Qiagen at Baird Conference: Strategic Growth Amid Challenges

On Wednesday, 10 September 2025, Qiagen (NYSE:QGEN) presented at the Baird Global Healthcare Conference 2025, outlining its strategic priorities and financial performance. Despite facing challenges in the U.S. academic sector and declining sales in China, Qiagen reported strong revenue growth and increased guidance for the year. The company emphasized its commitment to innovation and capital management.

Key Takeaways

• Qiagen reported 7% revenue growth in Q1 and 6% in Q2, outperforming its sector.
• The company raised its revenue and EPS guidance for the year.
• Qiagen is targeting a 31% adjusted operating margin, expecting to reach 29%-30% by year-end.
• Key growth drivers include QuantiFERON, QIAstat-Dx, and digital PCR.
• Qiagen is launching several new products, including QIAsymphony Connect, to boost growth.

Financial Results

• Revenue growth: 7% in Q1, 6% in Q2, exceeding sector performance.
• Increased revenue and EPS guidance for the year.
• Targeted operating margin: 31%, with expectations of reaching 29%-30% by year-end.
• Consensus EPS estimate for next year is around $2.50, indicating significant margin improvement.

Operational Updates

• QuantiFERON has seen over 20 quarters of double-digit growth.
• QIAstat-Dx benefits from recent FDA approvals, driving growth in North America.
• Sample preparation is poised for improvement with new launches next year.
• Digital PCR is expanding into pharma and clinical applications.
• Qiagen is launching QIAsymphony Connect by year-end, with more products planned for next year.

Future Outlook

• Sample tech growth is expected to improve to 3-4% over time.
• Qiagen aims to achieve a 31% adjusted operating margin before 2028, with updated guidance in January.
• Opportunities for margin expansion are anticipated beyond 2026.
• R&D investment will remain at 9-10% of revenues.
• Qiagen plans to focus on organic growth, acquisitions, and share buybacks.

Q&A Highlights

• Challenges in the U.S. academic sector due to NIH budget constraints.
• China strategy involves using Western and local brands for different markets.
• QIAsymphony Connect is expected to drive revenue growth.
• The fifth-generation QuantiFERON is in development, focusing on workflow improvements.
• Qiagen is active in share repurchases and recently initiated a dividend.

For a detailed understanding, readers are encouraged to refer to the full transcript provided below.

Full transcript - Baird Global Healthcare Conference 2025:

Diagnostics Analyst, Analyst, Baird: Diagnostics here at Baird, we’re very excited to have QIAGEN here with us today. From the company, we have the CFO, Roland Sackers, and from IR, John Gilardi. Roland, John, thanks for being here.

Roland Sackers, CFO, QIAGEN: Thanks for having us.

Diagnostics Analyst, Analyst, Baird: Maybe to kick things off, do you want to just give a quick kind of state of the union on where we are coming out of the second quarter?

Roland Sackers, CFO, QIAGEN: Yeah, I’d be happy to do so. Again, as we clearly said before, we took Baird, QIAGEN had a good start into the year, clearly a 7% growth rate in the first quarter, 6% growth rate in the second quarter. I would argue there’s probably twice the growth rate to proceed in the diversified tools sector right now. Given in a macro environment, which clearly has some challenges, we are quite upbeat. We were also able to increase not only our revenue guidance now recently, but also our EPS guidance after the first quarter. Also in terms of profitability, I would argue a good start to the year. Of particular importance to QIAGEN is clearly the performance of our five pillars of growth.

As you know, we are, as a mid-size company, we really try to stay focused and whatever we do, we want to be a top one to top three player in all of our buckets. I do think we’re doing here also quite a successful. QuantiFERON, which is our single largest product, has now, I don’t know, even 20 plus quarters of double-digit growth rate. Continues to be a very successful story. Still nice that 60-65% of the market is still more or less a 120-year-old skin test, so it’s overall a penetration story and I’m quite sure that it will continue for quite some time. Also other areas like our QIAstat-Dx test for syndromic testing is doing good. I’m not going to promise every quarter 30% growth rate that we had last quarter, but it should continue double-digit growth rate as well.

Some of the other areas I would say overall are also quite good. Sample prep have seen some improvement. Here we are also looking forward to new launches coming up next year. Last but not least, I think it’s also important to mention that our digital PCR franchise, which is doing quite well while on the instrumentation side, particularly in the academic environment, it is not the easiest environment. We still see some growth, particularly on the consumable growth rate as well, on the consumable side as well. All in, I think we had a good start to the year, increased our guidance for both revenues and EPS, and hopefully continuing like that for the rest of the year as well.

