Company registration number 02858916 (England and Wales)
QIAGEN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
QIAGEN LIMITED
COMPANY INFORMATION
Directors
R Sackers
A D Critchley
Secretary
P J Birch
Company number
02858916
Registered office
Citylabs 2.0
Hathersage Road
Manchester
M13 0BH
Auditor
Alexander & Co LLP
Centurion House
129 Deansgate
Manchester
M3 3WR
Bankers
JPMorgan Chase Bank
1 Chaseside
Bournemouth
BH7 7DA
QIAGEN LIMITED
CONTENTS
Page
Directors' report
1 - 2
Strategic report
3 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
QIAGEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023. These financial statements have been prepared in accordance with applicable United Kingdom accounting standards including Financial Reporting Standard 102 (FRS 102).
Results and dividends
The profit for the year after taxation amounted to £4,201,561 (2022 - £3,048,707). In the year under review, turnover increased by 0.03% (2022 - decreased by 1%) on the previous year, gross profit margins increased to 33.2% (2022 - 31.5%), and the pre-tax profit was £4,854,820 (2022 - £3,166,850).
An interim dividend of £nil was paid during the year (2022 - £nil). The directors do not recommend a final dividend (2022 - £nil).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who served the company during the year and to the date of the approval of these financial statements were as follows:
R Sackers
A D Critchley
Directors' responsibilities statement
The directors are responsible for preparing the directors' report, strategic report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors' qualifying third party indemnity provisions
The company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.
QIAGEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Energy and carbon report
The company has gathered data regarding scope one and two carbon emissions (as defined by the GHG Protocol) for the financial year spanning 1st January 2023 to 31st December 2023 from its UK operations for inclusion in company reporting (2022-2023) as defined by the requirements of the Streamlined Energy and Carbon Reporting (SECR) legislation.
2023
2022
Change
Annual greenhouse gas ('GHG') emissions
metric tonnes
metric tonnes
Combustion of fuel and operation of facilities (Scope 1)
26.0
27.2
-4.48%
Electricity, heat steam and coooling purchased for own use (Scope 2)
-
-
Other indirect emissions (Scope 3)
-
-
Total gross emissions
26.0
27.2
-4.48%
GHGs Intensity Measure
Employees
130
126
3.17%
Intensity rate
0.1998
0.2158
-7.42%
Methodology
GHG Protocol
GHG Protocol
The combined scope one and two carbon emissions for the period were recorded at 26.0 TCO2e. This is a decrease of 4.48% over the previous period.
Disclosure of information to the auditors
The directors confirm that:
Matters covered in the strategic report
In accordance with s414C (ii) of the Companies Act, the company has chosen to include information in respect of its financial risk management and objectives and policies, exposure to risk and future developments in the strategic report. This information would otherwise be required by Schedule 7 of the 'Large and Medium Sized Companies and Group (Accounts and Reports) Regulation 2008' to be contained in the directors' report.
Auditor
A resolution to reappoint Alexander & Co LLP as auditors in accordance with section 485 of the Companies Act 2006 will be put to the members at the annual general meeting.
This report was approved by the Board and signed on its behalf
A D Critchley
Director
23 September 2024
QIAGEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present the strategic report for the year ended 31 December 2023.
Principal activities and review of the business
The principal activity of the company remains the import, distribution and sale of medical research and diagnostic kits and related laboratory instruments. QIAGEN’s products allow customers to create breakthroughs in life science research, to develop innovative therapies and enhance success in the pharmaceutical industry, and make improvements in routine applications in human molecular diagnostics and applied testing, including veterinary and forensics.
The company has considerable financial resources and as a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.
The directors believe that effective controls have been established and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
In the accounting year ended 31 December 2023 the company’s sales, its key performance indicator, increased by 0.03%. Gross profit margin increased to 33.2% (2022 – 31.5%). The company continues to follow a sales strategy of lead instrumentation with an increased sales discount so as to secure a strong client base for the future and higher profit consumable sales in both core life science and healthcare-related sectors.
There are not considered to be any non-financial key performance indicators that require disclosure.
Future developments
As we look at 2024 and beyond, there is outstanding performance in our non-COVID product groups and show solid trends for our core business. We are seeing very positive growth in these product groups, which are the highest priority of our teams as we seek to expand on these. We anticipate ongoing strong demand in these product groups throughout 2024 and beyond.
