QGEN changes
Pick any two versions below to diff them.
- Price
- $50.34 → $50.22(−0.2%)
- Next earnings
- Nov 5, 2026 → Nov 4, 2026
- Next earnings is estimate
- Yes → No
- 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. added: 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
- removed: The market prices QIAGEN removed: for slow added: is now the target of a pending cash takeover, so the offer sets the price and quarterly growth removed: after it cut its 2026 outlook. added: matters less. On removed: April 27, added: October 21, 2026, QIAGEN removed: lowered its 2026 net sales growth outlook to about 1% to 2% at constant exchange rates, from at least 5%, added: signed a business combination agreement with Crown NL Bidco, a company that the EQT XI fund controls, with ADIA and removed: its adjusted EPS outlook to at least $2.43, from at least $2.50. added: CPP Investments as co-investors. The removed: main causes were lower demand for QuantiFERON immigration testing added: bidder will offer EUR 46.50 in added: cash for each share. Both QIAGEN boards support the removed: United States added: offer and added: will recommend that shareholders tender their shares. While the removed: Middle East, and cautious spending by U.S. Life Sciences customers. Instrument sales fell at added: deal is pending, the price stays near the offer, less a removed: low teens rate in Q2 2026. added: discount for time and deal risk. The removed: company also has added: price can go clearly above the offer only if a removed: new CEO, Jonathan M. Pratt, from September 1, 2026, and added: higher offer comes. The offer is in euros, so its removed: Supervisory Board runs a strategic review added: value in US dollars moves with removed: independent advisors. For the removed: gap to close, three things added: exchange rate. Four steps decide the outcome. First, BaFin, the German regulator, must removed: be true. Growth must speed up in added: approve the removed: second half of 2026, as management expects, with Q3 sales up about 1% to 2% at constant exchange rates added: offer document, and removed: adjusted EPS added: then a 10-week acceptance period starts. Second, holders of at least removed: $0.62. QuantiFERON sales added: 50% of the shares plus one share must removed: become stable after added: tender by the removed: drop in immigration testing. New products such as QIAsymphony Connect, QIAmini and added: end of that period. Third, an Extraordinary General Meeting during the removed: QIAstat-Dx bloodstream infection panels added: acceptance period must removed: add sales in 2027, so added: approve the post-closing measures that added: give the removed: adjusted operating margin stays near 29%. added: bidder the full business. The removed: Q3 2026 report, estimated for about November 5, 2026, and added: boards apply these measures if at least 80% of the removed: full-year report added: 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 removed: early 2027 with the removed: 2027 outlook give added: United States included, must clear the removed: tests. added: deal before the long stop date of January 21, 2028. The removed: new CEO's plan added: companies expect the deal to close in mid-2027. EQT has committed equity and added: debt financing, and the removed: result added: offer has no financing condition. If approvals are still pending 10 months after the announcement, QIAGEN can pay an interim dividend of added: up to $0.47 per share in addition to the removed: strategic review are also dated signals. added: offer price. If removed: these checks pass, the removed: gap added: deal fails, the price can removed: close over added: fall back toward the removed: next three to six quarters. The main reason it may not close is a longer drop in added: value of QIAGEN alone, which depends again on QuantiFERON demand, U.S. research removed: funding added: spending and removed: immigration testing, which QIAGEN cannot control. added: the growth of new products.
- Risks
- removed: QuantiFERON is the largest product. Demand for immigration testing added: The deal needs merger control and foreign investment clearances, CFIUS in the United States removed: and added: included. An authority can ask for more information, set conditions or block the removed: Middle East fell sharply in 2026. added: deal. If removed: this demand stays low, or other tuberculosis testing groups grow less, the removed: 2026 goal of about $500 million in QuantiFERON sales added: clearances do not come before January 21, 2028, either party can end the agreement. A long review delays the payment to shareholders, and added: a block ends the removed: growth outlook added: deal. The offer fails if less than 50% of the shares plus one share are removed: at risk. U.S. Life Sciences customers, such as universities added: tendered, or if the Extraordinary General Meeting does not approve the post-closing measures. Funds that removed: depend on government grants, cut spending on instruments. Instrument sales fell at added: bought after the announcement can hold out for a removed: low teens rate in Q2 2026. A longer cut in research funding lowers sales added: higher price. If the vote is below 80% of removed: instruments and later of consumables. QIAGEN has added: the votes cast, the boards decide whether a removed: new CEO from September 1, 2026, added: substantial majority supports the deal, and added: they can look at how long shareholders have held their shares. The offer sets a cap on the removed: Supervisory Board runs added: price while the deal is pending, unless a removed: strategic review. A change of strategy, added: higher offer comes. The offer is in euros, so a removed: large purchase or a sale added: 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 removed: change added: receive a lower net amount than those who tender. If the removed: business added: deal fails, the stock trades again on QIAGEN alone. QuantiFERON demand for immigration testing fell in 2026, and added: U.S. Life Sciences customers cut instrument spending. QIAGEN suspended its removed: risk. The result of added: 2026 outlook while the removed: review added: deal is removed: not known. added: 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. removed: More large buybacks or purchases can raise leverage further. added: The deal includes bridge financing to pay the convertible notes in cash after the change of control.
- Checkpoints
- Nov removed: 5, 2026 (estimate): added: 4, 2026: Q3 2026 removed: results: return to growth. added: results while the offer is pending. Pending. Watch: removed: Net added: Final figures that confirm the preliminary net sales removed: growth of removed: about 1% to 2% at constant exchange rates added: $548 million and adjusted EPS of removed: at least $0.62, added: $0.65, with added: no event that puts the removed: 2026 outlook kept, added: offer conditions at risk, pass; removed: a miss added: lower figures or a removed: new cut to the outlook fails. added: material adverse change fail. Nov 6, 2026: Extraordinary General Meeting: new CEO. Pending. Watch: Shareholders appoint Jonathan M. Pratt to the Managing removed: Board and added: Board, so the company removed: keeps added: has a removed: clear plan for growth added: stable management team while the offer is pending, pass; a failed vote or a sudden change of leadership fails. added: 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 removed: and 2027 outlook. added: while the offer is pending. Pending. Watch: removed: A 2027 outlook for faster added: Stable sales removed: growth with stable QuantiFERON sales and removed: an adjusted operating margin removed: near 29% passes; an outlook for flat added: with no change to the offer terms pass; a large drop in sales or a added: 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 removed: margin added: acceptance or a failed vote fails. added: 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 added: 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. added: 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.