Diagnostics Analyst, Analyst, Baird: Yeah, maybe diving into that last comment on academia, you can just dive in a little more on what you’re seeing on that end market, maybe how it differs across different product categories and how you think that unfolds over the balance of the year.

Roland Sackers, CFO, QIAGEN: I think it’s, first of all, I want to make sure that people understand and know that I’m in the U.S. here right now, but it’s a particular U.S. topic right now because actually the European research budget is actually quite good. The EU budgets are even increasing quite significantly. I would say the overall academic situation, which is more challenging, is a U.S. topic. For QIAGEN, the NIH budget is somewhere between 4% and 5% of total revenues, just to frame it. Overall academia U.S., which includes the NIH, is probably somewhere like 6% plus. It is a sizable part of our overall revenue situation, but not, I would say, too critical. Nevertheless, we clearly see on the one hand side that our consumables business, which is 85% of our revenues, continues also in this kind of a business to perform.

We have seen positive growth rates, but it is fair to say that the instrumentation business there is clearly more challenging. While, again, also here in the first two quarters, instruments overall were slightly positive for us, where most companies had like minus 20%, minus 30%. It is also more challenging for us. I’ve heard today and also yesterday that some people got a bit more bullish on the academic situation in the U.S. and hearing that now the NIH proposal on the Congress is more or less for a flattish budget, which is great. Happy to take it. I do still believe that it will take some time before, I call it, the confidence and trust is back, which I do think is important to have a sustainable instrumentation business. I would say it’s good news, but I wouldn’t expect that whatever new budget approved things turn overnight.

I think that is probably a bit too aggressive.

Diagnostics Analyst, Analyst, Baird: Yeah, and then maybe on China, you think the business declined double digits to start the year. It seems like you’re not baking in a recovery anytime soon. What do you think the catalyst is to improve trends there?

John Gilardi, IR, QIAGEN: China is a market that obviously is on track to become the biggest diagnostics market in the world. If you just look at the population, it’s a market too big to ignore. The question is, what’s the right approach and how do you address some of the structural issues that you’re seeing in that market? Our approach is for this market right now, sales are about 4% to 5% of our total. We don’t have the exposure that some of the other players have in that market. What we’re working on is a two-prong strategy. We go in with the Western QIAGEN brand, especially for life sciences, for international centers. We’ve got to remember that eight of the top 10 international universities for research now are in the U.S. The other two are Harvard and the other is Max Planck Institute for Plant Breeding Research in Germany.

We’re there with our Western portfolio that they need to be able to do peer review journal work, especially in terms of what we’re offering with sample preparation technologies. We also have what we call a China for China, where we have a local brand where we bought one of our copycat competitors back in 2008 or 2009, and then being able to serve that market there. We’re not exposed to VBP, to this pricing pressure on diagnostics. QuantiFERON can do okay for us there. We have, I think, 20 to 25 different copycat competitors alone in that market. It’s a market we’re waiting to see how it develops. Right now, we’re not calling a return to growth. We want to get it to the point where it’s just not hurting us as much as it is right now. We’ll see if that happens in 2026.

Diagnostics Analyst, Analyst, Baird: Do you have any comments on how life sciences versus diagnostics have trended within China?

John Gilardi, IR, QIAGEN: They’re both doing pretty well. The diagnostics business is more geared towards QuantiFERON testing. We have a little bit of HPV testing still there. Life sciences, we’re trying to really go with the marquee brand that we have for this international level work.

Diagnostics Analyst, Analyst, Baird: Got it. If we can touch on a few different businesses, starting with sample tech. You have a few new product launches coming up. You have QIAsymphony Connect kind of slated for a controlled launch at the end of this year. You have a large install base out there. Do you have a sense for what portion of those are due for replacement or any comments on how you expect that upgrade cycle to play out in terms of magnitude and timing?

Roland Sackers, CFO, QIAGEN: I think, as you said correctly, clearly sample prep is a very important part of our business. Therefore, we are very much excited to have three new instruments coming up quite soon. QIAsymphony Connect’s end of this year and the QIASprint Connect and the QIAmini are probably in the second half of next year. QIAsymphony Connect, as you know, is the flagship instrument for QIAGEN since 2008. It was the first time when we launched that instrument. It’s clearly due to some updates. While we updated the machine in between, now there’s significant improvements coming up in terms of throughput and others. By the way, we will have a deep dive session probably in the first quarter where we give more insight on the launches, on sample prep in general. John, then for sure, is going to launch all these features which we might offer to our customers.

