Qiagen lifts annual forecast as COVID testing boosts third-quarter profit

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Economy Minister Andreas Pinkwart and Health Minister Karl-Josef Laumann of the German state Northrhine Westphalia visit a testing company Qiagen, in Hilden

(Reuters) -Qiagen on Wednesday raised its full-year forecasts for profit and revenue, with higher demand for its non-coronavirus products as well COVID-19 tests helping the U.S.-German genetic testing specialist beat quarterly profit expectations.

The company’s products include several types of ultra-rapid, portable and antigen-based coronavirus tests that have brought in millions in sales since the beginning of the pandemic.

The company said its non-COVID related products grew 17% in the third quarter, at constant exchange rates, boosted by higher demand for tuberculosis testing, which brought in $79 million.

Chief Executive Thierry Bernard said the company was on track to achieve its 2021 sales target and would cross more than $2 billion in net sales.

Qiagen said its annual revenue will grow 15% compared to the prior forecast of 12% growth. It forecast adjusted diluted earnings per share of $2.48, from prior guidance of $2.42.

Qiagen said third-quarter adjusted earnings per share rose to $0.58 on a currency-adjusted basis, beating the $0.54 expected on average by analysts.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Devika Syamnath and Arun Koyyur)

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