The directors present their annual report and financial statements for the year ended 31 December 2024. These financial statements have been prepared in accordance with applicable United Kingdom accounting standards including Financial Reporting Standard 102 (FRS 102).

The profit for the year after taxation amounted to £7,019,233 (2023 - loss £906,207). The directors do not recommend a final dividend (2023 - £nil).

The directors who served the company during the year and up to the date of approval of the financial statements were as follows:

The directors are responsible for preparing the director's 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 of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

At the heart of QIAGEN Manchester Limited’s business is a vision for making improvements in life possible. The company delivers on this promise by providing Sample to Insight solutions that help customers to unlock valuable molecular insights encoded in the building blocks of life. 

Some of the great challenges facing the world – issues of life and death, health and disease, continuity and change – find their causes in the near-infinite diversity of genomic molecules that serve as the building blocks of all life. Scientists, doctors, lab directors and other professionals committed to answering life’s questions look to QIAGEN Manchester Limited for solutions in molecular testing.

The company’s mission is to deliver Sample to Insight solutions enabling QIAGEN Manchester Limited’s customers to unlock valuable molecular insights faster, better and more efficiently – from the raw biological sample to the final interpreted result. However, Sample to Insight is more than just about providing smooth, end-to-end workflows. It is a strategic framework that puts the needs and challenges of the customers front and centre. The company wants to identify key bottlenecks holding customers back, through research and development activities and to deliver solutions so they can achieve greater success, ultimately helping them to exceed their own expectations.

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.

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.

The combined scope one and two carbon emissions for the period were recorded at 719 TCO2e. This is a decrease of 5.27% over the previous period.

The directors confirm that:

• So far as each director is aware, there is no relevant audit information of which the company’s auditor is unaware; and

• The directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

In accordance with s414C (ii) of the Companies Act 2006, the company has chosen to include information in respect of its financial risk management 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.

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.

The directors present the strategic report for the year ended 31 December 2024.

The principal activity of the company during the period was the co-development and marketing of companion diagnostics for the pharmaceutical industry to support their development of cancer therapies. Additionally, the company provides a broader range of pharmacogenomic services to the healthcare industry and licences out its “Scorpions” technology. With the dynamic changes in the worldwide health agenda, we believe QIAGEN is well positioned to take advantage of all these exciting growth opportunities in our target markets.

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 2024 the company’s turnover was £41,678,916 (2023 - £34,853,480). As the company focusses on research and development activities both for the strategic benefit of the Group and for its customers, its key performance indicator is the cost of those activities in relation to the benefit that they will generate across the longer term.

There are not considered to be any non-financial key performance indicators that require disclosure.

As we look at 2025 and beyond, the company expects steady growth from its core business and a continued number of exciting new market introductions and launches. These include further expansion of the technology portfolio for research, applied sciences and molecular diagnostics from sample through to insight. The pipeline of automated solutions for all technologies will continue to yield exciting products and the continued developments on flagship instruments such as the QIAsymphony platform, for sample preparation, through to PCR-based routine testing are examples for routine diagnostic usage. In September 2024, the launch of the QIAcuityDx Digital PCR System, a pivotal addition to its digital PCR portfolio now expanding into clinical diagnostics was announced. 

In April 2018, the company announced the U.S. launch of its novel therascreen FGFR RGQ RT-PCR Kit (therascreen FGFR Kit) as a companion diagnostic to help guide the use of the newly approved FGFR kinase inhibitor, BALVERSA™ (erdafitinib), developed by Janssen Biotech, Inc. The test will aid in identifying patients with urothelial cancer whose tumors have certain alterations in the fibroblast growth factor receptor 3 (FGFR3) gene. In May 2018, the company announced the launch of its therascreen PIK3CA RGQ PCR Kit (therascreen PIK3CA Kit) after receiving U.S. regulatory approval as a companion diagnostic to aid in identifying breast cancer patients eligible for treatment with PIQRAY (alpelisib), a newly approved therapy developed and marketed by Novartis. In May 2022, the business launched the CE-IVD therascreen® EGFR Plus RGQ PCR Kit for use in non-small cell lung cancer (NSCLC) samples. The product provides numerous advances on the existing therascreen EGFR qPCR testing solutions.

These and new opportunities via investments in next generation sequencing and the bioinformatics space to create value insights from molecular data.

