Qiagen N.V. (QGEN): Business Model Canvas [Dec-2025 Updated]

You're looking at Qiagen N.V.'s business model right now, and honestly, it's a masterclass in locking in recurring revenue through high-margin consumables, which is the engine driving their expected full-year 2025 net sales growth of 4-5% CER. From my desk, having spent a decade leading analysis at a firm like BlackRock, the real story is how they are layering new growth-like integrating Parse Biosciences and launching three new sample prep instruments-on top of their established 'Sample to Insight' platform and the installed base of over 4,000 QIAcube Connects. See the full breakdown below to understand the mechanics behind their disciplined approach to personalized medicine and diagnostics.

Qiagen N.V. (QGEN) - Canvas Business Model: Key Partnerships

You're looking at how Qiagen N.V. builds value through its network of external players, which is critical given how much of its success relies on integrating its technology into established clinical and research ecosystems. Honestly, the sheer scale of their reach is impressive, serving over 500,000 customers worldwide.

Pharma companies for companion diagnostic co-development

The relationship with pharmaceutical companies is central, especially as precision medicine drives drug development. Qiagen N.V. actively supports these partners by advancing minimal residual disease (MRD) testing, which is becoming a cornerstone in oncology clinical trials. The global companion diagnostics market itself is projected to grow from an estimated USD 7.03 Billion in 2024 to USD 22.83 Billion by 2034, showing the massive opportunity these partnerships tap into.

These collaborations aim to bring innovative technologies into clinical practice to support companion diagnostic (CDx) applications. For instance, Qiagen N.V. is working with Myriad Genetics to develop a globally distributable kit-based test for analyzing Homologous Recombination Deficiency (HRD) status, which is key for research into targeted therapies. The Diagnostic Solutions segment, which houses many of these CDx offerings, showed strong performance, with sales growing 11% CER in Q2 2025.

Tracer Biotechnologies and Foresight Diagnostics for MRD testing

Qiagen N.V. recently solidified its MRD capabilities through specific, targeted alliances announced in mid-2025. These are not just vague agreements; they are focused on platform integration and assay conversion. The company is working with Tracer Biotechnologies to develop blood-based MRD assays for solid tumors, specifically designed for use on the QIAcuity digital PCR platform.

Simultaneously, the collaboration with Foresight Diagnostics focuses on creating a kit-based version of their CLARITY™ NGS assay for certain types of lymphoma. This is a strategic move to transition an assay from a central laboratory service to a widely accessible in-lab kit, directly supporting pharmaceutical-sponsored trials with CDx applications.

Academic and government research institutions globally

Academic and government institutions form the bedrock of early-stage discovery and validation for many of Qiagen N.V.'s Sample to Insight solutions. While specific partnership revenue isn't broken out, the company's overall scale indicates deep penetration here. As of September 30, 2025, Qiagen N.V. employed approximately 5,700 people across more than 35 locations worldwide, supporting these research customers.

The company's Sample Technologies revenue, which underpins much of the basic research workflow, was reported at $642.03 million in a recent full-year snapshot, representing 32.5% of total revenue.

OEM partners for non-regulated PCR applications

Original Equipment Manufacturer (OEM) partnerships are vital for embedding Qiagen N.V.'s core technologies into other companies' products, often for non-regulated or high-volume industrial uses. The search results explicitly list OEM by QIAGEN as a category within their technology offerings. This channel leverages the strength of their foundational technologies, like PCR. The broader PCR/Nucleic Acid Amplification revenue segment showed significant traction, growing 13% in Q1 2025.

Clinical labs and hospitals for diagnostic solutions

The push into clinical diagnostics is heavily reliant on partnerships with hospitals and clinical laboratories for adoption and utilization of their systems. The Diagnostic Solutions segment is a clear indicator of this success, with sales rising 9% in Q1 2025 and 11% CER in Q2 2025. Specific platforms like QIAstat-Dx are key drivers here, growing an impressive 41% CER in Q2 2025, which requires placements and utilization agreements with labs.

The end-use segment for companion diagnostics in hospitals and physician laboratories held the largest market share at 38.67% in 2024, suggesting this is where Qiagen N.V.'s diagnostic solutions are most heavily deployed.

