Detailed narrative
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.
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.
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.
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.
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.
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.