This is an old version of QGEN from 13 days ago (Oct 31, 2026).See the latest version
QGEN
- Price
- $50.22
- Discount category
- Close to intrinsic value
- Next earnings
- Nov 4, 2026
- Next earnings is estimate
- No
- Company name
- QIAGEN
- Sector
- Molecular diagnostics & life science tools
- About
- QIAGEN is a Netherlands-based holding company that sells products to extract and analyze DNA, RNA and proteins from biological samples. It reports one segment and sells to two groups of customers: Life Sciences (universities, pharmaceutical research and forensics) and Molecular Diagnostics (clinical labs). Its main product groups are Sample technologies, Diagnostic solutions, PCR and nucleic acid amplification, and Genomics and NGS. QuantiFERON, a blood test for latent tuberculosis, is its largest single product, with sales of $503 million in 2025. Other key products are the QIAstat-Dx syndromic testing system, the QIAcuity digital PCR system and the QIAGEN Digital Insights bioinformatics software. Most sales are consumables that labs buy again for each test, which run on QIAGEN instruments that labs validate for their workflows. In December 2025, QIAGEN bought Parse Biosciences to enter single-cell analysis. Net sales were $1.03 billion in the first half of 2026. In October 2026, QIAGEN agreed to a cash takeover offer from EQT Private Equity. Until the deal closes, QIAGEN operates as an independent company under its current management.
- Thesis
- QIAGEN is now the target of a pending cash takeover, so the offer sets the price and quarterly growth matters less. On October 21, 2026, QIAGEN signed a business combination agreement with Crown NL Bidco, a company that the EQT XI fund controls, with ADIA and CPP Investments as co-investors. The bidder will offer EUR 46.50 in cash for each share. Both QIAGEN boards support the offer and will recommend that shareholders tender their shares. While the deal is pending, the price stays near the offer, less a discount for time and deal risk. The price can go clearly above the offer only if a higher offer comes. The offer is in euros, so its value in US dollars moves with the exchange rate. Four steps decide the outcome. First, BaFin, the German regulator, must approve the offer document, and then a 10-week acceptance period starts. Second, holders of at least 50% of the shares plus one share must tender by the end of that period. Third, an Extraordinary General Meeting during the acceptance period must approve the post-closing measures that give the bidder the full business. The boards apply these measures if at least 80% of the votes cast approve them, or else only if they find that a substantial majority of shareholders supports the deal. Fourth, competition and foreign investment authorities, CFIUS in the United States included, must clear the deal before the long stop date of January 21, 2028. The companies expect the deal to close in mid-2027. EQT has committed equity and debt financing, and the offer has no financing condition. If approvals are still pending 10 months after the announcement, QIAGEN can pay an interim dividend of up to $0.47 per share in addition to the offer price. If the deal fails, the price can fall back toward the value of QIAGEN alone, which depends again on QuantiFERON demand, U.S. research spending and the growth of new products.
- Risks
- The deal needs merger control and foreign investment clearances, CFIUS in the United States included. An authority can ask for more information, set conditions or block the deal. If the clearances do not come before January 21, 2028, either party can end the agreement. A long review delays the payment to shareholders, and a block ends the deal. The offer fails if less than 50% of the shares plus one share are tendered, or if the Extraordinary General Meeting does not approve the post-closing measures. Funds that bought after the announcement can hold out for a higher price. If the vote is below 80% of the votes cast, the boards decide whether a substantial majority supports the deal, and they can look at how long shareholders have held their shares. The offer sets a cap on the price while the deal is pending, unless a higher offer comes. The offer is in euros, so a weaker euro lowers its value in US dollars. Shareholders who do not tender receive the offer price through the post-closing measures, less any withholding tax, so they can receive a lower net amount than those who tender. If the deal fails, the stock trades again on QIAGEN alone. QuantiFERON demand for immigration testing fell in 2026, and U.S. Life Sciences customers cut instrument spending. QIAGEN suspended its 2026 outlook while the deal is pending, so investors get less guidance on these trends. Most of the debt is convertible notes and euro private placements. Net debt to adjusted EBITDA rose to 1.1 times at June 30, 2026, from 0.7 times at the end of 2025, after the share repurchase. The deal includes bridge financing to pay the convertible notes in cash after the change of control.
