Aisyah Noor

Aisyah Noor asked about QIAGEN's exposure to VBP or large tender renewals in China and the specific China growth outlook embedded in the company's guidance.

Answer

Thierry Bernard (CEO) stated that QIAGEN's exposure to China is limited to 4% of total sales, and while it's a large market, it's politically driven and not a primary investment case. He confirmed that VBP (Volume-Based Procurement) has been a factor for molecular solutions in China for three years, so it's not a new impact. For 2026, the China growth outlook is projected to be low single-digit to negative, or at best flat, with no expected return to significant growth in the near future due to current political and economic conditions.

Aisyah Noor asked for confirmation on QIAGEN's exposure to VBP (Volume-Based Procurement) or large tender renewals in China and inquired about the China growth outlook embedded in the company's guidance.

Answer

Thierry Bernard (CEO, QIAGEN) stated that China's exposure remains limited at 4% of total sales and that VBP has been implemented for molecular solutions for the past three years, so it's not a new impact. He projected China's growth outlook to be between low single-digit to negative, or at best flat, with no expected return to significant growth in the visible future due to political and economic conditions.

Aisyah Noor asked for a breakdown of QIAstat's 41% growth, questioning the contribution from respiratory demand versus new GI/meningitis panels and new U.S. account wins, and also requested the latest installed base figure.

Answer

CEO Thierry Bernard stated that while respiratory tests remain the primary driver, the GI and meningitis panels are showing excellent growth. He highlighted that strong instrument placements, particularly in North America where Q2 placements exceeded the full year of 2024, and the new mini panels were key contributors. He did not disclose a specific installed base number.

Aisyah Noor asked about the QIAGEN Digital Insights (QDI) business, specifically the impact of the shift to subscriptions on its growth ambitions, and inquired about the potential for signing a secondary distribution partner for QuantiFERON.

Answer

CEO Thierry Bernard explained the QDI shift to a SaaS model is customer-driven and affects revenue recognition timing, not contract volume, maintaining the $200 million target for 2028 and highlighting the business's profitability. Regarding QuantiFERON, he stated the DiaSorin partnership is successful, and while QIAGEN has the right to add partners and is reviewing options, any new partner would need to show a strong commitment to investing in the business.