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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
or
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from           to            
or
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report
Commission File Number 001-38332
QIAGEN_Logo.jpg
QIAGEN N.V.
(Exact name of Registrant as specified in its charter)
n/a
(Translation of Registrant’s name in English)
The Netherlands
(Jurisdiction of incorporation or organization)
Hulsterweg 82
5912 PL Venlo
The Netherlands
011-31-77-355-6600
(Address of principal executive offices)
_____________________________________________
Roland Sackers, Tel: 011-31-77-355-6600, Fax: 011-31-77-355-6658
QIAGEN N.V., Hulsterweg 82, 5912 PL Venlo, The Netherlands
                                                                                                                                                                                                         
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
_____________________________________________
 Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of class:
Trading Symbol
Name of each exchange on which registered:
Common Shares, par value EUR 0.01 per share
QGEN
New York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
 _____________________________________________
The number of outstanding Common Shares as of December 31, 2023 was 228,202,755.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☒  Yes    ☐  No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.    ☐  Yes    ☒  No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See
definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ☒            Accelerated filer  ☐            Non-accelerated filer  ☐           Emerging Growth Company  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to
use the extended transition period for complying with any new or revised financial accounting standards* provided pursuant to Section 13(a) of the Exchange
Act. 
* The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effective of its internal control over
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
audit report.    
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing
reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by
any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
International Financial Reporting Standards as issued by the International Accounting Standards
Board
Other
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:
     Item 17     Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    ☒  No 
Unless the context otherwise requires, references herein to “we,” “us,” “our,” the “Company” or to “QIAGEN” are to QIAGEN N.V. and its consolidated
subsidiaries. Totals within tables presented in U.S. dollar millions may contain rounding differences.
_____________________________________________
EXCHANGE RATES
QIAGEN publishes its financial statements in U.S. dollars. In this Annual Report on Form 20-F, references to “dollars” or “$” are to U.S. dollars, references to
CHF are to the Swiss franc, and references to “EUR”, the “euro” or “€” are to the European Monetary Union euro. Except as otherwise stated herein, all
monetary amounts in this Annual Report on Form 20-F have been presented in U.S. dollars.
The exchange rate used for the euro was obtained from the European Central Bank and is based on the daily concertation procedure between central banks
across Europe, which normally takes place around 2:10 P.M. Central European Time. This rate at March 7, 2024 was $1.0895 per €1.
For information regarding the effects of currency fluctuations on our results, see "Operating and Financial Review."
TRADEMARKS
We have proprietary rights to trademarks, trade names and service marks used in this Annual Report on Form 20-F that are important to our business, many of
which are registered under applicable intellectual property laws. Solely for convenience, trademarks, trade names and service marks referred to in this Annual
Report on Form 20-F may appear without the “®” or “™” symbols, but such references are not intended to indicate, in any way, that we will not assert, to the
fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names and service marks. We do not
intend our use or display of other companies’ trademarks, trade names or service marks to imply a relationship with, or endorsement or sponsorship of us by,
any other companies. Each trademark, trade name or service mark of any other company appearing in this Annual Report on Form 20-F is the property of its
respective holder.
Qiagen_20-F_2023_Cover_US-letter.jpg
Table of Contents
Common Shares
Market Environment
Despite concerns over inflation, rising interest rates, and increasing geopolitical
tensions around the world, various stock markets defied expectations in 2023
and posted gains during very volatile conditions for the year.
This rally, however, was dominated by a select group of stocks as many others
were held back by fears of recession and higher interest rates.
All three major U.S. indices ended 2023 with gains, making up for losses in
2022. The Dow Jones Industrial Average was up 14% and the S&P 500
returned 24%. Mega-cap tech companies made the biggest comeback,
reflected in the 54% rise in the NASDAQ 100 Index.
In Germany, the blue-chip DAX-40 Index (QIAGEN is a member) rose 20%,
while the TecDAX Index of top technology companies (QIAGEN is also a
member) closed up 14% for the year. This overall performance reflects the
impact on valuations due to inflation in tandem with the continued economic
recovery following the COVID-19 pandemic.
Global Shares listed in the U.S. and Europe
QIAGEN Global Shares have been registered and traded in the United States
since 1996 and are traded on the New York Stock Exchange (NYSE).
These Shares have also traded in Germany on the Frankfurt Stock Exchange
since 1997, and the Prime Standard segment since its launch in 2003, where
shares are traded on the XETRA electronic trading platform as well as on the
Frankfurt Börse involving floor trading.
