Qiagen Earnings: 2023 Outlook Intact Even as Reset Continues

Qiagen's third-quarter results mildly exceeded expectations, even when considering the significant COVID-19-related declines versus a tough comparable period in 2022. Positively, management maintained its 2023 guidance, despite headwinds faced by the life science and diagnostic industry. At first glance, we do not anticipate changing our fair value estimate, which remains moderately above recent trades. Also, while our moat rating remains none, we recognize that Qiagen's operations have improved substantially in recent years even when excluding COVID-19-related demand, and we expect Qiagen to remain economically profitable throughout our five-year forecast period.