Qiagen N.v. · NYSE:QGEN
Qiagen — Shareholder Meeting (June 2023)
53 slides from Qiagen's shareholder meeting presentation, Jun 22, 2023
Slide 1: 2023 Annual General Meeting
2023 Annual General Meeting Venlo, Netherlands June 22, 2023 Annual General Meeting
Slide 2: Opening
1 Opening Lawrence A. Rosen Chair of the Supervisory Board June 22, 2023 Annual General Meeting 2
Slide 3: Managing Board Report for the year ended December 31, 2022
2 Managing Board Report for the year ended December 31, 2022 (“Calendar year 2022”) Thierry Bernard Chief Executive Officer Roland Sackers Chief Financial Officer June 22, 2023 Annual General Meeting 3
Slide 4: Managing Board Report - Strategy
Managing Board Report - Strategy Thierry Bernard Chief Executive Officer Annual General Meeting
Slide 5: Forward looking statements
Forward looking statements Safe Harbor Statement: This presentation contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be, deemed to be forward looking statements within the meaning of Section 27A of the U.S. Securities Act of
Slide 6: QIAGEN at a glance
QIAGEN at a glance Our products support scientists and clinicians to advance scientific discovery and improve patient outcomes A global company with scale ~45% $2.1 Americas billion Sales ~35% (2022 EMEA sales) ~20% Asia-Pacific / Japan Highly recurring revenues Balanced customer markets ~6,200 empl
Slide 7: Providing Sample to Insight solutions to uncover molecular insights
Providing Sample to Insight solutions to uncover molecular insights faster, better and more efficiently Sample technologies Assay technologies Discovery research Advancing understanding of life Pharma Faster and better drug R&D Clinical diagnostics Sample to Insight solutions Accurate disease diagno
Slide 8: Our Strategy: Leveraging a strong core portfolio to drive key Pillars of Growth
Our Strategy: Leveraging a strong core portfolio to drive key Pillars of Growth Expanding on solid leadership Early commercialization phases with strong growth potential Sample QuantiFERON QIAstat-Dx NeuMoDx QIAcuity technologies Leading immune Syndromic testing with Differentiated microfluidic Nove
Slide 9: Execution: We exceeded our outlook for full-year 2022
Execution: We exceeded our outlook for full-year 2022 Effectively managed a dynamic macro environment Net $2.26 bn CER Outbreaks Inflation sales vs. ~$2.25 bn outlook (1) • Launched >12 new COVID-19 • Passed two rounds of price and monkeypox tests since adjustments outbreak • Distributed one-time pa
Slide 10: Execution: We are delivering on our commitments
Execution: We are delivering on our commitments Commitments Execution Commercial execution • 9 consecutive quarters of double-digit CER non-COVID sales growth Priorities Innovation focus • >60% of R&D investments into 5 Pillars of Growth • Increase efficiency of Solid installed base growth(1)
Slide 11: Execution: Advancing our Pillars of Growth
Execution: Advancing our Pillars of Growth 2022 2022 Achievements CER sales Sample technologies • QIAwave consumables – new environmentally friendly portfolio • EZ2 Connect upgraded instrument launched >$750 m • QIAxcel capillary electrophoresis launched QuantiFERON • Milestone: >100 million patient
Slide 12: Q1 2023: Solid start to the year with +12% CER non-COVID sales
Q1 2023: Solid start to the year with +12% CER non-COVID sales Non-COVID / COVID split By product group (In $ millions at actual rates) (In $ millions at actual rates) -23% -23% (-20% CER) (-20% CER) $628 $628 $485 $485 265 Non-COVID 400 Sample product groups 173 technologies -32% CER +12% CER 434 1
Slide 13: 2022 Sustainability achievements
2022 Sustainability achievements Environment Social Governance Reducing environmental Foster diversity, inclusion Ensure responsible impact and access to healthcare corporate practices 16.5% 35% 100% reduction Women in leadership Strategic suppliers in transportation committed packaging Top employer
