All right, great. Thank you, everybody, for joining us today. I'm Casey Woodring from the Life Science Tools and Diagnostics team here at JP Morgan. Welcome to our conference. Here with me today, we have QIAGEN CEO Thierry Bernard. Following Thierry's presentation, we'll have a short Q&A session. But for now, I'll just turn it over to Thierry. Thierry?
Thank you so much, Casey, and good morning to everybody. I suggest that we are going to wait just a couple of seconds to have everybody getting in. OK, I think we can start now, so welcome again. Thanks for your interest in QIAGEN. And obviously, in January, a very happy new year to you all, to your companies. It's a pleasure to be with you again. Last time I presented here at JPM was in January of 2020, so clearly, two years after, I think it's a pleasure to be presential and not only virtual. And I'd like to spend the coming minutes to show you what we have achieved over the last two years and our commitment to build a very balanced business and investment case driven by focus and execution. As you know, QIAGEN does not pre-announce results during JPM.
So what we are going to mainly show are our year-to-date results at the end of Q3 of 2022. But obviously, I will give you some flavors of what we expect for 2022 and some also flavors for 2023. For those that are potentially among you less familiar with QIAGEN, I would like to remind you that for the last 30 years, QIAGEN has been developing molecular solutions for the life science and clinical diagnostic testing. I think it's fair to say that QIAGEN has literally been democratizing the access to molecular biology for thousands of researchers and laboratories all over the world, not only in life science but also in clinical diagnostic through the standardization of extraction and purification of nucleic acid.
And since then, over the last 30 years, obviously, we moved into developing what is today probably the deepest expertise in molecular techniques from PCR to next-generation sequencing, including digital PCR, from manual to automated throughput, from small to larger customers. With a clear vision and a compelling vision, obviously, for the more than 6,000 QIAGENers all over the world is to make improvements in life possible. As I said in the title, we believe that we have a very balanced investment case, which is driven by focus and execution. What do we mean by balance, first? I mean by this that we are very well diversified among and across many leadership market opportunities. First of all, a very well-balanced presence between life science and clinical diagnostic, 50% and 50% of our activities are in those two main activities. And let me spend a bit of time here.
The way you should see the configuration of customers' profiles in those two activities, it's fair to say that the life science market in molecular biology is probably a low- to mid-single-digit growth profile market. But at the same time, we are here talking about very long-tail customers with significant high margin. Whether on the clinical market, we are rather addressing a market which is between mid-single-digit and high-single-digit, sometimes double-digit in some geographies. Balanced also in our geographic reach. You see here the presence of QIAGEN, very strong, obviously, presence in North America and Europe, but growing activities in most of the emerging countries. And last but not least, obviously, we constantly benefit from the so-called razor-blade business model, where our growing install base is constantly, obviously, generating a significant flow and consumption of high-margin consumables. Focus.
Why do we speak so much in the last three years at QIAGEN about focus? This is probably one of the main evolutions of this company because we are a mid-cap company. We are a bit more than 2 billion revenues with 6,000 QIAGENers all over the world. Typical of a mid-cap, what is the main challenge of a mid-cap? It's always critical mass, not spreading the company too thin, and therefore investing our R&D efforts, our sales and marketing efforts where we can become between the number one and the number three position in the world. And this is why for the last two years, you hear a lot about that five pillars of growth strategy, and this is why for the last two years, you hear a lot about that five pillars of growth strategy.
And if you look at the five pillars, you see that they are themselves remarkably balanced as well, between two of them being leaders on their market, SampleTech and QuantiFERON, where we try to extend and protect that leadership and three other products with significant growth potential because of their differentiation and because of the dynamics of their market. Syndromic testing with QIAstat-Dx, high-volume PCR testing with NeuMoDx, and digital PCR with QIAcuity. But make no mistakes, speaking about five pillars of growth doesn't mean that the rest of the portfolio of QIAGEN is not growing. We leverage a significant portfolio and expertise in molecular techniques where you can find significant relevant buckets of revenues with themselves as well double-digit growth profiles. Let me give you a couple of examples. We'll come back to that.
