(in thousands) | 2024 | 2023 | ||
Consumables and related revenues | $1,005,982 | $951,366 | ||
Instruments | 72,583 | 84,111 | ||
Molecular Diagnostics | 1,078,565 | 1,035,477 | ||
Consumables and related revenues | 754,257 | 774,847 | ||
Instruments | 145,392 | 154,987 | ||
Life Sciences | 899,649 | 929,834 | ||
Total net sales | $1,978,214 | $1,965,311 |
(in thousands) | 2024 | 2023 | ||
Sample technologies | $642,031 | $662,991 | ||
Diagnostic solutions | 748,888 | 697,630 | ||
PCR / Nucleic acid amplification | 300,468 | 300,204 | ||
Genomics / NGS | 233,608 | 238,910 | ||
Other | 53,219 | 65,576 | ||
Total net sales | $1,978,214 | $1,965,311 |
(in thousands) | Equity\u00a0investments as\u00a0of\u00a0December\u00a031, | Share of income (loss) for\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031, | ||||||||
Ownership percentage | 2024 | 2023 | 2024 | 2023 | ||||||
TVM Life Sciences Ventures III | 3.10% | $11,807 | $7,198 | $1,916 | $947 | |||||
PreAnalytiX GmbH | 50.00% | 3,965 | 3,422 | 4,344 | 4,977 | |||||
Suzhou Fuda Business Management and Consulting Partnership | 33.67% | 2,469 | 2,581 | (44) | 49 | |||||
Apis Assay Technologies Ltd | 19.90% | \u2014 | 2,408 | (433) | (1,694) | |||||
Actome GmbH | 12.50% | \u2014 | 586 | (163) | (216) | |||||
Hombrechtikon Systems Engineering AG | 19.00% | (193) | (275) | 100 | 100 | |||||
$18,048 | $15,920 | $5,720 | $4,163 |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $15,920 | $17,906 | ||
Purchases of investments | 2,693 | 2,379 | ||
Impairment | (2,380) | \u2014 | ||
Dividend distribution received | (3,628) | (9,097) | ||
Share of profit | 5,720 | 4,163 | ||
Exchange rate differences / other | (277) | 569 | ||
Balance at end of year | $18,048 | $15,920 |
(in millions) | Joint Venture | Associates | ||||||
2024 | \u00a0 | 2023 | 2024 | 2023 | ||||
Total assets | $32.9 | $33.8 | $365.8 | $263.4 | ||||
Shareholders' equity | $26.3 | $24.9 | $347.5 | $251.1 | ||||
Net sales | $30.6 | $30.0 | $22.4 | $21.9 | ||||
Net result | $11.6 | $18.8 | ($19.6) | ($8.6) |
(USD equivalent for one) | Closing rate as at December 31, | Annual average rate | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Euro (EUR) | 1.0389 | 1.1050 | 1.0821 | 1.0814 | ||||
Pound Sterling (GBP) | 1.2529 | 1.2715 | 1.2782 | 1.2435 | ||||
Swiss Franc (CHF) | 1.1038 | 1.1933 | 1.1362 | 1.1133 | ||||
Japanese Yen (JPY) | 0.0064 | 0.0071 | 0.0066 | 0.0071 | ||||
Chinese Yuan (CNY) | 0.1370 | 0.1408 | 0.1390 | 0.1413 |
Financial assets at FVTPL | These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. However, see Note 26 for derivatives designated as hedging instruments. | |
Financial assets at amortized cost | These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. | |
Debt investments at FVOCI | These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. | |
Equity investments at FVOCI | These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. |
(in thousands) | \u00a0 | 2024 | 2023 | |
Cash at bank and on hand | \u00a0 | $92,175 | $86,616 | |
Money market funds | 399,917 | 481,360 | ||
Commercial paper | \u2014 | 9,982 | ||
Short-term bank deposits | 170,933 | 89,362 | ||
Cash and cash equivalents | $663,025 | $667,320 |
(in thousands) | 2024 | 2023 | ||
Raw materials | $52,770 | $91,204 | ||
Work in process | 72,675 | 94,736 | ||
Finished goods | 153,637 | 211,972 | ||
Total inventories, net | $279,082 | $397,912 |
Buildings and leasehold improvements | up to 60 years | |
Machinery and equipment | 3-15 years | |
Furniture and office equipment | 3-10 years |
Developed technology, patents and license rights | 5-15 years | |
Computer software | 3-20 years | |
Development costs | 3-5 years | |
Other intellectual properties | 5-15 years |
Financial assets at FVTPL | These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. However, see Note 26 for derivatives designated as hedging instruments. | |
Financial assets at amortized cost | These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. | |
Debt investments at FVOCI | These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. | |
Equity investments at FVOCI | These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. |
Financial assets at FVTPL | These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. However, see Note 26 for derivatives designated as hedging instruments. | |
Financial assets at amortized cost | These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. | |
Debt investments at FVOCI | These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. | |
Equity investments at FVOCI | These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. |
(in thousands) | \u00a0 | 2024 | 2023 | |
Cash at bank and on hand | \u00a0 | $92,175 | $86,616 | |
Money market funds | 399,917 | 481,360 | ||
Commercial paper | \u2014 | 9,982 | ||
Short-term bank deposits | 170,933 | 89,362 | ||
Cash and cash equivalents | $663,025 | $667,320 |
(in thousands) | 2024 | 2023 | ||
Raw materials | $52,770 | $91,204 | ||
Work in process | 72,675 | 94,736 | ||
Finished goods | 153,637 | 211,972 | ||
Total inventories, net | $279,082 | $397,912 |
