NEW YORK – Qiagen said on Thursday that its first quarter revenues and earnings per share are expected to be significantly higher than previously issued guidance, primarily due to sales of products used in COVID-19 testing.
For the three months ended March 31, 2020, Qiagen reported preliminary revenue growth of 9 percent at constant exchange rates, compared to a prior outlook, issued on Feb. 4, of approximately 2 percent to 3 percent growth.
Sales reflected "very significant" demand for products used in COVID-19 testing against weaker customer demand in other product areas.
Qiagen reported preliminary adjusted earnings per share of approximately $.34 to $.35 compared to previous guidance of $.28 to $.29. On average, analysts are expecting EPS of $.28 for the quarter.
Qiagen is in the midst of being acquired by Thermo Fisher Scientific for $11.5 billion, a deal that is expected to close in the first half of 2021.
In mid-afternoon Thursday trading on the New York Stock Exchange, Qiagen's share were down a fraction of a percent at $39.35.