Qiagen Rises After Forecasting Faster Sales Growth in 2012
Qiagen NV (QGEN), the Dutch company whose tools are used to predict disease and isolate DNA, surged the most in more than two years after saying it expects faster sales growth in the second half of 2011 and in 2012.
Qiagen rose as much as 7.9 percent to 10.41 euros in Frankfurt trading, the biggest intraday advance since Aug. 11, 2009. The stock was up 5.2 percent at 10.15 euros as of 12:26 p.m. local time.
The company raised its 2011 forecast for adjusted diluted earnings per share to between 96 cents and 97 cents from 96 cents, it said in a statement after the close of trading yesterday. Qiagen, based in Venlo, still expects total sales growth to increase by 7 percent at constant currency in the second half of the year after third-quarter net revenue rose 5 percent to $288.9 million.
“We achieved our targets for moderate sales growth against the background of a challenging business environment in the third quarter,” Chief Executive Officer Peer Schatz said in the statement. “We are making good progress on strategic initiatives to drive growth at a stronger level in the second half of the year and in 2012.”
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