Principal risks and uncertainties
The company has identified the principal risks that it faces as:
Competitive risks
The competitive business landscape for the company for 2024 and beyond is limited because of the broad portfolio of products that the company sells that is not replicated by any other single supplier. If the company were to be pressured in one particular area of the business, QIAGEN has several other areas of business and markets to serve which are distinct and well segmented.
Pricing
Historically looking across all markets in the UK, all suppliers increase list prices at a rate equal to or just in excess of annual inflation rates. With inflation at 3.8% (March 2024), future rises are expected to track in line with CPI. QIAGEN products are seen by the market, and actively promoted by the company, as premium priced products. There is strong acceptance of this policy by the customers based on innovation and consistency of supply and quality.
Discounting
The average growth in real market terms, of the markets the company serves is seen at 4.8%. Combined with the company's policy to promote premium pricing for the quality product ranges, QIAGEN has been able to resist growing pressure from the markets for discounting. But, it can be seen that the trend is for discounting to increase and market influences (centralised and combined procurement departments in universities and hospitals) are now evident, however we believe within Life Sciences we can control discounting levels and reduce pricing leakage. Within clinical laboratory settings, the increasing use of reagent rental models further secures the revenue stream from installed instruments and the company focus on key account management and contract management reduces risk of customer turnover.
QIAGEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Patent protection
A large proportion of QIAGEN products are covered by patents with long life spans, resulting in a low competitive threat.
Governmental
In the 2017 Industrial Strategy, the UK Government set a target of spending 2.4% of GDP on R&D by 2027 (through both public and private investments) and committed to increase this to 3% in the longer-term. Such policies support the QIAGEN market place and play into company abilities to enable the continuum from medical research translated to the clinic.
Government health-associated funding of cancer treatments, diagnostic testing and health protection also continues to provide a favourable environment whereby the NHS role linking with academia and industry in the Life Science Ecosystem is apparent as it integrates and adopts new treatments and diagnostics. Again, the company is well positioned to benefit from the connections between research and health.
Charitable
The charitable industry’s revenue declined at a compound annual rate of 4.2% over the five years through to 2022. Weak consumer confidence and disposable incomes have contributed to a deterioration in voluntary donations. EU granted funding has been gradually reduced following the EU referendum in 2016-17. Over the next five years, the industry is expected to continue being hampered by hindered confidence impacted by inflation levels. However, the return of large-scale fundraising events and confidence throughout the economy is forecast to lead to revenue growing over the next five-year period. The number of charities operating in the industry is anticipated to rise as employment figures grow and disposable incomes improve, leading to more donations from the public. With an increased focus into the prevention, detection and research of cancer. This is a core market for QIAGEN and funding is predicted in key health-related research areas.
Industrial
The funding in this market area is at the mercy of the performance of the individual company in their own market or that of a national stock market. The biggest areas of business here are represented by the pharmaceutical industries and with tight funding and continued consolidation of research, opportunities for dramatic growth may be reduced. However, the pharmaceutical focus on novel technologies to improve drug and vaccine discovery and development, along with optimistic outlooks for the success of companion diagnostics/personalised healthcare, QIAGEN is well placed to win new business with distinct and innovative products.
Regulatory risks
The company has minimal hazardous goods and complies with the regulatory framework governing the movement of these. Staff are trained on a continual basis in any changes in this regulatory framework.
Financial instruments risks
The company’s operations expose it to a variety of financial risks that include liquidity risks, credit risks, interest rate risks and currency risks. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risks management to a sub-committee of the board. The policies set by the board of directors are implemented by the company’s finance department.
Credit risks
There is a risk of financial loss to the company arising from the failure of the company’s customers to meet their financial obligations for the services provided by the company. The company manages this situation through credit control procedures and management are of the view that the risk is at an acceptable level. The majority of customers are NHS trusts, universities and other public bodies which minimises credit risk exposure.
Liquidity and cashflow risks
The company retains sufficient cash to ensure it has sufficient funds available for operations. The company can also rely on the financial funds of the QIAGEN Group. This facility aids the company to manage the cash flow fluctuations.
Interest rate risk
The company has cash balances which earn interest at a variable rate. The directors consider the interest rate risk in respect of these cash balances is at an acceptable level and that no hedging of interest rates is necessary due to the predominance of intercompany invoicing in sterling and short settlement periods.
QIAGEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Currency risks
The company faces minimal currency risks as the majority of its purchases are from group companies and all transactions are denominated in sterling.
Section 172 (1) Statement
Section 172 of the Companies Act 2006 states that a director of a company must act in the way it considers, in good faith, would be the most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:
a) The likely consequences of any decision in the long term;
b) The interests of the company's employees;
c) The need to foster the company's business relationships with suppliers, customers and others;
d) The impact of the company's operations on the community and the environment;
e) The desirability of the company maintaining a reputation for high standards of business conduct; and
f) The need to act fairly between members of the company.
The following summarises how the company's board fulfils its duties under Section 172.
The likely consequences of any decision in the long term
The company’s strategy is to maximise profits and shareholder returns and to retain funds for future expansion by focusing on the products, channels and customers we work with.
To achieve this, it must set realistic objectives for the short, medium and long term. The consequences of any decision are balanced carefully by considering the cashflow impact of these decisions on the working capital headroom of the company and by ensuring that the forecast profit and return on capital employed are both realistic and achievable.
Our strategy is based upon maintaining best practice by keeping processes simple, straight-forward and aligned throughout our business in order to create improvements in business operations both internally and with all stakeholders with whom we do business.
However, it is very important for the company to be flexible in order to adapt and engage with change to prepare for the future.
The interests of the company's employees
The company is proud of our exceptional customer service which can be consistently delivered by attracting, motivating, training and retaining the very best team members.
The company’s employees are key to the success of the business; and the health, safety and wellbeing of our employees is one of the principal considerations in the way in which we do business.
The company promotes a culture of working hard to strive for the best possible outcomes, working alongside its employees in order to achieve this. The company works closely with medical professionals, relevant trade associations and regulatory bodies in order to ensure that employees receive regular training and coaching in order to ensure they can undertake their roles to the best of their ability and in a way that aligns to the company’s strategy. The company’s approach to pay and benefits gives employees the opportunity to share in the company’s success.
The need to foster the business' relationships with suppliers, customers and others
Stakeholder engagement is very important to the company and it is fully committed to maintaining, developing and investing in its relationships with all key stakeholders.
The company’s relationships with its key suppliers is seen as being a collaborative partnership in which both parties engage effectively and work constructively on a day-to-day basis in order to deliver success.
The company is a member of the British In Vitro Diagnostics Association (BIVDA) in order to provide and receive representations of best practice and help formulate future strategy.
The company’s strategy is based on sustainable relationships with our customers and ensure it is driving customer loyalty to the QIAGEN brand. This is achieved by focusing on the customer mindset in order to deliver the best possible experience throughout the customer journey.
QIAGEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
The impact of the company's operations on the community and the environment
The company understands the importance of ensuring that its operations impact the community in a positive manner.
The company seeks to minimise its carbon footprint and works collaboratively with consultants in order to promote the efficient use of energy across its operations. There is increased usage of hybrid vehicles for company activities and the sharing of office space with other QIAGEN entities in order to minimise its carbon footprint.
The company participates in community activities supporting a range of charities.
The desirability of the company maintaining a reputation for high standards of business conduct
The company conducts business with integrity and enthusiasm applying the sample to insight solutions thinking in day to day business activities.
The company complies with all applicable laws and regulations
The need to act fairly between members of the company
Our culture is characterised by clear responsibility, mutual respect and trust. Lawful conduct and fair competition are integral to our business activities and for maintaining a reputation for high standards of business conduct, securing long term success. We are focused on people, with customers being at the heart of our business. We embrace diversity, flexibility, sustainability and continuous improvement throughout the company. It has a customer centric philosophy with transparent, fair and simple processes. The board and senior management have taken steps to drive cultural change and to ensure corporate strategy and customer orientation principles are embraced across the organisation.
This report was approved by the Board and signed on its behalf
A D Critchley
Director
23 September 2024
QIAGEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QIAGEN LIMITED
- 7 -
Opinion
We have audited the financial statements of QIAGEN Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
QIAGEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QIAGEN LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Capability of the audit in detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the company operates in. We considered the extent to which non-compliance might have a material effect on the financial statements. The key laws and regulations we considered in this context included UK Companies Act 2006, employment law, health and safety, sector specific regulatory compliance and tax legislation.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results and potential management bias in accounting estimates.
QIAGEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QIAGEN LIMITED
- 9 -
As a result of the above, our audit procedures performed included:
Discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulation and fraud.
Agreeing financial statements disclosures to underlying supporting documentation and assessing compliance with relevant laws and regulations.
Testing the appropriateness of journal entries and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK).
We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of QIAGEN Limited.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Jolley (Senior Statutory Auditor)
For and on behalf of Alexander & Co LLP
23 September 2024
Chartered Accountants
Statutory Auditor
Centurion House
129 Deansgate
Manchester
M3 3WR
QIAGEN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
63,880,685
63,862,156
Cost of sales
(42,672,624)
(43,726,693)
Gross profit
21,208,061
20,135,463
Selling and marketing costs
(13,811,906)
(14,467,593)
Administrative expenses
(3,129,825)
(2,603,408)
Operating profit
4
4,266,330
3,064,462
Interest receivable / (payable)
7
588,490
102,388
Profit on ordinary activities before taxation
4,854,820
3,166,850
Tax on profit on ordinary activities
8
(653,259)
(118,143)
Profit and total comprehensive income for the financial year
4,201,561
3,048,707
There was no other comprehensive income for 2023 (2022 - £nil).
The accompanying notes form part of these financial statements.
QIAGEN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,077,269
1,630,723
Current assets
Stocks
11
1,156,274
987,038
Debtors falling due after more than one year
12
464,704
514,175
Debtors falling due within one year
12
26,199,951
20,061,932
27,820,929
21,563,145
Creditors: amounts falling due within one year
13
(15,183,035)
(13,442,114)
Net current assets
12,637,894
8,121,031
Total assets less current liabilities
13,715,163
9,751,754
Creditors: amounts falling due after one year
14
(1,144,322)
(1,382,474)
Net assets
12,570,841
8,369,280
Capital and reserves
Called up share capital
15
105,002
105,002
Profit and loss account
16
12,465,839
8,264,278
Shareholders' funds
12,570,841
8,369,280
The accompanying notes form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
A D Critchley
Director
Company Registration No. 02858916
QIAGEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Called up share capital
Profit and loss account
Total share-holders' funds
£
£
£
Balance at 1 January 2022
105,002
5,215,571
5,320,573
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
3,048,707
3,048,707
Balance at 31 December 2022
105,002
8,264,278
8,369,280
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
4,201,561
4,201,561
Balance at 31 December 2023
105,002
12,465,839
12,570,841
The accompanying notes form part of these financial statements.
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
QIAGEN Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act. The address of the registered office is given on the company information page. The nature of the company's operations and its principal activities are set out in the strategic report on page 3.
1.1
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 ('the financial reporting standard applicable in the UK and Republic of Ireland' FRS 102) issued by the Financial Reporting Council and in accordance with applicable United Kingdom accounting standards and the Companies Act 2006.
The functional currency of QIAGEN Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The company's presentational currency is pounds sterling.
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of certain disclosure exemptions available to it. Exemptions have been taken in relation to:
The group financial statements of QIAGEN N.V., within which this company is included, can be obtained from the company's registered office address, Hulsterweg 82, 5912 PL Venlo, The Netherlands,
1.2
Going concern
The directors are continuing to adopt the going concern basis of accounting in preparing the annual financial statements. A forecast for the next 12 months prepared by management has indicated that the entity will have sufficient cash assets to be able to meet its debts as and when they are due. No adjustments have been made relating to recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the entity not continue as a going concern.true
The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. The accounting policies are set out below.
1.3
Turnover and revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Consumable products
Revenue from consumable products sales is generally recognised upon dispatch to a customer, when there are no significant vendor obligations remaining and collection of the resulting debtor is considered probable. Consignment inventory is maintained at certain customer locations. Revenue for each of the consumable products which are consigned in this manner are recognised upon consumption.
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Instrumentation
Revenue from instrumentation includes the instrumentation equipment, installation, training and other instrumentation services, such as extended warranty services or product maintenance contracts. Revenue from instrumentation equipment sales is generally recognised when title passes to the customer, upon either shipment or customer acceptance after satisfying any installation and training requirements. For instrumentation equipment sales that contain other obligations, such as providing consumables, advanced training, extended warranty services or preventative maintenance contracts, revenue is allocated based on the relative fair values of the individual components. The price charged when the element is sold separately generally determines fair values. Revenues from extended warranty services or product maintenance contracts are deferred and recognised on a straight-line basis over the contract period.
