QIAGEN N.V. Files 20-F Report for Fiscal Year Ended December 31, 2023

Ticker: QGEN · Form: 20-F · Filed: Mar 11, 2024 · CIK: 1015820

Qiagen N.V. 20-F Filing Summary
FieldDetail
CompanyQiagen N.V. (QGEN)
Form Type20-F
Filed DateMar 11, 2024
Risk Level
Pages14
Reading Time17 min
Key Dollar Amounts$1.0895, $43.43, $51.18, $34.74, $11 billion
Sentimentneutral

Sentiment: neutral

Topics: QIAGEN, 20-F, Annual Report, Life Sciences, Financials

TL;DR

<b>QIAGEN N.V. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

QIAGEN N.V. (QGEN) filed a Foreign Annual Report (20-F) with the SEC on March 11, 2024. QIAGEN N.V. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at Hulsterweg 82, Venlo, P7. QIAGEN N.V. is incorporated in P7 and its fiscal year ends on December 31. The filing was submitted on March 11, 2024.

Why It Matters

For investors and stakeholders tracking QIAGEN N.V., this filing contains several important signals. This filing provides a comprehensive overview of QIAGEN's financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. As a 20-F filing, it offers detailed information on the company's business, risk factors, and financial statements, which are essential for understanding its compliance with SEC regulations and its position within the life sciences industry.

Risk Assessment

Risk Level: — QIAGEN N.V. shows moderate risk based on this filing. The filing is a routine annual report (20-F) and does not contain new material events or significant financial disclosures that would indicate elevated risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand QIAGEN's performance and strategic positioning for the upcoming fiscal year.

Key Numbers

Key Players & Entities

FAQ

When did QIAGEN N.V. file this 20-F?

QIAGEN N.V. filed this Foreign Annual Report (20-F) with the SEC on March 11, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by QIAGEN N.V. (QGEN).

Where can I read the original 20-F filing from QIAGEN N.V.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by QIAGEN N.V..

What are the key takeaways from QIAGEN N.V.'s 20-F?

QIAGEN N.V. filed this 20-F on March 11, 2024. Key takeaways: QIAGEN N.V. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located at Hulsterweg 82, Venlo, P7..

Is QIAGEN N.V. a risky investment based on this filing?

Based on this 20-F, QIAGEN N.V. presents a moderate-risk profile. The filing is a routine annual report (20-F) and does not contain new material events or significant financial disclosures that would indicate elevated risk.

What should investors do after reading QIAGEN N.V.'s 20-F?

Review the detailed financial statements and risk factors within the 20-F filing to understand QIAGEN's performance and strategic positioning for the upcoming fiscal year. The overall sentiment from this filing is neutral.

How does QIAGEN N.V. compare to its industry peers?

QIAGEN N.V. operates in the life sciences industry, focusing on molecular diagnostics and sample preparation technologies.

Are there regulatory concerns for QIAGEN N.V.?

As a foreign private issuer, QIAGEN N.V. files annual reports on Form 20-F with the SEC, which is a comprehensive disclosure document.

Industry Context

QIAGEN N.V. operates in the life sciences industry, focusing on molecular diagnostics and sample preparation technologies.

Regulatory Implications

As a foreign private issuer, QIAGEN N.V. files annual reports on Form 20-F with the SEC, which is a comprehensive disclosure document.

What Investors Should Do

  1. Analyze the financial statements and management discussion and analysis (MD&A) in the 20-F for detailed performance insights.
  2. Review the risk factors section to understand potential challenges and uncertainties facing QIAGEN.
  3. Compare the 2023 results with previous years to identify trends and assess growth trajectory.

