market Uptake

    Despite a 7% CER decline in QIAstat-Dx due to challenging respiratory comparisons, the platform saw strong growth in GI and meningitis panels, with the GI panel notably aiding during the cyclospora outbreak in the US. The launch of two new BCID panels for bloodstream infection testing in Europe, with FDA approval expected by year-end, marks a significant menu expansion. Development of a complicated UTI panel is also progressing well, expected for Europe in H2 2027, addressing a significant unmet clinical need.

    05

    Digital PCR and AI in Drug Discovery

    QIAcuity continues to advance digital PCR across research, biopharma, and clinical applications. New gene expression assays and a high multiplex kit (for up to 12 RNA targets) are launching in H2 FY26, alongside expanded cell and gene therapy offerings through a collaboration with Hamilton. Qiagen Digital Insights is leveraging AI and curated biomedical knowledge, including a new collaboration with NVIDIA, to accelerate drug discovery and translate complex biological data into actionable insights.

    06

    Financial Strength and Capital Allocation

    The company maintained a high level of profitability with an adjusted operating income margin of 29.4% and generated strong operating cash flow of $301 million for the first six months, unchanged YoY. This financial flexibility supports strategic investments in innovation and robust capital returns. Qiagen completed a $500 million synthetic share repurchase in January and increased its annual dividend by 40% to $0.35 per share, paying $72 million in July.

    AI-generated summary of the company’s earnings call. Not investment advice.