With the continued focus on the UK health agenda and investment in a life science ecosystem linking industry, academia and the NHS, we believe QIAGEN is well positioned to take advantage of all these exciting growth opportunities in our target markets: Life Sciences research, pharmaceutical development, applied sciences and human molecular diagnostics.

The principal risks and uncertainties facing the company are broadly as follows:

Competitive risks

The competitive business landscape for the company for 2025 and beyond is limited as the company operates in a niche market. The company’s expertise in Product Development, Regulatory Compliance and Quality Management, combined with a Global Sales presence, act as effective barriers to entry for potential competitors..

Patent protection

A large proportion of QIAGEN products are covered by patents with long life spans, resulting in a low competitive threat.

Commercial

As a provider of Companion Diagnostic Development services, the company’s primary commercial risk is that the sponsor pharmaceutical company abandons their drug development program because of technical, regulatory or corporate strategy pressures. The company mitigates this risk via Joint Steering Committees fostering open communication between the company and their pharmaceutical partners. The commercial risks are further mitigated by working with multiple partners simultaneously.

Regulatory risks

The company operates in a highly regulated industry and, as such, has invested significant resources in establishing Regulatory and Quality Management systems. In 2012, the company gained PMA approval from the US Food and Drug Agency (FDA) for its KRAS product, in 2013 gained similar approval for its EGFR product and in 2018 approval for its FGFR RGQ RT-PCR and PIK3CA RGQ PCR kits. This track record demonstrates Regulatory competency within the organisation.

Pricing

Each license agreement and co-development and marketing of companion diagnostics agreement are individually negotiated. The prices in these individual agreements reflect the relevant activities.

Liquidity risks and cashflow risks

The company retains sufficient cash to ensure it has ongoing 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 of its low volume – high value invoicing profile.

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. This risk is mitigated by the fact that the company’s clients are multinational pharmaceutical blue chips.

Currency risks

The company faces minimal currency risks due to the fact that a number of purchases and sales are denominated in US Dollars or Euros.

The company’s strategy is to maximise profits and shareholder returns and to retain funds for future expansion by focussing 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 company is proud of our exceptional research and development activities 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.

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 has very strong link with Manchester Science Partnerships’ and Manchester University NHS Foundation Trust. These links along with QIAGEN’s global strategic framework Sample to Insight enables the company to receive representations of best practice and help formulate future strategy.

The company’s strategy is based on sustainable relationships with our customers (external and internal to the QIAGEN group) and ensure it is driving customer loyalty to the QIAGEN brand. This is achieved by focussing on the customer mindset in order to deliver the best possible experience throughout the customer journey.

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. We integrate sustainability throughout every area of our business. We aim to save energy and reduce the environmental impact of our operations, drive long-term economic success with healthy, high-performance workplaces, and make improvements in life possible as a good corporate citizen.

The company participates in community activities supporting a range of charities.

This report was approved by the Board and signed on its behalf.

We have audited the financial statements of QIAGEN Manchester Limited (the 'company') for the year ended 31 December 2024 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 2024 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.

Basis for opinion

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.

Other information

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.

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 directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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.

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.

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.

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 Manchester Limited.

Use of our report

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.

There was no other comprehensive income for 2024 (2023 - £nil).

The accompanying notes form part of these financial statements.

The accompanying notes form part of these financial statements.

The accompanying notes form part of these financial statements.

QIAGEN Manchester 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 4.

These 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 Manchester 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.

This 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 requirements to disclose a statement of cashflows and the related notes; and

• the requirements to disclose intra-group transactions.

The group financial statements of QIAGEN N.V., within which this company is included, can be obtained from the company's registered address, Hulsterweg 82, 5912 PL Venlo, The Netherlands.

The directors are continuing to adopt the going concern basis of accounting in preparing the annual financial statements.true 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.

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, VAT or other sales duty. The following criteria must also be met before revenue is recognised:

Sale of goods - Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has passed to the buyer, usually on the dispatch of goods.

Rendering of services - Revenue generated from provision of development services is recognised by reference to the stage of completion. Stage of completion is measured by reference to labour hours incurred to date as a percentage of total estimated labour hours for each contract.

Initial research and development expenditure is written off in the year which it is incurred.

Purchased development costs are capitalised and the asset created is amortised over its finite life.

Intangible assets are shown at cost, net of amortisation and any provision for impairment.

Assets under construction are not amortised until the point they are brought into use.

The carrying value of intangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

All fixed assets are initially recorded at cost.