Key Dates

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Filing Stats: 4,267 words · 17 min read · ~14 pages · Grade level 11.8 · Accepted 2024-03-08 20:14:33

Key Financial Figures

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Unless the context otherwise requires, references herein to "we," "us," "our," the "Company" or to "QIAGEN" are to QIAGEN N.V. and its consolidated subsidiaries. Totals within tables presented in U.S. dollar millions may contain rounding differences. _____________________________________________ EXCHANGE RATES QIAGEN publishes its financial statements in U.S. dollars. In this Annual Report on Form 20-F, references to "dollars" or "$" are to U.S. dollars, references to CHF are to the Swiss franc, and references to "EUR", the "euro" or "" are to the European Monetary Union euro. Except as otherwise stated herein, all monetary amounts in this Annual Report on Form 20-F have been presented in U.S. dollars. The exchange rate used for the euro was obtained from the European Central Bank and is based on the daily co nc e rtat ion procedure between central banks across Europe, which normally takes place around 2:10 P.M. Central European Time. This rate at March 7, 2024 was $1.0895 per 1. For information regarding the effects of currency fluctuations on our results, see "Operating and Financial Review." TRADEMARKS We have proprietary rights to trademarks, trade names and service marks used in this Annual Report on Form 20-F that are important to our business, many of which are registered under applicable intellectual property laws. Solely for convenience, trademarks, trade names and service marks referred to in this Annual Report on Form 20-F may appear without the "" or "" symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use or display of other companies' trademarks, trade

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 59 Sustainability Corporate Governance 69 Governance Structure 71 Managing Board 72 Supervisory Board 82 Board-Related Matters 84 Shareholder Meetings and Share Capital 89 Additional Information 94 Compensation of Managing and Supervisory Boards Consolidated Financial Statements 98 Consolidated Financial Statements 99 Report of Independent Registered Public Accounting Firm 102 Report of Independent Registered Public Accounting Firm 104 Consolidated Balance Sheets 106 Consolidated Statements of Income 107 Consolidated Statements of Comprehensive Income 108 Consolidated Statements of Changes in Equity 109 Consolidated Statements of Cash Flows 111

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Appendices 181 Memorandum and Articles of Association 193 Principal Accountant Fees and Services 194 Taxation 200 Government Regulation s 211 Exchange Controls 211 Documents on Display 211

Controls and Procedures

Controls and Procedures 213 Disclosure under Section 219 of ITRA 214 Reference Table Form 20-F 218 Exhibit Index 219

Signatures

Signatures QIAGEN N.V. | Financial Report 2023 Overview Management Report Corporate Governance

Financial Statements

Financial Statements Appendices Page 6 Overview C ommon Shares Market Environment Despite concerns over inflation, rising interest rates, and increasing geopolitical tensions around the world, various stock markets defied expectations in 2023 and posted gains during very volatile conditions for the year. This rally, however, was dominated by a select group of stocks as many others were held back by fears of recession and higher interest rates. All three major U.S. indices ended 2023 with gains, making up for losses in 2022. The Dow Jones Industrial Average was up 14% and the S&P 500 re turned 2 4%. Mega-cap tech companies made the biggest comeback, reflected in the 54% rise in the NASDAQ 100 Index. In Germany, the blue-chip DAX-40 Index (QIAGEN is a member) rose 20%, while the TecDAX Index of top technology companies (QIAGEN is also a member) closed up 14% for the year. This overall performance reflects the impact on valuations due t o inflation in tandem with the continued economic recovery following the COVID-19 pandemic. Global Shares listed in the U.S. and Europe QIAGEN Global Shares have been registered and traded in the United States since 1996 and are traded on the New York Stock Exchange (NYSE). These Shares have also traded in Germany on the Frankfurt Stock Exchange since 1997, and the Prime Standard segment since its launch in 2003, where shares are traded on the XETRA electronic trading platform as well as on the Frankfurt Brse involving floor trading . The dual listing on the NYSE and the Frankfurt exchange offers advantages for QIAGEN, our shareholders and employees. The presence in both markets enhances liquidity, and increases the opportunity to attract investors, particularly those in the U.S. restricted to only holding in U.S. dollar- denominated investments. Unlike American Depositary Receipts (ADRs), QIAGEN's global shares provide equal rights for all shareholders and can be traded on either exchange, in U.S. d

