Harry Gillis

Harry Gillis asked for confirmation on whether the 7% sales growth CAGR and $2 billion growth pillars targets for 2028 include Parse Biosciences' contribution, and if QIAGEN still expects to be well ahead of its 31% margin target for 2028 despite recent headwinds.

Answer

Thierry Bernard (CEO) confirmed that the 7% sales CAGR and $2 billion growth pillars targets for 2028 now fully include recent acquisitions like Parse Biosciences and Genoox, due to a more volatile economic environment since 2024. Both Thierry Bernard (CEO) and Roland Sackers (CFO) expressed confidence in exceeding the 31% adjusted operating income margin target for 2028, citing strong growth in high-margin products (SamplePrep, QIAstat, QIAcuity, QDI) and ongoing efficiency programs, despite headwinds from tariffs and currency. They noted that a new, updated target would be provided after the management transition.

Harry Gillis asked to confirm if the 7% sales growth target to 2028 and the $2 billion from growth pillars exclude Parse's contribution. He also inquired if QIAGEN still expects to be 'well ahead' of its 31% margin target in 2028, given the 180 basis points of negative impacts from tariffs and other factors in 2025-2026.

Answer

Thierry Bernard (CEO, QIAGEN) clarified that the 7% CAGR target now fully includes recent acquisitions like Genoox and Parse, reflecting a more volatile economic environment, and the company aims to execute on this 'all in' target. Roland Sackers (CFO, QIAGEN) affirmed confidence in exceeding the 31% margin target for 2028, citing strong growth in high-margin pillars, gross margin improvements (e.g., Sample Prep, QIAstat utilization), and ongoing efficiency programs. He noted that while the company believes it will be 'north of 31%', a new specific guidance will be provided after the management transition.

Harry Gillis inquired about the expected revenue growth trajectory from new Sample Technologies instruments and whether the company was still observing order deferrals ahead of these launches.

Answer

CEO Thierry Bernard highlighted the encouraging mid-single-digit growth in automated consumables as a positive sign amidst a tough capital spending environment. He pointed to the company's 2028 ambition for SampleTeq to reach $650 million in revenue, a 2-3% CAGR, driven primarily by the three new instrument platforms set to launch.

Harry Gillis asked about the extent of internal global Phase II data for BNT327 that supports the decision to enter Phase III trials in SCLC and TNBC, and when to expect public disclosure of this global data.

Answer

CEO Ugur Sahin confirmed they are conducting global trials and expressed high confidence that the positive findings from the initial trials in China will be replicated in the broader global patient population. He did not provide a specific timeline for the data release.

Harry Gillis from Berenberg requested more detail on the assumptions for vaccination rates, pricing, and market share that form the 2025 revenue guidance, including the impact of US competition.

Answer

CFO Jens Holstein clarified that the guidance assumes general stability from 2024 but incorporates several variables. These include potential write-offs for returned products, minor negative price and volume effects in the U.S. due to competitive pressure, and the possibility of the EU contractually shifting some vaccine volume from 2025 to 2026.