Qiagen N.V.

Qiagen reported Q2 2026 net sales of $535 million, flat year over year on both a reported basis and at CER, versus an outlook for about a 2% CER decline. Adjusted diluted EPS was $0.62, above the guidance of at least $0.60 at CER. Adjusted operating income was $157 million, down 2%, with adjusted operating margin of 29.4% versus 29.9% in Q2 2025; adjusted gross margin was 66.2% versus 66.7% a year ago. For the first half, operating cash flow was $301 million, unchanged from the same period of 2025, and days sales outstanding improved to about 55 days from about 57 days at the end of 2025. Full-year guidance was reaffirmed for total net sales growth of about 1% to 2% at CER and adjusted diluted EPS of at least $2.43 at CER. For Q3, management expects net sales growth of about 1% to 2% CER and adjusted diluted EPS of at least $0.62 at CER. Management also said tariff repayments could benefit full-year EPS by about $0.02 at CER net of customer refunds, and currency should add about 1 percentage point to full-year sales with neutral EPS impact.

Thierry Bernard said the quarter showed disciplined execution, resilience, and profitable growth above expectations. He emphasized that Sample Technologies, QIAcuity, and QDI are growing above market, QuantiFERON returned to growth, and new launches are supporting a stronger second half. He also framed the strategic review and CEO transition as separate but ongoing processes, saying Qiagen remains open to options that can improve long-term shareholder and stakeholder value.

Roland Sackers highlighted that profitability stayed high despite some gross margin pressure from product mix. He cited adjusted operating income of $157 million, a 29.4% margin, adjusted gross margin of 66.2%, and an 18% tax rate in line with the 17% to 18% target. He said first-half operating cash flow was $301 million, with roughly $20 million of cash payments for efficiency and restructuring programs and a planned inventory build, while the company also completed a $500 million synthetic share repurchase in January and paid a second annual dividend of around $72 million in July; the dividend per share rose 40% to $0.35 from $0.25 in 2025.

Analysts pressed on the second-half guidance, especially the implied acceleration from Q3 to Q4, and management pointed to the end of NeuMoDx/DIALUNOX headwinds, new launches, easier comps, and improving funding trends, while still sounding cautious on U.S. research funding. Questions on QuantiFERON focused on competition and the softer language around the $500 million target; management said the $35 million immigration-testing headwind is now removed from the base, competition has long existed, and the main goal remains converting more latent TB customers from skin tests to blood tests. Analysts also asked about the strategic review and capital deployment, and management said the review is continuous, while the lack of a second-quarter buyback was explained as a timing/technical issue around the post-AGM opposition period in Europe.