Financial Statements

Financial Statements Appendices Page 7 Overview Annual Shareholder Meeting At the Annual General Meeting on June 22, 2023, in Venlo, the Netherlands, shareholders gave overwhelming approval to all agenda items. Shareholders present or represented at the meeting held approximately 158.7 million shares, or 69% of QIAGEN's approximately 230.8 million issued shares as of the record date for the meeting. Details of attendance and voting results are available at corporate.QIAGEN.com. Investor Relations and Shareholder Engagement QIAGEN is committed to offering shareholders, analysts and communities around the world transparent, comprehensive and readily accessible information on our performance, strategy and future prospects, as well as our vision and mission. Interactions included individual calls, roadshows and attendance at broker-sponsored investor conferences. These efforts were acknowledged in the annual "Institutional Investor" magazine survey of investors, with the QIAGEN Investor Relations team being recognized as the top team in the EMEA region within the Medtech industry, and among the top five in the Healthcare sector. QIAGEN Share Price Development and Average Trading Volume - NYSE 2023 2023 Year-end price $43.43 High $51.18 Low $34.74 Average daily trading volume (in million shares) 1.02 QIAGEN N.V. | Financial Report 2023 Overview Management Report Corporate Governance

Financial Statements

Financial Statements Appendices Page 8 Overview QIAGEN Share Indices and Historic Prices - NYSE On January 10, 2018, our Shares began trading on the New York Stock Exchange (NYSE) under the symbol QGEN. Prior to the transition to the NYSE, our Common Shares were traded on NASDAQ since the IPO (Initial Public Offering) in 1996 under the same QGEN ticker. The following tables set forth the annual high and low sale prices for the last five years, the quarterly high and low sale prices for the last two years, and the monthly high and low sale prices for the last six months on the NYSE. QIAGEN N.V. | Financial Report 2023 Overview Management Report Corporate Governance

Financial Statements

Financial Statements Appendices Page 9 Overview QIAGEN Historical Share Price History - NYSE High ($) Low ($) Annual: 2019 43.16 25.04 2020 55.27 32.97 2021 59.00 45.58 2022 55.12 40.38 2023 51.18 34.74 High ($) Low ($) Quarterly 2022 : First Quarter 55.12 41.32 Second Quarter 50.38 42.44 Third Quarter 50.51 40.49 Fourth Quarter 51.05 40.38 Quarterly 2023 : First Quarter 51.18 45.08 Second Quarter 46.99 43.80 Third Quarter 47.70 38.98 Fourth Quarter 43.73 34.74 Quarterly 2024 : First Quarter (through March 7) 45.87 42.17 High ($) Low ($) Monthly: October 2023 40.65 34.74 November 2023 41.48 37.14 December 2023 43.73 40.78 January 2024 45.87 42.73 February 2024 45.38 42.17 March 2024 (through March 7) 44.65 42.60 QIAGEN Share Price Development and Average Trading Volume - Germany Frankfurt Stock Exchange (XETRA) 2023 2023 Year-end price 39.40 High 48.36 Low 32.74 Average daily trading volume (in million shares) 0.51 QIAGEN N.V. | Financial Report 2023 Overview Management Report Corporate Governance

Financial Statements

Financial Statements Appendices Page 10 Overview QIAGEN N.V. | Financial Report 2023 Overview Management Report Corporate Governance

Financial Statements

Financial Statements Appendices Page 11 Overview QIAGEN Share Indices and Historic Prices - Germany Our Shares have been traded on the Frankfurt Stock Exchange since a secondary IPO in September 1997 under the symbol QIA. QIAGEN joined the blue-chip DAX-40 Index in September 2021, a recognition of our ranking among the top publicly-traded companies in Germany based on market capitalization. The following table sets forth the annual high and low sale prices for the last five years, the quarterly high and low sale prices for the last two years, and the monthly high and low s ale prices for the last six months on the Prime Standard. QIAGEN Historical Share Price History - Germany High () Low () Annual: 2019 39.19 22.54 2020 46.95 29.55 2021 51.56 37.38 2022 49.37 37.95 2023 48.36 32.74 High () Low () Quarterly 2022 : First Quarter 49.34 37.95 Second Quarter 46.03 39.94 Third Quarter 49.37 41.32 Fourth Quarter 48.26 41.62 Quarterly 2023 : First Quarter 48.36 41.57 Second Quarter 43.47 39.62 Third Quarter 43.39 36.73 Fourth Quarter 40.07 32.74 Quarterly 2024 : First Quarter (through March 7) 42.19 38.83 High () Low () Monthly: October 2023 38.64 32.74 November 2023 37.83 35.09 December 2023 40.07 37.46 January 2024 42.10 38.83 February 2024 42.19 39.07 March 2024 (through March 7) 41.05 39.32 QIAGEN N.V. | Financial Report 2023 Overview Management Report Corporate Governance