1.4
Tangible fixed assets
Tangible fixed assets are shown at cost; net of depreciation and any provision for impairment.
Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of tangible fixed assets on a straight-line basis over their estimated useful lives as follows:
Plant and machinery
3 to 6 years
Office equipment, fixtures and fittings
3 to 5 years
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is calculated on a first in, first out basis. Net realisable value is based on estimated normal selling price, less further costs expected to be incurred to disposal. Provision is made for obsolete, slow moving or defective items where appropriate.
1.6
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.7
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.8
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.9
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other receivable and payable.
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Current and deferred taxation
The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events have occurred at that date, that will result in an obligation to pay more, or right to pay less or to receive more, tax, with the following exception:
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.11
Pensions
The company contributes to defined contribution money purchase pension schemes for certain employees by payments to insurance companies. The assets of the schemes are held separately from those of the company. The premiums are charged to the profit and loss account as they become payable in accordance with the rules of the schemes. Any difference between the amount charged to the profit and loss account and contributions paid is shown as a separately identified liability or asset in the balance sheet.
1.12
Employee share option scheme
Equity settled transactions
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the company (market conditions).
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and the number of equity instruments that will ultimately vest or in the case of an instrument subject to a market condition, be treated as vesting as described above.
Where the movement in cumulative expense since the previous balance sheet date is material to the financial statements, the expense is recognised in the profit and loss account, with a corresponding entry in equity.
Any related recharges from QIAGEN N.V. for share based payment expenses included in the financial statements are treated as distributions and debited directly against equity. Otherwise, such amounts are expensed directly to the profit and loss account.
Where the terms of an equity-settled award are modified, or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification.
No reduction is recognised if this difference is negative.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the profit and loss account for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over fair value being treated as an expense in the profit and loss account.
1.13
Foreign currencies
Transactions denominated in foreign currencies are recorded in sterling at actual exchange rates as of the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are reported at the rates of exchange prevailing at the year end. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the profit and loss account.
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2
Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these significant judgements and estimates have been made include:
Useful economic life and carrying value of tangible fixed assets. The useful lives and residual values are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology;
Stock provision is determined by the anticipated future use of stock items in conjunction with their shelf life;
Bad debt provision is determined on the basis of historical experience review of accounts receivable and any known circumstances surrounding individual customers; and
Extension options for leases. When the entity has the option to extend a lease, management uses its judgement to determine whether or not an option would be reasonably certain to be exercised. Management considers all facts and circumstances including their past practice and any cost that will be incurred to change the asset if an option to extend is not taken, to help them determine the lease term.
Actual results could differ from those estimates.
3
Turnover
Turnover represents amounts derived from the provision of products and services, excluding trade discounts and VAT, which fall within the company's sole principal activity.
2023
2022
£
£
Analysis of turnover by country of destination
United Kingdom
60,820,028
61,239,790
Rest of the World
3,060,657
2,622,366
63,880,685
63,862,156
2023
2022
£
£
Turnover, analysed by category, was as follows:
Sale of goods
58,712,613
59,414,649
Services
5,168,072
4,447,507
63,880,685
63,862,156
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
4
Operating profit
2023
2022
This is stated after charging/(crediting):
£
£
Depreciation of owned tangible assets
864,945
884,988
Operating lease rentals
403,233
223,434
Fees payable to the company's auditor for the audit of the financial
statements
26,000
24,750
Foreign exchange loss / (gain)
(24,608)
(33,582)
Loss on disposal of tangible fixed assets
5,838
-
5
Directors' remuneration
2023
2022
£
£
Remuneration
215,291
231,749
Pension contributions
13,074
12,628
Social security costs
38,681
30,556
267,046
274,933
One director is in the company's money purchase pension scheme (2022 - one).
Emoluments of the highest paid director were £215,291 (2022 - £231,749). Company pension contributions of £13,074 (2022 - £12,628) were made to a money purchase scheme on their behalf.
During the year, the highest paid director received 1,884 shares under long term incentive schemes (2022 – 800 shares).