Slide 14: Capital allocation: Enhancing value through bolt-on acquisitions
Capital allocation: Enhancing value through bolt-on acquisitions Expands QIAGEN offering of enzymes and molecular reagents Strengthens leading position in Human ID / Forensics • Polish business acquired in 2022 for ~$60 million • Private U.S. business acquired in January 2023 for ~$150 million • Rec
Slide 15: Summary
Summary 01 01 Delivering on our commitments: Exceeded outlook for net sales and EPS in 2022 02 Solid execution: Hit full-year sales targets in Pillars of Growth and delivered double-digit CER growth in non-COVID sales 03 Advancing our strategy: Continued portfolio expansions and instrument upgrades
Slide 16: Managing Board Report - Finance
Managing Board Report - Finance Roland Sackers Chief Financial Officer Annual General Meeting
Slide 17: Forward looking statements
Forward looking statements Safe Harbor Statement: This presentation contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be, deemed to be forward looking statements within the meaning of Section 27A of the U.S. Securities Act of
Slide 18: 2022: Overview (U.S. GAAP)
2022: Overview (U.S. GAAP) Net All Pillars of Growth exceeded FY 2022 sales targets $2.26 bn CER • Sample technologies sales >$790 million CER sales vs. ~$2.25 bn outlook (1) • QuantiFERON-TB sales of $330 million CER • QIAcuity dPCR sales >$55 million CER; >1,300 cumulative placements +14% CER • QI
Slide 19: 2022: Financial review (U.S. GAAP)
2022: Financial review (U.S. GAAP) In $ millions (Except EPS and diluted shares) 2022 2021 Change Net sales 2,142 2,252 -5% Net sales - CER 2,262 0% Operating income 531 630 -16% Adjusted operating income 656 755 -13% Net income 423 513 -17% Adjusted net income 547 614 -11% Diluted EPS $1.84 $2.21 -
Slide 20: Capital allocation: Strong balance sheet to create greater value
Capital allocation: Strong balance sheet to create greater value Investing in growth Healthy cash flow and leverage ratio trends $ Expanding test menus and millions manufacturing capacity, 800 1.6x especially in the Pillars of Growth 700 1.5x 1.4x 600 Enhance value with M&A 500 Ongoing disciplined a
Slide 21: 2022: Sales by product group
2022: Sales by product group (In $ millions at actual rates / FY 2022 change in actual, CER rates) Sales % change % CER % of sales Sample technologies 797 -6% -1% 37% Diagnostic solutions(1) 661 3% 9% 31% Of which QuantiFERON 330 17% 21% 15% Of which QIAstat-Dx 88 17% 24% 4% Of which NeuMoDx 83 -20%
Slide 22: 2022: Sales by non-COVID and COVID-19 product groups
2022: Sales by non-COVID and COVID-19 product groups (In $ millions at actual rates / FY 2022 change in actual, CER rates) Sales % change % CER % of sales Non-COVID product groups 1,672 8% 14% 78% COVID-19 product groups 470 -33% -29% 22% Total 2,142 -5% 0% Tables may contain rounding differences. |
Slide 23: 2022: Sales by product type, customer class and region
2022: Sales by product type, customer class and region (In $ millions at actual rates / FY 2022 change in actual, CER rates) Sales % change % CER % of sales Product type Consumables and related revenues 1,889 -5% 0% 88% Instruments 253 -5% 1% 12% Customer class Molecular Diagnostics 1,126 -2% 5% 53%
Slide 24: 2022: Reconciliation adjusted results (U.S. GAAP)
2022: Reconciliation adjusted results (U.S. GAAP) (In $ millions, except EPS) Net Gross Operating Pretax Income Tax Net Diluted sales profit income income tax rate income EPS (1) Full-year 2022 Reported results 2,141.5 1,384.6 531.5 512.6 (89.4) 17% 423.2 1.84 Adjustments Business integration, acqui
Slide 25: 2022: Review of U.S. GAAP and IFRS results
