A month has gone by since the last earnings report for Qiagen (QGEN Quick QuoteQGEN - Free Report) . Shares have added about 5.1% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Qiagen due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

QIAGEN Tops Q2 Earnings & Revenue Estimates

QIAGEN N.V. reported second-quarter 2026 adjusted earnings of 62 cents per share, up 3.3% year over year and 3.3% above the consensus estimate.

The adjustment excludes the impact of certain non-recurring items, such as business integration, acquisition and restructuring-related expenses, purchased intangible amortization expenses, non-cash other income and certain income tax items, among others. On a GAAP basis, earnings were 50 cents per share, compared with 44 cents in the year-ago period.

Net sales of $535 million increased 0.3% from the prior-year quarter and topped the consensus mark by 1.4%.

QGEN’s Q2 Revenue Breakdown

QIAGEN reports revenues across Sample technologies, Diagnostic solutions, PCR / Nucleic acid amplification, Genomics / NGS and Other.

Sample technologies revenues were up 9% on a reported basis and at CER to $182 million. Excluding contributions from the Parse acquisition, revenues increased 3% at CER.

Diagnostic solutions revenues declined 1% on a reported basis (down 2% at CER) to $204 million. Within this, QuantiFERON revenues increased 1% at CER, while QIAstat-Dx revenues fell 7% at CER. Other revenues were unchanged at CER.

PCR / Nucleic acid amplification revenues decreased 7% on a reported basis (down 8% at CER) to $74 million. QIAcuity delivered double-digit CER growth, driven by strong consumables demand, but this was more than offset by weaker OEM demand and lower sales of other PCR products.

Genomics / NGS revenues were $61 million, up 3% year over year on a reported basis and 2% at CER. QIAGEN Digital Insights delivered good single-digit CER growth, while universal NGS panels used on third-party sequencers grew more than 20% at CER.

Other revenues were $15 million, down 34% year over year on both a reported basis and at CER.

Q2 Operational Update

In the second quarter, the company’s cost of sales, excluding acquisition-related intangible amortization, decreased 2.1% year over year to $182 million. Adjusted gross profit was $354.3 million. The adjusted gross margin contracted 50 basis points (bps) year over year to 66.2%, mainly due to changes in product mix.

Sales and marketing expenses decreased 1.2% year over year to $116.7 million. Research and development expenses of $50.4 million increased 5.6% year over year, reflecting investments in the growth pillars and Parse acquisition. G&A expenses declined 1.8% year over year to $30.1 million.

Adjusted operating income, which excludes business integration, acquisition and restructuring-related items and purchased intangible amortization, declined 2% year over year to $157.1 million. The adjusted operating margin contracted 50 bps to 29.4%.

Financial Update

QIAGEN exited the second quarter of 2026 with combined cash, cash equivalents and short-term investments of $793.5 million compared with cash and cash equivalents of $646.3 million at the end of the first quarter.

Cumulative net cash provided by operating activities was $301 million in the first half of 2026, nearly unchanged from the year-ago period.

QIAGEN Reaffirms 2026 Outlook

QIAGEN reaffirmed its 2026 outlook for net sales growth of about 1-2% CER and adjusted earnings of at least $2.43 per share at CER. Management expects second-half CER sales growth of about 3-4%, compared with a 1% decline in the first half.

For the third quarter, QGEN expects net sales growth of about 1-2% CER and adjusted earnings of at least 62 cents per share at CER.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in fresh estimates.

VGM Scores

At this time, Qiagen has a average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Qiagen has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Qiagen belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, ImmunityBio (IBRX Quick QuoteIBRX - Free Report) , has gained 11.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

ImmunityBio reported revenues of $51.24 million in the last reported quarter, representing a year-over-year change of +93.9%. EPS of -$0.08 for the same period compares with -$0.10 a year ago.

For the current quarter, ImmunityBio is expected to post a loss of $0.08 per share, indicating a change of -14.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

ImmunityBio has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.