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Qiagen Posts Preliminary Q2 Results Better-than-expected; But Cuts FY Outlook

Qiagen N.V. (QGEN) announced preliminary results for the second quarter of 2021 that exceeded its outlook. The company reduced its guidance for full-year 2021 based on the success of vaccination campaigns that has led to a reduction in COVID-19 testing trends.

Dutch diagnostic and research company said it will conduct an additional up to $100 million share repurchase program. It represents a repurchase volume of about two million shares, based on the closing price on July 9, 2021. The repurchase program is scheduled to be completed on December 29, 2022, at the latest.

The company expects adjusted earnings per share for the second quarter of 2021 to be about $0.66-$0.67 or $0.65-$0.66 CER. It represents an increase of about 21% from $0.55 in the second quarter of 2020. Previously, the company expected quarterly adjusted earnings per share of about $0.62- $0.64 CER.

Net sales for the second-quarter rose 28% or 24% at constant exchange rates, CER year-over-year to $567.3 million and above the outlook for about 20% CER growth. Currency movements against the U.S. dollar had a positive impact of about four percentage points on sales at actual rates in the second-quarter 2021 over the year-ago period.

Non-COVID product groups for the second-quarter sales rose 52% CER to $407.6 million.

However, COVID-19 product group sales for the second-quarter declined 17% CER to $159.7 million from the prior year. Lower COVID-19 product group sales levels were seen across all regions and product categories, as the rapid uptake of COVID-19 vaccination campaigns led to reduced demand for testing.

For the third quarter of 2021, the company expects adjusted earnings per share to be about $0.52-$0.53 CER compared to $0.58 in the year-ago quarter. Net sales at CER are expected to be at the same level of sales in third-quarter 2020 of about $483.8 million.

Based on rates as of June 30, 2021, currency movements against the U.S. dollar are expected to create a positive impact of about 1-2 percentage points on net sales growth at actual rates for the third-quarter 2021. A positive impact of up to about $0.01 per share is expected on adjusted earnings per share.

Looking ahead for full-year 2021, the company now expects adjusted earnings per share to be at least $2.42 CER compared to the prior outlook of $2.42-$2.46 CER.

The company now projects annual net sales growth to be at least 12% CER compared to the prior outlook of about 18%-20% CER.

Based on rates as of June 30, 2021, currency movements against the U.S. dollar are still expected to create a positive impact of about 2-3 percentage points on net sales growth at actual rates for full-year 2021. A positive impact of about $0.02-0.03 per share is still expected on adjusted earnings per share.

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