HID forensic, we announced this morning the full acquisition of a company called Verogen, close to $100 million revenues now, so relevant for a $2 billion company double-digit growth profile. Our activities in next-generation sequencing, universal chemistry, or bioinformatics, double-digit profile. Companion diagnostic, double-digit profile, and so on and so on. So five pillars doesn't exclude the fact that we grow also in our core business. Execution. Here we try to exemplify it through three main examples. First of all, what have we done since we last presented together two years ago? I'd like to summarize that. I'm not going to read all the slides. Into three buckets of execution obsession from this management: operational efficiency, profitability people.
Operational efficiency, you see that yourself over the last two years, significant number of quarters beating the guidance, achieving what we committed to deliver to you, significant level of quarters with double-digit growth in our non-COVID portfolios, increase of instrument placements all over the world in our traditional install base or new product, increase and significant increase of volume and output of production, increased deliveries on menu for QIAstat-Dx, for NeuMoDx, for QIAcuity. Profitability, increased EBIT margin compared to pre-COVID, freedom to operate, I would say, with a much better and stronger balance sheet. People. This management is dedicated, obviously, to increase diversity in our company. 35% or close to 35% of our executive and management being diversified, and especially, obviously, gender diversified. This compares to less than 30% three years ago.
Also the commitment that we took to you to reinforce and strengthen the governance of QIAGEN with adding more expertise in our field and the addition of three board members over the last two years. If you try to look at execution for our five pillars, we gave you some guidance at the beginning of 2022 for SampleTech, QuantiFERON, QIAstat-Dx, NeuMoDx, and QIAcuity. I can tell you as of today that we will be on track at the end of the year when we will be publishing 2022 results early February for those five pillars of growth. But it's not just ticking the box of the sales result. It's also delivering on new innovation, new menu, new workflow, new packaging for SampleTech, new system. EZ2 was launched last year, QIAcube Connect two years ago, and we are working on the succession for QIAsymphony.
More menu also and more application to expand the application for QuantiFERON and latent tuberculosis. Menu deliveries, new instrument for QIAstat as well with QIAstat-Dx and with QIAstat-Dx Rise, I'm sorry, and new application like meningitis. 16 already assays delivered for NeuMoDx in Europe, one of the largest in less than three years menu for infectious diseases in Europe. Obviously, the launch and the new menu for QIAcuity with the biopharma menu that we launched last year. If you look at the overall year now, execution as well. Again, this is not a pre-announcement, but we believe that we will be well on track to deliver on what we committed at the end of quarter three 2022, which is the new guidance of the company for 2022, more than $2.25 billion revenues and an EPS at 2.40 cents, $2.40.
And we achieved that trying to be extremely proactive in the way we try to monitor our environment. Let's be very clear. No company is immune to the external environment. We are in health care, so we are already more protected. But the way we dealt with our environment is a source of satisfaction. Outbreaks mean agility for us. Two years ago or three years ago, we were not planning to even develop more than 12 solutions for COVID. This is why we always said we are very COVID-relevant. We are not COVID-dependent. We proved it with that crisis. We proved it also with Monkeypox, developing immediately when it was not forecasted at the beginning of 2022 three different assays for Monkeypox as well. Inflation. This company passes price increases every year. This year we passed two because we discussed with our customers to share the burden. It's not greed.
If our customers want to continue the added value of our effort and R&D spend in innovation, they need to share the burden with us around inflation. Proactively working before even the invasion of Ukraine on protecting our flagship site from manufacturing in Germany in close to Düsseldorf from energy issues and investing into alternative supplies. And working for the last three years to make QIAGEN more and more independent from supplies from Asia-Pacific because nobody knows what's going to happen in this part of the world. Let's zoom a bit in some of those five pillars. First, SampleTech, the DNA of this company. Who knows that we have more than 20,000 systems all over the world that are continuously consuming QIAGEN Sample Tech reagent? And why are we so prevalent? Why are we deciding to continue to invest in SampleTech?
Because this is the first fundamental step of any biological process. The quality of any biology result depends on the quality on SampleTech, and this is why it's so fundamental to be a number one position or company in this field. And we are probably the most versatile company any time of SampleTech, any type of process, manual or automatic, any types of analytes. And we continue to invest. And we continue to upgrade our different instruments. And this is why we confirm today what we told you during the last QIAGEN Day, December 2022, that we see this as a key fundamental element of our strategy, and this is a low to single-digit growth profile. Moving to QuantiFERON, I know that for the last three years everybody was obsessed with COVID and naturally so.
