© Reuters. FILE PHOTO: A brand of a testing firm Qiagen is seen as Economic system Minister Andreas Pinkwart and Well being Minister Karl-Josef Laumann of the German state Northrhine Westphalia go to Qiagen’s facility, in Hilden, Germany, September 8, 2020. REUTERS/Leon Kuege
FRANKFURT (Reuters) -U.S.-German biotechnology firm Qiagen (NYSE:) NV mentioned on Thursday it was not presently affected by the newest provide chain bottlenecks because it had already been stockpiling provides at its manufacturing services amid pandemic-related uncertainties.
The corporate, which makes genetic diagnostics kits together with COVID-19 assessments, can depend on its present provides for just a few extra weeks regardless of bottlenecks because of the latest pandemic outbreak in China, finance chief Roland Sackers informed a information convention.
“In fact, within the medium time period, we’re additionally depending on elements that should arrive. However the lockdown, particularly in Shanghai, have to be resolved quickly,” Sackers mentioned.
“Thank goodness we haven’t any merchandise now which can be extremely perishable,” the CFO added.
Qiagen’s COVID-19 assessments had helped it to spice up gross sales in 2020-2021 and recuperate from a troublesome 2019 with revenue warnings, a stoop in China enterprise and a CEO departure, nevertheless it expects a gross sales decline in 2022 as coronavirus testing demand wears down.
On Tuesday, Qiagen raised its 2022 gross sales steering, saying it now anticipated the determine to drop by 6% or much less in comparison with its earlier forecast for a drop of round 8% – the primary decline in a full 12 months since Qiagen has been listed.
The corporate mentioned the explanation for the improve was its stronger-than-expected first-quarter efficiency as investments in its non-COVID-19 product vary had been beginning to repay.
“The expansion was pushed by our very broad portfolio. It actually wasn’t one explicit product that we had been in a position to spotlight,” Sackers mentioned on Thursday.