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Assets in the course of construction are not depreciated until such time as the asset is ready for commercial use.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Interests in associates and jointly controlled entities are measured at cost.

Stocks are valued at the lower of cost and net realisable value. Cost includes all costs incurred bringing each product to its present location and condition as follows:

Raw materials and consumables - Purchase cost on a first-in, first-out basis

Work in progress and finished goods - Cost of direct materials and labour plus attributable overheads

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

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 assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

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.

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.

The finance cost of debt is recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

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.

The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry as related recharges from QIAGEN N.V..

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.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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.

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.

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.

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 and intangible 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 a review of individual invoices outstanding. This risk is mitigated by the fact that the company's clients are multinational pharmaceutical blue chips; 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.

The turnover and profit before tax are attributable to the principal activities of the company. All activities are continuing.

There were no directors (2023 – nil) who accrued benefits under company pension scheme. No directors received share options (2023 – nil). No director exercised share options during the year (2023 – nil).

No director received emoluments from the company for the year ended 31 December 2024. No director received emoluments from the company for the year ended 31 December 2023. 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 2024 and 31 December 2023.

The average monthly number of persons employed by the company during the year was as follows:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Disposals of patents and licenses reflect the discontinuance of a specific product line, resulting in an impairment within administrative expenses of £642,929.

Stock recognised in cost of sales during the year as an expense was £4,461,687 (2023 - £3,290,780).

There was no impairment loss recognised in the year (2023 - £nil) due to slow moving and obsolete stock.

There was an impairment loss of £1,949,709 recognised against trade debtors (2023 -£nil).

Amounts due from group companies are unsecured, interest free and repayable on demand.

Included in preference share capital is £2,047,301 in respect of accrued dividends and premiums (2023 – £1,957,301).

The amounts due to group undertakings includes a loan from the parent company of £4,045,801 (2023 - £14,396,188) on which interest is charged at The Secured Overnight Financing Rate (SOFR). Other amounts due to group undertakings are unsecured, interest free and are repayable on demand. The parent company will not demand repayment of the amounts due until such time as the company is able to repay without impacting other creditors.

The amounts due to group undertakings is a loan which is repayable in 2027. The loan attracts interest at 5.03%.

Financial assets measured at amortised cost comprise 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 accruals and deferred income.

The company's future minimum operating lease payments are as follows:

The preference shares of £750,000 are redeemable in blocks of 187,500 every 12 months from 1 July 2008 to 1 July 2011 at a premium of 13.33% and have accordingly been classified as a financial liability. The preference shares may be redeemed earlier by the company by giving 3 months notice in multiples of 10,000 shares, subject to a minimum of 20,000. The preferential dividend of 9% per annum is to be paid in cash on 22 June and 22 December in each year, compounded for any unpaid amounts. Any shares not redeemed, are subject to a 12% preferential dividend. No preference shares have been redeemed at 31 December 2024. The preference shares are held by the parent undertaking.

£2,047,301 in respect of accrued dividends and premiums was payable as at 31 December 2024 (2023 – £1,957,301).

The called up share capital represents the nominal value of shares that have been issued.

The share premium account includes any premium received on the issue of share capital. Any transaction costs associated with issuing shares are deducted from the share premium.

Other reserves represent capital contributions from the parent undertaking.

The profit and loss account includes all current and prior period retained profits and losses.

During the year the company’s ultimate parent undertaking, QIAGEN N.V granted 19,028 Restricted Stock Units (RSU’s) (2023 – 22,575) to eligible employees of the company and 9,975 remain outstanding at year end (2023 – 22,575). 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 $42.50 (2023 - $45.41) 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 2024 £400,388 and 31 December 2023 £295,932.

During the year the company’s ultimate parent undertaking, QIAGEN N.V also granted 32,822 Performance Stock Units (PSU’s) (2023 – 27,238) to eligible employees of the company and 15,427 remain outstanding at year end (2023 – 27,238). 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 $42.55 (2023 - $45.40) 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 2024 £986,053 and 31 December 2023 £1,150,975.

At the year end, the Company had no capital commitments relating to acquisition of tangible fixed assets (2023 - £Nil).

Directors remuneration from the business is disclosed in note 6. 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 6.

The company’s immediate and ultimate parent undertaking and controlling party is QIAGEN N.V. incorporated in the Netherlands. This is the smallest and largest group in which QIAGEN Manchester 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.