2022: Review of U.S. GAAP and IFRS results Consolidated Income Statements for the year ended December 31, 2022 In $ millions U.S. GAAP IFRS Difference (Except per share data) 2022 2022 (U.S. GAAP vs. IFRS) Net sales 2,141.5 2,143.0 1.5 Gross profit 1,384.6 1,376.2 (8.4) Income from operations 531.5
Slide 26: Maintaining financial flexibility with appropriate leverage
Maintaining financial flexibility with appropriate leverage Structure as of December 31, 2022 Maturities of debt instruments (In $ millions) $1.91 billion $1.42 billion Cash and short-term Convertible Bonds Schuldschein Convertible investments Bonds 117 2023 2024 613 2027 601 101 113 400 $492 millio
Slide 27: Employees as of December 31, 2022
Employees as of December 31, 2022 Europe / Middle Asia Pacific / Total Total Americas East / Africa Japan / ROW Q4 2022 Q4 2021 Change Production 414 1,259 149 1,822 1,818 0% R&D 212 772 59 1,043 992 5% Sales 597 887 803 2,287 2,237 2% Marketing 72 225 77 374 351 7% Administration 75 415 162 652 630
Slide 28: Investor Relations 2022
Investor Relations 2022 Over 200 Investor touchpoints Analyst ratings (23 analysts) Bank conferences 30 Buy 10 Roadshows 20 Individual meetings & calls 160 Hold 12 Sell 1 June 22, 2023 Annual General Meeting 28
Slide 29: 2022-2023 YTD: QIAGEN share price development – Frankfurt Stock Exchange
2022-2023 YTD: QIAGEN share price development – Frankfurt Stock Exchange (euros) June 16, 2023: EUR 46.58 10% 5% 0% (2)% (5%) (10%) (15%) (14)% (20%) (25%) (30%) (35%) QIAGEN (Frankfurt) DAX (40%) Jan Apr Jul Oct Jan Apr Jun January 1, 2022 – June 16, 2023 June 22, 2023 Annual General Meeting 29
Slide 30: 2022-2023 YTD: QIAGEN share price development – NYSE
2022-2023 YTD: QIAGEN share price development – NYSE (U.S. dollars) June 16, 2023: $46.76 10% 5% 0% (5%) (10%) (11)% (13)% (15%) (20%) (25%) QIAGEN (NYSE) NASDAQ Biotech Index (30%) Jan Apr Jul Oct Jan Apr Jun January 1, 2022 – June 16, 2023 June 22, 2023 Annual General Meeting 30
Slide 31: Summary
Summary 01 01 Exceeded 2022 outlook for net sales and adjusted EPS 02 Strong profitability throughout 2022 further reflects the strength of our business 03 Using strong cash flow trends to reinvest in business and increase returns 04 Disciplined capital allocation strategy to strengthen business and
Slide 32: Supervisory Board Report on the Company's Annual Accounts for Calendar Year 2022
3 Supervisory Board Report on the Company’s Annual Accounts (the “Annual Accounts”) for Calendar Year 2022 June 22, 2023 Annual General Meeting 32
Slide 33: Adoption of the Annual Accounts for Calendar Year 2022 (voting item)
4 Adoption of the Annual Accounts for Calendar Year 2022 (voting item) June 22, 2023 Annual General Meeting 33
Slide 34: Overview of KPMG's audit
Overview of KPMG’s audit 01. Our reports 02. Materiality Financial statements • Materiality of USD 20 million • Auditor’s report on consolidated and • 3.0% of profit before tax company financial statements • Misstatements in excess of USD 1 million are • Our opinion: unqualified reported to the Supe
Slide 35: Advisory Vote on the Remuneration Report 2022
5 Advisory Vote on the Remuneration Report 2022 (advisory voting item) June 22, 2023 Annual General Meeting 35
Slide 36: Reservation and dividend policy
6 Reservation and dividend policy June 22, 2023 Annual General Meeting 36
Slide 37: Discharge from liability of the Managing Directors
7 Discharge from liability of the Managing Directors for the performance of their duties during Calendar Year 2022 (voting item) June 22, 2023 Annual General Meeting 37
Slide 38: Discharge from liability of the Supervisory Directors
8 Discharge from liability of the Supervisory Directors for the performance of their duties during Calendar Year 2022 (voting item) June 22, 2023 Annual General Meeting 38
