Qiagen: Robust Q2, new share buy-back programme
BUY, Fair Value EUR17 (+9%)
Qiagen released Q2 sales of USD316.4m with CER growth of 3% exceeding guidance of 1-2% and consensus expectations by 1.6%. Top-line performance was driven by a rebound in Pharma (+4% in Q2 vs -4% in Q1) as well as in Academia (+3% CER vs -5% in Q1) as well as steady growth in Molecular Diagnostics despite a sharp decline in HPV (-17% CER, 14% of sales). The 26.3% adjusted EBIT margin might be the only disappointment of this publication, driven down by higher R&D expenses as well as investments in emerging markets. EPS stands at USD0.27 slightly ahead of expectations. Qiagen is also confirming plans to rollout its next-gen sequencing instruments later in the year as well as a new share buy-back programme of USD100m which should be well received by the market.
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