Qiagen NV (QGEN) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I am Katie, your Global Meet call operator. Welcome, and thank you for joining Qiagen's third quarter 2025 earnings conference call webcast. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我是 Katie，您的 Global Meet 通話接線員。歡迎參加 Qiagen 2025 年第三季財報電話會議網路直播，感謝您的參與。（操作說明）

At this time, I'd like to introduce your host, John Gilardi, Vice President, Head of Corporate Communications at Qiagen. Please go ahead.

此時，我謹向大家介紹主持人約翰‧吉拉迪，他是凱傑公司副總裁兼企業傳播主管。請繼續。

Thank you, operator, and welcome to all of you who are joining us for this call for the third quarter of 2025. We appreciate your time and your interest in Qiagen. So joining the call today are Thierry Bernard, our Chief Executive Officer; and Roland Sackers, our Chief Financial Officer. Also joining us today is Daniel Wendorff, our new Head of IR; and Dr. Domenica Martorana, from our Investor Relations team.

謝謝接線員，歡迎各位參加本次2025年第三季電話會議。我們感謝您抽出時間並對凱傑公司感興趣。今天參加電話會議的有我們的執行長 Thierry Bernard 和我們的財務長 Roland Sackers。今天與我們一同出席的還有我們新任投資者關係主管丹尼爾·溫多夫，以及來自我們投資者關係團隊的多梅尼卡·馬托拉納博士。

Before we begin, I'd like to share that our next deep dive on Sample technologies is planned for Friday, November 21. The invitation was just sent out to you. So please register for the event. Domenica has done an outstanding job leading the creation of the series, and we look forward to another engaging session. As always, -- today's call is being webcast live and will be archived in the IR section of our website at www.Qiagen.com.

在開始之前，我想告訴大家，我們下次對 Sample 技術的深入探討計劃於 11 月 21 日星期五舉行。邀請函已發送給您。所以請報名參加本次活動。Domenica 在領導該系列節目的創作方面做得非常出色，我們期待下一期精彩的節目。與往常一樣，今天的電話會議將進行網路直播，並將在我們的網站 www.Qiagen.com 的投資者關係部分存檔。

Here, you can find the press release and presentation accompanying this call. Please also note that this call will include forward-looking statements. Actual results may differ materially from those projected due to a number of factors outlined in our most recent Form 20-F and other filings with the US Securities and Exchange Commission.

您可以在這裡找到本次電話會議的新聞稿和簡報。另請注意，本次電話會議將包含前瞻性陳述。由於我們在最新的 20-F 表格和向美國證券交易委員會提交的其他文件中列出的許多因素，實際結果可能與預測結果有重大差異。

We will also refer to certain financial measures not prepared in accordance with US generally accepted accounting principles, or GAAP, that provide additional insights into our performance. Reconciliations to the most directly comparable GAAP figures are in the release and presentation and all references to earnings per share refer to diluted EPS.

我們也會參考一些不符合美國公認會計原則（GAAP）的財務指標，這些指標可以更深入地了解我們的績效。與最直接可比較的 GAAP 數據的調節表已在新聞稿和簡報中列出，所有提及的每股收益均指稀釋後的每股收益。

With that, let me hand the call over to Thierry.

那麼，就讓我把電話交給蒂埃里吧。

Thank you, John, and hello, everyone. Good morning, good afternoon or good evening to all of you joining us from around the world. I'd like to start by thanking the Qiagen teams across our company and across the world for their ongoing dedication and strong execution in this challenging macro environment. Their focus and collaboration enabled us to deliver another solid quarter.

謝謝你，約翰，大家好。各位來自世界各地的朋友，早安、下午好或晚上好。首先，我要感謝 Qiagen 公司及全球各地的團隊，感謝他們在當前充滿挑戰的宏觀環境下所展現出的持續奉獻精神和出色執行力。他們的專注和協作使我們能夠再次取得穩健的季度業績。

In fact, the 24th consecutive quarter in which we met or exceeded our targets. We continue to see the clear merits of our strategy to prioritize high-growth areas of molecular research and testing while maximizing the reach of our portfolio to customers across both the life sciences and diagnostics. This approach continues to provide balance and stability even in those very volatile and uncertain conditions. This performance in 2025 also enables us to advance key capital allocation initiatives that are strengthening our business and creating value.

事實上，這是我們連續第 24 個季度達到或超過目標。我們繼續看到我們的策略具有明顯的優勢，即優先發展分子研究和測試的高成長領域，同時最大限度地擴大我們的產品組合對生命科學和診斷領域客戶的覆蓋範圍。即使在非常動盪和不確定的環境下，這種方法也能繼續提供平衡和穩定性。2025 年的這項業績也使我們能夠推進關鍵的資本配置計劃，從而加強我們的業務並創造價值。

Two important developments were announced yesterday. First, the acquisition of Parse Biosciences that expands our Sample technologies portfolio into the very fast growing AI-driven single-cell market. Second, a $500 million synthetic share repurchases to be completed in January 2026 that will bring total shareholder return since 2024 to above our 2028 goal for at least $1 billion return to shareholders.

昨天宣布了兩項重要進展。首先，我們收購了 Parse Biosciences，這將我們的樣本技術組合擴展到快速成長的 AI 驅動的單細胞市場。其次，我們將於 2026 年 1 月完成 5 億美元的合成股票回購，這將使自 2024 年以來的股東總回報超過我們 2028 年的目標，即至少為股東帶來 10 億美元的回報。

We remain strongly committed to our 2028 ambitions even again, in this challenging environment. We have significantly strengthened key pillars in our portfolio and continue to position Qiagen towards our 7% sales CAGR target from '24 to '28. We are also on track to move well above our 31% adjusted operating income target by the end of 2028 despite currency and integration headwinds. So we are combining top execution with decisive actions to deliver solid profitable growth.

即使在當前充滿挑戰的環境下，我們依然堅定不移地朝著2028年的目標邁進。我們已大幅加強了產品組合中的關鍵支柱，並繼續使 Qiagen 朝著 2024 年至 2028 年 7% 的銷售複合年增長率目標邁進。儘管面臨匯率和整合的不利因素，我們仍有望在 2028 年底前大幅超過 31% 的調整後營業收入目標。因此，我們將卓越的執行力與果斷的行動相結合，以實現穩健的獲利成長。

So let me walk you through our key messages for today. First, we once again exceeded our targets for the third quarter and delivered one of the fastest growth rates in our industry. Net sales rose 6% to $533 million, where -- while results are constant exchange rates were up 5% and ahead of our 4% CER target. More importantly, core sales, excluding recently discontinued products increased 6% CER over the prior year period. Adjusted diluted EPS was $0.61 at both actual and constant exchange rates and therefore, above our outlook for at least $0.58. Those results, again, underscore the strength of our differentiated portfolio. and the success of our efficiency initiatives in delivering a consistent performance quarter after quarter over the past six years.

那麼，讓我來為大家梳理一下我們今天的主要訊息。首先，我們再次超額完成了第三季的目標，並實現了業界最快的成長速度之一。淨銷售額成長 6% 至 5.33 億美元，以固定匯率計算成長 5%，高於我們 4% 的固定匯率目標。更重要的是，不包括最近停產的產品，核心銷售額比上年同期成長了 6%（以固定匯率計算）。經調整後的稀釋每股盈餘以實際匯率和固定匯率計算均為0.61美元，因此高於我們先前至少0.58美元的預期。這些業績再次凸顯了我們差異化產品組合的優勢，以及我們過去六年持續提升業績的效率措施所取得的成功。

Second key message our growth pillars continue to perform strongly in 2025. QIAstat diagnostics grew 11%, driven by strong instrument placements and double-digit consumable growth on demand across our clinical syndromic testing panels. QuantiFERON also grew 11% CER supported by continued latent TB conversion from the skin test and broader adoption worldwide. Sample technologies returned to growth with sales rising 3% CER on demand for automated consumables despite cautious capital spending.

第二個關鍵訊息是，我們的成長支柱在 2025 年將繼續保持強勁表現。QIAstat 診斷業務成長了 11%，這得益於儀器的強勁投放以及臨床綜合徵檢測項目耗材需求的兩位數增長。QuantiFERON 的銷售額也成長了 11%，這得益於皮膚試驗中潛伏性結核病轉化率的持續提高以及全球範圍內的更廣泛應用。儘管資本支出謹慎，但由於對自動化耗材的需求，樣品技術恢復成長，銷售額以固定匯率計算成長了 3%。

QIAcuity, our digital PCR platform maintained double-digit CER growth with robust consumable demand more than offsetting slower instrument sales among life science customers. And Qiagen Digital Insight, our bioinformatic portfolio delivered solid double-digit growth, driven by growing demand for clinical bioinformatics and also the integration of Genoox, which has further enhanced our growing edge of AI-driven solution for interpretation of clinical next-generation sequencing data.

QIAcuity，我們的數位 PCR 平台，憑藉著強勁的耗材需求，保持了兩位數的 CER 成長，足以彌補生命科學客戶儀器銷售放緩的影響。而我們的生物資訊學產品組合 Qiagen Digital Insight 則實現了穩健的兩位數成長，這得益於對臨床生物資訊學日益增長的需求，以及 Genoox 的整合，這進一步增強了我們在人工智慧驅動的臨床下一代定序數據解讀解決方案方面的優勢。

Third key message. Our strong performance so far in 2025 is allowing us to again raise our earnings target while confirming our sales outlook. This reflects the success of our efficiency initiatives and disciplined execution. Despite currency headwinds and the adverse impact of tariffs and the current US government shutdown, we continue to improve profitability and maintain solid growth. This is fully aligned with our 2028 ambitions for solid profitable growth.

