QIAGEN announces plans to return approximately $300 million to shareholders
January 07 2024 - 1:07PM
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) today
announced a plan to return up to approximately $300 million
(maximum EUR 273 million) to shareholders through a synthetic share
repurchase that combines a direct capital repayment with a reverse
stock split.
QIAGEN has decided to implement the maximum $300
million value of the mandate given at the Annual General Meeting in
June 2023, where shareholders gave virtually unanimous approval for
the related resolutions. This approach is designed to return cash
to shareholders in a more efficient way than through a traditional
open-market repurchase program. It would also enhance earnings per
share (EPS) through the reduction in outstanding shares.
“QIAGEN begins 2024 in a position of strength
and positioned for solid growth due to our differentiated portfolio
of molecular testing solutions that are helping to advance science
and improve outcomes for people around the world,” said Thierry
Bernard, CEO of QIAGEN. “This repurchase program is a signal of our
conviction in QIAGEN, as we continue to focus, invest in profitable
growth and create value for our shareholders and other
stakeholders.”
Roland Sackers, Chief Financial Officer of
QIAGEN, said: “A synthetic share repurchase relies on a well-known
and proven structure utilized by many Dutch companies to enhance
value. After the share repurchase is completed in early 2024, we
will continue to have a solid investment-grade profile and a
healthy balance sheet combined with strong cash flow generation. We
are reviewing other options to create greater value, such as
targeted M&A opportunities, that support our profitable growth
trends.”
This type of share repurchase involves three
steps:
-
The par value of QIAGEN’s common shares (EUR 0.01 per share) will
be increased through a transfer from the Share Premium Reserve
(included in “Additional Paid-in Capital” on the Company’s balance
sheet) to allow for the capital repayment to shareholders.
-
A reverse stock split will consolidate shares.
-
The par value will be reduced back to the original level of EUR
0.01 per share and the capital repayment will be paid out directly
to shareholders (as of the record date, and where applicable after
conversion into U.S. dollars).
The synthetic share repurchase will become
effective on January 29, 2024, and will be settled in line with
market convention in the subsequent days. Further information on
this process will be announced before implementation.
About QIAGEN
QIAGEN N.V. , a Netherlands-based holding company, is the
leading global provider of Sample to Insight solutions that enable
customers to gain valuable molecular insights from samples
containing the building blocks of life. Our sample technologies
isolate and process DNA, RNA and proteins from blood, tissue and
other materials. Assay technologies make these biomolecules visible
and ready for analysis. Bioinformatics software and knowledge bases
interpret data to report relevant, actionable insights. Automation
solutions tie these together in seamless and cost-effective
workflows. QIAGEN provides solutions to more than 500,000 customers
around the world in Molecular Diagnostics (human healthcare) and
Life Sciences (academia, pharma R&D and industrial
applications, primarily forensics). Further information can be
found at http://www.qiagen.com.
Forward-Looking Statement
Certain statements contained in this press
release 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. To the extent that any of the statements
contained herein relating to QIAGEN's products, including those
products used in the response to the COVID-19 pandemic, 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 adjusted net sales and adjusted
diluted earnings results, 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 management of growth
and international operations (including the effects of currency
fluctuations, regulatory processes and dependence on logistics),
variability of operating results and allocations between customer
classes, the commercial development of markets for our products to
customers in academia, pharma, applied testing and molecular
diagnostics; 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);
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 QIAGEN's new products and the integration of acquired
technologies and businesses; actions of governments, global or
regional economic developments, weather or transportation delays,
natural disasters, political or public health crises, including the
breadth and duration of the COVID-19 pandemic and its impact on the
demand for our products and other aspects of our business, or other
force majeure events; 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” contained in Item 3 of 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.
Source: QIAGEN N.V.Category: Financial
John Gilardi
QIAGEN N.V.
+49 2103 29 11711
ir@qiagen.com
Phoebe Loh
QIAGEN N.V.
+49 2103 29 11457
ir@qiagen.com
Thomas Theuringer
QIAGEN N.V.
+49 2103 29 11826
pr@qiagen.com
Daniela Berheide
QIAGEN N.V.
+49 2103 29 11676
pr@qiagen.com
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