Qiagen N : 2022 IFRS Half Year Report

QIAGEN N.V.

Venlo, The Netherlands

Interim Financial Report

June 30, 2022

(unaudited)

QIAGEN N.V.

CONDENSED FINANCIAL REPORT PERIOD ENDED JUNE 30, 2022

TABLE OF CONTENTS

	Page
Condensed Consolidated Balance Sheets	1
Condensed Consolidated Statements of Income	3
Condensed Consolidated Statements of Comprehensive Income	4
Condensed Consolidated Statements of Cash Flows	5
Condensed Consolidated Statements of Changes in Equity	7
Selected Explanatory Notes to the Condensed Consolidated Financial Statements	8
Responsibility Statement of the Management Board	30
Interim Management Report	31
Principal Risks and Uncertainties	38

QIAGEN N.V. Condensed Consolidated Balance Sheets

(in thousands)		Notes	June 30, 2022		December 31,
	2021
				(unaudited)
Assets
Current assets:
Cash and cash equivalents				$706,044		$879,884
Current financial assets		(6)		604,429		184,785
Trade accounts receivable				334,573		362,131
Inventories		(4)		322,831		327,525
Other current assets		(3, 8)		150,423		318,858
Total current assets				2,118,300	2,073,183
Non-current assets:
Property, plant and equipment				474,160		491,357
Goodwill		(5)		2,367,406		2,376,440
Other intangible assets		(5)		769,249		803,192
Right-of-use assets				91,283		99,415
Deferred tax assets				99,251		117,365
Fair value of derivative financial instruments		(8)		235,315		190,430
Other non-current assets		(6)		56,009		57,408
Total non-current assets				4,092,673		4,135,607
Total assets				$6,210,973		$6,208,790

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

QIAGEN N.V. Condensed Consolidated Balance Sheets

(in thousands, except per share data)		Notes	June 30,		December 31,
	2022	2021
				(unaudited)
Liabilities and equity
Current liabilities:
Current financial debts		(7)		$460,212		$845,655
Trade and other accounts payable				85,195		101,224
Other current liabilities		(3, 8)		436,856		678,966
Total current liabilities				982,263	1,625,845
Non-current liabilities:
Non-current financial debts		(7)		1,421,204		1,040,093
Deferred tax liabilities				42,439		45,238
Fair value of derivative financial instruments		(8)		437,822		429,402
Other non-current liabilities		(3, 6)		175,354		209,320
Total non-current liabilities				2,076,819	1,724,053
Equity:
Common Shares, 0.01 EUR par value, authorized-410,000 shares, issued-230,829 shares in 2022 and in 2021				2,702		2,702
Share premium				1,893,897		1,877,704
Retained earnings				1,804,685		1,490,974
Net reserves				(388,170)		(322,758)
Less treasury shares at cost-3,135 and 3,755 shares in 2022 and in 2021, respectively		(12)		(161,223)		(189,730)
Total equity				3,151,891		2,858,892
Total liabilities and equity				$6,210,973		$6,208,790

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

QIAGEN N.V. Condensed Consolidated Statements of Income (Unaudited)

				Six months ended
				June 30,
(in thousands, except per share data)		Notes		2022			2021
Net sales	(3)		$1,143,903			$1,134,514
Cost of sales:
Cost of sales				(369,130)			(361,546)
Acquisition-related intangible amortization				(30,416)			(35,373)
Total cost of sales				(399,546)			(396,919)
Gross profit				744,357			737,595
Operating expenses:
Other operating income				118			302
Research and development expense				(91,990)			(93,088)
Sales and marketing expense				(242,983)			(234,764)
General and administrative expense				(66,038)			(63,885)
Restructuring, acquisition, integration and other, net				(10,500)			(17,113)
Other operating expense				(169)			(163)
Total operating expenses, net				(411,562)			(408,711)
Income from operations				332,795			328,884
Financial income				6,560			3,711
Financial expense				(28,052)			(28,475)
Other financial results	(6, 8)		133,640			63,640
Total financial income, net				112,148			38,876
Income before income taxes				444,943			367,760
Income taxes				(78,115)			(69,358)
Net income				$366,828			$298,402
Basic earnings per common share				$1.61			$1.31
Diluted earnings per common share				$1.59			$1.29
Weighted average shares outstanding:
Basic				227,571			228,385
Diluted				230,229			232,122

The accompanying notes are an integral part of these condensed consolidated financial statements.

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