第三條關鍵訊息。2025 年至今，我們強勁的業績表現使我們能夠再次提高獲利目標，同時確認銷售前景。這體現了我們提高效率措施和嚴格執行的成功。儘管面臨貨幣逆風、關稅不利影響以及美國政府目前停擺的影響，我們仍持續提高獲利能力並維持穩健成長。這與我們2028年實現穩健獲利成長的目標完全一致。

Therefore, we now expect adjusted EPS of about $2.38 CER, an increase of $0.10 from our initial guidance for 2025. At the same time, we continue to expect net sales growth of about 4% to 5% at constant exchange rates. And more importantly, 5% to 6% CER growth for our core portfolio. This is definitely another solid and strong quarter demonstrating consistent execution, operational discipline and clear strategic direction.

因此，我們現在預計調整後的每股盈餘（以固定匯率計算）約為 2.38 美元，比我們最初對 2025 年的預期增加 0.10 美元。同時，我們仍預期以固定匯率計算，淨銷售額將成長約 4% 至 5%。更重要的是，我們的核心投資組合實現了 5% 至 6% 的固定匯率成長。這無疑是另一個穩健強勁的季度，展現了持續的執行力、營運紀律和清晰的策略方向。

And lastly, let me briefly address the announcement about our leadership transition. After more than 10 years with this remarkable company, including six years as CEO, I and our Supervisory Board have agreed that this is the time to prepare for Qiagen next phase of growth. This decision comes after deep reflection and with full confidence in the strength of our company, the strength of our strategy and above all, the quality of our people.

最後，我想簡要談談關於我們領導層更迭的公告。在這家卓越的公司工作超過 10 年，其中擔任執行長 6 年後，我和我們的監事會一致認為，現在是時候為 Qiagen 的下一個成長階段做好準備了。經過深思熟慮，並充分相信我們公司的實力、策略的實力，以及最重要的，我們員工的素質，我們才做出這個決定。

I will obviously continue to lead Qiagen until a successor is appointed to ensure a smooth and orderly handover. Our focus -- my focus remains unchanged. Executing on our strategy, delivering on our 2025 goals and advancing on our 2028 ambitions for solid and profitable growth. It is a real privilege to serve Qiagen and to work alongside such talented and dedicated colleagues. And I'm really confident that our company is well positioned for its next phase of growth.

我顯然會繼續領導凱傑公司，直到任命繼任者為止，以確保平穩有序的交接。我們的重點——我的重點依然不變。執行我們的策略，實現我們的 2025 年目標，並推進我們的 2028 年目標，以實現穩健獲利成長。能夠為凱傑公司服務，並與如此才華橫溢、敬業奉獻的同事們一起工作，我深感榮幸。我非常有信心，我們公司已經為下一階段的成長做好了充分準備。

With that, I'll hand it over to Roland for more on the financials.

接下來，我將把麥克風交給羅蘭，讓他繼續介紹財務方面的情況。

Thank you, Thierry, and hello, everyone. Let me start with a few key financial highlights. First, Qiagen remains one of the fastest-growing companies in our industry as core sales rose 6% at constant exchange rates. Second, profitability remains strong. Our adjusted operating income margin for the third quarter of '25 was steady at 29.6% of sales, 30% at constant exchange rates absorbing more than 150 basis points of headwinds from currency movements and the impact of US tariff. And earnings per share at CER were $0.61 and well ahead of the outlook for at least $0.58.

謝謝你，蒂埃里，大家好。讓我先介紹幾個關鍵的財務亮點。首先，凱傑仍然是我們行業中成長最快的公司之一，其核心銷售額以固定匯率計算成長了 6%。其次，獲利能力依然強大。2025 年第三季度，我們調整後的營業利潤率穩定在銷售額的 29.6%，以固定匯率計算為 30%，抵銷了匯率波動和美國關稅影響帶來的 150 多個基點的不利因素。以 CER 計算，每股收益為 0.61 美元，遠超過此前至少 0.58 美元的預期。

Third, cash generation was also strong with underlying operating cash flow of $466 million for the nine months of '25, including about $45 million cash restructuring payments. And fourth, our balance sheet remains strong, giving us the flexibility to invest in innovation, pursue targeted bolt-on acquisitions like Parse and to increase returns to shareholders as we are doing with our $500 million synthetic repurchase set for completion in January '26. We have a long-standing capital allocation strategy that has created value by directing resources to the highest return opportunities. Based on this new repurchase program, we are well ahead of our target to return at least $1 billion to our shareholders by end of '28.

第三，現金流產生能力也很強，2025 年前九個月的基本經營現金流為 4.66 億美元，其中包括約 4,500 萬美元的現金重組付款。第四，我們的資產負債表仍然強勁，這使我們能夠靈活地投資於創新，進行有針對性的補充收購，例如收購 Parse，並增加股東回報，就像我們正在進行的 5 億美元合成回購計劃一樣，該計劃將於 2026 年 1 月完成。我們長期以來一直奉行資本配置策略，將資源投入到回報最高的投資機會中，創造價值。根據這項新的股票回購計劃，我們已遠遠提前實現了 2028 年底向股東返還至少 10 億美元的目標。

We also anticipate that our leverage rate, our net debt to adjusted EBITDA ratio will move towards the industry average of approximately 2 times during '26 as we consider additional capital allocation in the new year. Now let me take you through the details. In terms of sales results, among the four product groups, Sample technologies rose 3% CER and driven by consumables growth, especially automated kits that showed double-digit expansion compared to the year ago period. Instrument sales were slightly lower, but included good placements of the QIAsymphony, QIAcube Connect and EZ2 Connect systems.

我們也預計，隨著我們在新的一年考慮額外的資本配置，我們的槓桿率（淨債務與調整後 EBITDA 的比率）將在 2026 年趨近於行業平均水平的 2 倍左右。現在讓我帶你了解細節。從銷售業績來看，在四個產品組中，樣品技術成長了 3%（固定匯率），這主要得益於耗材的成長，尤其是自動化試劑盒，與去年同期相比實現了兩位數的成長。儀器銷售量略有下降，但 QIAsymphony、QIAcube Connect 和 EZ2 Connect 系統銷售表現良好。

In Diagnostic Solutions, sales rose 4% at CER, but at a faster 8% excluding the discontinued [NeuMoDx] system. The top performers were QIAstat and QuantiFERON, both growing 11% CER and supported by further expansion of our companion diagnostic pharma partnerships. In PCR and nuclear acid amplification, sales were stable compared to the third quarter of '24 at constant exchange rates. Our digital PCR platform QIAcuity continue to grow as strong demand for consumers more than offset lower instrument sales amid cautious life science spending.

在診斷解決方案方面，以固定匯率計算，銷售額增長了 4%，但如果排除已停產的 [NeuMoDx] 系統，則增長速度更快，達到 8%。表現最佳的是 QIAstat 和 QuantiFERON，兩者的 CER 均成長了 11%，這得益於我們伴隨診斷製藥夥伴關係的進一步擴大。在 PCR 和核酸擴增領域，以固定匯率計算，銷售額與 2024 年第三季相比保持穩定。由於生命科學支出謹慎，消費者強勁的需求抵消了儀器銷售的下降，我們的數位 PCR 平台 QIAcuity 繼續成長。

In the genomics and NGS product group sales was 9% CER and led by the Qiagen Digital Insights bioinformatics business. QDI sales grew at a double-digit rate through a combination of sales growth from the current business and first-time contributions from the Genoox acquisition. Consumables for universal NGS panels also grew over the year ago quarter.

基因組學和 NGS 產品組的銷售額按固定匯率計算為 9%，其中 Qiagen Digital Insights 生物資訊業務表現突出。QDI 的銷售額實現了兩位數的成長，這得益於現有業務的銷售成長以及 Genoox 收購帶來的首次貢獻。通用型NGS面板的耗材用量也比去年同期成長。

Turning to the regions. Sales in the Americas rose 7% CER supported by strong growth in the US against lower sales in Brazil and Mexico. In the EMEA region, sales grew 4% CER, led by Germany, France and Italy along with the Nordic region. The Asia Pacific region declined 2% CER and reflecting a mid-teen CER decline in China over the same period in '24 against higher sales in India, South Korea and Australia.

接下來我們來看看各個地區。美洲地區的銷售額以固定匯率計算成長了 7%，這主要得益於美國市場的強勁成長，而巴西和墨西哥的銷售額則有所下降。在歐洲、中東和非洲地區，銷售額以固定匯率計算成長了 4%，其中德國、法國、義大利和北歐表現突出。亞太地區以固定匯率計算下降了 2%，反映出中國以固定匯率計算的降幅比 2024 年同期略高，而印度、韓國和澳洲的銷售額則有所增長。

Moving down the income statement. Adjusted operating income grew in line with sales and reached $158 million as the adjusted operating income margin remained at 29.6% of sales compared to the third quarter of '24. R&D investments were 9.2% in the third quarter, 25% compared to 8.9% in the year ago period. The vast majority of our R&D spending continues to focus on our pillars. This includes the upcoming launches of three new sample prep instruments, new panels for QIAstat-Dx, the expansion of QIAcuity applications in research and the clinic and also the development of the fifth generation for QuantiFERON.

從損益表向下看。經調整後的營業收入與銷售額同步成長，達到 1.58 億美元，經調整後的營業收入率與 2024 年第三季相比維持在銷售額的 29.6%。第三季研發投入佔 9.2%，比去年同期的 8.9% 成長了 25%。我們絕大部分的研發支出仍集中在我們的核心支柱領域。這包括即將推出的三款新的樣品製備儀器、QIAstat-Dx 的新面板、QIAcuity 在研究和臨床中的應用擴展，以及 QuantiFERON 第五代產品的開發。

Sales and marketing expenses showed the benefit of efficiency gains declining about 1 percentage-point to 21.2% of sales from 22.2% in the third quarter '24, while our teams maintained an ongoing high level of customer engagement. General and administrative expenses declined slightly to 5.7% in the third quarter, 25% compared to 5.9% showing continued cost discipline while investing in IT upgrades, such as the SAP system migration. Adjusted diluted EPS was $0.61 at constant exchange rates exceeding the outlook for at least $0.58 CER. The adjusted tax rate was 18%, and this was consistent with our target.