Here's a quick look at the scale and performance metrics tied to these partner-facing segments as of late 2025:

The focus on specific, high-growth areas like MRD testing through Tracer Biotechnologies and Foresight Diagnostics shows a clear strategy to deepen ties with pharma sponsors. Also, the strong growth in QIAstat-Dx suggests that the installed base in clinical labs is expanding rapidly, which means more consumables and service revenue flowing back to Qiagen N.V. The company is definitely leaning into its integrated workflow story to make these partnerships sticky.

• Support for companion diagnostics is a major focus area for clinical trial acceleration.
• New MRD partnerships target both solid tumors and hematological cancers.
• Diagnostic Solutions sales are outpacing the overall revenue growth rate.
• The company is preparing for the launch of the new generation QIAsymphony Connect in late 2025, which will further integrate with lab workflows.

Finance: draft Q4 2025 partnership impact analysis by end of January.

Qiagen N.V. (QGEN) - Canvas Business Model: Key Activities

You're looking at the core engine driving Qiagen N.V.'s performance as of late 2025. The key activities are where the money is made and where the future is being built, so let's look at the hard numbers from the latest reports.

Research and development (R&D) focused on core pillars

Qiagen N.V. keeps pouring resources into innovation, which you can see directly in their R&D spend. For the third quarter of 2025, R&D investments actually ticked up to 9.2% of net sales. That's a slight increase from the 8.9% seen in the year-ago period. Honestly, this is right in line with their stated target range for the year, which is about 9-10% of sales. They're definitely keeping the pipeline fed.

Manufacturing of proprietary consumables and instruments

The manufacturing activity directly feeds the Sample Technologies segment, which is a critical part of their overall sales mix. You can see how the different product groups performed in Q3 2025, which gives you a real sense of where the manufacturing output is landing:

The consumables part of Sample Technologies showed solid momentum, with automated kits specifically posting double-digit expansion compared to the prior year. Instrument sales were a bit softer but included good placements of key systems.

Global sales and distribution of Sample to Insight solutions

Moving the product out the door requires a massive global footprint. Qiagen N.V. supports its entire Sample to Insight workflow by serving more than 500,000 customers globally. As of September 30, 2025, the company had approximately 5,700 employees spread across more than 35 locations worldwide to manage that distribution and support. That scale is what lets them push their solutions everywhere.

Integrating Parse Biosciences into single-cell market

A major activity late in 2025 was the definitive agreement to acquire Parse Biosciences, which is a clear move into the high-growth single-cell sequencing space. The upfront cash payment for this acquisition is approximately $225 million, with the potential for up to an additional $55 million in milestone payments over multiple years. This is about capturing a market segment expected to grow from about $1.2 billion in 2024 to $2.1 billion by 2029. Parse already serves over 3,000 labs in more than 40 countries, so Qiagen N.V. is buying immediate reach and differentiated technology.

Launching three new sample prep instruments in late 2025

The company was actively preparing for the rollout of new hardware to support its consumables business. Qiagen N.V. specifically mentioned preparing to launch three new instruments in late 2025. You saw early signs of this activity in the Q3 2025 results, which noted good placements of the QIAsymphony Connect, QIAcube Connect, and EZ2 Connect systems, with the new generation QIAsymphony Connect upgrade being prepared for launch around that time. These launches are designed to drive the 3% CER growth seen in Sample Technologies.

• The acquisition of Parse Biosciences is expected to contribute about $40 million in sales to Qiagen N.V.'s fiscal year 2026 revenue.
• The Parse transaction is anticipated to close in December 2025.
• The company reaffirmed its FY 2025 outlook for net sales growth of about 4-5% at constant exchange rates (CER).

Qiagen N.V. (QGEN) - Canvas Business Model: Key Resources

The Key Resources for Qiagen N.V. are anchored in its intellectual property, its installed base of automation, and its global human capital base.

Proprietary Sample to Insight technology portfolio is the foundation, encompassing Sample technologies, Assay technologies, and Automation solutions. Specific product lines show strong momentum; for instance, in the second quarter of 2025, QIAstat-Dx revenue grew by 41% at constant exchange rates (CER), and QuantiFERON grew by 11% CER. The company is preparing to launch three important new instruments starting in late 2025 to support future growth.

The Global installed base of instruments represents a significant asset, particularly in driving recurring consumables revenue. As of October 28, 2025, Qiagen N.V. announced the 4,000th placement of its QIAcube Connect instrument. This system automates trusted spin-column-based sample preparation kits and supports over 80 QIAGEN kits across more than 140 standard protocols.

