Qiagen NV

QIA: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€83.00	Wrvn	Jzbxvwmd

Qiagen Earnings: Resetting After COVID-19 Boom Years in Line With 2023 Outlook

Julie Utterback

May 4, 2023

Qiagen's first-quarter results mildly exceeded expectations, even when considering the significant COVID-19-related declines relative to a tough comparable period in 2022, when the omicron variant was surging. Management retained its 2023 guidance, which looks roughly in line with our expectations, and we are maintaining our $52/EUR 48 fair value estimate. We view the shares as moderately undervalued. While our moat rating remains none, we recognize that Qiagen's operations have improved substantially in recent years even when excluding the COVID-related demand, and we expect the company to remain economically profitable throughout our five-year forecast period.

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