Qiagen N.v. · NYSE:QGEN
Qiagen — Shareholder Meeting (June 2024)
55 slides from Qiagen's shareholder meeting presentation, Jun 21, 2024
Slide 1: 2024 Annual General Meeting
2024 Annual General Meeting Venlo, Netherlands June 21, 2024
Slide 2: Opening
1 Opening June 21, 2024 Annual General Meeting 2
Slide 3: Managing Board Report for the year ended December 31, 2023
2 Managing Board Report for the year ended December 31, 2023 (“Calendar year 2023”) June 21, 2024 Annual General Meeting 3
Slide 4: Managing Board Report - Strategy
Managing Board Report - Strategy Thierry Bernard Chief Executive Officer
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: Our Vision
Our Vision Making improvements in life possible Our Mission Enabling access to valuable insights from molecular research to clinical healthcare Bichat-Claude Bernard Hospital, Paris June 21, 2024 Annual General Meeting 6
Slide 7: QIAGEN at a glance
QIAGEN at a glance A global company with scale ~52% Americas billion $1.97 2023 Sales ~32% sales (2023) EMEA ~16% Asia-Pacific / Japan Highly recurring revenues Balanced customer markets ~6,000 employees known as QIAGENers ~ 88% 12% ~ ~ 50% 50% ~ Consumables and related revenues Instruments Molecula
Slide 8: 2023: Solid performance in a volatile environment
2023: Solid performance in a volatile environment 2023 results Top-tier growth in Trusted brand known for industry highest quality and expertise Net sales $1.97 bn CER >85% highly recurring revenues +8% CER non-COVID product sales #1 in sample preparation – first step in molecular workflows Adj. EPS
Slide 9: In the right place at the right time
In the right place at the right time Leveraging the continuum of research to clinical healthcare to maximize opportunities Life Sciences Molecular Diagnostics Academia Pharma Applied testing Infectious disease Immune response Oncology Addressable market ~$5 billion (1) ~$6 billion(1) • Continuous wa
Slide 10: Leveraging leadership from the first step in any laboratory
Leveraging leadership from the first step in any laboratory Sample preparation Detection (DNA / RNA extraction) (Technologies to unlock insights) Differentiated solutions for Top 3 modular and integrated workflows PCR No. 1 Sample technologies No. 2 Unmatched time to result, scalability and ease of
Slide 11: 2023: Advancing our portfolio
2023: Advancing our portfolio 2023 goal (CER sales) Core portfolio launches Sample technologies QIAGEN Digital Insights • Consumables: Expansion of QIAwave (environmentally friendly kits) ▪ QIAGEN Clinical Insight (QCI) Interpret and microbiome workflows >$685 m • Instruments: EZ2 Connect MDx and Ti
Slide 12: 2024: Committed to focusing on pillars of growth
2024: Committed to focusing on pillars of growth Market position No. 1 No. 1 Top 3 No. 2 Sample technologies QuantiFERON QIAstat-Dx QIAcuity ◦ Leading quality reputation ◦ Clinically proven chemistry ◦ Sample prep in <1 min ◦ Rapid time to result >100 million patients tested ◦ Comprehensive portfoli
Slide 13: Accelerating QIAGEN Digital Insights
Accelerating QIAGEN Digital Insights Offering best-in-class insights for research and clinical customers QIAGEN differentiation Research Clinicians Data scientists scientists No. 1 portfolio of trusted platform- agnostic bioinformatics solutions Analysis and Interpretation and reporting tools "Ready
Slide 14: Embracing ESG for all stakeholders
Embracing ESG for all stakeholders Top ESG ratings Environmental Net zero responsibility carbon emission target (2050) Investing 36% in people female leadership (2023) ≥40% target (2027) Serving >50 society public health partnerships (2023) Business ~8,000 with integrity compliance trainings complet
Slide 15: Disciplined capital allocation to enhance growth and improve returns
Disciplined capital allocation to enhance growth and improve returns Organic Profitable targeted investments Investments into pillars and digitization to fuel profitable business expansion Strong cash flow and Focused Value-creating healthy M&A transactions to enhance portfolio and maintain leadersh
Slide 16: Q1 2024: Sales performance and key developments
Q1 2024: Sales performance and key developments Sales by product group (In $ millions at actual rates) Q1 2024 Q1 2024 -5% results outlook 485 (-5% CER) 459 Net sales1 Sample 155 technologies Adjusted 170 Diagnostic diluted EPS1 $0.47 CER $0.44 CER solutions PCR / Nucleic 68 acid amplification 55 Ge
Slide 17: Capital Markets Day 2024
