Q3 2024 Results Conference Call Presentation: Thursday, November 7, 2024

Q3 2024 results

Exceeded outlook for net sales and adjusted EPS

November 6, 2024

Forward looking and intended use statements

Safe Harbor Statement: Certain statements contained in this presentation may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward-looking terminology such as "believe", "hope", "plan", "intend", "seek", "may", "will", "could", "should", "would", "expect", "anticipate", "estimate", "continue", "target" or other similar words. To the extent that any of the statements contained herein relating to QIAGEN's products, timing for launch and development, marketing and/or regulatory approvals, financial and operational outlook, growth and expansion, collaborations, markets, strategy or operating results, including without limitation its expected net sales, net sales of particular products, net sales in particular geographies, adjusted net sales, adjusted diluted earnings per share results, expansion of adjusted operating income margin, returns to shareholders, product portfolio management, product launches (including anticipated launches of our sequencing solutions, testing platforms, panels and systems), leveraging AI technology, improvements in operating and financial leverage, currency movements against the U.S. dollar, plans for investment in our portfolio and share repurchase commitments, our expectations relating to our adjusted tax rate, debt maturity and repayment, our ability to grow adjusted earnings per share at a greater rate than sales, our ability to improve operating efficiencies and maintain disciplined capital allocation, are forward-looking, such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with our dependence on the development and success of new products; management of growth and expansion of operations (including the effects of currency fluctuations, tax laws, regulatory processes and dependence on suppliers and logistics services); variability of operating results; integration of acquired businesses; changing relationships with customers, suppliers and strategic partners; competition; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN's products (including fluctuations due to general economic conditions, the level and timing of customers' funding, budgets and other factors, including delays or limits in the amount of reimbursement approvals or public health funding); our ability to obtain regulatory approval of our products; difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products; the ability of QIAGEN to identify and develop new products and to differentiate and protect our products from competitors' products; market acceptance of new products and the integration of acquired technologies and businesses; actions of governments, global or regional economic developments, including inflation and rising interest rates, weather or transportation delays, natural disasters, cyber security breaches, political or public health crises, and its impact on the demand for our products and other aspects of our business, or other force majeure events; litigation risk, including patent litigation and product liability; debt service obligations; volatility in the public trading price of our common shares; as well as the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected; and the other factors discussed under the heading "Risk Factors" in our most recent Annual Report on Form 20-F. For further information, please refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission.

Regulation G: QIAGEN reports adjusted results, as well as results on a constant exchange rate (CER) basis, and other non-U.S. GAAP figures (generally accepted accounting principles), to provide additional insight on performance. In this presentation, adjusted results include adjusted net sales, adjusted gross income, adjusted net income, adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted operating income margin, adjusted net income before taxes, adjusted income tax, adjusted tax rate, adjusted EBITDA, adjusted EPS, adjusted diluted EPS and free cash flow. Adjusted results are non-GAAP financial measures QIAGEN believes should be considered in addition to reported results prepared in accordance with GAAP but should not be considered as a substitute. QIAGEN believes certain items should be excluded from adjusted results when they are outside of its ongoing core operations, vary significantly from period to period, or affect the comparability of results with its competitors and its own prior periods. QIAGEN does not reconcile forward-looking non-GAAP financial measures to the corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections that are impacted by future decisions and actions. Accordingly, reconciliations of these forward-looking non-GAAP financial measures to the corresponding GAAP measures are not available without unreasonable effort. However, the actual amounts of these excluded items will have a significant impact on QIAGEN's GAAP results.

November 6, 2024

Q3 2024 results

2

Q3 2024: Exceeded outlook for net sales and adjusted EPS

Growth

Q3 2024: Solid sales growth trends across portfolio

• +6% CER growth and +6% CER excluding NeuMoDx
• Diagnostic solutions (+10% CER), Sample technologies (+1% CER) and PCR / Nucleic acid amplification (+9% CER)
• QIAstat-Dx(+40% CER) and QuantiFERON (+10% CER) as key drivers

Profitability

Significant improvements in margins and free cash flow

• 29.6% adj. operating income margin up 3 ppt vs. Q3 2023 reflecting broader efficiency gains and benefits from NeuMoDx discontinuation
• +73% free cash flow to $364 m in 9M 2024 vs. 9M 2023

$502 m

($502 m CER)

Net sales

+6% CER

vs. Q3 2023

29.6%

Adj. operating margin

+3 ppt

vs. Q3 2023

$0.57

($0.58 CER)

Adj. diluted EPS

Outlook

Reaffirmed FY 2024 net sales, increased adj. diluted EPS outlook

• Net sales: >$1.985 bn CER
• Adjusted diluted EPS: >$2.19 CER (previously >$2.10 CER in January 2024)
• Adjusted operating income margin target: ≥28.5% (vs. 26.9% in 2023)

CER - Constant exchange rates | ppt - percentage points

+16% CER

vs. Q3 2023

$139 m

Free cash flow

+56%

vs. Q3 2023

November 6, 2024

Q3 2024 results

3

Q3 2024: Sales performance and key developments

Sales by product group

(In $ millions at actual rates)

+6%
476 CER(1)	502
160	162	Sample
	technologies
179	197	Diagnostic
solutions
68	74	PCR / Nucleic
acid amplification
55	55	Genomics / NGS
Q3 2023	Q3 2024	Other

Key developments

Sample	• Solid sales growth from automated consumables
technologies	• Encouraging instrument placement rates
QuantiFERON	• +10% CER growth, sixth consecutive quarter above $100 m
• All regions delivering solid growth on skin test conversion
QIAstat-Dx	• +40% CER sales growth led by consumables and instruments
• Robust growth in installed base, on track for 2024 target
QIAcuity	• Double-digit growth in consumables on new assay launches
• Weaker instrument sales on challenging macro environment
QDI	• Higher sales to clinical customers
• Pharma transition to SaaS model from licensing contracts

