Q4 Results Above Outlook
Net sales of $540M in Q4 2025, up 1% at constant exchange rates (CER) and ahead of outlook (which assumed flat sales). Adjusted diluted EPS was $0.62 at CER vs. outlook of about $0.60.
Full-Year 2025 Performance
Full-year net sales of $2.09B, up 5% CER (at the high end of the 4%–5% outlook). Adjusted diluted EPS was $2.40 at CER (reported $2.38), above guidance and achieved after two upward revisions during the year.
Growth Pillars Momentum
Combined sales from Sample Technologies, QuantiFERON, QIAstat, QIAcuity and QIAGEN Digital Insights reached $1.49B in 2025, up 8% CER year-over-year; management remains on track for at least $2B from these pillars by 2028.
Sample Technologies Strength & Strategic Expansion
Sample Technologies grew mid-single-digits in Q4 (+5% CER) and 2% CER for full year; installed base ~31,400 placements; liquid biopsy sample prep grew >30%; completed Parse Biosciences acquisition (adds single-cell capability).
QuantiFERON Growth and Product Innovation
QuantiFERON grew 5% CER in Q4 and 10% CER for the full year 2025; next-gen TB assay increases throughput up to ~75% and reduces turnaround time ~25%; U.S. launch planned in 2026 to capture underpenetrated latent TB market.
QIAstat Strong Adoption
QIAstat grew 15% CER in Q4 and 24% CER for full year 2025 with cumulative installed base >5,200 instruments; menu expansion (including blood culture panels) supports consumable-led growth and a $160M sales target for 2026.
QIAcuity Consumables and Installed Base Growth
Digital PCR consumables delivered double-digit growth in 2025 and cumulative QIAcuity placements exceeded 3,200 systems; over 100 instruments placed per quarter in Q4 despite a cautious capital spending environment.
Bioinformatics (QDI) Progress
QIAGEN Digital Insights delivered continued growth supported by the Genoox integration and AI-enabled workflows; company plans ~14 AI-enabled software solutions over next 2 years and targets ~$125M for QDI in 2026.
Margin Expansion and Profitability
Adjusted operating income margin expanded 80 basis points to 29.5% in 2025. Excluding tariffs and adverse FX headwinds (~120 bps), margin improvement was roughly 200 bps, supporting confidence toward the 31%+ midterm target.
Strong Cash Generation and Capital Returns
Operating cash flow of $654M and free cash flow of $453M in 2025; returned over $1.1B to shareholders since 2024, completed $500M synthetic share repurchase in Jan 2026; pro forma net leverage ~1.3x net debt / adjusted EBITDA.
2026 Financial Outlook
Full-year 2026 guidance: at least 5% CER sales growth and adjusted EPS of at least $2.50 at CER. First-quarter 2026 guidance: at least 1% CER sales growth and EPS of at least $0.54 at CER; management expects growth acceleration in H2 2026.