Qiagen posts strong sales, earnings growth in Q1

2020 07 22 17 40 2836 Financials Growth Revenue Business 400

Strong growth in both COVID-19 and non-COVID-19 product groups propelled Qiagen to a 48% increase in net sales at constant exchange rates in its first quarter.

For the period, Qiagen had $567.2 million in net sales, up from $372.1 million in the first quarter of 2020. Non-COVID-19 product group sales reached $364 million, up 16% at constant exchange rates and representing 64% of the company's total sales. Meanwhile, COVID-19 product group sales surged 186% to reach $203 million.

Qiagen had adjusted earnings per share of $0.65 at constant exchange rates, up from $0.34 in the first quarter of 2020 and ahead of the previous forecast of $0.60 to $0.62 per share, according to the company. The firm also reaffirmed its full-year 2021 outlook for approximately 18%-20% net sales growth at constant exchange rates, as well as for adjusted diluted earnings per share of about $2.42-$2.46.

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