Bioinformatics software and knowledge bases (QIAGEN Digital Insights) are a growing component, continuing to expand their contributions as reported in the second quarter of 2025. This segment supports the interpretation of complex data from Next-Generation Sequencing (NGS) and other platforms.

The company's Intellectual property (IP) and patents in molecular testing provide a defensible moat. As of September 30, 2025, Qiagen N.V. had 3,701 Total Documents Applications and Grants, comprising 1,725 Total Patents Families, of which 240 were granted.

The human element is substantial, with Qiagen N.V. employing approximately 5,700 people across more than 35 locations as of June 30, 2025. This global footprint supports its service to more than 500,000 customers worldwide.

Here's a quick look at the scale of the business as of late 2025:

The company's financial position also underpins its resource strength:

• Cash and equivalents at the end of Q1 2025 were $963.4 million.
• Total Assets as of September 30, 2025, were $6,553,497 thousand USD.
• The FY 2025 adjusted diluted Earnings Per Share (EPS) target was reaffirmed at about $2.35 CER.
• The company returned over $350 million to shareholders in 2025 through synthetic share repurchase and its first-ever cash dividend.

The Sample technologies segment, while seeing a 3% revenue fall in Q1 2025, is being reinforced by new automation launches. Diagnostic solutions sales rose 9% in Q1 2025. It's defintely a mixed picture across the portfolio.

Finance: review Q3 2025 working capital efficiency against the 2024 FCF increase of 63% by end of next week.

Qiagen N.V. (QGEN) - Canvas Business Model: Value Propositions

You're looking at the core value Qiagen N.V. (QGEN) delivers to its customers, which is clearly reflected in their recent financial performance through late 2025. The focus is heavily on driving adoption of integrated systems where the consumables are the recurring revenue engine.

Automated, seamless molecular testing workflows

Qiagen N.V. (QGEN) provides workflows designed to reduce manual steps and improve consistency. This is supported by clear customer demand, as Sample technologies saw good demand for automated consumables during the second quarter of 2025. Furthermore, the company is actively preparing to support future growth by planning the launch of three important new instruments starting in late 2025. This focus on automation underpins the value proposition of reliable, standardized testing.

High-growth diagnostic solutions (e.g., QIAstat-Dx, QuantiFERON)

The Diagnostic Solutions segment is a major growth driver, showing robust expansion. For instance, in the second quarter of 2025, Diagnostic solutions sales grew by 11% at constant exchange rates (CER). Within this, specific platforms are excelling:

• QIAstat-Dx system sales advanced by 41% CER in Q2 2025, driven by demand for respiratory panels and growth in gastrointestinal and meningitis testing.
• QuantiFERON latent TB test sales grew by 11% CER in Q3 2025, continuing a trend of low double-digit growth expected for the full year 2025.

The overall company performance reflects this strength; QGEN reported Q3 2025 net sales of $533 million, with core sales growing 6% CER, which led to an upgraded full-year 2025 adjusted diluted EPS target of about $2.38 CER.

Enabling personalized medicine via companion diagnostics

A key value component is enabling personalized medicine through companion diagnostics (CDx). This is evidenced by the strong performance of the Diagnostic Solutions segment, which included contributions from companion diagnostic partnerships in Q2 2025. To give you a sense of the market context where Qiagen N.V. (QGEN) operates, the overall Companion Diagnostics Market is estimated to be valued at USD 6,059.1 million in 2025. The company's focus here is on providing the superior precision needed for targeted therapies.

Consumables for high-quality, reproducible results

The recurring revenue from consumables is central to the business model and supports margin expansion. In Q1 2025, there were higher sales of PCR consumables, and the company noted good demand for automated consumables in Q2 2025. This focus on the consumable component of the workflow is a deliberate strategy; in Q1 2025, the adjusted operating income margin rose to 29.8%, supported by a favorable shift towards consumables.

Integrated data analysis and interpretation via bioinformatics

Interpreting the massive amounts of molecular data generated is a critical value-add. QIAGEN Digital Insights, the bioinformatics business, delivered high-single-digit CER gains in Q1 2025. This area, along with consumables, was cited as a factor supporting the margin expansion, which saw the adjusted operating income margin reach 29.9% in Q2 2025. The company is targeting an adjusted operating income margin of about 30% for the full year 2025.

Here's a quick look at some of the key financial results underpinning these value propositions as of late 2025:

What this estimate hides is that while the core portfolio is growing well, Sample technologies sales were down 1% CER in Q1 2025 due to cautious instrument spending. Finance: review the impact of the three new instrument launches planned for late 2025 on Q1 2026 consumables revenue by end of January.

