Qiagen N.V.

Ladies and gentlemen, thank you for standing by. I am Katie, your global meet call operator. Welcome and thank you for joining QIAGEN's third quarter 2025 earnings conference call webcast. At this time, all participants are in a listen-only mode. Please be advised that this call is being recorded at QIAGEN's request and will be made available on their internet site. The prepared remarks will be followed by a question and answer session. If you would like to ask a question, you may press star followed by one on your touchtone telephone. Please press the star zero for operator assistance. At this time, I'd like to introduce your host, John Ghilardi, Vice President, Head of Corporate Communications at QIAGEN. Please go ahead.

Thank you, operator, and welcome to all of you who are joining us for this call for the third quarter of 2025. We appreciate your time and your interest in QIAGEN. So joining the call today are Terry Bernard, our Chief Executive Officer, and Roland Sackers, our Chief Financial Officer. Also joining us today is Daniel Vendorf, our new head of IR, and Dr. Dominica Martiroma from our Investor Relations team. Before we begin, I'd like to share that our next deep dive on sample technologies is planned for Friday, November 21st. The invitation was just sent out to you, so please register for the event. Dominica has done an outstanding job leading the creation of this series, and we look forward to another engaging session. As always, today's call is being webcast live and will be archived in the IR section of our website at www.kaizen.com. Here you can find the press release and presentation accompanying this call. Please also note that this call will include forward-looking statements. Actual results may differ materially from those projected due to a number of factors outlined in our most recent Form 20F and other filings with the U.S. Securities and Exchange Commission. We will also refer to certain financial measures not prepared in accordance with U.S. generally accepted accounting principles or GAAP that provide additional insights into our performance. Reconciliations to the most directly comparable GAAP figures are in the release and presentation. And all references to earnings per share refer to diluted EPS. With that, let me hand the call over to Terry.

Thank you, John. Hello, everyone. Good morning, good afternoon, or good evening to all of you joining us from around the world. I'd like to start by thanking the QIAGEN teams across our company and across the world for their ongoing dedication and strong execution in this challenging macro environment. Their focus and collaboration enabled us to deliver another solid quarter. In fact, the 24th consecutive quarter in which we met all exceeded our target. We continue to see the clear merits of our strategy to prioritize high growth areas of molecular research and testing while maximizing the reach of our portfolio to customers across both the life sciences and diagnostics. This approach continues to provide balance and stability even in those very volatile and uncertain conditions. This performance in 2025 also enables us to advance key capital allocation initiatives that are strengthening our business and creating value. Two important developments were announced yesterday. First, the acquisition of Parse Biosciences that expands our sample technologies portfolio into the very fast-growing AI-driven single-cell market. Second, a $500 million synthetic share repurchase to be completed in January 2026 that will bring total shareholders' returns since 2024 to above our 2028 goal for at least $1 billion return to shareholders. We remain strongly committed to our 2028 ambitions, even again in this challenging environment. We have significantly strengthened key pillars in our portfolio and continue to position QIAGEN towards our 7% sales target from 2024 to 2028. We are also on track to move well above our 31 adjusted operating income targets by the end of 2028, despite currency and integration headwinds. So we are combining top execution with decisive actions to deliver solid profitable growth. So let me walk you through our key messages for today. First, We once again exceeded our targets for the third quarter and delivered one of the fastest growth rates in our industry. Net sales rose 6% to $533 million, while results of constant exchange rates were up 5% and ahead of our 4% CER target. More importantly, Core sales excluding recently discontinued products increased 6% CER over the prior year period. Adjusted diluted EPS was $0.61 at both actual and constant exchange rates, and therefore above our outlook for at least $0.58. Those results Again, underscore the strength of our differentiated portfolio and the success of our efficiency initiatives in delivering a consistent performance quarter after quarter over the past six years. Second key message, our growth pillars continue to perform strongly in 2025. Chiostat diagnostic grew 11%. driven by strong instrument placements and double-digit consumable growth on demand across our clinical syndromic testing panels. Quantiferon also grew 11% CER, supported by continued latent TB conversion from the skin test and broader adoption worldwide. Sample technologies returned to growth, with sales rising 3% CER on demand for automated consumables despite cautious capital spending. Kayakuity, our digital PCR platform, maintains double-digit CER growth with robust consumable demand, more than offsetting slower instrument sales among life science customers. And Kayagen Digital Insight, Our bioinformatics portfolio delivered solid double-digit growth, driven by growing demand for clinical bioinformatics and also the integration of genomes, which has further enhanced our growing range of AI-driven solutions for interpretation of clinical next-generation sequencing data. Third key message. Our strong performance so far in 2025 is allowing us to again raise our earnings target while confirming our sales outlook. This reflects the success of our efficiency initiatives and disciplined execution. Despite currency headwinds and the adverse impact of tariffs and the current U.S. government shutdown, we continue to improve profitability and maintain solid growth This is fully aligned with our 2028 ambitions for solid profitable growth. Therefore, we now expect adjusted EPS of about $2.38 CER, an increase of 10 cents from our initial guidance for 2025. At the same time, we continue to expect net sales growth of about 4 to 5% at constant exchange rate, and more importantly, 5 to 6 CER growth for our core portfolio. This is definitely another solid and strong quarter demonstrating consistent execution, operational discipline, and clear strategic direction. And lastly, Let me briefly address the announcement about our leadership transition. After more than 10 years with this remarkable company, including six years as CEO, I and our supervisory board have agreed that this is the time to prepare for QIAGEN's next phase of growth. This decision comes after deep reflection and with full confidence in the strength of our company, the strength of our strategy, and above all, the quality of our people. I will obviously continue to lead QIAGEN until a successor is appointed to ensure a smooth and orderly handover. Our focus, my focus, remains unchanged. executing on our strategy, delivering on our 2025 goals, and advancing on our 2028 ambitions for solid and profitable growth. It is a real privilege to serve QIAGEN and to work alongside such talented and dedicated colleagues. And I'm really confident that our company is well positioned for its next phase of growth. With that, I'll hand it over to Roland for more on the financials.