But do you know that every year more than 1.8 million people are dying from tuberculosis? Do you know that tuberculosis alone is killing more people every year than HIV and malaria together? This is why it's extremely relevant for a company to be well positioned in the fights against tuberculosis. And here we have everything to win again. A gold standard solution with so many publications all over the world against an antiquated technology skin test, the most automated workflow on the market thanks to our partnership with DiaSorin, but also on the front end with Hamilton and Tecan. And we are proactively protecting that leadership franchise by investing into new applications beyond latent tuberculosis. So we are not just depending on tuberculosis.
Why are we confident to confirm to you, as we said two years ago, that this is a franchise more than $300 million revenues prone to grow at double digit for the coming years? First of all, because we still have a significant market to convert from skin test all over the world. Second, because we are preparing the growth of tomorrow with application in other untapped diagnostic needs such as Lyme disease, for example. QIAstat. Where are we playing here? It's a significant market already. When we acquired STAT-Dx as a syndromic market, the ability to detect 20 analytes in one sample was already said to be a $800 million market. It is now at least $1.5 billion market. Some people are even saying it's a $2 billion market, growing at 15% per year.
It is very relevant for QIAGEN to be here with a system which is completely differentiated from competition. There is no sample trap here. Basically, a kid of eight years old could run a QIAstat. And in addition to that, we deliver more value in our results than the simple result you have an infection or not. We deliver what we call a CT value, which is an indication of what is the viral load of the infection in your organism. And this is why we are extremely pleased to show this growth on installed base in barely three years of growth, more than 3,000 QIAstat all over the world already. And the menu which is continued to grow. This is why we confirm to you that our objective here is to take the number two position on this market.
If I would tell you we would be the number one, it's far too aspirational given where the number one is at the moment. But number two is clearly where we are going. High throughput, mid throughput infectious diseases with NeuMoDx. Once again, a significant market. This is a $3 billion market. And it's still growing between mid-single-digit and high-single-digit in many countries. And I know that there are other significant players there, but we come with a very differentiated system. The easiest system to use on the market. One of our customers said, "You are bringing the simplicity of clinical chemistry to molecular biology." That's how simple that system is. And not only is it simple, it's fast.
Proof is in less than two years of launch, 300 systems have already placed on the market, which is already more than 10% of the leading install base of the main competitor on that market. It's very encouraging. And this is where we say here that the growth vision for this product is to be between the number one and the number three in the coming five years on the market. And moving probably to what I call the new frontier in molecular biology, Digital PCR. This is already a significant market, at least $400 million, moving in the coming three years probably to $1 billion market. It was key for us to be there. But again, invest in a differentiated solution where with most of competition, you have to piecemeal a workflow with QIAGEN, you buy one box for one given throughput.
Since we have invested in 2022 into a biopharma menu, which is the largest market to address, we are extremely pleased to show more than 1,000 placements in a year and a half launch of this system. This is clearly geared to become the number one solution for digital PCR. This is not arrogance. This is not aspirational. This is based on fact and the last three years' achievements. As I said before, this is not meaning that the rest of the portfolio is not growing. Let me give a bit of details on the core business. We have announced once again this morning that we completed the acquisition of Verogen, a company that we were distributing. Let's be clear, first of all. QIAGEN had been in forensic and human identification for more than 20 years.
With Verogen, what we are putting together is the most complete workflow from SampleTech to genomic analysis and results for forensic activities, and we are creating here a $100 million franchise so relevant, which is geared to grow at double digit in the coming years. If you move to companion diagnostic, do you know that QIAGEN is probably the only company at the moment fully mastering and having collaboration with a significant number of pharma companies, more than 30 framework agreements with pharma companies on PCR, on NGS thanks to our partnership with Illumina, but also on digital PCR. This is unique in oncology, obviously, but also, as we have seen this year, in other applications like neurodegenerative diseases like Parkinson's, for example. Double digit growth profile. Universal chemistry for NGS or bioinformatics.
This is exemplifying that we are really right in 2019 when we announced to the market that QIAGEN was dropping its investment into developing a system, a platform for next-generation sequencing. This was the right decision to take. Why? Because the market is proving us right. Because we have so many players coming to that game, Element, Singular, PacBio, and so on, that positioning ourselves of platform-agnostic to deliver our chemistry was the right thing to do. Once again, focus, focus. We cannot be a leader in instrumentation for NGS. Be a leader in chemistry. And you will see during some presentation of some of those companies this week how pleased they are with the collaboration we scale. Bioinformatics, the same, completely platform-agnostic. You can play our bioinformatics on an Illumina, Thermo, other players.