Financial Statements

Financial Statements Appendices Page 12 Overview Busin ess and Operating Environment Company Overview QIAGEN is a leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from any biological sample. Our sample technologies isolate and process deoxyribonucleic acid (DNA), ribonucleic acid (RNA) and proteins – the building blocks of life – from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis using a range of technologies. Bioinformatics software and knowledge bases are used to interpret complex genomic data sets to provide relevant, actionable insights. Instruments and automation solutions are used to tie together these products into seamless and cost-effective workflows. We provide solutions to more than 500,000 customers around the world in Molecular Diagnostics (human healthcare) and Life Sciences (academic research, pharma and biotech companies, and applied applications such as human identification / forensics and food safety). As of December 31, 2023 , we employed approximately 6,000 people in more than 35 locations worldwide. QIAGEN was founded in 1984 and began operations in 1986 as a pioneer in the emerging biotechnology sector with a revolutionary method that standardized and accelerated the extraction and purification of nucleic acids from biological samples, which means any material containing DNA, RNA or proteins. As molecular biology and genomic knowledge has grown to influence many areas of daily life, we have expanded to serve the full spectrum of market needs, developing new instruments, consumables and digital solutions; partnering with researchers and pharmaceutical companies, and acquiring companies and technologies that best complement our portfolio. We believe the addressable global market for our portfolio totals more than $11 billion . We continue to accelerate our portfolio growth and increase o

Financial Statements

Financial Statements Appendices Page 13 Management Report Dollar Index, after seeing volatility in 2022, maintained a relatively stable performance throughout 2023, with minor fluctuations reflecting ongoing economic uncertainties. Industry Environment Life Sciences and Molecular Diagnostics faced diverging trends in 2023 - there was growth in areas that had been adversely affected by the pandemic lockdowns, but another significant drop in demand for COVID-19 testing and surveillance products compared with the peak level in 2021. The pandemic had led to significant growth in the installed base of instruments, and competitors were now seeking to expand this base to other applications in Life Sciences and Molecular Diagnostics. Although numerous smaller companies have emerged in recent years, larger companies such as QIAGEN boast the crucial advantage of better global distribution and production capacity, as well as brand recognition and credibility. The addressable Life Sciences and Molecular Diagnostics industry segments generate an estimated $11billion of annual sales , and are expected to maintain a healthy rate of single-digit sales growth in the coming years. Key growth drivers include continued research funding to advance our understanding of biology, as well as consistently strong medical demand for molecular clinical testing. QIAGEN Products Our leadership in molecular research and testing solutions leverages our product portfolio across a wide range of applications. These are grouped into two main categories: Consumables and related revenues involve our consumables kits, bioinformatics solutions, royalties, co-development milestone payments and services ( 88% of total net sales in 2023 ); and Instruments and related services and contracts ( 12% of total net sales in 2023 ). QIAGEN Product Grou ps Sample Technologies Sample Technologies is the first of our Five Pillars of Growth and includes products involved in the fir

Financial Statements

Financial Statements Appendices Page 14 Management Report Our broad portfolio of Sample technologies includes consumables and instruments used in sample collection, stabilization, storage, purification and quality control. Some of our consumables are designed to run on our instruments, while others are universal kits designed for use with any molecular- testing platform. These products are used in research and applied testing (forensics / human identification and food safety) laboratories as well as clinical testing. QIAGEN N.V. | Financial Report 2023 Overview Management Report Corporate Governance