Qiagen N.V. (QGEN) - Canvas Business Model: Customer Relationships

You're looking at how Qiagen N.V. (QGEN) manages its connections with the diverse set of labs and pharma companies it serves. Honestly, for a company whose revenue is nearly 90% consumables, keeping those customers engaged and supplied is the whole game. The relationship model is clearly tiered, moving from broad digital support to deep, high-touch collaboration.

Dedicated field application specialists and technical support

Qiagen N.V. (QGEN) supports a massive user base, serving more than 500,000 customers worldwide across its Life Sciences and Molecular Diagnostics segments as of June 30, 2025. This scale necessitates a layered support structure. While specific numbers for the field application specialist team aren't public, the sheer volume of instruments placed, like the QIAstat-Dx system which saw 41% CER growth in Q2 2025, implies a significant, dedicated technical presence on the ground to ensure workflow adoption and minimize downtime.

High-touch sales for instrument placements and training

Instrument placement is the gateway to the recurring consumable revenue stream. The sales approach here is definitely high-touch because every machine sold, especially the newer, high-throughput models that Qiagen N.V. (QGEN) is launching starting in late 2025, locks in future reagent sales. For instance, the successful placement of QIAstat-Dx systems in the U.S. in the first half of 2025 already surpassed the full-year placements for 2024. This aggressive placement strategy is directly tied to the consumables business, which drives the bulk of the revenue.

Long-term contracts for recurring consumable supply

The core of the relationship is the consumable supply, which accounts for nearly 90% of Qiagen N.V. (QGEN)'s revenue. This reliance means the customer relationship is fundamentally built on long-term dependency for reagents, kits, and assays. Think about the QuantiFERON latent TB test; its sales grew by about 15% CER in Q1 2025, showing sustained demand for established, high-volume testing consumables. The entire model is designed to make switching costs high once a lab integrates Qiagen N.V. (QGEN) consumables into their validated workflows.

Here's a quick look at the key customer-facing metrics we have for late 2025:

Co-development and strategic partnerships with pharma

For the high-value pharmaceutical segment, the relationship shifts to deep co-development. Qiagen N.V. (QGEN) positions itself as the preferred partner for companion diagnostics. They recently announced partnerships with Tracer Biotechnologies and Foresight Diagnostics to advance Minimal Residual Disease (MRD) testing, integrating solutions like the QIAcuity digital PCR system into clinical trials. Furthermore, agreements, like the one with CellBxHealth, allow Qiagen N.V. (QGEN) to offer integrated solutions combining third-party enrichment technology with their own PCR and NGS workflows to pharma clients. This is about accelerating drug development timelines for their partners.

Digital engagement via QIAGEN Digital Insights platform

The digital relationship layer is crucial for data interpretation, especially in the Life Sciences and clinical genomics space. The acquisition of Genox in May 2025 brought in the Franklin cloud platform, which is now used in over 4,000 labs worldwide. This platform, alongside the QCI suite, helps customers interpret complex Next-Generation Sequencing data. This digital arm helps customers move from raw data to actionable insights, complementing the physical sample and assay technologies they purchase.

Finance: draft the 13-week cash view by Friday.

Qiagen N.V. (QGEN) - Canvas Business Model: Channels

You're looking at how Qiagen N.V. gets its Sample to Insight solutions into the hands of over 500,000 customers worldwide. The channel strategy is clearly multi-pronged, balancing direct engagement with broad reach.

Direct sales force to Life Science and Molecular Diagnostics customers

Qiagen N.V. relies on a direct sales force to engage its customer base across Life Sciences, which includes academia, pharmaceutical R&D, and industrial applications like forensics, as well as Molecular Diagnostics for clinical healthcare. The company employed approximately 5,700 people as of June 30, 2025. This direct channel is crucial for driving adoption of high-value systems and securing companion diagnostic partnerships; for instance, Diagnostic Solutions sales rose 11% CER in Q3 2025, supported by these partnerships.

Global distributor network in over 35 locations

The reach extends globally through a network of partners. Qiagen N.V. operates 35 subsidiaries across over 25 countries. This infrastructure is supported by an extensive global distribution partner network that spans more than 60 countries. This broad network helps deliver technical service and product ordering support to customers globally.