The good news is we have this instrument now for a couple of months with a good number of A customers. I think there’s a lot of excitement. As you know, we have customers who have significant numbers of QIAsymphony Connects and they are really expecting this kind of upgraded instrument. We feel we are actually quite confident that it will be an important launch for us. I do think it’s important to remember that, of course, particularly in the beginning, that has probably a larger impact on our instrumentation revenues, not necessarily in the consumables revenues. Of course, our QIAsymphony Connect customers typically have a fully utilized instrument. The opportunity for us to upgrade consumable pull-through will probably come over time, not necessarily in the beginning. It is a nice replacement cycle. Quite sure that that will be very helpful for QIAGEN as well.

This is different than, for example, with other launches. The QIASprint Connect, which is a high-throughput sample prep machine, is quite unique to QIAGEN. While I think everybody knows in the meantime that QIAGEN, I’m not sure what your number is, Gaston, but I think it has a 60+% market share in sample prep, we don’t have any footprint in the high-throughput sample prep solution. Every instrument we’re going to sell into that market is clearly 100% incremental gain. The same is true for the consumable side. We are also looking very much forward to launch that instrument. We were for many years hesitant to go into that market because we always were working under the impression, whatever we’re going to launch it, it has to have a kind of a generational shift.

We do believe now that over the last three years, together with our partner, we developed this kind of instrument which brings features to the market, which probably nobody else has right now. Again, a nice opportunity for us as well. Last but not least, the QIAmini, as the name already says, is rather a very small instrument. We haven’t set an official price tag yet. Let’s assume $5,000 or so. An instrument where you clearly can automate a manual sample preparation solution. Particularly on days where, for example, you do have headcount issues or you don’t want to hire new people, but you want to keep your outputs the same, you can have a very small instrument which is break even in a few months doing the same work. For sure, being very helpful in penetrating the market for us as well.

John Gilardi, IR, QIAGEN: You know, sample prep is an example as well of that QIAGEN serves life sciences and diagnostics. We get that question a lot. Are you life sciences or are you diagnostics? Pick a lane. We’re an enabler company. If you think about sample prep, we’re selling that to life sciences labs. Every year we have two to three customers that win a Nobel Prize. Hopefully in October, we’ll have some more this year. At the same time, you talk about liquid biopsy, you talk about MRD testing, clinical lab adoption of blood-based testing. That’s where a QIAsymphony Connect is such a key enabler. That’s where we’re able to serve this continuum from life sciences to pharma research to forensics. Every 10 seconds, there’s a crime scene somewhere in the world being analyzed with our kits.

That’s where we can take more than 80% of the products in our full portfolio at QIAGEN and sell them to both life sciences and diagnostics, especially in sample prep.

Diagnostics Analyst, Analyst, Baird: For the QIAsymphony Connect, do you think that will be mostly replacement driven or are there greenfield opportunities? Can you just remind us the mix of full purchases versus reagent rentals for that business?

Roland Sackers, CFO, QIAGEN: I would say the type of sale is very much driven by the segment you’re going into. The academic environment is typically budget driven. Therefore, it’s a straight sale. Where on the clinical side, you typically, as you know, you get paid by the test, by the insurance. They like to have this kind of reagent rental model. We sell Symphony in both areas. I would assume there is a fair split between both. In terms of impact, I would believe in the beginning you will have probably a lot of replacement because, again, we have a significant number of customers who are maxed out and they’re just waiting for the instrument. You’ll see that also, I would say, in normalized years, we had always like 200 plus Symphony sales. Right now, everybody knows that the Symphony is coming up. They’re holding back right now.

It’s like, if whatever car company launches a new car, nobody buys the old one anymore. We see a similar pattern right now. I would say there’s probably some replacement, but I’m quite sure that we are able to convince new customers as well.

Diagnostics Analyst, Analyst, Baird: With QIAmini and QIASprint Connect, I guess going into those new throughput offerings, by how much does that expand the market opportunity within sample tech? Just given these new launches, how should we think about sample tech kind of growth acceleration to 2026?

