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QIAGEN

Q4 and FY 2021 RESULTS CALL TRANSCRIPT

February 9, 2022

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QIAGEN Q4 and FY 2021 RESULTS CALL SCRIPT

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Q4 and FY 2021 RESULTS CALL TRANSCRIPT:

OPER:	Hello and thank you for standing by. Welcome to our call to
	discuss results for the fourth quarter and full-year 2021. At this
	time, all participants are in a listen-only mode. Please note that
	this call is being recorded and will be made available on
	QIAGEN's website. I'd like to introduce your host, John Gilardi,
	Vice President of Corporate Communications and Investor
	Relations at QIAGEN. Please go ahead.

JOHN GILARDI:	Thank you, and welcome to our call. The speakers today are
	Thierry Bernard, our Chief Executive Officer, and Roland Sackers,
	our Chief Financial Officer. Also joining us is Phoebe Loh from the
	Investor Relations team.
	Please note that this call is being webcast live and will be
	archived on the investors section of our website at
	www.qiagen.com.
	Today we will first have some remarks from Thierry and Roland,
	and then move into the Q&A session.
	A presentation with details on our performance is available on
	the IR section of our website, along with the Q4 release. We will
	not be showing the slides during this call.
	Before we begin, let me cover our safe harbor statement. This
	conference call discussion and responses to your questions
	reflect the views of management as of today, February 9, 2022.
	We will be making statements and providing responses to your
	questions that state our intentions, beliefs, expectations or
	predictions of the future. These constitute forward-looking
	statements for the purpose of the safe harbor provisions under
	the Private Securities Litigation Reform Act of 1995. These

QIAGEN Q4 and FY 2021 RESULTS CALL SCRIPT

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statements involve risks and uncertainties that could cause actual results to differ materially from those projected. QIAGEN disclaims any intention or obligation to revise any forward- looking statements.

For more information, please refer to our filings with the U.S. Securities and Exchange Commission, which are also available on our website.

We will also be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. All references to EPS refer to diluted EPS.

1. reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is available in our fourth quarter press release as well as the presentation. Both of these documents are available on our website.

I would like to now turn over the call to Thierry.

THIERRY BERNARD:	Thank you, John.
	Welcome to our conference call today and thank you to
	everyone for joining.
	Our very solid results in the fourth quarter of 2021 capped a
	tremendous year for QIAGEN. The highlight was clearly the 22%
	growth at constant exchange rates, or CER, in our non-COVID
	product portfolio, and this underpins our confidence in double-
	digit growth for 2022 in these areas of our portfolio.
	We also achieved an important milestone with over 2 billion
	dollars of sales for the year.
	I want to thank our teams for their tireless execution to continue
	showing, as I have been saying, that QIAGEN is COVID relevant
	- but not COVID dependent.

QIAGEN Q4 and FY 2021 RESULTS CALL SCRIPT

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Now onto our key messages for today.

First, we exceeded the outlook set for net sales growth and adjusted EPS - both for the fourth quarter and for the full year.

Net sales for the fourth quarter of 2021 grew 4% CER to 582 million dollars over the same period in 2020. This was well above the outlook for a decline of 9% CER.

Our non-COVID product sales advanced 10% CER, which was ahead of our expectations. COVID-19 product sales were also better than expected due to the surge in testing related to the Omicron variant. These COVID-19 sales, however, were down 7% CER from the fourth quarter of 2020.

For the full year, we also exceeded our outlook with net sales rising 19% CER to 2.25 billion dollars against the outlook for at least 15% CER growth.

Our non-COVID business again delivered outstanding results ahead of our goal for 20% CER growth, and these products represented about 70% of total sales.

The strong business expansion led to earnings growing at a faster pace. Adjusted earnings per share for the fourth quarter rose 10% to 75 cents CER, and this was above the outlook for at least 60 cents CER. For the full year 2021, adjusted EPS grew 22% over 2020 to 2 dollars and 63 cents CER, and this was well above the outlook for at least 2 dollars 48 cents per share at CER.

Another key highlight was that the strong business performance led to a record year of cash flow.

Operating cash flow for 2021 rose 40% to 639 million dollars, while free cash flow increased 38% to 449 million dollars over 2020.

These results highlight our ability to generate strong cash flow from the business while investing to support our growth ambitions as part of a disciplined capital allocation strategy.

QIAGEN Q4 and FY 2021 RESULTS CALL SCRIPT

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