E-commerce platform for consumables and kits

A significant portion of the revenue stream flows through channels supporting recurring purchases. To be defintely clear, 85% of Qiagen N.V.'s business is consumables and consumer-related business, which provides resilience compared to instrumentation sales. The e-commerce platform is the primary digital interface for these repeat purchases, supporting the high-volume, lower-touch end of the business.

Strategic co-marketing through diagnostic partnerships

Strategic alliances are a key channel driver, particularly in the high-growth Diagnostic Solutions segment. The QIAstat-Dx syndromic testing system saw sales advance above 35% CER in Q1 2025 and grew 41% CER in Q2 2025, directly linked to demand and companion diagnostic pharma partnerships. The QuantiFERON latent TB test also grew 11% CER in Q3 2025, supported by broader adoption worldwide.

Direct instrument placement programs (e.g., QIAcube Connect)

Instrument placement is a critical channel for locking in future consumable revenue. Qiagen N.V. announced the 4,000th placement of its QIAcube Connect instrument in October 2025. This builds on nearly 13,000 cumulative placements of the QIAcube family platforms globally since launch. For digital PCR systems like QIAcuity, the company is still placing above 100 systems per quarter. For the QIAstat-DX platform, a good quarter is defined as having more than 150 placements.

Here's a quick look at the scale of instrument placement milestones achieved through these channels as of late 2025:

The company's overall customer reach and operational footprint supporting these channels include:

• Total customers served worldwide: More than 500,000.
• Total employees globally (as of June 30, 2025): Approximately 5,700.
• Number of countries with distribution partners: More than 60.
• Number of direct subsidiaries: 35.

Qiagen N.V. (QGEN) - Canvas Business Model: Customer Segments

You're looking at the core of Qiagen N.V.'s business, which is serving a very broad, yet highly specialized, set of molecular testing customers. As of late 2025, the company is tracking toward a full-year 2025 net sales growth of about 4-5% at constant exchange rates (CER). For context, Q3 2025 net sales came in at $533 million.

Molecular Diagnostics (clinical healthcare) is a primary focus. This segment serves customers like:

• Hospitals / Decentralized healthcare.
• Reference labs.
• Pharma partnerships.
• Public health agencies.

The Diagnostic Solutions product group, which heavily serves this market, generated $748.89M, representing 37.9% of total 2024 revenue.

Life Sciences (academia and government research) represents the other major pillar. This group includes researchers from basic science all the way up to Nobel laureates. The customer base here is split roughly ~50% Life Sciences customers versus ~50% Molecular Diagnostics customers.

The Life Sciences customer base breaks down into specific groups requiring tools for discovery and translational studies:

• Academic labs.
• Government research labs.
• Pharma / Biotech.
• Forensics / Human ID.

Pharmaceutical and biotechnology R&D is a key part of that Life Sciences group. These customers need reliable tools for drug discovery, development, and quality control. The Sample Technologies product group, essential for these R&D workflows, brought in $642.03M in 2024, making up 32.5% of total revenue.

Applied Testing (forensics, food safety, industrial) falls under the broader Life Sciences umbrella. Forensics, for example, requires specialized, accurate DNA analysis tools. The PCR / Nucleic Acid Amplification product segment, which supports many of these applications, accounted for $300.47M in 2024 revenue, or 15.2% of the total.

Here's a quick look at how the product revenue was split in 2024, which gives you a sense of the financial weight behind these customer groups. Remember, this is by product, not directly by customer type, but it's the best financial proxy we have:

Overall, Qiagen N.V. serves over 500,000 customers worldwide as of mid-2025. That's a massive installed base, which helps explain why over 85% of its sales are highly recurring revenues. Finance: draft the 2026 budget allocation based on the 2024 revenue mix by Friday.

Qiagen N.V. (QGEN) - Canvas Business Model: Cost Structure

You're looking at the major drains on Qiagen N.V.'s revenue as of late 2025, which is key to understanding their profitability levers. The cost structure is heavily weighted toward the intellectual property embedded in their products and the continuous innovation required to maintain market leadership.

The High cost of goods sold for proprietary consumables and kits is a foundational element. While Qiagen N.V. boasts a strong gross margin, the cost to produce the specialized reagents and consumables that drive recurring revenue is significant. For the third quarter of 2025, the reported adjusted gross margin stood at 65.6%, a slight dip from 66.5% in the year-ago period, showing the pressure on direct costs. This margin reflects the cost of the proprietary chemistry and manufacturing complexity inherent in their sample-to-insight workflow.