Roland Sackers, CFO, QIAGEN: As you know, we were at kind of a slightly negative growth in Q1. We were slightly positive in Q2. I do expect that we probably improve a bit in the rest of the year. Let’s see how it goes. We clearly want to move that rather into the whatever 3, 4+% environment over time. It will not come overnight. If you have this kind of a market share as we have, it is hard to outperform the overall market growth rate. Nevertheless, particularly on the Sprint, moving into a market which is not only a market where we don’t have any footprint in, but we do have some consumables. I’m quite sure that everybody on the customer side believes that QIAGEN has outstanding sample prep solutions. We will gain some traction there. I’m quite sure the pull-through on these machines, of course, is also quite remarkable.

Have in mind that as a rule of thumb in our industry, typically an instrument should generate somewhere between, I would say, 50+% of the purchase price for the instrument as a consumable pull-through per year. You can see it can ramp up quite nicely.

Diagnostics Analyst, Analyst, Baird: Okay. If we move on to QuantiFERON, another strong quarter going double digits in the second quarter. You mentioned skin test still makes up over 60% of that market. Where do you think that mix goes over time? Are there any subsegments of the market that you view as near-term opportunities or conversely any that you think will be more challenging to convert?

Roland Sackers, CFO, QIAGEN: Let me kick it off and then John can add to that. I think it’s important to understand what you just said and I want to reemphasize it, that 60-65% of the overall market is literally the 120-year-old skin test, right? We have to change medical practice. At the same time, the skin test is growing by 4% as the overall market is growing. It’s clearly the world population is growing. You have more and more countries, states starting with mandatory testing for healthcare workers, for legal immigration. If you go into the U.S. or if you’re going into the Middle East, if you want to have a working visa, you get tested, right? If you are back to school testing, it’s quite a significant part of that as well. It’s, again, it’s latent TB testing. There are nice opportunities for us over time.

Of course, even if you’re growing double digit as we do, if the underlying market, which is 60+%, is growing 4%, it’s actually quite hard for us to, again, to gain significant market share, right? We’re quite happy as we are. Q3 again will be a good quarter. It’s probably not the easiest one for us because particularly also last year, the third quarter was a quite strong quarter. We have not easy comps, but overall we do have the leading product in the market and we have more opportunities to come.

John Gilardi, IR, QIAGEN: Let’s tackle some of the hot topics around QuantiFERON. You’re talking about testing. This is a very heterogeneous market of people you have to test. From healthcare workers, firefighters, paramedics, nurses, doctors, they have to have routine tests that are done on a periodic basis. Recession or good times, bad times in the economy, it’s just required by law. You have another section that we call congregated living. This would be nursing homes, prisons, military. The third bucket would be back to school testing. That’s why Q3 tends to have the higher sales. For us, kids require to have a latent TB test done as part of their school physicals at different ages. There’s really this market that’s driven a lot of growth over the last couple of years in terms of the underlying market expansion opportunity. That’s been biological drugs.

If you listen to the commercials, which Trump wants to get rid of, you’ll hear them often say you have to be tested for tuberculosis before prescribing, taking the drug. You have patient opportunities that are expanding now in type 2 diabetes, renal cell patients, chemotherapy, anywhere that the immune system is modulated or suppressed. That’s when the latent TB, which affects one in four people worldwide, can convert to active. That is about 10% of that pool. That’s why it’s critical that we identify people with latent TB. They’re monitored, they’re treated with antibiotics for about six months to kill the bacteria. That’s why TB is the leading cause of death worldwide right now. More people die of TB than HIV and malaria combined. What you’re hearing about is the last point. We were getting some questions in terms of changes from the U.S. government funding for a U.S.

AID or for CDC. These are not having an impact on our performance.

Diagnostics Analyst, Analyst, Baird: Okay. Very helpful. Earlier this year, you called out early 2026 as a potential launch timeline for a fifth generation QuantiFERON. Is that still in the works? How meaningful could that upgrade be? Maybe take the opportunity to talk about how you think about the competitive landscape.

Roland Sackers, CFO, QIAGEN: Again, also I’m happy to kick it off here. I would say the competitive landscape hasn’t really changed over time. There were clearly some other companies having the capital market testing in May. To the surprise of a lot of people, we’re clearly not talking about any U.S. launch, at least up to 2027. We’re still working with assumptions that they come to the market by 2026. Let’s see how close that is really. The question is again if there’s a clinical trial ongoing or not. Nevertheless, we clearly had enough pre-warning over the last more or less now three years. We’re working with our customers quite closely, but also on our products where you were referring to. I do think if it comes to the chemistry, we are in the first generation. It’s an outstanding product. You see the publications, papers around. It’s hard to improve.