One director received emoluments from the company for the year ended 31 December 2023 and for the year ended 31 December 2022. Certain directors’ emoluments are borne by other group companies. Those directors are also directors or officers of a number of companies within the QIAGEN N.V. group. As such, those directors do not consider that they have received any remuneration for their incidental services to the company for the years ended 31 December 2023 and 31 December 2022.
6
Employees
The average monthly number of persons employed by the company during the year was as follows:
2023
2022
Number
Number
Sales
122
119
Marketing
8
7
Total
130
126
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
9,047,413
8,392,461
Social security costs
1,221,085
1,124,371
Pension costs
680,257
1,030,924
Share-based payment charge
374,844
331,807
11,323,599
10,879,563
7
Interest receivable/(payable)
2023
2022
£
£
Interest income/(expense)
Other interest income / (expense)
588,490
102,388
8
Tax
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
603,698
Adjustments in respect of prior periods
119,093
Total current tax
603,698
119,093
Deferred tax
Origination and reversal of timing differences
38,658
(19,111)
Adjustment in respect of prior periods
10,903
18,161
Total deferred tax
49,561
(950)
Total tax charge
653,259
118,143
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Tax
(Continued)
- 21 -
The tax assessed for the year differs from the standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%). The differences are explained below:
2023
2022
£
£
Profit before taxation
4,854,820
3,166,850
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,141,854
601,702
Fixed asset differences
(150)
(2,276)
Expenses not deductible for tax purposes
96,972
83,836
Other permanent differences
(77,451)
(63,730)
Group relief claimed
(521,151)
(634,056)
Adjustments to tax charge in respect of previous periods
119,093
Adjustments to tax charge in respect of previous periods - deferred tax
10,903
18,161
Remeasurement of deferred tax for changes in tax rates
2,282
(4,587)
Taxation charge for the year
653,259
118,143
9
Deferred taxation
Deferred tax assets fully recognised in these financial statements comprise:
Assets
Assets
2023
2022
Balances:
£
£
Depreciation in advance of capital allowances
400,508
442,759
Other timing differences
64,196
71,416
464,704
514,175
2023
Movements in the year:
£
At 1 January 2023
(514,175)
Deferred tax credit in the profit and loss account
49,471
At 31 December 2023
(464,704)
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
10
Tangible fixed assets
Plant and machinery
Office equipment, fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
6,032,147
681,996
6,714,143
Additions
439,188
19,992
459,180
Disposals
(1,330,320)
(244,194)
(1,574,514)
At 31 December 2023
5,141,015
457,794
5,598,809
Depreciation
At 1 January 2023
4,614,094
469,326
5,083,420
Charge for the year
786,949
76,996
863,945
Disposals
(1,181,632)
(244,193)
(1,425,825)
At 31 December 2023
4,219,411
302,129
4,521,540
Net book value
At 31 December 2023
921,604
155,665
1,077,269
At 31 December 2022
1,418,053
212,670
1,630,723
11
Stocks
2023
2022
£
£
Goods for resale
1,156,274
987,038
Stock recognised in cost of sales during the year was an expense of £40,307,086 (2022 - £41,889,552). A revaluation loss of £22,269 (2022 - loss £103,814) was recognised against stock during the year.
12
Debtors
2023
2022
£
£
Trade debtors
10,935,458
10,501,043
Corporation tax recoverable
134,550
806,422
Amounts owed by group undertakings
15,028,377
8,371,485
Other debtors
17,288
303,261
Prepayments and accrued income
84,278
79,721
26,199,951
20,061,932
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Debtors
(Continued)
- 23 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 9)
464,704
514,175
Total debtors
26,664,655
20,576,107
An impairment loss of £13,964 (2022 – loss reversal £35,039) was recognised against trade debtors. The amounts due from group companies includes a loan to the parent company of £15,002,869 (2022 - £8,371,333) of which interest is charged at The London Interbank Offered Rate (LIBOR). Other amounts due from group companies are unsecured, interest free and are repayable on demand.
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
269,201
596,295
Amounts owed to group undertakings
7,580,303
6,787,257
Other taxes and social security
256,024
231,456
Other creditors
107,793
95,663
Accruals and deferred income
6,969,714
5,731,443
15,183,035
13,442,114
The amounts due to fellow subsidiary undertakings are unsecured, interest free, and are repayable on demand. The parent company will not demand repayment of the amounts due until such a time as the company is able to repay without impacting other creditors.