Slide 39: Appointment and Reappointment of the eight Supervisory Directors
9 Appointment and Reappointment of the following eight Supervisory Directors of the Company for a term running up to and including the date of the Annual General Meeting in 2024 (voting items): a. Dr. Metin Colpan b. Dr. Toralf Haag c. Prof. Dr. Ross L. Levine d. Prof. Dr. Elaine Mardis e. Dr. Eva P
Slide 40: Supervisory Board
Supervisory Board New Supervisory Board member Lawrence A. Rosen nominee Chair Stephen Rusckowski Metin Colpan Toralf Haag • Most recently served as Chairman, President and Chief Executive Officer of Quest Diagnostics Ross Levine Elaine Mardis • CEO of Philips Healthcare; joined in 2001 with acquisi
Slide 41: Reappointment of the two Managing Directors
10 Reappointment of the following two Managing Directors of the Company for a term running up to and including the date of the Annual General Meeting in 2024 (voting items): a. Mr. Thierry Bernard b. Mr. Roland Sackers June 22, 2023 Annual General Meeting 41
Slide 42: Reappointment of KPMG Accountants N.V. as auditors
11 Reappointment of KPMG Accountants N.V. as auditors of the Company for the calendar year ending December 31, 2023 (voting item) June 22, 2023 Annual General Meeting 42
Slide 43: Authorization of the Supervisory Board to issue shares
12a Authorization of the Supervisory Board, until December 22, 2024, to issue a number of ordinary shares and financing preference shares and grant rights to subscribe for such shares, the aggregate par value of which shall be equal to the aggregate par value of fifty percent (50%) of shares issued
Slide 44: Authorization to restrict or exclude pre-emptive rights
12b Authorization of the Supervisory Board, until December 22, 2024, to restrict or exclude the pre-emptive rights with respect to issuing ordinary shares or granting subscription rights, the aggregate par value of such shares or subscription rights shall be up to a maximum of 10% of the aggregate p
Slide 45: Authorization of the Managing Board to acquire own shares
13 Authorization of the Managing Board, until December 22, 2024, to acquire shares in the Company's own share capital (voting item) June 22, 2023 Annual General Meeting 45
Slide 46: Discretionary rights for a capital repayment by synthetic share repurchase
14 Discretionary rights for the Managing Board to implement a capital repayment by means of a synthetic share repurchase (voting item) June 22, 2023 Annual General Meeting 46
Slide 47: Synthetic share repurchase: Summary
Synthetic share repurchase: Summary Proposal for shareholders to grant the Managing Board discretionary rights to implement a synthetic repurchase plan, subject to approval of the Supervisory Board • QIAGEN completed return of ~$250 million through procedure in 2016 / 2017 • Established Dutch proces
Slide 48: Synthetic share repurchase: Process overview
Synthetic share repurchase: Process overview 00 01 02 03 Capital repayment Share Premium Reserve Share Premium Reserve per share Share Premium Reserve Share Premium Reserve Par value per share Par value per share Par value per share Par value per share Current situation Increase par value Reverse st
Slide 49: Cancellation of fractional ordinary shares held by the Company
15 Cancellation of fractional ordinary shares held by the Company (voting item) June 22, 2023 Annual General Meeting 49
Slide 50: Approval of the QIAGEN N.V. 2023 Stock Plan
16 Approval of the QIAGEN N.V. 2023 Stock Plan (voting item) June 22, 2023 Annual General Meeting 50
Slide 51: Questions
17 Questions June 22, 2023 Annual General Meeting 51
Slide 52: Closing
18 Closing June 22, 2023 Annual General Meeting 52
Slide 53: Thank you
Thank you June 22, 2023 Annual General Meeting 53