1) Q3: Net sales $502 million CER (+6% at constant exchange rates, +5% at actual rates) | CER - Constant exchange rates | SaaS - Software-as-a-service model

November 6, 2024

Q3 2024 results

4

Q3 2024: Strong quarter for operating profitability

Adj. operating income margin		Adj. EPS ahead of Q3 2024 outlook

		Adj.
+3 ppt		operating
29.6%	income
26.6%
		Non-
		operating
		income
		Adj. EPS(1)
Q3 2023	Q3 2024

+18% to $149 million on efficiency gains and NeuMoDx benefits

20% adj. tax rate above estimate for ~19%

$0.57

($0.58 CER vs. ≥$0.55 CER outlook)

(1) Q3: Adjusted diluted EPS $0.57 vs. $0.50 in Q3 2023 | CER - Constant exchange rates | ppt - percentage points

November 6, 2024

Q3 2024 results

5

Q3 2024: Significant improvement in cash flow generation

Cash flow

In $ millions	Q3 2024	Q3 2023		Change
Operating cash flow	182	125	+46%
Purchases of PP&E	-43	-36	+22%
		139
Free cash flow	89	+56%

In $ millions	9M 2024	9M 2023		Change
Operating cash flow	482	308	+56%
Purchases of PP&E	-118	-98	+21%
		364
Free cash flow	210	+73%

Debt maturity overview(1)

(in $ millions)

				619
500		119		500
					Likely
					repayment
					in 2025(2)
				500
				157				78
			58					19
2024	2025	2027	2029	2031	2032	2035
		German private placements (Schuldschein)		Convertible bonds

(1) Notionals as of September 30, 2024 | (2) Bondholder put option in December 2025

November 6, 2024

Q3 2024 results

6

Q3 2024: Portfolio developments

Sample technologies:

Advancing liquid biopsy with innovation

Novel urine liquid biopsy solution

• Launch of PAXgene Urine Liquid Biopsy Set
  for reliable analysis of cell-free DNA from urine
• Increased accessibility for research analysis

MRD - Minimal Residual Disease

QIAcuityDx:

Harnessing the power of digital PCR

Moving into clinical diagnostics

• QIAcuityDx digital PCR launched with initial focus on clinical testing in oncology
• Essential for precise monitoring of low- abundance targets and MRD testing

HID / Forensics:

Tracing roots, preserving identities

Partnerships driving NGS adoption in forensics

• Bode: Accelerate GEDmatch PRO use in U.S. for law enforcement and human identification
• University of Montana: Provide forensics to identify missing and murdered indigenous people

November 6, 2024

Q3 2024 results

7

QIAstat-Dx: Four U.S. clearances in 2024 to accelerate growth

Complete Panels		Mini Panels

Precision Medicine

3

Respiratory IVDR

Gastro IVDR

Meningitis

Blood 2025 culture

cUTIs 2026

Pneumonia 2028

2024

2024

2024

2025

2026

2028

NEW(1)

NEW

NEW

Respiratory(2) 2024

NEW

Gastro(3)2024

Instruments

QIAstat-Dx

IVDR

QIAstat-Dx

Rise

Pharma partnerships

Chronic diseases

NEW

Alzheimer's disease

New Precision Medicine targets

in hereditary diseases

MASH	Gastrointestinal	Neurological	Kidney
disease	disorders	disease

: Already launched

202X: Submission date

IVDR

2025

cUTI - Complicated Urinary Tract Infection MASH - Metabolic dysfunction-associated steatohepatitis (1) QIAstat-Dx Respiratory Panel Plus

(2) Influenza A, Influenza B, Respiratory Syncytial Virus (RSV), Rhinovirus, SARS-CoV-2 version (3) 2 versions: Campylobacter, Salmonella, Shiga-like toxin E. coli (STEC), Shigella, Yersinia enterolitica or Norovirus versions

November 6, 2024

Q3 2024 results

8

2024: Outlook perspectives

Reaffirming net sales outlook

≥$1.985 bn

CER

Increasing adj. EPS outlook

+ ~$0.09
+ ~$0.06
+ ~$0.04	≥$2.19
	CER

Full-year 2024 outlook update

$1.965 bn

$42 m

$25 m

≥$2.16

≥$2.14 CER

≥$2.10 CER

≥$2.07 CER

Reaffirming net sales

≥$1.985 bn CER

Increasing adj. diluted EPS

≥$2.19 CER

FY 2023	FY 2024
	outlook

Total sales excluding NeuMoDx NeuMoDx sales

FY 2023 Initial After	After	After
2024 NeuMoDx	Q2	Q3
outlook decision

CER - Constant exchange rates

November 6, 2024

Q3 2024 results

9

2024: Updating full-year outlook

As of November 6, 2024	Q4 2024 outlook	FY 2024 outlook
Net sales	>$520 million CER	>$1.985 billion CER
Anticipated currency impact	No currency impact	Adverse impact of ~ -1 ppt
Adjusted diluted EPS	>$0.60 CER	>$2.19 CER
Anticipated currency impact	No currency impact	Adverse impact of ~ -$0.02
Adjusted tax rate	~19%	~19-20%
Shares outstanding(1)	~224 million	~225 million

(1) Based on $45.00 share price | Based on exchange rates as of October 31, 2024 | CER - Constant exchange rates | ppt - percentage points

November 6, 2024

Q3 2024 results

10