As a result, QIAGEN in bioinformatics is the number one in the world already. Our revenues at the moment are twice the revenue on the number two and four times the revenues of the number three. As I said before, we have a much stronger balance sheet than three years ago. We need to put it to play. We are going to focus first, obviously, in investing on our business because we want to be a growth profile for you. We are extremely convinced, obviously, that we need to be much more active in merger and acquisition. I'll come back to that in a minute. And as well, because we have done that in the past, we know that we can, when it will be relevant according to the economic environment, to proceed again with some share buyback. What do we mean by M&A at QIAGEN?
We have been clear over the last three years here. M&A is reinforcing and strengthening where we play. It's not about spreading the company thin. Those are two great examples of what we mean by this. Mid 2022, the acquisition of BLIRT, we were already a major player in enzymes. Enzymes are fundamental and necessary in every biological process. Not only do we sell enzymes to many companies in our business, but we use enzymes ourselves. It completes our presence already. BLIRT and Verogen, I'm sorry, once again, is leveraging a presence of more than 20 years in HIV, adding new capabilities, adding new differentiation. This is what M&A is going to be for the coming years at QIAGEN. Focus on bolt-on. We have the means to do bigger than bolt-on.
Once again, only if it makes sense and if it's transferring either our core portfolio or our five pillars of growth. I think it's time to conclude. We believe that we have proven. That doesn't mean that we are becoming arrogant about it, that it's a compelling investment case, balanced, again, focused, recurring revenues. We have a real obsession with execution and delivering on what we commit to you. Being aspirational is not in our DNA. Being realistic is, but realistically ambitious because we can grow. We said at the end of 2022, quarter three, that we believe that we have everything in hand for a double-digit growth of our non-COVID portfolio in 2023 as well. Why did we say that?
Because with what we have at the moment on our pipeline, the deal flow with our customers, the launches of new products, and also our reading of the economic environment, our ability to pass price increases made it natural to us to tell you, yes, we believe that in 2022, we will be able also in 2023 to grow double digit our non-COVID portfolio. And I remind you that QIAGEN was probably the first company to fully decouple our P&L from the volatility of COVID, and this was in July 2021. And in July 2021, we already told you we would grow our double digit non-COVID portfolio by double digit in 2022, and we executed on that. And we want to execute on that again for 2023. And as I said just before, obsessed also by this discipline, obviously, management of expenses and of capital allocation.
So balanced focus driven by execution, but also something fundamental for us and for this management is humility. Humility because there is so much that we don't know and because we know that we have a difficult environment, and hence that obsession with execution. And also humility to praise the 6,000 QIAGENers that have been relentlessly working over the last three years to prove again that this company was COVID relevant, but absolutely not COVID dependent. Thank you.
I'll move to the Q&A session. If anybody has a question in the audience, please feel free to raise your hand, and we have a mic runner here that will take your question. Anybody on the webcast that wants to ask a question, they can do so on the company website.
I guess to start, I'd like to get your perspective, Thierry, on how the company has changed since the Thermo deal back pre-COVID. Based on where you're sitting now in 2023, are you where you thought you would be as a company? And then I guess as a follow-up to that, would a strategic sale still be on the table? It feels like QIAGEN is consistently in merger rumors, the latest one with Bio-Rad a few months ago.
So first of all, I think when I say humility, I mean it. There is not a Thierry period, and before it was chaos. I mean, this company has been basically building on 30 years of significant scientists, innovation, management skills. When I took over in 2019, I just said that it would be an evolution, not a revolution. First of all, when the discussion of the strategic discussion with Thermo and others started, it was absolutely not the same context. If you close your eyes and you remember two or three years ago, we just had missed two quarters in a row. Suddenly, a CEO of more than 15 years was leaving the company, and there was a new one coming in, Thierry. This is the typical condition where obviously strategic alternatives are swirling around you, you see, and it's normal.
Since then, first of all, we always believed and we always said it could make sense to merge with Thermo Fisher if it creates value for our shareholders, if it creates also a big development or significant development for our stakeholders, our employees, our brand, our facilities all over the world. But at the same time, we said it has to be for the right value. The deal was rejected by our shareholder, and we came up immediately with that plan around more focus, five pillars, and some other activities as well. I think since then, we are more focused, definitely, clearly, as more than 60% of our R&D portfolio is invested in the five pillars of growth. I think we have a much stronger balance sheet. I'm going to be very honest with you. I hate to talk about it as an opportunity because it has been killing people.