14
Creditors: amounts falling due after one year
2023
2022
£
£
Accruals and deferred income
1,144,322
1,382,474
15
Issued share capital
2023
2022
2023
2022
Number
Number
£
£
Alloted, called up and fully paid
Ordinary shares of £1 each
105,002
105,002
105,002
105,002
16
Reserves
The called-up share capital represents the nominal value of shares that have been issued.
The profit and loss account includes all current and prior period retained profits and losses.
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Financial instruments
2023
2022
£
£
Financial assets
Financial assets that are debt instruments measured at amortised cost
25,981,123
18,930,139
Financial liabilities
Financial liabilities measured at amortised cost
(14,819,219)
(11,363,519)
Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, amounts due from group companies and other debtors.
Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings and other creditors and accruals.
18
Share-based payment transactions
During the year the company’s ultimate parent undertaking, QIAGEN N.V granted 7,650 Restricted Stock Units (RSU’s) to eligible employees of the company during the year (2022 – 5,075). 7,150 RSU’s remain outstanding at year end (2022 – 5,075). RSU’s represent rights to receive common shares at a future date. The number of granted RSU’s is dependent on the achievement of predefined performance goals. RSU’s are structured such that 40% of a grant is vested after three years, 50% after five years and the remaining 10% after ten years.
The RSU’s have an average fair value of $45.43 (2022 - $46.43) per share, based on the market value of Qiagen N.V.’s share price at the date of grant of the awards. Share-based payment expenses have been included in the profit and loss account for the years ended 31 December 2023 £99,730 and 31 December 2022 £66,419.
During the year the company’s ultimate parent undertaking, QIAGEN N.V also granted 10,444 (2022 – 6,575) Performance Stock Units (PSU’s) to eligible employees of the company, of which 9,944 remain outstanding at year end (2022 – 6,575). PSU’s represent rights to receive common shares at a future date. The number of granted PSU’s is dependent on the achievement of predefined performance goals. PSU’s are structured such that 40% of a grant is vested after three years, 50% after five years and the remaining 10% after ten years.
The PSU’s have an average fair value of $45.01 (2022 - $45.95) based on the market value of Qiagen N.V.’s share price at the date of grant of the awards. Share-based payment expenses have been included in the profit and loss account for the years ended 31 December 2023 £275,115 and 31 December 2022 £265,388.
19
Leasing commitments
The company's future minimum operating lease payments are as follows:
2023
2022
£
£
Within one year
274,687
197,311
In two and five years
337,841
152,250
612,528
349,561
20
Capital commitments
At the year end, the company had £nil capital commitments (2022 - £nil).
QIAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
21
Related party transactions
Transactions with related parties
As the company is a wholly owned subsidiary of QIAGEN N.V., the company has taken advantage of the exemption contained in Financial Reporting Standard 102 and has therefore not disclosed transactions or balances with wholly owned members of the group. The group financial statements of QIAGEN N.V., within which this company is included, can be obtained from the company's registered address in note 22.
Other related party transactions, at arms length are with APIS Assay Technologies Ltd and the joint venture PreAnalytiX, a joint venture between Becton, Dickinson and Company and Qiagen N.V.:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
APIS Assay Technologies Ltd.
90,792
279,817
-
-
PreAnalytiX
-
-
145,134
205,968
2023
2022
Amounts due to related parties
£
£
PreAnalytiX
3,158
802
2023
2022
Amounts due from related parties
£
£
APIS Assay Technologies Ltd.
24,924
53,503
Directors remuneration from the business is disclosed in note 5. Key management are considered to be the directors of the company and the Group's senior management team. There are no other key management personnel remunerated by the company, other than the directors remuneration disclosed in note 5.
22
Ultimate parent undertaking and controlling party
The company's immediate parent undertaking is Life Biotech Partners B.V. incorporated in the Netherlands. The parent undertaking's principal place of business is Hulsterweg 82, 5912 PL Venlo, The Netherlands.
The company's ultimate parent undertaking and controlling party is QIAGEN N.V. incorporated in the Netherlands. This is the smallest and largest group in which QIAGEN Limited is consolidated. The group financial statements are available to the public from its principal place of business, Hulsterweg 82, 5912 PL Venlo, The Netherlands.
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