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Qiagen beats first-quarter targets thanks to COVID-19 test demand

Reuters
·1-min read
Illustration of products are pictured from Qiagen, the diagnostics company which has agreed an $11.5 billion takeover deal with U.S-based Thermo Fisher

(Reuters) - German molecular testing company Qiagen's <QIA.DE> first quarter results reflected significant demand for solutions used in COVID-19 testing, it said on Thursday.

Qiagen began shipping a rapid diagnostic test for COVID-19, which requires less than one minute for sample preparation and can deliver results in about one hour, to the United States in late March.

The company said its quarterly net sales rose about 9% at constant exchange rates, compared to its own forecasts for growth of about 2-3%, as high demand for COVID-19 testing solutions offset weaker demand in other product areas.

Qiagen's first-quarter adjusted earnings per share should come in between $0.34 and $0.35 at constant exchange rates, 20% above the company's targets, it said.

Qiagen is being bought by U.S. laboratory supplier Thermo Fisher Scientific <TMO.N> in an $11.5 billion deal.

(Reporting by Zuzanna Szymanska in Gdansk; Editing by Nick Tattersall)