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Eurofins Increases 2020 Revenue Guidance to €5.3B

NEW YORK ─ Eurofins said on Tuesday that it has increased its revenue guidance for fiscal year 2020 to €5.3 billion ($6.44 billion), up from €5.0 billion established in March before COVID-19 disruptions started in Europe and North America.

The Luxembourg-based company said that in the second half of 2020, its core business, excluding COVID-19 clinical reagents and testing revenues, remained resilient, despite the impact of lockdowns in many geographies.

Eurofins said it is developing faster, self-sampling modalities for its highly sensitive multiplex real-time PCR test and has launched a rapid antigen test that provides results from nasopharyngeal swab samples within 15 minutes. Eurofins companies are working on a range of other tests to support the restart of normal work, travel, and social activities, as well as the vaccine rollout, the firm said.

Eurofins said that its business outlook remains robust for 2021, and that its core business returned to a target organic growth rate of close to 5 percent per year in October and November 

However, significant uncertainty remains, particularly regarding the timing of lockdown restrictions, the rollout of vaccination programs, and the overall contribution of COVID-19-related activities to the firm's performance. Therefore, its previously announced financial objectives for 2021 and 2022 remain unchanged, the firm said.