Qiagen (QGEN) Q1 2025 earnings summary

Executive summary

• Net sales reached $483 million in Q1 2025, up 7% at constant exchange rates (CER), exceeding outlook and driven by broad-based growth across the portfolio.

• Adjusted diluted EPS was $0.55–$0.56 at CER, ahead of guidance, with improved profitability and margin expansion.

• Growth was fueled by strong performance in QIAstat-Dx (+37% CER), QuantiFERON (+16% CER), QIAcuity, and QIAGEN Digital Insights.

• Reaffirmed full-year 2025 outlook for 4% CER sales growth and upgraded adjusted EPS target to ~$2.35.

• Announced plans for an annual $0.25 per share dividend and a new $500 million share repurchase authorization.

Financial highlights

• Adjusted operating income margin rose to 29.8% of sales, up over 4 percentage points year-over-year.

• Operating cash flow was $140 million, up 5% year-over-year; free cash flow was $96 million.

• Adjusted operating income reached $144 million (+22%); adjusted net income was $121 million (+17%).

• Gross margin was 63.8%; adjusted gross margin 67.4%.

• Inventory days improved to 175 from 221, and days sales outstanding improved to 55 from 58.

Outlook and guidance

• Full-year 2025 net sales growth expected at 4% CER, with 5% growth in the core portfolio.

• Adjusted EPS target for 2025 is ~$2.35 at CER, up 7% from initial outlook.

• Q2 2025 net sales growth targeted at least 5% CER; adjusted EPS expected at least $0.60.

• Adjusted operating income margin for 2025 expected above 30%, with a mid-term goal of at least 31% ahead of 2028.

• Currency impact expected to be neutral on net sales and slightly negative ($0.01–$0.02/share) on EPS for the year.