- The return of capital to be made through a synthetic stock repurchase “combines a rapid direct repayment of capital to shareholders with a reverse stock split that enhances earnings per share.”
- The return of up to $300 million (the maximum approved by shareholders) is scheduled to be completed in late January 2025.
- It builds on approximately $300 million returned to shareholders in early 2024 as part of a commitment to return at least $1 billion through the end of 2028.
VENELO, Netherlands–( BUSINESS WIRE )–QIAGEN NV (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced a new plan to return up to approximately $300 million (maximum EUR 281 million). To shareholders through a synthetic stock repurchase that combines a direct principal repayment and a reverse stock split.
This new buyback comes after QIAGEN returned approximately $300 million to shareholders in early 2024 through a synthetic share buyback. Together, these two programs represent a $600 million commitment to return at least $1 billion to shareholders by the end of 2028 (absent M&A opportunities).
QIAGEN decided to implement the maximum mandate value granted to it at the annual general meeting in June 2024, which is US$300 million, as shareholders gave almost unanimous approval to the relevant resolutions.
This approach is designed to return cash to shareholders in a faster and more efficient manner than through a traditional open market repurchase program. It will also enhance earnings per share (EPS) by reducing shares outstanding.
QIAGEN has a proven track record of delivering on our commitments from our diversified portfolio, and this includes using our healthy balance sheet to strengthen our business while increasing returns to shareholders,” said Thierry Bernard, CEO of QIAGEN. This new buyback represents an important step in creating value for our shareholders and other stakeholders as we deliver on our 2028 ambitions for strong profitable growth.
Our synthetic share buyback structure is a well-known and proven value-enhancing approach that has been used by many Dutch companies,” said Roland Sackers, CFO of QIAGEN. QIAGEN will continue to have a strong investment-grade profile following the completion of this buyback in early 2025. We are exploring several targeted M&A opportunities and organic growth investments that will help us achieve our commitments to strong profitable growth.
This type of stock repurchase involves three steps:
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The nominal value of QIAGEN's ordinary shares will be increased (€0.01 per share) through a transfer from the share premium reserve (included in additional paid-in capital on the company's balance sheet) to allow for the repayment of capital to shareholders. |
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A reverse stock split will unify the shares. |
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The nominal value will be reduced back to the original level of EUR 0.01 per share and the repayment of capital will be paid directly to shareholders (as of the record date, and where applicable after conversion to US dollars). |
The synthetic share buyback will become effective as of January 28, 2025, and will be settled in line with market norms in subsequent days. More information about this process will be announced prior to implementation.
About QIAGEN
QIAGEN NV, a Netherlands-based holding company, is a leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from samples containing the essential elements of life. Our sample technologies isolate and process DNA, RNA and proteins from blood, tissues and other materials. These screening techniques make biomolecules visible and ready for analysis. Bioinformatics software and knowledge bases interpret data to report relevant and actionable insights. Automation solutions tie these elements together into seamless, cost-effective workflows. QIAGEN provides solutions to more than 500,000 customers worldwide in molecular diagnostics (human healthcare) and life sciences (academia, pharmaceutical R&D, industrial applications, primarily forensics). As of September 30, 2024, QIAGEN employed more than 5,800 people in more than 35 locations around the world. More information can be found at https://www.qiagen.com.
Forward-looking statement
Certain statements in this press release may be deemed 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. To the extent any statements contained herein relate to QIAGEN products, including products used in response to the COVID-19 pandemic, the timing of launch and development, commercialization and/or regulatory approvals, financial and operational projections, growth, expansion, collaborations, markets, strategy or operating results, including Including, without limitation, projected adjusted net sales and adjusted diluted earnings results are forward-looking, and such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. These uncertainties and risks include, but are not limited to, risks associated with managing growth and international operations (including the effects of currency fluctuations, regulatory processes and dependence on logistics), volatility of operating results, allocations between classes of customers, and commercial development. Our product markets to customers in academia, pharmaceutical, applied testing and molecular diagnostics; changing relationships with customers, suppliers and strategic partners; a race; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN products (including fluctuations resulting from general economic conditions, the level and timing of customer financing, budgets and other factors); our ability to obtain regulatory approval for our products; difficulties in successfully adapting QIAGEN products to integrated solutions and producing these products; QIAGEN's ability to identify and develop new products and to differentiate and protect our products from those of competitors; market acceptance of new QIAGEN products and the integration of acquired technologies and businesses; Government actions, global or regional economic developments, weather or transportation delays, natural disasters, political or public health crises, including the extent and duration of the COVID-19 pandemic and its impact on demand for our products and other aspects of our business. or other force majeure events; as well as the possibility that anticipated benefits related to recent or pending acquisitions may not be realized as expected; and other factors discussed under the heading Risk Factors included in Item 3 of our most recent Annual Report on Form 20-F. For further information, please refer to the discussions contained in the reports QIAGEN has filed with or filed with the U.S. Securities and Exchange Commission.
Source: QIAGEN NV
Category: Finance
View source version on Businesswire.com: https://www.businesswire.com/news/home/20250112318507/en/
Qiagen:
IInvestor relations
John Gilardi +49 2103 29 11711
Dominica Martorana +49 2103 29 11244
Email: ir@QIAGEN.com
Public relations
Thomas Thöringer +49 2103 29 11826
Lisa Specht +49 2103 29 14181
Email: pr@QIAGEN.com
Source: QIAGEN NV