銷售和行銷費用顯示出效率提升帶來的好處，佔銷售額的比例從 2024 年第三季的 22.2% 下降了約 1 個百分點，至 21.2%，而我們的團隊維持了持續高水準的客戶參與度。第三季一般及行政費用略微下降至 5.7%，而上一季為 5.9%，這表明在投資 IT 升級（例如 SAP 系統遷移）的同時，公司繼續保持成本控制。以固定匯率計算，調整後的稀釋每股收益為 0.61 美元，超過了先前預期的至少 0.58 美元。調整後的稅率為18%，這與我們的目標一致。

Moving to the cash flow. We saw an ongoing high level of cash generation for the first nine months of the year over the same period in '24. Operating cash flow was $466 million for the '25 period, compared to $482 million in the same period of '24, but the '25 results included about $45 million of cash restructuring payments related to the efficiency and portfolio initiatives.

接下來分析現金流。今年前九個月的現金流持續保持在較高水平，與 2024 年同期相比有所增長。2025 年期間的營運現金流為 4.66 億美元，而 2024 年同期為 4.82 億美元，但 2025 年的業績包括與效率和投資組合計畫相關的約 4,500 萬美元現金重組付款。

Free cash flow was USD336 million, which was slightly below the same period of 24% due to the higher levels of planned capitalized IT investments. Accounts receivables declined to about 53 days compared to about 56 days at the end of '24 as our teams continue to improve in this area. At the same time, days of inventories were 151 days at the end of the third quarter of '25 compared to 193 days at the end of '24 and again reflected benefits from our efficiency initiatives. The improving level of profitability and strong cash flows is further strengthening our healthy balance sheet.

自由現金流為 3.36 億美元，略低於同期的 24%，原因是計畫中的資本化 IT 投資水準較高。由於我們的團隊在這一領域不斷改進，應收帳款週轉天數從 2024 年底的約 56 天下降到約 53 天。同時，2025 年第三季末的庫存週轉天數為 151 天，而 2024 年末為 193 天，再次反映了我們提高效率措施帶來的益處。盈利能力的不斷提升和強勁的現金流進一步鞏固了我們健康的資產負債表。

This gives us opportunity to make disciplined decisions to invest in innovation, pursue targeted bolt-on acquisitions and increased returns to shareholders, as you saw with the development. This is complemented by our decisions to increase returns to shareholders with a new repurchase set for completion on or about January 7, 2026.

這讓我們有機會做出審慎的決策，投資於創新，進行有針對性的收購，並提高股東回報，正如您在開發過程中看到的那樣。此外，我們還決定透過一項新的股票回購計畫來增加股東回報，該計畫預計將於 2026 年 1 月 7 日左右完成。

This $500 million return program comes after we completed a $300 million synthetic share repurchase in January and also paid our first annual dividend of $54 million in July. So based on this capital allocation decisions announced and also our considerations for further deployment in '26 through attractive return opportunities, we expect Qiagen's leverage ratio to move towards the industry average of about 2 times net debt to adjusted EBITDA.

這項 5 億美元的回報計畫是在我們 1 月完成 3 億美元的合成股票回購，並在 7 月支付了 5,400 萬美元的首筆年度股息之後推出的。因此，根據已公佈的資本配置決策，以及我們對 2026 年透過有吸引力的回報機會進行進一步部署的考慮，我們預計 Qiagen 的槓桿率將趨近於行業平均水平，即淨債務與調整後 EBITDA 之比約為 2 倍。

In closing, our strong financial position supports our commitment to solid profitable growth. We are deploying resources in areas offering the highest returns, all designated to improve our position to deliver on our '28 ambitions and create long-term value.

總之，我們穩健的財務狀況為我們實現穩健獲利成長提供了有力支撐。我們將資源部署到回報最高的領域，所有這些努力都是為了提升我們的地位，以實現我們2028年的目標並創造長期價值。

With that, let me hand the call back to Thierry.

那麼，我把電話交還給蒂埃里。

Thank you, Roland. And as usual, let's have a look at the progresses across our product portfolio and particularly focusing on our pillars of growth. You probably remember that we are targeting around $1.490 billion in combined sales from our five pillars for 2025, representing a growth of around 8% CER. So based on the results to date in '25, we remain well on track to achieve the goal for this group.

謝謝你，羅蘭。像往常一樣，讓我們來看看我們產品組合的進展情況，特別關注我們的成長支柱。您可能還記得，我們​​的目標是到 2025 年，五大支柱業務的總銷售額達到 14.9 億美元左右，以固定匯率計算增長約 8%。因此，根據 2025 年迄今的成果，我們仍有望實現該組的目標。

Let's start with Sample technologies. We continue to advance our next wave of automation and have taken an important step with the acquisition of Parse to extend this leadership by moving into new technologies. Regarding the upcoming instrument launches, those are perfectly on track. QIAsymphony Connect has now been installed at the first customers, and the initial feedback has been very positive about the performance and enhanced connectivity. QIAmini and QIAsprint Connect also both remain on schedule for launch in 2026 and early field test for QIAsprint Connect are confirming very strong demand for an advanced high-throughput solution. It is indeed extremely interesting to note that we have already received purchase orders for QIAsprint Connect.

我們先從範例技術開始。我們持續推進下一波自動化浪潮，並透過收購 Parse 邁出了重要一步，從而透過進軍新技術領域來鞏固我們的領先地位。關於即將推出的儀器，一切都很順利。QIAsymphony Connect 目前已安裝在首批客戶處，初步回饋對效能和增強的連接性非常積極。QIAmini 和 QIAsprint Connect 也都按計劃在 2026 年推出，QIAsprint Connect 的早​​期現場測試證實了市場對先進的高通量解決方案的強勁需求。確實非常有趣的是，我們已經收到 QIAsprint Connect 的採購訂單了。

We have also recently marked the 4,000 placement of QIAcube Connect, reaffirming our leadership in automated sample processing. Beyond automation, we are expanding the reach of our Sample technologies portfolio with the acquisition of Parse, a pioneering scalable instrument-free single-cell analysis. Parse has developed a breakthrough instrument-free combinatorial barcoding technology that removes the need from -- for droplet-based system and enables analysis of millions or even billions of sales instead of thousands. This enables delivering more insight at a fraction of the cost.

我們最近也實現了 QIAcube Connect 4000 台的部署量，再次鞏固了我們在自動化樣品處理領域的領先地位。除了自動化之外，我們還透過收購 Parse 擴大了我們的樣品技術組合的範圍，Parse 是一種開創性的可擴展的無儀器單細胞分析技術。Parse 開發了一種突破性的無儀器組合條碼技術，無需基於液滴的系統，即可分析數百萬甚至數十億條銷售數據，而不是數千條。這樣就能以極低的成本獲得更多洞察。

Parse solutions are already used by more than 3,000 laboratories worldwide, including every top pharmaceutical companies and leading research institutions. So this acquisition is really opening up new dimensions for Qiagen in this fast-growing single-cell market, and fits perfectly with our Sample to Insight strategy.

Parse 的解決方案已被全球 3000 多家實驗室使用，其中包括所有頂尖製藥公司和領先的研究機構。因此，此次收購確實為 Qiagen 在這個快速成長的單細胞市場開闢了新的維度，並且與我們的「從樣品到洞察」策略完美契合。

Parse also creates synergies with our QDI bioinformatics business connecting large-scale single-cell data generation with powerful AI-driven interpretation. Together, we can accelerate discovery, built virtual cell models and help researchers unlock new frontiers in AI-based drug discovery and next-generation biology. So tuning for our Sample technologies deep dive session on November 21, and you will learn more about the exciting area of our portfolio.

Parse 也與我們的 QDI 生物資訊業務產生協同效應，將大規模單細胞資料生成與強大的 AI 驅動解釋聯繫起來。攜手合作，我們可以加速發現，建立虛擬細胞模型，幫助研究人員在基於人工智慧的藥物發現和下一代生物學領域開闢新天地。所以，請關注我們 11 月 21 日的 Sample 技術深度解析會議，您將了解更多關於我們產品組合中這一令人興奮的領域的資訊。

Turning now to QIAstat. We continue to expand our syndromic testing portfolio worldwide with the launch of a new instrument version in the US and we are preparing for more panel submissions in 2025. In September, we received the US FDA clearance for QIAstat Diagnostic Rise, the higher throughput version of our syndromic testing platform.

現在來看QIAstat。我們繼續在全球擴展我們的綜合徵測試產品組合，在美國推出新版本的儀器，並準備在 2025 年提交更多小組報告。9 月，我們的綜合徵檢測平台 QIAstat Diagnostic Rise 獲得了美國 FDA 的批准，這是該平台的高通量版本。

QIAstat Diagnostic Rise automates up to 18 test simultaneously processing as many as 160 samples per day with very minimal hands-on time. So this high-volume version is particularly attractive to our largest customers. Also, in the third quarter, we were well above 150 QIAstat placement, which is once again a testament to the continued growth and stronger customer adoption of QIAstat system. When it comes to menu expansion, we remain perfectly on track to submit the blood culture panel in the US and in Europe by the end of 2025. On QIAcuity, our digital PCR platform, we continue to expand the assay menu and where we are on track to sell at least 1,000 new assay in 2025.