The dual listing on the NYSE and the Frankfurt exchange offers advantages for
QIAGEN, our shareholders and employees. The presence in both markets
enhances liquidity, and increases the opportunity to attract investors,
particularly those in the U.S. restricted to only holding in U.S. dollar-
denominated investments. Unlike American Depositary Receipts (ADRs),
QIAGEN’s global shares provide equal rights for all shareholders and can be
traded on either exchange, in U.S. dollars or euros.
Share Price and Liquidity
QIAGEN’s share price fared relatively well in 2023 as the life sciences and
diagnostic industry continued to reset business conditions following significant
gains during the COVID-19 pandemic, ending the year with a 13% decline to
$43.43 on the NYSE, and a 16% decline to EUR 39.40 on the Frankfurt Stock
Exchange (XETRA).
Our shares continued to offer high liquidity, with average daily trading volume
of approximately 1.5 million in 2023 - around 1.0 million in the U.S., and 0.5
million in Germany.
As of December 31, 2023, the free float, which affects weighting of QIAGEN
shares in various indices, was approximately 99%.
Shareholder Structure
QIAGEN has a global investor base comprised of more than 600 identified
institutional investors, with approximately 46% in North America, 50% in
Europe, and the remaining shares held in the rest of the world. Members of the
Managing Board and the Supervisory Board, in total, owned less than 1% of
QIAGEN’s outstanding common shares at the end of 2023.
Market Capitalization
2023
Year-end market capitalization (in $ million)
9,911
Year-end market capitalization (in € million)
8,991
2982
2983
Annual Shareholder Meeting
At the Annual General Meeting on June 22, 2023, in Venlo, the Netherlands,
shareholders gave overwhelming approval to all agenda items. Shareholders
present or represented at the meeting held approximately 158.7 million shares,
or 69% of QIAGEN’s approximately 230.8 million issued shares as of the
record date for the meeting. Details of attendance and voting results are
available at corporate.QIAGEN.com.
Investor Relations and Shareholder Engagement
QIAGEN is committed to offering shareholders, analysts and communities
around the world transparent, comprehensive and readily accessible
information on our performance, strategy and future prospects, as well as our
vision and mission. Interactions included individual calls, roadshows and
attendance at broker-sponsored investor conferences.
These efforts were acknowledged in the annual “Institutional Investor”
magazine survey of investors, with the QIAGEN Investor Relations team being
recognized as the top team in the EMEA region within the Medtech industry,
and among the top five in the Healthcare sector.
QIAGEN Share Price Development and Average Trading Volume -
NYSE 2023
2023
Year-end price
$43.43
High
$51.18
Low
$34.74
Average daily trading volume (in million shares)
1.02
4153
QIAGEN Share Indices and Historic Prices - NYSE
On January 10, 2018, our Shares began trading on the New York Stock
Exchange (NYSE) under the symbol QGEN. Prior to the transition to the NYSE,
our Common Shares were traded on NASDAQ since the IPO (Initial Public
Offering) in 1996 under the same QGEN ticker.
The following tables set forth the annual high and low sale prices for the last
five years, the quarterly high and low sale prices for the last two years, and the
monthly high and low sale prices for the last six months on the NYSE.
QIAGEN Historical Share Price History - NYSE
High ($)
Low ($)
Annual:
2019
43.16
25.04
2020
55.27
32.97
2021
59.00
45.58
2022
55.12
40.38
2023
51.18
34.74
High ($)
Low ($)
Quarterly 2022:
First Quarter
55.12
41.32
Second Quarter
50.38
42.44
Third Quarter
50.51
40.49
Fourth Quarter
51.05
40.38
Quarterly 2023:
First Quarter
51.18
45.08
Second Quarter
46.99
43.80
Third Quarter
47.70
38.98
Fourth Quarter
43.73
34.74
Quarterly 2024:
First Quarter (through March 7)
45.87
42.17
 
High ($)
Low ($)
Monthly:
October 2023
40.65
34.74
November 2023
41.48
37.14
December 2023
43.73
40.78
January 2024
45.87
42.73
February 2024
45.38
42.17
March 2024 (through March 7)
44.65
42.60
QIAGEN Share Price Development and Average Trading Volume -
Germany Frankfurt Stock Exchange (XETRA) 2023
2023
Year-end price
€39.40
High
€48.36
Low
€32.74
Average daily trading volume (in million shares)
0.51
QIAGEN N.V. | Financial Report 2023
Page 10
Overview
4855
QIAGEN N.V. | Financial Report 2023
Page 11
Overview
QIAGEN Share Indices and Historic Prices - Germany
Our Shares have been traded on the Frankfurt Stock Exchange since a
secondary IPO in September 1997 under the symbol QIA. QIAGEN joined the
blue-chip DAX-40 Index in September 2021, a recognition of our ranking
among the top publicly-traded companies in Germany based on market
capitalization.