Capital Markets Day 2024 2028 targets ~7% Net sales CER ≥31% Adj. operating income CAGR (2024-2028) margin CER (2028) Our 2028 strategy Growth pillars • Sharpen focus on growth pillars to QIAcuity dPCR sustain profitable growth • Drive efficiency and digitization to fuel QIAstat-Dx growth investment
Slide 18: Summary
Summary 2023: Solid performance in a volatile environment E Achieved outlook for sales with +8% CER growth in non-COVID product groups Top portfolio addressing growth areas of Life Sciences and Molecular Diagnostics >85% recurring revenues and developing pillars to build top positions Building a sus
Slide 19: Managing Board Report - Finance
Managing Board Report - Finance Roland Sackers Chief Financial Officer
Slide 20: 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 21: FY 2023: Strong performance driven by non-COVID growth
FY 2023: Strong performance driven by non-COVID growth Delivering top-tier growth in a challenging environment ▪ +8% CER growth in non-COVID sales FY 2023 2023 FY: $1.97 billion CER(1) net sales vs outlook of ≥ $1.97 m CER Executing on our pillars of growth ▪ Sample technologies: +6% CER non-COVID F
Slide 22: 2023: Financial review (U.S. GAAP)
2023: Financial review (U.S. GAAP) In $ millions (Except EPS and diluted shares) 2023 2022 Change Net sales 1,965 2,142 -8 % Net sales - CER 1,972 -8 % Operating income 410 531 -23 % Adjusted operating income 529 656 -19 % Net income 341 423 -19 % Adjusted net income 477 547 -13 % Diluted EPS $1.48
Slide 23: 2023: Sales by product group
2023: Sales by product group FY 2023 (In $ millions at actual rates / change in actual, CER rates) Sales % change % CER % of sales Sample technologies 663 -17% -16% 34% Diagnostic solutions(1) 698 6% 6% 35% Of which QuantiFERON 408 24% 24% 21% Of which QIAstat-Dx 88 0% 0% 4% Of which NeuMoDx 42 -50%
Slide 24: 2023: Reconciliation to adjusted results (U.S. GAAP)
2023: Reconciliation to 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 2023 Reported results 1,965.3 1,233.7 409.9 429.8 (88.5) 21% 341.3 1.48 Adjustments Business integration, ac
Slide 25: 2023: Review of U.S. GAAP and IFRS results
2023: Review of U.S. GAAP and IFRS results Consolidated Income Statements for the year ended December 31, 2023 In $ millions U.S. GAAP IFRS Difference (Except per share data) 2023 2023 (U.S. GAAP vs. IFRS) Net sales 1,965.3 1,965.3 — Gross profit 1,233.7 1,228.3 5.4 Income from operations 409.9 413.
Slide 26: 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, especially in the pillars of growth Enhance value with M&A Ongoing disciplined approach with bolt-on acquisitio
Slide 27: Maintaining financial flexibility with appropriate leverage
Maintaining financial flexibility with appropriate leverage Structure as of December 31, 2023 Maturities of debt instruments (In $ millions) $1.53 billion $1.06 billion Convertible notes (~$1.000 bn): Schuldscheindarlehen (German debt) (~$529 m): $500 m 1.000% due 2024 ($50.29 effective conversion p
Slide 28: Employees as of December 31, 2023
Employees as of December 31, 2023 Europe / Middle Asia Pacific / Total Total Americas East / Africa Japan / ROW Q4 2023 Q4 2022 Change Production 383 1,186 140 1,709 1,822 -6% R&D 220 774 58 1,052 1,043 1% Sales 570 864 760 2,194 2,287 -4% Marketing 69 208 69 346 374 -7% Administration 85 423 158 66
Slide 29: Investor Relations 2023
Investor Relations 2023 Over 200 Investor touchpoints Analyst ratings (25 analysts) Bank conferences Buy 11 Roadshows Individual meetings and calls Hold 13 Sell 1 2023 Institutional Investor survey: • Nr. 1 IR team in European Medtech sector • Top 5 IR team in European healthcare sector June 21, 202
Slide 30: 2023-2024 YTD: QIAGEN share price development
2023-2024 YTD: QIAGEN share price development — Frankfurt Stock Exchange (euros) January 1, 2023 – June 18, 2024 June 21, 2024 Annual General Meeting 30
Slide 31: 2023-2024 YTD: QIAGEN share price development
2023-2024 YTD: QIAGEN share price development — NYSE (U.S. dollars) January 1, 2023 – June 18, 2024 June 21, 2024 Annual General Meeting 31
Slide 32: Summary
Summary E Solid non-COVID performance achieving 2023 outlook for net sales and adjusted EPS Ongoing high level of profitability and solid cash flow trends Investing in business and increasing returns to shareholders June 21, 2024 Annual General Meeting 32
Slide 33: Compliance with Dutch Corporate Governance Code
3 Compliance with Dutch Corporate Governance Code June 21, 2024 Annual General Meeting 33
Slide 34: Supervisory Board Report on the Company's Annual Accounts
4 Supervisory Board Report on the Company’s Annual Accounts (the “Annual Accounts”) for Calendar Year 2023 June 21, 2024 Annual General Meeting 34
Slide 35: Adoption of the Annual Accounts for Calendar Year 2023