QIAstat Diagnostic Rise 可同時自動進行多達 18 項測試，每天可處理多達 160 個樣本，且人工操作時間極少。因此，這種大批量版本對我們的大客戶來說尤其具有吸引力。此外，第三季我們的 QIAstat 安裝量遠超過 150 台，這再次證明了 QIAstat 系統的持續成長和客戶對其日益增長的接受度。在菜單擴展方面，我們仍然完全有信心在 2025 年底前在美國和歐洲提交血液培養檢測項目。在我們的數位 PCR 平台 QIAcuity 上，我們不斷擴展檢測項目，並預計在 2025 年銷售至少 1,000 種新的檢測項目。

So now back to Roland with the details on our outlook for the year.

現在讓我們把麥克風交給羅蘭，讓他詳細說說我們今年的展望。

Thank you, Thierry. Let me now turn to the outlook for the rest of '25. We continue to expect another year of solid profitable growth as our teams drive operational efficiency and disciplined execution across the portfolio. For the full year, we are reaffirming our outlook for total net sales growth of about 4% to 5% at CER. The expansion remains broad-based across the business. More important, our core portfolio is expected to grow about 5% to 6% CER since this excludes sales from discontinued products. You saw that impact on our results for Q3 '25 with gross sales rising 1 percentage-point faster than total sales.

謝謝你，蒂埃里。現在讓我展望一下2025年剩餘時間的前景。我們預計，隨著團隊在整個業務範圍內提高營運效率和嚴格執行，公司將繼續保持穩健的獲利成長。對於全年，我們重申以固定匯率計算的總淨銷售額成長約 4% 至 5% 的預期。此次擴張仍將涵蓋整個業務領域。更重要的是，由於不包括已停產產品的銷售額，我們的核心產品組合預計將成長約 5% 至 6%（以固定匯率計算）。您在 2025 年第三季的業績中已經看到了這種影響，毛銷售額的成長速度比總銷售額的成長速度快 1 個百分點。

Additionally, we raised our target for adjusted earnings per share to about $2.38 CER, reflecting our ability to improve profitability faster than sales while absorbing the headwinds of currency movements and US tariffs. This marks an increase of $0.10 in our adjusted EPS target from the start of 2025. For full year '25, we continue to anticipate tariffs to create a relative headwind of about 90 basis points on the adjusted gross margin as we work on implementing various mitigation actions.

此外，我們將調整後每股盈餘目標上調至約 2.38 美元（以美國貨幣計價），這反映出我們有能力在應對匯率波動和美國關稅等不利因素的同時，以比銷售額更快的速度提高獲利能力。這標誌著我們調整後的每股盈餘目標值從 2025 年初開始上調 0.10 美元。對於 2025 年全年，我們繼續預期關稅將對調整後的毛利率造成約 90 個基點的相對不利影響，因為我們正在努力實施各種緩解措施。

Now on to the fourth quarter where we have decided to take a view that the impact of the US government shutdown continues until the end of the year. In light of that factor and also the current macro trends, we are targeting for total net sales to be steady at constant exchange rates compared to the fourth quarter of '24. And for our core sales and the core sales drives about 2% CER. Adjusted EPS is expected to be about $0.60 at constant exchange rates. As we look at the currency impact market trends, for the full year, we continue to expect a positive impact of about 1 percentage-point of net sales but an adverse impact of about $0.02 on adjusted EPS.

現在進入第四季度，我們認為美國政府停擺的影響將持續到年底。鑑於此因素以及當前的宏觀趨勢，我們的目標是按固定匯率計算，總淨銷售額與 2024 年第四季相比保持穩定。而我們的核心銷售額，核心銷售額推動了約 2% 的固定匯率。以固定匯率計算，調整後每股收益預計約為 0.60 美元。從匯率對市場趨勢的影響來看，我們預計全年淨銷售額將受到約 1 個百分點的正面影響，但調整後每股盈餘將受到約 0.02 美元的負面影響。

For the first quarter, currency movements are expected to have a positive impact on net sales of about 1 percentage-point, but an adverse impact of about $0.01 on adjusted diluted EPS. On a separate note, I'm pleased to introduce Daniel Wendorff, who joined Qiagen as of November 1 as our new Vice President and Head of Investor Relations, reporting direct to me. Some of you may know Daniel from his prior role at the Investor Relations team at Merck in Germany and earlier as a research analyst covering Qiagen and the life science sector. He joins a strong IR team. John Gilardi will continue in his role as Vice President, Corporate Communications.

第一季度，匯率波動預計將對淨銷售額產生約 1 個百分點的正面影響，但對調整後的稀釋每股盈餘產生約 0.01 美元的負面影響。另外，我很高興地向大家介紹丹尼爾·溫多夫 (Daniel Wendorff)，他於 11 月 1 日加入 Qiagen，擔任新的副總裁兼投資者關係主管，直接向我匯報工作。你們當中有些可能認識 Daniel，他之前曾在德國默克公司的投資者關係團隊工作，更早之前他還擔任過研究分析師，負責報道 Qiagen 和生命科學領域。他加入了一支實力雄厚的投資者關係團隊。John Gilardi 將繼續擔任企業傳播副總裁。

With that, I would like to now hand the call back to Thierry.

那麼，我現在想把電話交還給蒂埃里。

Thank you, Roland. So we are coming to the end of our call. So to give you a quick summary, Qiagen definitely delivered another strong and solid quarter, once again exceeding our outlook. And just as important, we took decisive action to strengthen our portfolio and increase returns to shareholders all aligned with our 2028 ambitions.

謝謝你，羅蘭。通話即將結束。簡單總結一下，凱傑公司又一個季度業績強勁穩健，再次超出了我們的預期。同樣重要的是，我們採取了果斷行動來加強我們的投資組合，並提高股東回報，所有這些都與我們 2028 年的目標一致。

Our differentiated pillars, mainly serving the continuum from basic research to clinical diagnostics continue to perform very well. New product launches and additions to our portfolio are on the way to create new relays of growth. We definitely remain focused on creating value through profitable growth, operational excellence and disciplined capital deployment, while maintaining flexibility to pursue attractive acquisition opportunities like Parse. With the increase to our adjusted EPS target for 2025 and the new $500 million share repurchase, we are definitely delivering on our commitments to value creation by positioning Qiagen for continued momentum as a top performer in 2026 and way beyond.

我們各領域的不同支柱，主要服務於從基礎研究到臨床診斷的整個過程，並繼續表現出色。新產品的推出和產品組合的擴充將創造新的成長動力。我們將繼續專注於透過獲利成長、卓越營運和嚴謹的資本部署來創造價值，同時保持靈活性，以尋求像 Parse 這樣有吸引力的收購機會。隨著我們上調 2025 年調整後每股收益目標以及新的 5 億美元股票回購計劃，我們正在切實履行創造價值的承諾，使 Qiagen 在 2026 年及以後繼續保持領先地位。

With that, I would now like to hand back to John and the operator for the Q&A session. Thanks a lot for your time.

接下來，我將把問答環節交還給約翰和接線生。非常感謝您抽出時間。

(Operator Instructions)

（操作說明）

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

And congrats, Thierry, John, enjoyed working together, but I doubt this will be the end. For my question, I wanted to focus on the Parse acquisition. Just had a few questions on that. Just first, if you could talk about how the deal came together and what brought them to the top of the list of targets as you consider tuck-in M&A?

恭喜蒂埃里和約翰，很高興能和你們一起工作，但我相信這不會是合作的結束。我的問題主要想集中在 Parse 的獲取。我對此還有些疑問。首先，您能否談談這筆交易是如何達成的，以及在您考慮進行補充併購時，是什麼原因使他們成為首要目標？

And then if you look at the competitive landscape for single-cell is very competitive kind of have an entrenched leader with 10 times. And then Illumina talks about instrument-free approach with Fluent. So if you could just talk about the differentiation of the technology and kind of why it's better in Qiagen's hands and what you can do with it, that would be great.

然後，如果你看一下單電池領域的競爭格局，你會發現競爭非常激烈，有一個根深蒂固的領導者，其市場份額是其他領域的 10 倍。然後 Illumina 談到了 Fluent 的無儀器方法。所以，如果您能談談這項技術的差異化之處，以及為什麼它在 Qiagen 手中會更好，以及您可以用它做什麼，那就太好了。

Thank you, Jack, and thanks for your nice comments. So First of all, for me and for the company, the acquisition of Parse is the typical, very good examples of a very good use of our cash for a strategic bolt-on acquisition. First, it is strategic; second, it is extremely synergistic with our existing portfolio; third, it is accretive to our top line growth; and fourth, it will be accretive to our financials in a very reasonable time frame, in less than three years.

謝謝你，傑克，也謝謝你的好評。首先，對我個人和公司而言，收購 Parse 是利用現金進行策略性補充收購的典型、非常好的例子。首先，它具有戰略意義；其次，它與我們現有的投資組合具有極強的協同效應；第三，它有助於提升我們的營收成長；第四，它將在非常合理的時間範圍內（不到三年）改善我們的財務狀況。

But -- because there are different knowledges around Parse, let me come back first on what does Parse offer and what could be the everyday application. This is a company that we are following since 2017. We have always believed at Qiagen that single-cell was a natural extension to our sample prep technology. And since we know them, what has amazed at Qiagen is that this constantly executed on what they told us they would deliver, either growth or product development.

但是——因為大家對 Parse 的了解程度不同，所以讓我先回顧一下 Parse 的功能以及它的日常應用。這家公司我們從2017年就開始關注了。Qiagen 一直認為，單細胞技術是我們樣品製備技術的自然延伸。而我們認識他們之後，令 Qiagen 感到驚訝的是，他們始終如一地兌現了他們向我們承諾的一切，無論是成長還是產品開發。

Let us remember first that single-cell analysis is literally turning biology from a blurry group photo into a real sharp portrait of every individual cell. As a result, scientists all over the world, they can now study millions to billions of cells at once, for example, to try to see which ones are driving cancers. Other technologies, groups, all the cells together, so researchers cannot really see which specific cells are actually causing the disease.