The following table sets forth the annual high and low sale prices for the last
five years, the quarterly high and low sale prices for the last two years, and the
monthly high and low sale prices for the last six months on the Prime Standard.
QIAGEN Historical Share Price History - Germany
High (€)
Low (€)
Annual:
2019
39.19
22.54
2020
46.95
29.55
2021
51.56
37.38
2022
49.37
37.95
2023
48.36
32.74
 
High (€)
Low (€)
Quarterly 2022:
First Quarter
49.34
37.95
Second Quarter
46.03
39.94
Third Quarter
49.37
41.32
Fourth Quarter
48.26
41.62
Quarterly 2023:
First Quarter
48.36
41.57
Second Quarter
43.47
39.62
Third Quarter
43.39
36.73
Fourth Quarter
40.07
32.74
Quarterly 2024:
First Quarter (through March 7)
42.19
38.83
High (€)
Low (€)
Monthly:
October 2023
38.64
32.74
November 2023
37.83
35.09
December 2023
40.07
37.46
January 2024
42.10
38.83
February 2024
42.19
39.07
March 2024 (through March 7)
41.05
39.32
QIAGEN N.V. | Financial Report 2023
Page 12
Overview
Business and Operating Environment
Company Overview
QIAGEN is a leading global provider of Sample to Insight solutions that enable
customers to gain valuable molecular insights from any biological sample. Our
sample technologies isolate and process deoxyribonucleic acid (DNA),
ribonucleic acid (RNA) and proteins – the building blocks of life – from blood,
tissue and other materials. Assay technologies make these biomolecules visible
and ready for analysis using a range of technologies. Bioinformatics software
and knowledge bases are used to interpret complex genomic data sets to
provide relevant, actionable insights. Instruments and automation solutions are
used to tie together these products into seamless and cost-effective workflows.
We provide solutions to more than 500,000 customers around the world in
Molecular Diagnostics (human healthcare) and Life Sciences (academic
research, pharma and biotech companies, and applied applications such as
human identification / forensics and food safety). As of December 31, 2023,
we employed approximately 6,000 people in more than 35 locations
worldwide.
QIAGEN was founded in 1984 and began operations in 1986 as a pioneer in
the emerging biotechnology sector with a revolutionary method that
standardized and accelerated the extraction and purification of nucleic acids
from biological samples, which means any material containing DNA, RNA or
proteins. As molecular biology and genomic knowledge has grown to influence
many areas of daily life, we have expanded to serve the full spectrum of market
needs, developing new instruments, consumables and digital solutions;
partnering with researchers and pharmaceutical companies, and acquiring
companies and technologies that best complement our portfolio. We believe
the addressable global market for our portfolio totals more than $11 billion.
We continue to accelerate our portfolio growth and increase our efficiency and
effectiveness while also enhancing our customer experience, our corporate
citizenship, and our position as an employer of choice. Our growth strategy is
anchored in our Five Pillars of Growth: sample technologies, the digital PCR
(Polymerase Chain Reaction) platform QIAcuity, the clinical PCR automation
solutions QIAstat-Dx and NeuMoDx and the QuantiFERON technology platform
used to detect medical conditions such as latent tuberculosis. Our growth has
been funded through internally generated funds, as well as debt offerings and
the public sales of equity securities. Our global shares are listed on the New
York Stock Exchange under the ticker symbol QGEN and on the Frankfurt Stock
Exchange as QIA.
QIAGEN N.V. is the holding company for more than 50 consolidated
subsidiaries, many of which have the primary function of distributing our
products and services on a regional basis. Certain subsidiaries also have
research and development or production activities. The Company is registered
under its commercial and legal name QIAGEN N.V. with the trade register
(kamer van koophandel) of the Dutch region Limburg Noord under file number
12036979. QIAGEN N.V. is incorporated under Dutch law as a public limited
liability company (naamloze vennootschap) and is organized as a holding
company. Our principal executive office is located at Hulsterweg 82, 5912 PL
Venlo, The Netherlands, and our telephone number is +31-77-355-6600.