5 Adoption of the Annual Accounts for Calendar Year 2023 (voting item) June 21, 2024 Annual General Meeting 35
Slide 36: Our reports / Materiality (KPMG audit)
01. Our reports 02. Materiality Financial statements • Materiality of USD 20 million • Auditor’s report on consolidated and • 3.5% of profit before tax company financial statements • Misstatements in excess of USD 1 million are • Our opinion: unqualified reported to the Supervisory Board • Managemen
Slide 37: Advisory Vote on the Remuneration Report 2023
6 Advisory Vote on the Remuneration Report 2023 (advisory voting item) June 21, 2024 Annual General Meeting 37
Slide 38: Reservation and dividend policy
7 Reservation and dividend policy June 21, 2024 Annual General Meeting 38
Slide 39: Discharge from liability of the Managing Directors
8 Discharge from liability of the Managing Directors for the performance of their duties during Calendar Year 2023 (voting item) June 21, 2024 Annual General Meeting 39
Slide 40: Discharge from liability of the Supervisory Directors
9 Discharge from liability of the Supervisory Directors for the performance of their duties during Calendar Year 2023 (voting item) June 21, 2024 Annual General Meeting 40
Slide 41: Reappointment of the following ten Supervisory Directors
10 Reappointment of the following ten Supervisory Directors of the Company for a term running up to and including the date of the Annual General Meeting in 2025 (voting items): a. Dr. Metin Colpan b. Dr. Toralf Haag c. Prof. Dr. Ross L. Levine d. Prof. Dr. Elaine Mardis e. Dr. Eva Pisa f. Mr. Lawren
Slide 42: Supervisory Board
Supervisory Board Chair Lawrence A. Rosen Metin Colpan Toralf Haag Ross Levine Elaine Mardis Joined 2013 Co-founder of QIAGEN Joined 2021 Joined 2016 Joined 2014 Eva van Pelt Eva Pisa Bert van Meurs Stephen H. Rusckowski Elizabeth E. Tallett Joined 2024 Joined 2022 Joined 2024 Joined 2023 Joined 201
Slide 43: Welcoming two new Supervisory Board members
Welcoming two new Supervisory Board members Eva van Pelt Bert van Meurs ▪ Most recently Co-CEO and member of the management board of Eppendorf ▪ Currently a member of the Executive Committee at Royal Philips N.V. of the Group, a privately-held German Life Sciences company with over EUR 1.2 Netherlan
Slide 44: Reappointment of the following two Managing Directors
11 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 2025 (voting items): a. Mr. Thierry Bernard b. Mr. Roland Sackers June 21, 2024 Annual General Meeting 44
Slide 45: Remuneration of the Supervisory Board
12 Remuneration of the Supervisory Board (voting items): a. Adoption of the Remuneration Policy with respect of the Supervisory Board; and b. Determination of the remuneration of the members of the Supervisory Board June 21, 2024 Annual General Meeting 45
Slide 46: Reappointment of KPMG Accountants N.V. as auditors of the Company
13 Reappointment of KPMG Accountants N.V. as auditors of the Company for the calendar year ending December 31, 2024 (voting item) June 21, 2024 Annual General Meeting 46
Slide 47: Appointment of Ernst & Young Accountants LLP as auditor of the Company
14 Appointment of Ernst & Young Accountants LLP as auditor of the Company for the calendar year ending December 31, 2025 (voting item) June 21, 2024 Annual General Meeting 47
Slide 48: Authorization of the Supervisory Board
15a Authorization of the Supervisory Board, until December 21, 2025, 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 50% of the shares issued and outstand
Slide 49: Authorization of the Supervisory Board
15b Authorization of the Supervisory Board, until December 21, 2025, 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 50: Authorization of the Managing Board
16 Authorization of the Managing Board, until December 21, 2025, to acquire shares in the Company's own share capital (voting item) June 21, 2024 Annual General Meeting 50
Slide 51: Discretionary rights for the Managing Board to implement a capital repayment
17 Discretionary rights for the Managing Board to implement a capital repayment by means of synthetic share repurchase (voting item) June 21, 2024 Annual General Meeting 51
Slide 52: Cancellation of fractional ordinary shares held by the Company
18 Cancellation of fractional ordinary shares held by the Company (voting item) June 21, 2024 Annual General Meeting 52
Slide 53: Questions
19 Questions June 21, 2024 Annual General Meeting 53
Slide 54: Closing
20 Closing June 21, 2024 Annual General Meeting 54
Slide 55: Thank you for your participation
Thank you for your participation June 21, 2024 Annual General Meeting 55