- Balance sheet
- Cash: $794M Debt: $1.7B Net debt: $861M Net debt / EBITDA: 1.1× (low) Interest cover: 10× Undrawn credit line: $456M, to December 2030 Debt due within 12 months: $17M Last debt due: 2035 QIAGEN funds itself with convertible notes and euro private placements (Schuldschein). At June 30, 2026, debt principal was about $1.66 billion: $750 million of 2.0% convertible notes due 2032, $500 million of 2.5% convertible notes due 2031, $26 million of convertible notes due 2027, and $379 million of Schuldschein tranches due until 2035. Cash, cash equivalents and short-term investments were $794 million, down from $1.10 billion at December 31, 2025, after the $500 million synthetic share repurchase in January 2026. Net debt to adjusted EBITDA was 1.1 times, as the company reports it. The €400 million revolving credit facility, which runs to December 2030, was not drawn. Interest cover is operating income divided by interest expense for the first half of 2026. QIAGEN paid a dividend of about $72 million in July 2026, 40% more per share than in 2025. As of Jun 30, 2026.
- Checkpoints
- Nov 4, 2026: Q3 2026 results while the offer is pending. Pending. Watch: Final figures that confirm the preliminary net sales of $548 million and adjusted EPS of $0.65, with no event that puts the offer conditions at risk, pass; lower figures or a material adverse change fail. Nov 6, 2026: Extraordinary General Meeting: new CEO. Pending. Watch: Shareholders appoint Jonathan M. Pratt to the Managing Board, so the company has a stable management team while the offer is pending, pass; a failed vote or a sudden change of leadership fails. Dec 2026 (estimate): BaFin approves the offer document and acceptance starts. Pending. Watch: BaFin approves the offer document and the 10-week acceptance period starts at EUR 46.50 per share by the end of 2026, with the boards' recommendation to tender, pass; a long delay, lower terms or no recommendation fail. Feb 2027 (estimate): Full-year 2026 results while the offer is pending. Pending. Watch: Stable sales and margin with no change to the offer terms pass; a large drop in sales or a material adverse change that puts the offer at risk fails. Q1 2027 (estimate): End of acceptance period and shareholder vote. Pending. Watch: At least 50% of the shares plus one share tendered and at least 80% of the votes cast at the Extraordinary General Meeting for the post-closing measures pass; a lower acceptance or a failed vote fails. Q3 2027 (estimate): Regulatory clearances and closing of the offer. Pending. Watch: All merger control and foreign investment clearances, CFIUS included, and payment to shareholders by mid-2027 pass; clearances still pending in late August 2027, when QIAGEN can pay an interim dividend of up to $0.47 per share, or no clearance by January 21, 2028, fail.
- Recent events
- Oct 23, 2026: QIAGEN filed the business combination agreement with EQT's bidder with the SEC. Either party can end the agreement if the regulatory conditions are not met within 15 months of signing. QIAGEN must pay EUR 150 million in some cases, such as a change of the boards' recommendation. The bidder must pay EUR 300 million in some cases in which the regulatory conditions fail. Oct 21, 2026: EQT Private Equity offered EUR 46.50 per share in cash for Qiagen, a premium of 40.3%. The offer values Qiagen at about EUR 10.8 billion including debt. Both boards recommend the offer. The companies expect the deal to close in mid-2027. Oct 21, 2026: QIAGEN reported preliminary Q3 2026 results. Net sales were $548 million at reported and constant exchange rates, up from $533 million in Q3 2025. Adjusted diluted EPS was $0.65, above the outlook of at least $0.62. Because of the EQT transaction, QIAGEN suspended its full-year 2026 outlook and holds no conference call for Q3. It reports full Q3 results on November 4, 2026. Sep 24, 2026: QIAGEN launched QIAmini, a system that automates sample preparation for small batches. Four days later, it received U.S. FDA clearance for a new QIAstat-Dx bacteria panel, which completes its U.S. portfolio of bloodstream infection panels. Sep 18, 2026: QIAGEN called an Extraordinary General Meeting on November 6, 2026, to appoint Jonathan M. Pratt to the Managing Board. Aug 24, 2026: QIAGEN appointed Jonathan M. Pratt as CEO from September 1, 2026. He was CEO of Filtration Group and earlier led the Waters Division of Waters Corporation and Beckman Coulter Life Sciences. Thierry Bernard stepped down as CEO and supports the transition until the end of 2026. QIAGEN reaffirmed its Q3 and full-year 2026 outlook and said that the strategic review of the Supervisory Board continues. Aug 5, 2026: QIAGEN reported Q2 2026 results. Net sales were $535 million, unchanged from Q2 2025, above the outlook for a decline of about 2% at constant exchange rates. The growth pillars grew about 5%. Adjusted EPS was $0.62 and the adjusted operating margin was 29.4%. QIAGEN reaffirmed its 2026 outlook. Apr 27, 2026: QIAGEN reported preliminary Q1 2026 results and cut its 2026 outlook. Net sales were $492 million, down 1% at constant exchange rates, and QuantiFERON sales fell 5% because of lower immigration testing demand. The new outlook is net sales growth of about 1% to 2% at constant exchange rates and adjusted EPS of at least $2.43.