Further information on QIAGEN can be found at www.qiagen.com. The
U.S. Securities Exchange Commission (SEC) website at www.sec.gov
contains reports, proxy and information statements, and other information
regarding issuers that file electronically with the SEC. Information contained in,
or that can be accessed through, our website is not a part of, and shall not be
incorporated by reference into, this Annual Report. We have included our
website address in this document solely as an inactive textual reference.
Operating Environment
Economic Environment
The global economy grew by approximately 2.9% in 2023, slightly below the
3.1% growth rate recorded for 2022, marking it one of the more modest
annual growth performances of the last 20 years. This soft growth trajectory
can be attributed to ongoing inflationary pressures and the complex unwinding
of post-pandemic economic disruptions. Central banks around the world
continued to walk a fine line of monetary tightening, adjusting interest rates to
curb inflation while trying to mitigate impacts on national economies. The U.S.
QIAGEN N.V. | Financial Report 2023
Page 13
Management Report
Dollar Index, after seeing volatility in 2022, maintained a relatively stable
performance throughout 2023, with minor fluctuations reflecting ongoing
economic uncertainties.
Industry Environment
Life Sciences and Molecular Diagnostics faced diverging trends in 2023 - there
was growth in areas that had been adversely affected by the pandemic
lockdowns, but another significant drop in demand for COVID-19 testing and
surveillance products compared with the peak level in 2021. The pandemic
had led to significant growth in the installed base of instruments, and
competitors were now seeking to expand this base to other applications in Life
Sciences and Molecular Diagnostics. Although numerous smaller companies
have emerged in recent years, larger companies such as QIAGEN boast the
crucial advantage of better global distribution and production capacity, as well
as brand recognition and credibility.
The addressable Life Sciences and Molecular Diagnostics industry segments
generate an estimated $11billion of annual sales, and are expected to
maintain a healthy rate of single-digit sales growth in the coming years. Key
growth drivers include continued research funding to advance our
understanding of biology, as well as consistently strong medical demand for
molecular clinical testing.
QIAGEN Products
Our leadership in molecular research and testing solutions leverages our
product portfolio across a wide range of applications. These are grouped into
two main categories:
Consumables and related revenues involve our consumables kits,
bioinformatics solutions, royalties, co-development milestone payments and
services (88% of total net sales in 2023); and
Instruments and related services and contracts (12% of total net sales in
2023).
QIAGEN Product Groups
Sample Technologies
Sample Technologies is the first of our Five Pillars of Growth and includes
products involved in the first step of any molecular lab process.
QIAGEN N.V. | Financial Report 2023
Page 14
Management Report
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Our broad portfolio of Sample technologies includes consumables and
instruments used in sample collection, stabilization, storage, purification and
quality control. Some of our consumables are designed to run on our
instruments, while others are universal kits designed for use with any molecular-
testing platform. These products are used in research and applied testing
(forensics / human identification and food safety) laboratories as well as
clinical testing.
QIAGEN N.V. | Financial Report 2023
Page 15
Management Report
Applications
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Cloning
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qPCR / dPCR
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DNA
amplification
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Sequencing 
/ NGS
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Arrays
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Liquid biopsy
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Gene editing
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Microbiome
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Epigenetics
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Gene silencing
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Cellular
analytics
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Proteomics
Input demands
Processing
Target analytes
Low / high-volume
Manual
Genomic DNA
Low-quantity
Plasmid DNA
Tubes / plates
cfDNA
Input demands
Low-quantity
Automated
mRNA, rRNA
High-quantity
Low-to
miRNA
Tubes / plates
High-throughput
Proteins
Circ. Tumor cells
Selected biological samples
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Tissue
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Stool
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Cells
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Saliva
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Blood
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Other body
fluids
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Serum
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Bone
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Plasma
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Plants
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Urine
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Soil
Sample technologies
Selected QIAGEN brands
Primary Sample technology consumables
Nucleic acid stabilization and purification kits designed for primary sample materials (DNA, RNA),
manual and automated processing for genotyping, gene expression, viral and bacterial analysis
Mainly based on silica membrane and magnetic bead technologies
QIAamp
PAXgene
AllPrep
DNeasy
AdnaTest
QIAprep&amp
RNeasy
MagAttract
Secondary Sample technology consumables
Kits and components for purification of nucleic acids from secondary sample materials (e.g., gel,
plasmid DNA)
QIAprep
QIAGEN Plasmid
HiSpeed
QIAquick
QIAfilter
EndoFree
DyeEx
Sample technology instruments
Instruments for nucleic acid purification, quality control and accessories
QIAsymphony
EZ1 Advanced XL
TissueLyser III
QIAcube Connect
EZ2 Connect MDx
QIAxpert
QIAcube HT
QIAxcel Connect
QIAcube Connect
MDx
Diagnostic Solutions
Diagnostic solutions include our molecular testing platforms and consumables
covering three of our Pillars of Growth, which are QuantiFERON, QIAstat-Dx
and NeuMoDx, as well as Precision Diagnostics which involves companion
diagnostic co-development revenues from projects with pharmaceutical
companies, regulated assays and solutions for laboratory developed tests.