So COVID is not an opportunity, but clearly we proved to be relevant, and therefore we have created an installed base of instruments with our customers that we were not even dreaming about three years ago for QIAstat, for NeuMoDx, for our SampleTech instruments, for also for QIAcuity. And this now, we always said those were menu plays. They are not depending on COVID. They were in our portfolio just before COVID. They will be in our portfolio for the next 25 years. Now it's basically continuing to put menu, and it should be okay. That doesn't mean that we are completely close to any discussion with potentially strategic if it makes sense again for our shareholders, for our stakeholders, and if we have a significant vision on the deal certainty in a complex regulatory environment. That's the situation.
Got it. That's helpful. Speaking of M&A, you just closed on a bolt-on deal here this morning with Verogen. Can you maybe elaborate on why this acquisition makes sense at this time and if we can expect similar bolt-on deals in the near term? And if so, in what specific areas would you look towards?
It makes sense because we were already in HIV, and we were close to $80 million revenue in HIV, mainly with sample tech activities and some others. And so we saw that opportunity. It gives again the leading position from sample tech to genomic results. Just a fact that could be interesting for you. Do you know that around 60% of criminal cases are never matched even with a DNA sample? 60%. It's at least 1 million cases in the U.S. that are remaining every year unidentified because of zero match from a pure sample of DNA. Verogen doesn't stick to DNA, goes much beyond, and gives results from SNPs. And this is fundamental, and this is creating a difference. This is going to be a revolution.
We created and we are acquiring a database that is going to be more and more used, that is a kind of mix of different genealogical databases where people decide freely to opt in. So we never do anything against the will of the people that is accessible to police all over the world. This is going to be really a revolution in HID, and this is why we are so confident in that double-digit growth profile. And so yes, clearly, with the balance sheet that we have, bolt-ons are going to continue either on the five pillars of growth or on the core business. Our key criteria, it has to be immediately understandable for every one of you that you see, of course, it fits there. They are not trying to venture in something that is going to create management dilution, attention-focused dilution. It's focus. So yes, clearly.
But at the same time, I said with the size of our balance sheet, yes, if we have something more transformational than just bolt-on, we should look at it with the same criteria. It has to make sense. It has to strengthen the company, and it has to be reasonably accretive in a short time frame, and when I say accretive in a short time frame, that means two years.
That's helpful. I wanted to touch on stocking. QIAGEN is 88% consumables, and there's been a notable stocking dynamic in life science tools and diagnostics around supply chain concerns last year. So just curious if you're seeing any of that at all within any of your end markets?
I hope that I clearly got your question. So do not hesitate to push back if I'm not precise enough. First of all, supply chain. I mean, once again, I know no company which is completely immune, but diagnostic, I would say, is kind of more protected than many of other colleagues on the supply chain constraint standpoint. Why? We are fighting against it for the last three years. Let me give you an example. We use, for example, a biological component called guanidine in our products. In a normal situation, pre-COVID, we ordered kilos of guanidine. With COVID, we had to order tons. So basically, working extremely fast to find new suppliers, diversify the suppliers, we have been doing that for the last three years, clearly. So we are kind of, I would say, not fully protected, but quite protected.
Second, I know that many people are saying with the influx of instruments in laboratories for the last three years, because so many laboratories have been investing in many instruments, especially for COVID, there will be basically a stop or a significant dry out of investment on equipment in laboratories. I do not share that. Not because I want to be optimistic. It's not because I've been in that business for more than 20 years, and I know for a fact that laboratories are on a rolling process, renewing their installed base every five years. Some laboratories, seven years, some others, three years. What I say to the market, and I believe in that, what's going to be the change and the difference for the coming two years at least, that I think that many more laboratories are going to use placement. They will not do capital sales.
They will do placement. That means the instrument is still on our balance sheet. But if we are extremely precise in monitoring the consumption of consumables, it's okay. We are used to that as well. So I'm not saying that, again, we are immune to everything. I believe that this company is protected. Did I answer your question or?
Yeah. No, that was helpful color on the instrument side. Maybe just asking a different way. On the consumable side, have any of your customers seen any destocking here over the last several months?
