Qiagen rises after Q3 sales beat consensus, guidance confirmation
31/10/2023 08:15
** Shares in Qiagen QIA.DE rise 4.5% after the company
reported Q3 sales above expectations and confirmed FY guidance
** "Durable product portfolio drives solid 3Q results and
2023 guidance reiteration," J.P. Morgan says
** Q3 group revenue fell 6% at constant exchange rates (CER)
to $476 million, beating average analysts' estimate of $471
million according to a company-provided consensus
** Sales in the firm's non-COVID portfolio rose 5% CER to
$442 million, group cites higher sales from instruments as well
as recurring consumables and related revenues
** "Solid Q3 against weak expectations," Berenberg says,
noting the firm continued to perform "strongly" across its
non-COVID-related product franchises
** The group also reaffirmed full-year guidance for 2023,
expecting consolidated revenue of at least $1.97 billion
** "Qiagen's FY 2023 guidance reiteration should be well
received," Berenberg adds
** Qiagen tops German blue-chip index .GDAXI , on track for
best day since Nov 2022
(Reporting by Anna Mackenzie)
((Anna.mackenzie@thomsonreuters.com))