首先我們要記住，單細胞分析實際上是將生物學從模糊的群體照片變成每個單一細胞的清晰肖像。因此，世界各地的科學家現在可以同時研究數百萬到數十億個細胞，例如，試圖找出哪些細胞是癌症的驅動因素。其他技術、群體，所有細胞都在一起，所以研究人員無法真正看出哪些特定細胞才是真正導致疾病的原因。

Parse makes the level -- this level of insights completely possible. And we will combine this with AI-driven tools from our QDI portfolio. So why did we select Parse? There was no way for Qiagen, obviously, to invest into a me-too product or portfolio of solutions. First of all, Parse is the fastest-growing company in single-cell analysis and is a very natural extension of our sample prep portfolio.

解析使這種層次的洞察力成為可能。我們將把這些工具與我們 QDI 產品組合中的人工智慧驅動工具結合。那麼，我們為什麼選擇 Parse 呢？顯然，Qiagen 不可能投資開發同質化產品或解決方案組合。首先，Parse 是單細胞分析領域成長最快的公司，也是我們樣品製備產品組合的自然延伸。

Examples, Parse is already present in more than 3,000 labs in the world. Second, Parse offers an instrument-free kit, allowing any lab to use it without costly hardware. Third and perhaps more importantly, Parse differentiates because it can process millions to billions of sales far more than any other system and far more than the competitor that you mentioned. As a result, we consider that it is a very natural fit for Sample tech, but also with synergies with our QDI and also next-generation sequencing chemistry. Does this answer your question?

例如，Parse 目前已在全球 3000 多個實驗室中使用。其次，Parse 提供了一個無需儀器的套件，任何實驗室都可以在無需昂貴硬體的情況下使用它。第三，也許更重要的是，Parse 的獨特之處在於，它可以處理數百萬到數十億的銷售數據，遠遠超過任何其他系統，也遠遠超過你提到的競爭對手。因此，我們認為它與 Sample 技術非常契合，而且與我們的 QDI 和下一代定序化學技術也有協同效應。這樣回答了你的問題嗎？

Jack, does it answer your questions?

傑克，這能解答你的疑問嗎？

It does.

確實如此。

Hugo Solvet, BNP Paribas.

Hugo Solvet，法國巴黎銀行。

I'd like to focus on QIAstat, please. Can you talk to the traction for the new panels, gastro and meningitis? And how do you see them driving an acceleration going forward? And as some of the instruments placed during COVID will likely arrive at the end of their life cycle soon, can you maybe talk to the opportunity for potential market share gains here?

我想重點講解一下QIAstat。能談談新面板在胃腸道和腦膜炎方面的應用前景嗎？你認為他們未來會如何加速發展？鑑於新冠疫情期間部署的一些儀器可能很快就會達到使用壽命的終點，您能否談談這方面潛在的市場份額成長機會？

Thank you, Hugo. So QIAstat continues to deliver. I mean, it's very interesting to see again a double-digit growth in Q3. And we all know that Q3 is always normally a kind of softer quarter for QIAstat. Why? Because the syndromic testing market is still driven by respiratory panels, and we all know that in most of the western world, Q3 is rather a low time for respiratory infections. So 11% growth in Q3, 150 more placements of system is a good performance.

謝謝你，雨果。所以QIAstat繼續保持著良好的表現。我的意思是，第三季再次實現兩位數成長，這非常有趣。我們都知道，第三季通常都是QIAstat業績較為疲軟的季度。為什麼？因為綜合徵檢測市場仍然以呼吸道檢測組為主導，而我們都知道，在西方世界的大部分地區，第三季度是呼吸道感染的低谷期。因此，第三季成長11%，系統新增安裝150套，是不錯的成績。

Respiratory panels are 70% of the syndromic market. But it's very interesting to see at Qiagen, the growth of our GI panels and meningitis and especially where we can grow, like, for example, in the North of Europe or in North America or in Middle East. For GI and for meningitis, Hugo, we are growing at more than double digits. This is very encouraging and especially in the US.

呼吸系統檢測佔綜合症市場的70%。但看到 Qiagen 的胃腸道檢測和腦膜炎檢測業務的成長，以及我們可以在哪些地區實現成長，例如北歐、北美或中東，這非常有趣。Hugo，對於胃腸道疾病和腦膜炎，我們的成長率都超過了兩位數。這非常令人鼓舞，尤其是在美國。

I remind you all that the US. is still the main market for syndromic testing. So yes, as you said, obviously, some of the customers that we installed during COVID will come from renewal and basically renewing with once again QIAstat is the perfect choice. Why? Because since COVID, they have much more panels opportunities, and they will get more in 2026 with the launch of the blood culture panel. And the complicated UTI by the end of '26 for Europe and '27 for the rest of the world.

我提醒各位，美國仍是綜合症檢測的主要市場。所以，正如你所說，很顯然，我們在新冠疫情期間安裝的一些客戶將來自續約，而再次續約 QIAstat 基本上是完美的選擇。為什麼？因為自從新冠疫情以來，他們獲得了更多的檢測機會，隨著2026年血液培養檢測計畫的推出，他們將獲得更多機會。到 2026 年底，歐洲將出現複雜的泌尿道感染，到 2027 年，世界其他地區也將出現泌尿道感染。

So we are well on track to execute on our guidance for 2025. And for syndromic testing, Hugo, we will definitely beat our mid-term guidance that we gave in our Capital Market Day in New York, which was, as you remember, $200 million revenues by 2028. I continue to say with the rest of the company that in syndromic testing, Qiagen will be a very solid and competitive number two on the market.

因此，我們可望順利實現2025年的目標。至於綜合症檢測，Hugo，我們肯定會超過我們在紐約資本市場日上給出的中期指導目標，你還記得嗎，那就是到 2028 年實現 2 億美元的收入。我和公司其他同事都認為，在症候群檢測領域，凱傑將成為市場上非常穩固且具競爭力的第二名。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

A couple of quick questions on the diagnostic side. First, on QIAstat-Dx. You now have the three key panels, respiratory, GI and meningitis approved in the US. I'm just curious how you have seen these contribute to platform growth since then. I know it's relatively early, but I just want to see if placements and utilization are tracking in line with expectations?

關於診斷方面，還有幾個簡單的問題。首先，關於 QIAstat-Dx。您現在已經獲得了美國批准的三個關鍵面板：呼吸道、胃腸道和腦膜炎。我只是好奇，自那時以來，您認為這些因素對平台成長做出了哪些貢獻。我知道現在還為時過早，但我只是想看看安置和利用率是否符合預期？

And then on QuantiFERON, you guys have done a very good job this year with the investment community. Basically talking about the importance of some of the automation capabilities enabled via your partnership with DiaSorin. I'm just curious if -- as we sit here today, given I feel like we've heard less about any competitive disruption to the franchise, but if there's anything new to talk about there, whether it's via the partnership or more broadly, given performance looks quite good there.

還有，QuantiFERON，你們今年在投資界做得非常出色。主要談到了透過與 DiaSorin 的合作而實現的一些自動化功能的重要性。我只是好奇——就目前而言，我覺得我們很少聽到有關該特許經營權受到競爭幹擾的消息，但如果有什麼新的消息要談，無論是通過合作關係還是更廣泛地談，考慮到該特許經營權的表現看起來相當不錯。

So I think the main example that I can give for the impact of those three panels on our US performance for QIAstat is, as we already disclosed at the end of Q2, Doug, we placed more instruments in six months in the US in 2025 that we did in the full year of '24. I think this is the best estimate that those three panels now are really helping. In addition to that, we have reshuffled the team. We have dedicated sales rep for QIAstat in every territory in the US. So that helps. So in '25, we are going to exceed our target for instruments for the US, and the growth is very solid. So I'm very confident.

因此，我認為我可以舉出這三個小組對我們在美國的 QIAstat 業績影響的主要例子是，正如我們在第二季度末披露的那樣，Doug，我們在 2025 年的六個月內在美國部署的金融工具比我們在 2024 年全年部署的還要多。我認為這是目前最能說明這三個小組確實發揮了作用的估計。除此之外，我們也對團隊進行了重組。我們在美國每個地區都有 QIAstat 的專屬銷售代表。那很有幫助。因此，在 2025 年，我們將超過美國儀器的銷售目標，而且成長非常穩健。所以我非常有信心。

On QuantiFERON, I keep the same approach together with the team. We always believe that competition would come one day to this market. And this is why for the last 10 years, Doug, we have prepared for that. Even when there was no names or no precise dates, we are prepared. This is why we built that automation partner with DiaSorin, but not only with DiaSorin with also Tecan and Hamilton. This is why we consistently improve the technology itself. We are now at the fourth generation of QuantiFERON.

在 QuantiFERON 專案中，我與團隊保持相同的方法。我們始終認為，競爭終有一天會進入這個市場。這就是為什麼在過去的十年裡，道格，我們一直在為此做準備。即使沒有姓名或確切日期，我們也做好了準備。這就是為什麼我們與 DiaSorin 建立了自動化合作夥伴關係，但不僅與 DiaSorin，還與 Tecan 和 Hamilton 合作。這就是我們不斷改進技術本身的原因。我們現在已經發展到第四代 QuantiFERON 技術了。

And this is why also we continue to focus on what is still today the main competition, which is skin test. I remind everybody once again that we still have to convert more than 50 million skin tests in the world. And if you just take the US, it's around probably 15 -- a bit more than 15 millions of skin tests that we need to cover. And then we are prepared -- we are prepared.

