QIAGEN N.V. (NYSE:QGEN; Frankfurt Prime Standard:QIA) announced full results of operations for the first quarter of 2020, with net sales and adjusted earnings per share (EPS) in line with the preliminary results announced on April 9, 2020. Net sales grew 7% (+9% at constant exchange rates, or CER) and adjusted earnings per share were $0.34 CER.
“QIAGEN employees around the world are fully mobilized to address the significant demand for testing solutions needed in the global response to the coronavirus pandemic. As we go through this unprecedented period, our employees are determined to serve all of our customers and leave no country behind in a commitment anchored by our vision of making improvements in life possible,” said Thierry Bernard, Chief Executive Officer of QIAGEN N.V. “Our results for the first quarter of 2020 reflect the very significant demand for products used in COVID-19 testing, which more than offset weaker trends in other areas of the business. QIAGEN teams are working every day around the clock to dramatically ramp up production capacity, in particular with plans for a 50-fold increase in our output of viral RNA extraction kits. We are also moving ahead on R&D projects to develop additional PCR solutions for detection of the SARS-CoV-2 virus, dedicated new tools to provide insights for research into potential vaccines and treatments, and new serology tests for antibodies to assess the impact of the coronavirus on patients. Based on trends to date, we expect ongoing strong growth for the second quarter of 2020 in both sales and adjusted earnings per share.”
Roland Sackers, Chief Financial Officer of QIAGEN N.V., added: “QIAGEN’s solid financial position has allowed us to react swiftly and make investments in the expansion of production capacity in Europe and the United States to support COVID-19 testing. Our priorities during this time have balanced the urgent needs of our customers while also ensuring the health and safety of our employees. We currently anticipate the growth trends from the first half of 2020 to continue for the full year, but cannot reliably predict to what extent this will occur due to uncertainties regarding the future trends of the coronavirus pandemic. Consequently, we have decided to suspend the outlook for the full year at this time.”
Please find the full press release here.