You see also what John was saying before. A lot of other companies were actually failing to bring a product to the market while they are very strong clinical players. Our focus is clearly also on making the life for our customers easier. Think about workflow improvement, think about throughput improvements. It is a significant volume test for a significant number of our customers. Any kind of improvement in that environment saves them clearly money, which is an important factor.

John Gilardi, IR, QIAGEN: This technology has been around for 30 years. This is nothing new. These competitors that talk about wanting to come into the market should have been in over a decade ago. This is a really hard test to make work. It is not a standard diagnostic where you’re looking for a target, you find it, and then you illuminate, and then it registers that it’s there. You’re sending a sonar signal into the blood sample and measuring the response of the immune system back. Each of us in this room or on this call have a different immune system. Getting that calibrated to call a positive, define a positive or a negative case is really challenging. That took us years, and that’s why we continue to do so well here.

Diagnostics Analyst, Analyst, Baird: Yeah, okay. Maybe moving on to QIAstat-Dx, really strong placement growth to start the year, particularly in North America. You can just talk to what’s driving that strength and how much your recent menu expansion has helped there.

Roland Sackers, CFO, QIAGEN: I do think we had clearly an important event end of last year about getting four FDA approvals done on the QIAstat-Dx. In particular, gastro is an important topic because you might recall that in the U.S., under syndromic testing, a significant part of that business is a tender-related business. That means you have to offer a set of different panels. Typically, respiratory and gastro are a mandatory part of that. Therefore, now we are finally able to more or less also address this kind of market opportunities. While only probably one third of the market gets addressable every year, we see already quite some successes being participating in these tenders and even more importantly, winning these tenders. I would say there’s quite some time to go before we really have penetrated that market significantly.

Overall, I think it’s also fair to say I always believe that some investors believe like post-COVID, every doctor or every hospital has this kind of a syndromic testing environment. We all know that it’s not true. That’s of course true in the larger cities. Even if you go into hospitals, they typically have centralized labs, but they don’t have it like, for example, in the nursery, in the room. More and more hospitals want to have that. We see even now quite a number of clients who want to have not only two, three, but also four, five, six different units. That’s the reason why we just launched ORIZE, where the customer can more or less bundle four to eight STATs into an integrated workflow, which again shows that there is quite a significant demand for that. Nevertheless, STAT is a global product for us.

Pre-more or less this year, we were growing faster outside the U.S. than in the U.S. Now, as I said, it’s more balanced, which is good, but the growth outside the U.S. is continuing. We are going to expand the menu. I think it’s fair to say also compared to others, we are well prepared for the next wave because have in mind for us, it’s a real-time PCR instrument. We can deliver both quantitative and qualitative information. Think on the pharma collaborations we have with AstraZeneca and we have with Lilly. That is what other companies not even can do because the technology doesn’t allow them. Also for the next wave in other areas, outside infections, I think we are well positioned.

Diagnostics Analyst, Analyst, Baird: You mentioned RISE, which you recently got FDA approval for, your higher throughput system. Can you just talk to the importance of that platform and how should we kind of think about the launch trajectory?

John Gilardi, IR, QIAGEN: When you look at our QIAstat-Dx system for syndromic testing, where you’re testing for more than 20 different pathogens at a time, you can buy it in modules. These are like, they look like a gaming computer tower. You can put either one to four together with a module to be able to read results. It’s so easy, even I can use it. It’s IR proof. If you go to the RISE, you can put up to 18 of these modules together. That enables you to work overnight or during the day and to free up the lab tech to do something else. You just load the cartridges into the bay. They’re already scanned. The machine takes care of the rest. You never touch it again. That’s what labs, especially in Europe, like about this, who are higher throughput customers, because it frees up time.

The hardest thing to find right now are people to do this kind of clinical lab work.

Diagnostics Analyst, Analyst, Baird: Yeah. If we touch on QIAcuity, you started out with this system in academia and then made more of a push into pharma and more recently into clinical. Can you just talk to what you’re seeing in each of those three markets from a growth perspective and kind of the overall remaining opportunities there?