No, because I was clearly, very clear to you in January of 2020 that basically playing with inventory at customers, be them commercial partners or with, is not this management DNA. So we have no and never basically played with numbers because we have put a lot of inventory at customers. Our reagents and consumables are fast turning consumption. Someone who is using a QIAstat on COVID or non-COVID, for example, is not going to invest in ordering for a year in advance. No, they order when they want, when they can, when they have a good amount from patients. So no, I don't see that. To protect our customers, to protect our customers, and this is a financial effort, but we are, I think we owe that to our customers.
From a supply standpoint, to come back to your previous question, we do not hesitate to take positions ourselves with suppliers for a year, basically. So we order a year in advance to make sure that our customers are going to be protected.
That's helpful.
Any questions from the audience? All right. I'll keep going.
So you reiterated double-digit non-COVID growth here for 2023. Just wondering if you can give us some more color.
Non-COVID.
Yes, non-COVID. Just a breakdown of how that growth shakes out by a pillar, by the five pillars of growth. For instance, where do you see sample tech non-COVID growing next year and so forth?
Sure. So first of all, we have to highlight that, and we have said that for the last two years now, we will not take any specific assumptions or extra assumptions on COVID. So to give you a magnitude of the evolution, we will be, I'm sorry, probably closing 2022 at around $500 million revenues for COVID, $500 million. And we confirm that we are going to slash this down to around $220 million next year. So we take no assumption. Will COVID be high? No, we don't know. So protect our P&L. Remember always that it's not $220 million of pure COVID revenues because we told you to better understand our performance that the equivalent pre-COVID of products that we are now using in COVID that we're using in other things that COVID before COVID was around $150 million.
So basically, pure COVID for us next year will be around $60 million, pure COVID. And then you go to the non-COVID. SampleTech, as we said, probably low- to mid-single-digit. You have seen the performance of our non-COVID SampleTech this year. It's very reassuring. It's growing faster than pre-COVID, and it was above mid-single-digit. So we want to be at single-digit next year. QuantiFERON, it's a low double-digit growth profile, but it's already a more than $300 million franchise, so it's significant. So being able to grow $300 million franchise and more than double-digit, probably between 10%-11%, it's interesting. It's compelling. QIAstat, obviously, we are in a more dynamic market. We are still ascending in our market positioning. So we should expect between 10% and 15% growth rate. NeuMoDx, because in NeuMoDx, it's a bit specific.
We told you last year we cannot grow in 2022 on NeuMoDx. Why? Because we still do not have the menu that we want in the US, and so we cannot basically erase the impact of COVID for the US. But we told you in 2023 we will grow again on NeuMoDx. And so expect a 10%-15% growth. And QIAcuity, digital PCR, here we are in the high, high double digit, so way above 20% growth rate for next year.
That's helpful. You mentioned during the presentation your ability to raise price this year. How much of a benefit was pricing in 2022, and what are you expecting in 2023? I think you've noted previously that you were expecting a third significant price increase here this month, so.
So.
Yep.
No, no. So we never disclose, obviously, the granularity of those numbers, but we always said, first of all, we pass a price increase on a normal basis every January. And I said for the last three years that I expect for a company like QIAGEN that the normal impact of a price increase on a normal environment should be at least every year between 50 and 100 basis points. We said last year we passed two. A normal price increase in January, which was around 2.5% to 3%, and a greater price increase in June, July, that was closer to 6% to 7%. This is completely factored in our guidance at $225 billion revenues for 2022. In January, we are going to pass a third one, which is a more, let's say, limited price increase around 2.5% to 3% again. We need to be clear on price increase.
It's necessary. It's healthy. But we are not here to kill our customers. When I hear everybody suddenly for the last two years or last year talking about price increase, yes, of course, anytime where we can share the burden. But we have customers, let's say, for example, the academia customers, they have limited budget. The point is not to kill them. The point is to work with them to say, how can we do together so that you contribute a bit to the impact of inflation in our own P&L? Every QIAGEN sales rep on the field is equipped with a QIAGEN simplified P&L to show our customers that we are not immune to price increase, obviously. We have also an impact on our P&L, and we share the burden. It's not greed. It's sharing the efforts.
Got it.
Well, it looks like we're out of time. Thank you again, Thierry. Really appreciate the.
Thanks a lot.
Presentation. Thank you, everybody, for joining.