Qiagen Posts Robust Q2 Non-COVID Sales Growth, Lifts Annual Guidance

Qiagen N.V. QGEN clocked Q2 FY22 revenues of $516 million, down 9% Y/Y, well above the consensus of $488.73 million.
At constant exchange rates (CER), Qiagen's Q2 sales fell 4 percent to $544 million, besting previous company guidance of $510 million at CER.
Qiagen's non-COVID product groups, now comprising more than 80% of its sales, rose 4% (10% at CER) to $423 million, tempered by an expected decline of 42% (39% at CER) in its COVID-19 products to $92 million.
Adjusted EPS reached $0.51 ($0.53 CER), down from $0.67 a year ago and ahead of the outlook for at least $0.46 CER.
Guidance: Qiagen raised FY22 sales guidance to at least $2.2 billion CER (prior outlook for at least $2.12 billion).
It also expects adjusted EPS of at least $2.30 at CER for full-year 2022, up from previous guidance of $2.14 at CER.
The updated guidance includes a goal for double-digit CER sales growth from the non-COVID product groups, which grew 12% CER in 1H of 2022, but for a decline in COVID-19 sales amid volatile pandemic trends.
It also reflects a review of macro-economic trends, including inflation and energy supplies.
Price Action: QGEN shares closed at $47.88 during after-hours trading on Tuesday.

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