Qiagen Earnings: Growth Momentum Drives Outlook; Shares Undervalued

No-moat Qiagen reported solid fourth-quarter 2024 results, in line with company-compiled consensus. For the full year, Qiagen delivered net sales of $1.98 billion, aligning with our model and remaining largely flat compared with 2023 figures. Bottom-line figures for the year showed a decline due to one-off costs associated with the exit from the NeuMoDX PCR testing platform. However, adjusted EPS grew 6% year over year, reaching $2.20 in constant currencies, in line with recent guidance. We maintain our fair value estimate of $53.48 per share and view the stock as slightly undervalued at current levels.