Qiagen Earnings: Resetting After COVID-19 Boom Years Looks Likely to Deepen a Bit in 2023

Qiagen's second-quarter results mildly exceeded expectations, even when considering the significant COVID-19-related declines versus a tough comparable period in 2022. However, management trimmed its 2023 guidance due to more severe retrenching activities at some customers, similar to recent trends we have seen at other life science toolmakers. After adjusting our near-term assumptions a bit, we do not anticipate changing our fair value estimate for Qiagen at first glance. Also, while our moat rating remains none, we recognize that Qiagen's operations have improved substantially in recent years even when excluding COVID-19-related demand, and we expect the company to remain economically profitable throughout our five-year forecast period.