這也是為什麼我們繼續專注於至今仍是主要競爭對手的領域——皮膚測試。我再次提醒大家，我們還需要轉化全球超過5000萬份皮膚測試結果。如果只以美國為例，我們需要進行的皮膚測試數量可能在 1500 萬到 1500 萬次之間。然後我們就準備好了——我們已經準備好了。

And last thing I would say that makes me very optimistic for QuantiFERON, Doug, is that despite those good results, despite the fact that we continue to grow at double digits, we continue to prepare the future. I started to speak about this in our Q2 earnings. Expect in the coming weeks and months to see announcements improving the workflow of QuantiFERON, the ease of use, and we are also working on further enhancements of the test. So there is no complacency in our approach. We are number one, but we know that we need to defend this disposition, and we are ready. We are ready commercially, we are ready also from a product standpoint.

最後，Doug，讓我對 QuantiFERON 非常樂觀的一點是，儘管取得了這些好成績，儘管我們繼續保持兩位數的成長，但我們仍在繼續為未來做好準備。我在第二季財報開始談到這一點。預計在接下來的幾週和幾個月裡，我們將發佈公告，改進 QuantiFERON 的工作流程和易用性，我們也在努力進一步增強該測試的功能。因此，我們絕不會掉以輕心。我們是第一，但我們知道我們需要捍衛這個地位，我們已經準備好了。我們在商業上已經準備就緒，從產品角度來看，我們也已經準備就緒。

Thierry, I don't know if you could still hear me, but if you can, I just want to thank you for those answers and more importantly, for all the great work you've done over the years, you've really done a great job through a tough period in the industry, bringing a new level of discipline to the company. So I really appreciate that. And thanks for everything. We look forward to seeing you in a few weeks.

蒂埃里，我不知道你是否還能聽到我說話，但如果你能聽到的話，我只想感謝你之前的回答，更重要的是，感謝你多年來所做的出色工作，你在行業艱難時期真的做得非常出色，為公司帶來了新的紀律水平。我真的很感激。謝謝你所做的一切。我們期待幾週後見到你。

This is very humbling. Thank you.

這讓我感到非常慚愧。謝謝。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

Great. Maybe just to start on academic and government. Maybe just walk through if you can quantify what the shutdown impact is on the quarter. I know that you're assuming those shutdowns for the entirety of the quarter in 4Q. And then some of your peers have talked about European academic and government spend improving in 3Q and taking a bit more optimistic stance there on the forward outlook. So just elaborate on what you're seeing in academic and government maybe between regions?

偉大的。或許可以先從學術界和政界開始。或許可以簡單分析一下，看看能否量化停工對本季的影響。我知道你假設第四季整個季度都會停工。然後，你們的一些同行談到了歐洲學術界和政府在第三季度的支出有所改善，並對未來的前景持更加樂觀的態度。那麼，請詳細說明您在學術界、政府部門以及不同地區之間觀察到的情況？

Yeah. Thanks for the question, Casey. I mean, obviously, the new events since we had a quarterly release is that we are in a shutdown in the US. And it's fair to acknowledge as well that nobody, and believe me I ask many other CEOs, you probably know that I'm still chairing our industry association in the US, and nobody knows when he's going to stop. So we took a conservative assumption, which is, okay, we are going to be in the shutdown probably until the end of the year.

是的。謝謝你的提問，凱西。我的意思是，很顯然，自從我們發布季度報告以來發生的新事件是美國目前處於停擺狀態。公平地說，沒有人知道，而且相信我，我問過很多其他首席執行官，你們可能也知道，我仍然擔任美國行業協會的主席，但沒有人知道他什麼時候會卸任。所以我們採取了一個保守的假設，那就是，好吧，我們可能要停工到年底了。

If it stops before, we might see an improvement of our target so far, but let's take cautious and realistic approach. So obviously, the shutdown has an impact on our sales because it impacts, obviously, an already constrained environment in academia and research, where we know that people were very cautious to spend on capital expenses, but some time on consumables. I believe that Qiagen is able to mitigate that impact for some reason.

如果它在此之前停止，我們或許能看到目標有所改善，但我們還是採取謹慎務實的態度吧。顯然，停工對我們的銷售產生了影響，因為它顯然影響了學術界和研究領域本已受限的環境，我們知道人們在資本支出方面非常謹慎，但在消耗品方面則謹慎一些。我相信，由於某種原因，Qiagen能夠減輕這種影響。

First of all, because while we are not immune, obviously, to it, but I believe that we sell product of very high value for this academia and research labs. So it's very difficult to basically not use our product. Second, we do not sell huge price tag instruments, for example. So our solutions are, first, very important. Second, it's not a big, big budget, but we see an impact. This is an impact on sales of consumables on a daily basis, and this is an impact also on sales of instruments.

首先，雖然我們顯然無法完全免疫，但我相信我們向學術界和研究實驗室銷售的產品具有非常高的價值。所以基本上很難不用我們的產品。其次，例如，我們不銷售價格昂貴的儀器。因此，我們的解決方案首先非常重要。其次，雖然預算不高，但我們看到了效果。這會對日常耗材銷售產生影響，也會對儀器銷售產生影響。

But overall, I think it's under control. It's fully factored in our current guidance. And I remind you, Casey, in that environment, unlike many competitors or peers, we have maintained our guidance for the year, top line. And we have also improved our guidance from a profitability standpoint. I think this is a testament to the strength of the company.

但總的來說，我認為情況在控制之中。這一點已完全納入我們目前的指導方針中。凱西，我還要提醒你，在這種環境下，與許多競爭對手或同行不同，我們維持了全年的營收預期。此外，我們也從獲利能力的角度改善了預期。我認為這證明了公司的實力。

Understood. And would just reiterate what Doug said, Thierry.

明白了。我只想重申一下道格所說的，蒂埃里。

This is very nice of you. I appreciate that. Thank you.

你真是太好了。我很感激。謝謝。

Aisyah Noor, Morgan Stanley.

艾莎‧努爾，摩根士丹利。

My one is on tariffs. So thank you for the guide of 90 bps impact on the margin. Are you able to be a bit more explicit about the dollar value of these tariffs, whether these are gross or net of mitigation efforts and whether we can annualize this impact for 2026?

我的研究方向是關稅。非常感謝您提供的關於90個基點對保證金影響的指導。您能否更具體地說明這些關稅的美元價值，這些是總額還是扣除緩解措施後的淨額，以及我們能否將這些影響按年計算到 2026 年？

Thank you, Roland, would you like to take this one?

謝謝你，羅蘭，你想接手這個任務嗎？

Yeah, sure. No, again, I think we were -- the 90 bps this year is, of course, the net impact. And I think what we said going forward is we have ongoing mitigation. So we do not necessarily expect an increase for next year's mitigations more or less kicking in particular also early next year. So we do not -- with the knowledge as of today, and unfortunately, that is an area where one tweet can change a lot. And -- but with all the information we're having right now, we do not expect that it becomes a larger impact for us.

當然可以。不，我再次認為我們——今年的 90 個基點當然是淨影響。我認為我們接下來要說的是，我們會持續採取緩解措施。因此，我們並不必然預期明年的緩解措施會增加，或者說，尤其是在明年初開始實施。所以，就目前所知，我們還沒有答案。不幸的是，在這個領域，一則推文就能改變很多事情。但是——根據我們目前掌握的所有信息，我們預計它不會對我們產生更大的影響。

Okay. If I could follow up on that, on the pricing dynamics. These tariff surcharges that you're placing on your products, we're hearing from some of your peers that there could some resistance to the surcharges that are being passed through and potentially resulting in some delay or push out of demand into the next quarter. Just curious is this something you're seeing? Or are you comfortable that these surcharges are passing through?

好的。如果我能就價格動態方面再補充一點的話。我們從一些同行那裡了解到，你們對產品徵收的這些關稅附加費可能會引起一些抵制，這些附加費可能會轉嫁到消費者身上，並可能導致需求延遲或推遲到下一季。我只是好奇，你也看過這種情況嗎？還是您確信這些附加費能夠順利轉嫁到消費者身上？

Well, I think we can take this question both of us. I can tell you I've been for something like more than 20 years now, unfortunately, on the field. It is always a negotiation when you want to price -- to pass the price increase, Aisyah, always a negotiation. Customers, when you are selling value, are understanding this because let's not forget that Qiagen invest 10% of our sales in R&D, they see that. So the surcharge of -- coming from tariffs, it's not a price increase, it's a surcharge that we communicated to customers.

嗯，我想我們可以一起回答這個問題。我可以告訴你，很遺憾，我已經在這個領域工作了20多年了。艾莎，定價總是要談判的──要讓價格上漲通過談判，總是要談判的。當你銷售的是價值時，客戶會理解這一點，因為別忘了 Qiagen 將銷售額的 10% 投入研發，他們看到了這一點。所以，這筆附加費——來自關稅——不是價格上漲，而是我們已經告知客戶的附加費。

It's not an easy discussion, but we explained, we explained the reason and we explained that we need to share the burden as well. And it has generated results in our quarter as well. So never easy. We do not see customers postponing decision for this. It is a discussion. We are always pragmatic, obviously, because we respect customers, but we are also insisting that we need to pass them. I think, Roland, you wanted to add something also to that.

這不是一件容易的事，但我們解釋了原因，也解釋了我們需要共同承擔責任。而且，它在本季也取得了成效。所以從來都不容易。我們認為客戶不會因此延後決定。這是一場討論。我們一向務實，這是理所當然的，因為我們尊重客戶，但我們也堅持我們需要通過他們的審核。羅蘭，我想你也想補充一些內容。

No, I think, you covered it very well, Thierry. Yeah, at the end of the day, again, it depends. It is nothing what we do. Again, we clearly look on where we have pricing power, in which region, which product, what are the contracts? For us, more important is that, I would say, again, if you look at the financial results of this year, that we balance it out quite well. We were able to increase EPS one more time. Now we are $0.10 up.

