QGEN · Qiagen N.V.

QIAGEN's preliminary Q1 2026 results reflect a mixed operational performance, achieving the adjusted diluted EPS outlook of $0.54 while falling short of sales expectations. Net sales of $492 million declined 1% at constant exchange rates (CER), missing the previously guided threshold of at least 1% growth. The variance was primarily driven by a 5% CER decline in QuantiFERON sales, attributed specifically to a significant reduction in immigration testing demand in the United States and the Middle East. This headwind, combined with sustained caution among U.S. Life Sciences customers, offset solid contributions from growth pillars: Sample Technologies grew 9% CER, and QIAcuity delivered double-digit CER growth.

Consequently, management updated its full-year 2026 outlook, reducing net sales growth expectations to approximately 1-2% CER from the prior outlook of at least 5% CER. Adjusted diluted EPS guidance for the full year was also lowered to at least $2.43 CER from at least $2.50 CER. Management characterized the QuantiFERON immigration demand decline as a rebasing rather than a structural change to the long-term latent TB testing opportunity. The company anticipates stronger growth trends in the second half of 2026, supported by the cessation of headwinds from NeuMoDx and Dialunox discontinuations, new product launches, and contributions from the Parse acquisition. For Q2 2026, the company expects net sales to decline approximately 2% CER against a tough prior-year comparison, with adjusted diluted EPS projected to be at least $0.60 CER.