Qiagen sets goal for at least $2B of combined annual sales in 2028

The 2028 strategy involves the following:Sharpen focus on growth pillars to sustain profitable growth: QIAGEN has set a goal for at least $2 billion of combined annual sales in 2028 from its pillars amid plans for new product launches and important investments: QIAcuity digital PCR: QIAGEN is more than tripling the number of sales specialists supporting QIAcuity to drive adoption as over 100 new assays are launched. The QIAcuity-Dx version is also planned to receive U.S. regulatory clearance in 2024 for clinical use, with submission of an assay for detection of the BCR-ABL biomarker for onco-hematology planned for 2025. QIAGEN also signed its first companion diagnostic agreement for QIAcuity with an undisclosed pharma partner. QIAstat-Dx: QIAGEN confirmed plans for the U.S. regulatory submission of a new panel for syndromic diagnosis of meningitis in 2024 to complement the European version, building on the recent U.S. regulatory approval of the gastrointestinal panel and upgraded respiratory panel. QIAGEN also plans for the U.S. and European submissions of three panels by 2028 involving blood culture, complicated urinary tract infections and pneumonia. Also in the U.S., new “mini panels” are planned to be submitted for U.S. regulatory approval in 2024. These new panels will enable the diagnosis of five pathogens causing respiratory or gastrointestinal conditions, and are designed to address customer demands. QIAGEN Digital Insights: QIAGEN confirmed plans to accelerate investments into this business with at least nine new product launches planned by 2028. These plans also include a 40% expansion in the commercial team to extend the global presence into new geographic markets. QIAGEN intends to continue investing about 20% of QDI sales into R&D to combine the power of AI and human-curated knowledge bases, with plans to grow from the current 5 AI-enabled applications across the portfolio to at least 14 by 2028. Sample technologies: Two important new instrument launches are planned along with several new consumables kits to strengthen QIAGEN’s leadership in this important first step of lab workflows. QIAsymphony Connect is planned for launch in 2025 as an upgrade of the flagship QIAsymphony automation system, building on over 3,300 cumulative placements. QIAGEN also plans to enter the high-throughput automation market with the launch of QIAsprint Connect in 2026. New kits are planned for use on QIAGEN’s full portfolio of instruments in high-growth applications including liquid biopsy, microbiomes and pathogen detection. QuantiFERON: QIAGEN is a key enabler of the global initiative to eradicate tuberculosis, a potentially fatal bacterial infection, through its QuantiFERON-TB Gold Plus test. About 60% of the global market for annual latent TB testing remains available for conversion from the tuberculin skin test, as QIAGEN steps up commercialization initiatives backed by its best-in-class test and top automation solution with partners DiaSorin, Tecan and Hamilton. QIAGEN is also partnering with DiaSorin on a test for detection of Lyme Disease, which is available in Europe and has been submitted for U.S. regulatory approval. Drive efficiency and digitization to fuel growth and improve profitability: QIAGEN announced plans to achieve at least a 31% CER adjusted operating income margin in 2028. Key drivers involve a series of new initiatives to free up resources for reallocation and to expand operational margins. These initiatives include streamlining the portfolio, in particular the recent decision to discontinue the NeuMoDx system. They also include initiatives to simplify the organization, improve end-to-end processes, in particular through an upgrade of QIAGEN’s SAP enterprise resource system; and optimize the site network. QIAGEN is seeking to harness the power of digitization to fuel growth and improve profitability, with about 30 AI initiatives under way. Ensure disciplined capital allocation for growth and shareholder value: QIAGEN plans to continue implementing its disciplined capital allocation strategy anchored by strong cash flow trends and a healthy balance sheet. This strategy involves profitable organic investments into the business; focused M&A through value-creating transactions, and a new plan to return at least $1 billion to shareholders from 2024 to 2028. QIAGEN returned approximately $300 million to shareholders through a synthetic share repurchase in January 2024, and shareholders will be asked at the upcoming Annual General Meeting to approve a new $300 million synthetic repurchase program. Deliver strategy through responsibility, empowerment and reinvigorated leadership: Achieving these 2028 targets can only be done by creating an even stronger culture among QIAGEN’s 6,000 employees in terms of empowerment, accountability and ownership. QIAGEN reaffirmed its commitment to its ESG goals, including a validated target to reach net zero carbon emissions by 2050 and maximize contributions to more than 50 public health partnerships around the world.