不，我覺得你已經解釋得很清楚了，蒂埃里。是的，歸根究底，這還是要看情況。我們做的事情根本無關緊要。我們再次明確地檢視我們在哪些地區、哪些產品擁有定價權，以及相關的合約條款是什麼？對我們來說，更重要的是，我想再次強調，如果你看今年的財務業績，你會發現我們在這方面做得相當好。我們成功地再次提高了每股收益。現在我們獲利0.10美元。

If you look on the overall margin expansion for Qiagen, again, I just want to remind everybody, I know I'll show that you know it quite well. '23, we ended the fiscal year with an adjusted EBIT margin of 26.9. '24, we ended the year with an adjusted EBIT margin of 28.7. For this year, again, if you do the forecast, CER, we end with an EBIT margin of 30%. So we have now in less than 24 months, an EBIT margin improvement of 310 basis points. I think that speaks for itself how we're able to manage it, including clearly headwinds like US tariffs.

如果你們看一下凱傑公司的整體利潤率擴張情況，我再次提醒大家，我知道你們對此都很了解。 2023財年，我們調整後的息稅前利潤率為26.9%。 2024財年，我們調整後的息稅前利潤率為28.7%。今年，如果以固定匯率進行預測，我們的息稅前利潤率將達到30%。因此，在不到 24 個月的時間裡，我們的息稅前利潤率提高了 310 個基點。我認為這本身就說明了我們是如何應對這種情況的，包括像美國關稅這樣的明顯不利因素。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Thierry, my congrats as well on a great run. Can you just talk about your high level, the moving pieces we should be thinking about for '26. Obviously, the 4Q exit rate has a little bit of the shutdown in it. So just trying to think about high level the approach into '26, both on revenue maybe for you, Thierry. And then Roland, I know you touched on the margin there. Anything high level we should be thinking about as we head into next year.

蒂埃里，也恭喜你跑得非常棒。您能否談談您的高水平，以及我們應該考慮的 2026 年的各種因素？顯然，第四季的退出率受到了停工的影響。所以，我只是想從宏觀層面思考一下 2026 年的發展方向，包括收入方面，這對你來說可能很重要，Thierry。羅蘭，我知道你剛才觸及了那個邊緣問題。展望明年，我們該考慮哪些高層次的問題？

Yeah. We'll ask Roland to start with the overall picture, and I will come back on the revenue as well. Roland?

是的。我們將請羅蘭先介紹整體情況，我稍後也會談到收入方面的問題。羅蘭？

Yeah. I think, again, talking about the margins, let me kick it up also on Q4. As I just said, we are probably ending the year with a margin CER-wise of 30% for the fourth quarter also, while it's clearly a more challenging quarter in terms of the US shutdown, we still expect also a constant exchange-wise, an EBIT margin of 29.5%, so still quite high. Yes, we have a bit more currency impact, negative impact in that quarter. But nevertheless, I would say, still quite strong. And I think that also makes us confident for next year. So for me, it's very clear that we also expect an underlying margin improvement, not only for '26.

是的。我想，再說說利潤率，讓我再把第四季的情況也提一下。正如我剛才所說，我們第四季的固定匯率利潤率可能也會達到 30%，雖然由於美國停擺，這顯然是一個更具挑戰性的季度，但我們仍然預計，按固定匯率計算，息稅前利潤率將達到 29.5%，仍然相當高。是的，匯率波動對該季度產生了更大的負面影響。但即便如此，我認為它仍然相當強勁。我認為這讓我們對明年充滿信心。所以對我來說，很明顯，我們不僅在 2026 年，而且在 2026 年也預期基本利潤率會有所提高。

And I know that you're all expecting us that we will update the margin for '28, and we're going to do so and you will see a significant increase there. But of course, I don't do that today. The one thing, of course, I want you to have in mind is why we will have an underlying margin improvement next year. It's quite obvious that as we just talked about, tariffs is, to a certain extent, still some headwind. And of course, the [Argos] acquisition is also to a certain extent, a headwind. Nevertheless, we will more or less go into the year similar to what we did this year. And I do think we had a good one this year so far.

我知道大家都期待我們更新 2028 年的利潤率，我們也會這樣做，你們將會看到利潤率大幅提高。當然，我現在不會那樣做了。當然，我希望你們記住的一點是，為什麼我們明年的基本利潤率會提高。很明顯，正如我們剛才討論的那樣，關稅在某種程度上仍然是一個阻力。當然，收購 Argos 在某種程度上也是一個不利因素。不過，我們今年的行事方式大致上會和今年類似。而且我認為我們今年到目前為止表現不錯。

And to complete that, Patrick, thanks for the comments. And the way we see it with the team is quite simple. Two years ago, Patrick, we took a commitment to the market, which was very simple. 7% sales growth CAGR, 31% EBIT margin, as Roland highlighted, of $2 billion of revenues coming from our pillars of growth. The obsession of management, the priority and the focus is regardless of the market environment, we deliver on this.

最後，派崔克，感謝你的評論。我們團隊的看法很簡單。兩年前，派崔克，我們對市場做出了一個非常簡單的承諾：7%的銷售複合年增長率，31%的息稅前利潤率，正如羅蘭所強調的，20億美元的收入將來自我們的成長支柱。管理階層的執著、優先事項和關注點在於，無論市場環境如何，我們都能實現這一目標。

And what I mean by this is that it is clear that since our last Capital Market Day, sales are becoming more difficult. You see this with our competitors. You have seen most of our competitors or peers downgrading their outlook or expanding the range of potential growth. So what we believe is that if the situation doesn't improve in 2006 -- and '26, we are positioned to go probably around 5%, slightly above everything, including with the acquisition of Parse.

我的意思是，很明顯，自上次資本市場日以來，銷售變得越來越困難。我們的競爭對手也存在這種情況。您可能已經看到，我們的大多數競爭對手或同業都在下調前景預期或擴大潛在成長範圍。所以我們認為，如果 2006 年和 2026 年情況沒有改善，我們可能會成長 5% 左右，略高於所有因素，包括收購 Parse。

If the situation doesn't improve -- if the situation improve, because also of our organic portfolio, but also the input from Parse, we could be between 5% and 7% of growth. This is not a guidance call. Let's make it clear. I'm giving you -- we are giving you with Roland some flavors.

如果情況沒有好轉——如果情況好轉，由於我們的有機產品組合，以及來自 Parse 的投入，我們可能會實現 5% 到 7% 的成長。這不是指導性電話。讓我們把話說清楚。我將——我們將和羅蘭一起——給你帶來一些味道。

Obviously, we monitor the situation. But what is important is that if you look at what this management is going to do, and it's not just Thierry, it's all the team, is that regardless of the environment and complexity, we do smart move with our cash generation and balance sheet to improve our portfolio of products, Genoox, Parse and we take actions also to continue to improve our profitability. In other words, I would also say that we will position Qiagen again, regardless of the environment to deliver on the expectation on the market from an EPS standpoint in 2026.

當然，我們會密切關注事態發展。但重要的是，如果你看看管理層將要做什麼，這不僅僅是蒂埃里（Thierry）的功勞，而是整個團隊的功勞，那就是無論環境和復雜程度如何，我們都會明智地利用現金流和資產負債表來改善我們的產品組合，包括 Genoox 和 Parse，並且我們還會採取措施繼續提高我們的盈利能力。換句話說，我認為無論市場環境如何，我們都將再次調整 Qiagen 的定位，以期在 2026 年實現市場對每股盈餘的預期。

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

Can you talk about just from the Parse acquisition plans that you guys or investments that you guys are -- that you would need to take either on the automation side or anything that you can leverage on your existing portfolio here to add scale or make it more user-friendly across a broader customer base?

你們能否談談收購 Parse 的計劃或投資計劃——無論是在自動化方面，還是在你們現有的產品組合中，為了擴大規模或使其對更廣泛的客戶群體更加友好，你們需要採取哪些措施？

Thanks. I mean it's already extremely user-friendly. And this is why -- imagine this is still a young company, more than 3,000 customers worldwide. It's a significant and humbling performance, I think. Second, you know that one of the differentiation is that it's completely instrument-free. So it makes the ease of use extremely customer-friendly. Third, there is something that we didn't go into details today that Parse has built, which I find also interesting is giga lab capacity to address, especially higher throughput, higher volume customer demand.

謝謝。我的意思是，它已經非常人性化了。這就是為什麼——想想看，這還是一家年輕的公司，在全球擁有超過 3000 名客戶。我認為這是一場意義非凡且令人謙卑的表演。其次，你知道它的獨特之處在於它完全不需要儀器。因此，它的易用性對使用者來說極為友善。第三，Parse 還建立了一項我們今天沒有詳細介紹的功能，我覺得也很有趣，那就是千兆實驗室容量，旨在滿足更高的吞吐量和更大的客戶需求。

So I see a lot of interesting synergies, immediate portfolio synergies. Someone selling Sample tech at Qiagen can sell also Parse tomorrow. And I would say a lot of people from Parse can immediately sell also and leverage our Sample tech portfolio, our QDI solution as well. Second, there is another natural. By definition, we are much more a global company than Parse. So we can immediately obviously expand the geographic footprint.

所以我認為有很多有趣的綜效，可以立即產生投資組合綜效。在 Qiagen 銷售 Sample 技術的人明天也可以銷售 Parse 技術。而且我認為 Parse 的許多人也可以立即銷售並利用我們的 Sample 技術組合以及我們的 QDI 解決方案。其次，還有另一個自然因素。從定義上講，我們比 Parse 更像是一家全球性公司。因此，我們顯然可以立即擴大地理覆蓋範圍。

And so it's in our business case to continue to support this portfolio with R&D investment and the 2 teams are now going to work together as well to see what more synergy from a development standpoint, can we put to make sure that we ensure the continuum of solutions from Sample tech, but also QDI and also our sequencing chemistry. And all this linked with AI. Let's not forget that a good driver also from that acquisition is that we take another dimension with AI in our portfolio.

