Qiagen (NYSE:QGEN) reported preliminary first-quarter 2026 results showing profitability in line with expectations despite net sales coming in below the company’s target, driven largely by weaker-than-anticipated demand for QuantiFERON tuberculosis testing tied to immigration-related volumes.
Chief Executive Officer Thierry Bernard said the company delivered adjusted diluted EPS of $0.54 at constant exchange rates (CER), matching its outlook, while net sales were $492 million, up 2% on a reported basis but down 1% at CER. “Sales were below our target due mainly to significantly lower QuantiFERON immigration testing demand and continued caution among U.S. life sciences customers,” Bernard said.
Q1 sales mix: pillars grow while QuantiFERON declines
Chief Financial Officer Roland Sackers provided additional segment detail, noting that Sample Technologies delivered $170 million in sales, up 9% at CER, and up 3% at CER excluding the Parse acquisition. Sackers said the quarter benefited from demand for automated consumables and instrument placements worldwide.
Diagnostic Solutions sales were $185 million and down 4% at CER, driven by the QuantiFERON decline and an expected headwind from the mid-2025 discontinuation of the NeuMoDx system. QIAstat-Dx sales declined 1% at CER, which management linked to a difficult comparison against a prior-year period with a strong respiratory season. PCR nucleic acid sales fell 13% at CER to $69 million, though Sackers said QIAcuity delivered double-digit CER growth within that category. Genomics/NGS sales rose 4% at CER to $57 million, supported by QIAGEN Digital Insights’ single-digit CER growth driven by clinical bioinformatics.
Profitability: margin supported by efficiency programs
Despite the sales shortfall, management highlighted disciplined cost execution. Sackers said the adjusted operating income margin is expected to be about 27.4% in Q1 2026, reflecting “ongoing efficiency gains” while absorbing tariff and currency impacts and investment tied to the Parse acquisition.
In the Q&A, Sackers reiterated confidence in the company’s full-year profitability target, telling Jefferies that QIAGEN expects to deliver an adjusted EBIT margin “north of 29%” in the second quarter and said the company remains on track to achieve its full-year adjusted EBIT target of 29.5% at CER. He cited ongoing “QI-efficiency projects,” gross margin support from sample preparation, and continued ERP implementation as drivers, along with shared service center expansion and internal process improvements.
2026 outlook cut as immigration testing resets and U.S. research spending remains cautious
QIAGEN lowered its 2026 sales outlook and modestly reduced its adjusted EPS target. Sackers said full-year 2026 net sales are now expected to grow about 1% to 2% at CER, down from the previous outlook of at least 5% CER growth. Adjusted diluted EPS is now expected to be at least $2.43 at CER, compared with the prior target of at least $2.50.
Management attributed the updated outlook to two main factors:
- QuantiFERON: 2026 sales are now expected to be flat at CER at around $500 million, versus the prior expectation of about $535 million (about 6% CER growth). Sackers said immigration-related testing represents about 10% of total QuantiFERON sales (about $50 million), and the company reduced that portion by about $35 million for 2026.
- U.S. life sciences demand and OEM volatility: QIAGEN incorporated about $40 million of headwinds tied to U.S. research customer spending, OEM ordering volatility (including U.S. government agencies), and a smaller impact related to the Middle East conflict and broader geopolitical uncertainty.
In response to questions from Bank of America on why the guidance reduction includes a sizable U.S. life sciences component beyond what was evident in Q1, Bernard said QIAGEN is taking a “realistic but also cautious view” reflecting a “wait-and-see attitude” among U.S. life sciences customers and the inherent volatility of OEM deliveries.
Q2 guide and expectations for stronger second-half growth
For the second quarter, Sackers said net sales are expected to decline by approximately 2 percentage points at CER compared with $534 million in Q2 2025. Adjusted diluted EPS is expected to be at least $0.60 at CER, in line with the prior-year period, though Sackers noted Q2 will absorb about a $0.01 dilutive impact from the Parse acquisition.
Management maintained its view that the second half of 2026 should show faster growth of about 4% at CER, citing four drivers: the roll-off of discontinuation headwinds from NeuMoDx and DiaLux/DynaLux, contributions from new product launches (including sample prep instruments and additions for QIAstat-Dx and QIAcuity), improving year-over-year QuantiFERON comparisons, and incremental benefit from Parse outperforming its initial 2026 sales target of about $40 million alongside a modest improvement in U.S. life sciences funding trends.
Product and strategic updates: QuantiFERON spotlight planned for May 7
Bernard said QIAGEN continues to view QuantiFERON as a long-term growth opportunity and characterized the immigration-related shortfall as a “rebasing of demand.” He pointed to continued growth in other QuantiFERON applications, including testing among immunocompromised, diabetes, and dialysis patient groups, and said the company is rolling out a new generation of QuantiFERON detection chemistry on DiaSorin’s LIAISON system in the U.S. following earlier launches in Europe and other regions.
QIAGEN plans to host a virtual “QuantiFERON spotlight session” on May 7 to provide more detail on strategy, automation plans, and product enhancements.
On Sample Technologies, Bernard said the company’s automation strategy is advancing with new systems expected to begin contributing starting in Q2, including QIAsprint Connect (launched in February) and QIAsymphony Connect (launched in late 2025), with QIAmini on track for launch later in 2026.
In diagnostics, Bernard noted that QIAGEN received U.S. clearance for GI panels on the QIAstat Rise high-throughput system in Q1, and said the company is expanding QIAstat into bloodstream infection testing, including the launch of the first new blood culture panels in Europe and submission of the first such panel to the FDA.
Asked about leadership transition, Bernard told Wolfe Research that the CEO succession process is ongoing and that QIAGEN expects it to be resolved in the second half of the year.
QIAGEN said it plans to publish full Q1 2026 results on May 6, 2026.
About Qiagen (NYSE:QGEN)
Qiagen NV (NYSE: QGEN) is a global provider of sample and assay technologies designed to enable molecular testing in the fields of molecular diagnostics, applied testing, academic research and pharmaceutical development. The company’s solutions span the full workflow of nucleic acid and protein analysis, offering customers standardized kits, instruments and software tools that streamline the preparation, detection and quantification of DNA, RNA and proteins.
The company’s product portfolio includes nucleic acid extraction and purification systems, polymerase chain reaction (PCR) reagents and instrumentation, digital PCR platforms, next-generation sequencing (NGS) library‐preparation kits and proteomics solutions.