John Gilardi, IR, QIAGEN: Sure. QIAcuity is our entry into digital PCR. Digital PCR is the next generation of PCR, which is the Microsoft Windows of our industry. This is kind of like going from the Nokia handheld phones to iPhones, where you think it does the same thing, make a phone call, but it can do just so much more. Like I said earlier, QIAGEN is able to take technologies and we’re able to enable our customers from basic research all the way through to clinical healthcare to use these products. QIAcuity is another example. We started off in academia. You’re seeing a surge in the number of papers that are being done with digital PCR as a technology platform. We moved into the pharma industry, selling gene therapy, QA/QC for biological drug development, done now with digital PCR.

Applied testing, 47 of the 50 states in the U.S., plus two territories, are using QIAcuity systems for wastewater testing for infectious disease monitoring. Plus, we’re working with the FBI on digital PCR applications for crime scene analysis. Now we’re just at the point where we’re starting to work in clinical areas, mainly in oncology and infectious diseases. Here, we’re working with partners on MRD testing like we’re doing with Tracer Biosciences. We’re going to be able to drive this technology into these areas and use these channels. This is a really important way of growth for QIAGEN over the next decade or so.

Diagnostics Analyst, Analyst, Baird: Okay. On margins, you’ve shown very impressive progress towards hitting your medium-term target of 31%, at least 31% adjusted operating margin. Any update in terms of timelines on when you think that target is achievable?

Roland Sackers, CFO, QIAGEN: I think it’s very fair to say that we have to update the target earlier than 2028 because probably most, if you look on the guidance right now, that means we’re ending this year probably somewhere between 29% and 30%. Given the consensus for next year being, let’s say, EPS-wise around $2.50, you can see that there is a significant margin improvement also expected for next year, bringing us very close to the 31% instead of 28% already in 2026. I would assume that the latest on more or less when we give guidance in January next year, for next year, we’re also going to update our midterm target. For me, it’s very clear that we continue to see margin expansion also beyond 2026. We have opportunities on the gross margin side. We still have an underutilization, particularly on QIAstat-Dx, so better utilization.

You see the current growth rates are being very helpful there for our standard costing. We feel quite comfortable with overall R&D investments of 9% to 10% of revenues, saying it’s a kind of a sweet spot for us in terms of input versus output. We also have a significant box of efficiency projects, 35 plus different projects within SG&A, goes all the way from centralization of certain locations into digitalization efforts. We’re in the middle of rolling out our new SRP system. There are quite some initiatives where we do believe they should have a very positive impact to profitability. I would say you should expect QIAGEN to have also a very solid profitable growth, not only in 2026, but also beyond. Currency, of course, right now is not too helpful for us. Nevertheless, I would say that we can deal with it.

It’s probably, I don’t know, a two, right now if you look at dollar euro, it’s probably like a 2% impact. Nevertheless, that should be okay. Tariffs, I would say, as one of the few companies we were able to deal on that quite well. As you know, we share the pain with all different participants. We see at the same time that corporate tax is a bit lower than we anticipated in our midterm plans. There are some opportunities there as well. We will change some of our supply chain rates, e.g., for example, in the past, we delivered Canada through the U.S. Most likely, we’re not going to do that going forward. I think there’s also opportunity for us here that, again, the consensus as it is right now is probably very reasonable.

Diagnostics Analyst, Analyst, Baird: Lastly, on capital allocation, you recently initiated a dividend. You’ve been active on share repurchases. How should we think about balancing those versus the potential for M&A going forward?

Roland Sackers, CFO, QIAGEN: I think since 2012, we have a good mix of investing into our own business, organic growth, some acquisitions. Typically, in the past, we did bolt-on acquisitions, but increasing our share buyback capabilities. I would say we always had $100 million incrementals. Now, the last two years, we did $300 million incrementals. On the AGM for this year, we got an approval for a $500 million share buyback. On top of that, we started to pay a regular dividend. European companies do that typically once a year. We did that in June this year. I would say we will most likely play all three areas. Our cash flow is quite stable. We just issued another convert that was mainly for refinancing purposes because we have a $500 million convert coming up. Also important to understand, it’s a net cash sales convert.

That means the first $750 million always get paid in cash, not in shares. It is also a very reasonable and very cheap financing instrument for us.

Diagnostics Analyst, Analyst, Baird: All right, great. With that, we’re out of time. Thanks everyone for joining. Roland, John, thanks for being here.

Roland Sackers, CFO, QIAGEN: Thanks, you.

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