Additional areas include Oncology and Sexual & Reproductive Health for
detection of various diseases and for other laboratory processes.
Diagnostic solutions
Selected QIAGEN brands
Immune response consumables
Interferon-Gamma Release Assay (IGRA) for latent TB testing
Assays for post-transplant testing, viral load monitoring, assessment of T-Cell response to COVID-19
QuantiFERON
Oncology and Sexual & Reproductive health consumables
Assays for analysis of genomic variants such as mutations, insertions, deletions and fusions
Assays for prenatal testing and detection of sexually transmitted diseases and HPV
therascreen
AmniSure / PartoSure
ipsogen
digene HC2
Sample to Insight instruments and dedicated assays
One-step molecular analysis of hard-to-diagnose syndromes
Fully integrated PCR testing
QIAstat-Dx
QIAstat-Dx Rise
NeuMoDx
QIAGEN N.V. | Financial Report 2023
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Management Report
PCR / Nucleic Acid Amplification
PCR / Nucleic Acid Amplification involves our research and applied PCR
solutions and components. The product group includes another of our Five
Pillars of Growth: QIAcuity. We offer optimized solutions for end-point PCR,
quantitative PCR and digital PCR. Our kits, assays, instruments and accessories
amplify and detect targets and streamline workflow for virtually any
application.
PCR/Nucleic acid amplification
Selected QIAGEN brands
Research PCR consumables
Different generations of PCR, quantitative PCR, reverse transcription and combinations (RT-PCR) kits
for analysis of gene expression, genotyping and gene regulation, running on QIAGEN or third-party
instruments and technologies
QuantiTect
OneStep RT-PCR
Type-it
OmniScript
QuantiFast
QIAGEN Multiplex
miRCURY LNA
miScript
QuantiNova
HotStarTaq
TopTaq
Human ID / Forensics assay consumables
STR assays for Human ID, additional assays for food contamination
Investigator (human
ID / forensics)
mericon (food safety)
PCR instruments
Digital PCR solutions
qPCR solutions
QIAcuity
Rotor-Gene Q
QIAquant
QIAgility
OEM consumables
Custom-developed and configured enzymes and PCR solutions that are sold to OEM customers
Provided on an individualized contract basis
Genomics / NGS
This product group includes our universal NGS (next-generation sequencing)
solutions for use with any NGS sequencer as well as the full bioinformatics
portfolio offered by QIAGEN Digital Insights.
QIAGEN N.V. | Financial Report 2023
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Management Report
Genomics / NGS
Selected QIAGEN brands
Universal NGS consumables
Predefined and custom NGS gene panels (DNA, RNA), library prep kits and components,
whole genome amplification, etc.
Sequence-based assays for forensic genetic genealogy
QIAseq
REPLI-g Epitect
ForenSeq Kintelligence
QIAGEN Digital Insights solutions
Bioinformatics solutions analyze and interpret data to deliver actionable insights from
NGS. This includes freestanding software or cloud-based solutions and is also integrated
into many QIAGEN consumables and instruments
QIAGEN Clinical Insight
QCI Interpret One
Ingenuity Variant Analysis
CLC Genomics Workbench
OmicSoft
Ingenuity Pathway Analysis
QIAGEN Knowledge Base
HGMD
Custom laboratory and genomic services
Custom services such as DNA sequencing, whole genome amplification, and non-cGMP
DNA production
Provided on an individualized contract basis
Other
Revenues from various sources including protein biology products, royalties,
intellectual property and freight charges.
Principal Markets
We sell our products to more than 500,000 customers in two broad customer
groups: Molecular Diagnostics (clinical testing) and Life Sciences (academia,
pharmaceutical R&D and applied testing). Sales to these groups were as
follows:
Net sales (in millions)
2023
2022
2021