Financial Statements

Financial Statements Appendices Page 15 Management Report Applications Cloning qPCR/dPCR DNA amplification Sequencing / NGS Arrays Liquid biopsy Gene editing Microbiome Epigenetics Gene silencing Cellular analytics Proteomics Input demands Processing Target analytes Low/high-volume Manual Genomic DNA Low-quantity Plasmid DNA Tubes/plates cfDNA Input demands Low-quantity Automated mRNA, rRNA High-quantity Low-to miRNA Tubes/plates High-throughput Proteins Circ. Tumor cells Selected biological samples Tissue Stool Cells Saliva Blood Other body fluids Serum Bone Plasma Plants Urine Soil Sample technologies Selected QIAGEN brands Primary Sample technology consumables Nucleic acid stabilization and purification kits designed for primary sample materials (DNA, RNA), manual and automated processing for genotyping, gene expression, viral and bacterial analysis Mainly based on silica membrane and magnetic bead technologies QIAamp PAXgene AllPrep DNeasy AdnaTest QIAprep&amp RNeasy MagAttract Secondary Sample technology consumables Kits and components for purification of nucleic acids from secondary sample materials (e.g., gel, plasmid DNA) QIAprep QIAGEN Plasmid HiSpeed QIAquick QIAfilter EndoFree DyeEx Sample technology instruments Instruments for nucleic acid purification, quality control and accessories QIAsymphony EZ1 Advanced XL TissueLyser III QIAcube Connect EZ2 Connect MDx QIAxpert QIAcube HT QIAxcel Connect QIAcube Connect MDx Diagnostic Solutions Diagnostic solutions include our molecular testing platforms and consumables covering three of our Pillars of Growth, which are QuantiFERON, QIAstat-Dx and NeuMoDx, as well as Precision Diagnostics which involves companion diagnostic co-development revenues from projects with pharmaceutical companies, regulated assays and solutions for laboratory developed tests.

Financial Statements

Financial Statements Appendices Page 16 Management Report PCR / Nucleic Acid Amplification PCR / Nucleic Acid Amplification involves our research and applied PCR solutions and components. The product group includes another of our Five Pillars of Growth: QIAcuity. We offer optimized solutions for end-point PCR, quantitative PCR and digital PCR. Our kits, assays, instruments and accessories amplify and detect targets and streamline workflow for virtually any application. PCR/Nucleic acid amplification Selected QIAGEN brands Research PCR consumables Different generations of PCR, quantitative PCR, reverse transcription and combinations (RT-PCR) kits for analysis of gene expression, genotyping and gene regulation, running on QIAGEN or third-party instruments and technologies QuantiTect OneStep RT-PCR Type-it OmniScript QuantiFast QIAGEN Multiplex miRCURY LNA miScript QuantiNova HotStarTaq TopTaq Human ID / Forensics assay consumables STR assays for Human ID, additional assays for food contamination Investigator (human ID / forensics) mericon (food safety) PCR instruments Digital PCR solutions qPCR solutions QIAcuity Rotor-Gene Q QIAquant QIAgility OEM consumables Custom-developed and configured enzymes and PCR solutions that are sold to OEM customers Provided on an individualized contract basis Genomics / NGS This product group includes our universal NGS (next-generation sequencing) solutions for use with any NGS sequencer as well as the full bioinformatics portfolio offered by QIAGEN Digital Insights. QIAGEN N.V. | Financial Report 2023 Overview Management Report Corporate Governance

Financial Statements

Financial Statements Appendices Page 17 Management Report Genomics / NGS Selected QIAGEN brands Universal NGS consumables Predefined and custom NGS gene panels (DNA, RNA), library prep kits and components, whole genome amplification, etc. Sequence-based assays for forensic genetic genealogy QIAseq REPLI-g Epitect ForenSeq Kintelligence QIAGEN Digital Insights solutions Bioinformatics solutions analyze and interpret data to deliver actionable insights from NGS. This includes freestanding software or cloud-based solutions and is also integrated into many QIAGEN consumables and instruments QIAGEN Clinical Insight QCI Interpret One Ingenuity Variant Analysis CLC Genomics Workbench OmicSoft Ingenuity Pathway Analysis QIAGEN Knowledge Base HGMD Custom laboratory and genomic services Custom se

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