Next, you see the commitment to staying ahead in the lab through Significant R&D investment. For Q3 2025, Research and Development spending was reported at 9.2% of sales, up from 8.9% in the third quarter of 2024. This investment is directly funding the pipeline, including the upcoming launches of three new sample prep instruments and development for the fifth generation of QuantiFERON.

To support this global portfolio, Sales, General, and Administrative (SG&A) expenses are substantial, though Qiagen N.V. is demonstrating efficiency gains here. Sales and marketing expenses specifically were 21.2% of sales in Q3 2025, an improvement from 22.2% in Q3 2024, showing active cost management while maintaining customer engagement.

The impact of global trade is visible in Manufacturing and supply chain costs, including tariffs. The U.S. tariffs, for instance, created a relative headwind of about 90 basis points on the full-year 2025 sales outlook. Furthermore, the adjusted operating income margin for Q3 2025 absorbed over 150 basis points of headwinds from both currency movements and these U.S. tariffs.

Finally, Capital expenditure for new instrument launches and production is a necessary outlay to drive future consumable sales. While a specific CapEx number for Q3 2025 isn't explicitly detailed in the same way as operating expenses, we know that Free Cash Flow is calculated by subtracting capital expenditures for property, plant and equipment from cash flow from operating activities. For Q3 2025, operating cash flow reached $165 million, which funds these investments in production capacity and new instrument rollouts.

Here's a quick look at the key expense and margin metrics from the recent reporting periods:

To be fair, the cost structure is also being managed through portfolio decisions; for example, the discontinuation of NeuMoDx contributed to margin improvement, even as tariffs pushed the adjusted gross margin down. The company is actively managing the trade-off between high R&D spending for innovation and controlling operating expenses to hit margin targets.

You can see the operational focus through these expense categories:

• Funding the launch of three new sample prep instruments.
• Managing the impact of U.S. tariffs on the cost base.
• Maintaining a high level of customer engagement despite cost discipline.
• Investing in the QIAcuity and QIAstat-Dx platforms.

Finance: draft 13-week cash view by Friday.

Qiagen N.V. (QGEN) - Canvas Business Model: Revenue Streams

You're looking at how Qiagen N.V. converts its molecular insights platform into actual cash flow as of late 2025. The model leans heavily on repeat business, which is exactly what you want to see in a life sciences tools company.

Consumables and kits (high-margin, recurring revenue)

This is the engine room for Qiagen N.V., representing the bulk of their income. Honestly, the recurring nature of these sales provides a very solid base. The company reports that consumables account for nearly 90% of their total revenue. For the third quarter of 2025, the broader Sample technologies segment, which heavily includes these consumables, grew by 3% at constant exchange rates (CER).

Diagnostic solutions sales (QIAstat-Dx, QuantiFERON)

This area shows strong momentum, driven by infectious disease testing and companion diagnostics. In the third quarter of 2025, this segment was a major contributor to the top line. For example, QIAstat-Dx saw growth of 11% CER in Q3 2025, and QuantiFERON also grew by 11% CER in the same period. In the second quarter of 2025, QIAstat-Dx growth was even higher at 41% CER.

Here's a look at the revenue composition based on the most recently reported quarterly data for Q3 2025:

Instrument sales (dPCR, automated sample prep)

While consumables are the core, instrument placements drive future recurring revenue. The QIAcuity digital PCR system and the Kayakuity platform are key drivers here. The Kayakuity platform delivered double digit CER growth in Q3 2025. Furthermore, Qiagen N.V. was preparing to launch three important new instruments starting in late 2025 to support future growth in Sample technologies. In Q1 2025, the QIAcuity digital PCR system achieved high-single-digit CER gains.

Bioinformatics software and services (QIAGEN Digital Insights)

This segment interprets the data generated by their systems. QIAGEN Digital Insights maintained momentum in a challenging environment through Q3 2025. In the first quarter of 2025, this business also achieved high-single-digit CER gains.

Full-year 2025 net sales outlook of 4-5% CER growth

Looking ahead for the full fiscal year 2025, Qiagen N.V. reaffirmed its guidance. You should model for total net sales growth of about 4-5% at constant exchange rates (CER). The core portfolio, which excludes divestments, is expected to grow even faster, targeting about 5-6% CER growth.

They are definitely focused on profitable growth. Finance: draft 13-week cash view by Friday.