因此，從商業角度來看，我們將繼續透過研發投資來支持這個產品組合，這兩個團隊現在也將攜手合作，從研發的角度看看我們還能發揮哪些協同效應，以確保我們能夠持續提供從樣品技術到 QDI 以及定序化學的解決方案。而這一切都與人工智慧有關。我們不要忘記，此次收購帶來的另一個重要推動因素是，我們的產品組合中新增了人工智慧這一維度。

Okay. That's helpful. And then I guess from a QIAcuity perspective, you talked about the consumables up double digits. Can you just break out what you're seeing there for across the biopharma side? Like how much of your QIAcuity piece is actually being sold into that market versus the A&G market? And then a follow-up on just what you're seeing from a competitive dynamic versus especially the new offerings from the droplet technologies?

好的。那很有幫助。然後，從 QIAcuity 的角度來看，您提到了耗材價格兩位數的成長。能否具體介紹一下您在生物製藥領域觀察到的情況？例如，你們的QIAcuity產品有多少是真正銷往該市場，又有多少是銷往A&G市場？那麼，能否就您觀察到的競爭格局，特別是液滴技術的新產品，談談您的看法？

So once again, I mean, as usual, we deeply, I'm sorry, respect our competition. What we see is that our direct competition is basically presenting numbers that are not really comparing to our performance. We are still double digit that we continue to invest. I said during the call that it's a significant number of new application in academia and research every year that we are making available for our customers. You know that the solution is also now available for clinical customer is what we call QIAcuity Diagnostic. And we see a very good also -- performance from our companion diagnostic.

所以再次重申，像往常一樣，我們非常尊重我們的競爭對手。我們看到的是，我們的直接競爭對手基本上展示的數據與我們的表現根本無法相提並論。我們仍保持兩位數的投資比例，並將持續投資。我在電話會議中說過，我們每年都會提供客戶大量學術界和研究領域的新應用。您知道，我們目前也為臨床客戶提供了這個解決方案，我們稱之為 QIAcuity Diagnostic。我們也看到，我們的配套診斷設備也表現出色。

So from direct customers, usage such as biopharma, QC controlled by pharma is boosting way over double digit and pharma customers are becoming a significant now a segment of customers, and they are very interesting. Why? Because, first of all, their throughput -- their volume of consumable is higher than any other segment and they are very demanding customers.

因此，從直接客戶來看，生物製藥等行業的使用量，以及製藥公司控制的品質控制，都實現了兩位數以上的成長，製藥客戶現在正成為一個重要的客戶群體，他們非常有趣。為什麼？首先，他們的吞吐量——他們的消耗量比任何其他細分市場都高，而且他們是要求非常高的客戶。

Second, the portfolio of companion diagnostic, digital PCR based is even surprising to us in full transparency. It's growing very fast. And I remind you this positions Qiagen very well because we are the only company at this moment able to offer to biotech and pharma companies companion diagnostic solutions that are PCR-based, NGS-based or digital PCR based. So we are confident. Double digit, its a good performance. We are a bit impacted by this low capital expense environment. So we feel it in our number of placements. But once again, what are we talking about? We are still placing above 100 systems per quarter, and this is good for the future of digital PCR because those placements are going to generate, obviously, consumables.

其次，坦白說，伴隨診斷和基於數位 PCR 的產品組合甚至讓我們感到驚訝。它發展得非常迅速。我還要提醒各位，這使得 Qiagen 處於非常有利的地位，因為我們是目前唯一一家能夠為生物技術和製藥公司提供基於 PCR、NGS 或數位 PCR 的伴隨診斷解決方案的公司。所以我們很有信心。兩位數，表現不錯。我們受到了低資本支出環境的一些影響。因此，我們在招募數量上也感受到了這一點。但我們到底在討論什麼呢？我們每季仍能安裝 100 多個系統，這對數位 PCR 的未來發展是有利的，因為這些安裝顯然會產生耗材。

Jan Koch, Deutsche Bank.

Jan Koch，德意志銀行。

My first question is on the announced acquisition of Parse. Could you elaborate on the gross and margin -- EBIT margin profile of the business? If I have done the math correctly, it looks like you don't assume any kind of EBIT contribution from this asset in 2026. And could you also share the specific milestones that are required to trigger the additional $55 million payment?

我的第一個問題是關於公司宣布收購 Parse 的消息。能否詳細說明一下貴公司的毛利率和息稅前利潤率？如果我計算正確的話，看來您並不認為該資產在 2026 年會產生任何 EBIT 貢獻。您能否也透露一下觸發額外 5500 萬美元付款的具體里程碑要求？

And then my second question is on the Sample tech business. Obviously, very encouraging to see that business returning to growth in Q3. But did you benefit from any one-offs in the quarter? And what kind of growth do you expect in Q4 in view of the government shutdown?

我的第二個問題是關於Sample科技公司的。顯然，看到該業務在第三季恢復成長，非常令人鼓舞。但你在本季是否從任何一次性事件中獲益？鑑於政府停擺，您預計第四季會有怎樣的成長？

Very good. Thanks for the question. I will ask Roland to take the financial on Parse from a contribution to our financials, and then I will address the Sample tech question. Roland?

非常好。謝謝你的提問。我將請 Roland 從我們的財務報表中取得 Parse 的財務數據，然後我將回答 Sample 技術問題。羅蘭？

Yeah. I do think, again, what we announced is as you've seen that we expect a dilution of about $0.04 for '26, while we expect revenues of about $40 million. So if you do the math, you really can see it has an EBIT dilution, of course, also for that year. And -- but nevertheless, we do expect it becomes accretive in '28. It is a significant growth opportunity again, the revenue growth rate is quite exciting.

是的。我認為，正如你們所看到的，我們宣布的預計是，2026 年每股收益將稀釋約 0.04 美元，同時預計收入約為 4000 萬美元。所以如果你計算一下，你會發現，當然，那一年的息稅前利潤也出現了稀釋。但是——儘管如此，我們預計它在 2028 年將開始成長。這又是一個重要的成長機會，收入成長率相當令人振奮。

So yes, it is dilutive EBIT margin wise for next year, and it's something what we have to eat, and we were clearly trying this underlying to compensate and maybe even to overcompensate for that. But I would expect on the mid-term, there is a nice equation coming up as this business has healthy gross margins for Qiagen and therefore, the revenue growth rate is going to help.

所以，是的，明年的息稅前利潤率會因此降低，這是我們必須承受的，我們顯然一直在嘗試透過這種基礎性措施來彌補，甚至可能要過度彌補這一點。但我預期中期來看，情況會比較樂觀，因為這項業務對凱傑來說毛利率很健康，因此收入成長率將會有所幫助。

Thank you, Roland. And for Sample tech, there is no one-off in Q3. And I think -- I hope that you will be able to attend our deep dive on the 21 because there, we will go into details showing you, I hope, and demonstrating that we are perfectly executing on our strategy. And what is the strategy? For the last four years, we have really, really invested into further automation. QIAcube became QIAcube Connect. EZ1 became EZ2. QIAsymphony Connect is currently being installed. And in the first semester of '26, you will have two new instruments with QIAmini and QIAsprint Connect. So automation is the way to go.

謝謝你，羅蘭。而對於 Sample 技術來說，第三季沒有一次性專案。我希望您能參加我們21號的深度研討會，因為屆時我們將詳細介紹，我希望並向您展示，我們正在完美地執行我們的策略。那麼策略是什麼呢？過去四年，我們確實在自動化方面投入了大量資金。QIAcube 更名為 QIAcube Connect。EZ1 變成了 EZ2。QIAsymphony Connect 正在安裝中。2026 年上半年，您將擁有兩款新儀器：QIAmini 和 QIAsprint Connect。所以自動化才是正確的方向。

Second is investing into very high added value application. The first that comes to my mind, obviously, is liquid biopsy. This is not a number that we publish a lot. But do you know that Sample tech liquid biopsy by Qiagen is growing way over double digit. And when I say double digit, I'm not talking the 10 marks, way over that. And this is where we need to invest.

其次是投資於高附加價值應用。我首先想到的當然是液體切片檢查。我們並不常公佈這個數字。但您知道嗎？ Qiagen 公司的 Sample Tech 液體活檢技術正以兩位數以上的速度成長。我說兩位數，指的可不是10分，而是遠超過10分。這就是我們需要投資的地方。

And third is investing into technologies of the future, the demonstration is Parse. So there is no time off. I expect that for the full year 2025 and especially because of the shutdown, we will be basically overall flattish for the year, but I continue to confirm our ambition to grow in the '28 objective because those instruments are going to help. And they are perfectly factored in the ambitions that we gave you back in New York two years ago, which is roughly 3% growth rate and reaching $750 million revenues.

第三點是投資未來技術，Parse 就是最好的例子。所以沒有休息時間。我預計 2025 年全年，特別是由於經濟停擺，整體而言，我們將基本保持平穩，但我仍然重申我們 2028 年實現成長的目標，因為這些工具將會有所幫助。這些都完全符合我們兩年前在紐約向你們提出的目標，大約 3% 的成長率和達到 7.5 億美元的收入。

Okay. Thierry and Roland, thank you very much. And with that, I'd like to close this conference call. And again, thank you for your participation. If you have any questions or comments, please don't hesitate to reach out to us.

好的。蒂埃里和羅蘭，非常感謝你們。至此，我想結束本次電話會議。再次感謝您的參與。如果您有任何疑問或意見，請隨時與我們聯繫。

Thank you.

謝謝。

Ladies and gentlemen, this concludes the conference call. Thank you for joining, and have a pleasant day. Goodbye.

女士們、先生們，本次電話會議到此結束。感謝您的參與，祝您有個愉快的一天。再見。