Qiagen (QGEN) Q4 2025 earnings summary

Executive summary

• Q4 and FY 2025 results exceeded outlook, with net sales of $540M in Q4 (+1% CER) and $2.09B for the year (+5% CER), both at the high end of guidance.

• Adjusted diluted EPS was $0.62 in Q4 and $2.40 for 2025, both above guidance, reflecting strong execution despite macroeconomic challenges.

• Growth pillars delivered $1.49B in 2025 (+8% CER), on track for $2B by 2028, with strong performance in Sample technologies and Diagnostic solutions.

• Achieved key milestones including the acquisitions of Parse Biosciences and Genoox, expanding into single-cell analysis and strengthening bioinformatics.

• Over $1.1B returned to shareholders since 2024, with the introduction of an annual dividend.

Financial highlights

• FY 2025 net sales: $2.09B (+5% CER); Q4 net sales: $540M (+1% CER).

• Adjusted diluted EPS: $0.62 in Q4, $2.40 for 2025, both above guidance.

• Adjusted operating income margin increased to 29.5% in 2025, up 80 bps YoY, despite tariff and currency headwinds.

• Free cash flow for 2025 was $453M, supporting investments and shareholder returns.

• Net leverage at 1.3x net debt/adjusted EBITDA as of January 2026.

Outlook and guidance

• 2026 outlook: at least 5% CER sales growth and adjusted EPS of at least $2.50.

• Q1 2026: at least 1% CER sales growth and adjusted EPS of at least $0.54, reflecting temporary headwinds from discontinued products and cautious customer spending.

• Growth pillars expected to grow ~9% CER in 2026, with Sample technologies targeting $720M, QuantiFERON $535M, QIAstat $160M, QIAcuity $100M, and QDI $125M.

• On track for 2028 ambitions: ~7% sales CAGR, at least 31% adjusted operating margin, $2B+ from growth pillars, and sustained shareholder returns.

• Currency expected to have a positive impact on 2026 sales and neutral on EPS.