Buildings and leasehold improvements | up to 60 years | |
Machinery and equipment | 3-15 years | |
Furniture and office equipment | 3-10 years |
Developed technology, patents and license rights | 5-15 years | |
Computer software | 3-20 years | |
Development costs | 3-5 years | |
Other intellectual properties | 5-15 years |
Developed technology, patents and license rights | 5-15 years | |
Computer software | 3-20 years | |
Development costs | 3-5 years | |
Other intellectual properties | 5-15 years |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $3,944 | $4,899 | ||
Provision charged to cost of sales | 2,675 | 3,947 | ||
Usage | (2,643) | (3,451) | ||
Adjustments to previously provided warranties, net | (1,016) | (1,501) | ||
Currency translation adjustment | (150) | 50 | ||
Balance at end of year | $2,810 | $3,944 |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $1,302 | $1,068 | ||
Provision charged to expenses | 1,951 | 3,689 | ||
Usage | (2,358) | (3,455) | ||
Currency translation adjustment and other | (3) | \u2014 | ||
Balance at end of year | $892 | $1,302 |
(in thousands) | 2024 | 2023 | ||
Consumables and related revenues | $1,005,982 | $951,366 | ||
Instruments | 72,583 | 84,111 | ||
Molecular Diagnostics | 1,078,565 | 1,035,477 | ||
Consumables and related revenues | 754,257 | 774,847 | ||
Instruments | 145,392 | 154,987 | ||
Life Sciences | 899,649 | 929,834 | ||
Total net sales | $1,978,214 | $1,965,311 |
(in thousands) | 2024 | 2023 | ||
Sample technologies | $642,031 | $662,991 | ||
Diagnostic solutions | 748,888 | 697,630 | ||
PCR / Nucleic acid amplification | 300,468 | 300,204 | ||
Genomics / NGS | 233,608 | 238,910 | ||
Other | 53,219 | 65,576 | ||
Total net sales | $1,978,214 | $1,965,311 |
(in thousands) | Employee-related costs | Exit and other costs | Total | |||
Costs incurred | $17,374 | $60,287 | $77,661 | |||
Cash payments | (7,949) | (27,838) | (35,787) | |||
Non-cash settlements | \u2014 | (6,423) | (6,423) | |||
Foreign currency translation adjustment | (421) | 454 | 33 | |||
Liability at December 31, 2024 | $9,004 | $26,480 | $35,484 |
Classification and Type of Charge (in thousands) | For the year ended December\u00a031, 2024 | |
Cost of sales: | ||
Exit costs, including contract termination costs | $43,355 | |
Employee-related costs | 8,204 | |
Intangible asset impairments | 134,567 | |
Inventories | 93,473 | |
Property, plant and equipment impairments | 15,459 | |
Total costs in cost of sales | $295,058 | |
Restructuring, acquisition, integration and other, net: | ||
Exit costs | $16,932 | |
Employee-related costs | 9,170 | |
Property, plant and equipment impairments | 30,236 | |
Other asset write-downs | 4,569 | |
Intangible asset impairments | 17,651 | |
Total costs in restructuring, acquisition, integration and other, net | $78,558 | |
Total costs | $373,616 |
(in thousands) | 2023 | |
Cost of sales | $\u2014 | |
Restructuring, acquisition, integration and other, net | 6,095 | |
Total restructuring charges | $6,095 |
(in thousands) | Employee-related costs | Exit and other costs | Total | |||
Liability at December 31, 2022 | $4,145 | $494 | $4,639 | |||
Cost incurred in 2023 | 6,604 | 160 | 6,764 | |||
Release of accruals | (662) | (7) | (669) | |||
Cash payments | (3,667) | (500) | (4,167) | |||
Foreign currency translation adjustment | 137 | \u2014 | 137 | |||
Liability at December 31, 2023 | $6,557 | $147 | $6,704 | |||
Cost incurred in 2024 | 853 | \u2014 | 853 | |||
Release of accruals | (941) | (52) | (993) | |||
Cash payments | (5,898) | (94) | (5,992) | |||
Foreign currency translation adjustment | (263) | (1) | (264) | |||
Liability at December 31, 2024 | $308 | $\u2014 | $308 |
(in thousands) | 2024 | 2023 | ||
Current financial assets: | ||||
Unquoted debt securities | $489,437 | $389,698 | ||
Total current financial assets | 489,437 | 389,698 | ||
Non-current financial assets: | ||||
Unquoted equity securities | 4,283 | 4,435 | ||
Total non-current financial assets | 4,283 | 4,435 | ||
Total financial assets | $493,720 | $394,133 |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of the year | $389,698 | $607,997 | ||
Unquoted debt securities acquired | 685,915 | 839,399 | ||
Unquoted debt securities redeemed | (584,979) | (1,054,946) | ||
Gain on sales of unquoted debt securities | 70 | \u2014 | ||
Interest redeemed | (3,277) | (15,661) | ||
Additions from accrued interest | 4,085 | 11,669 | ||
Foreign currency translation adjustment | (2,075) | 1,240 | ||
Balance at end of the year | $489,437 | $389,698 |
(in thousands) | 2023 | |
Balance at beginning of the year | $79,600 | |
Quoted debt securities acquired | 137,049 | |
Quoted debt securities redeemed | (215,605) | |
Interest redeemed | (4,395) | |
Additions from accrued interest | 3,351 | |
Balance at end of the year | $\u2014 |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $4,435 | $5,329 | ||
Impairments | (250) | (4,158) | ||
Cash investments in equity securities, net | 342 | 491 | ||
Shares received in exchange for services performed | \u2014 | 2,604 | ||
Foreign currency translation adjustments | (244) | 169 | ||
Balance at end of year | $4,283 | $4,435 |
(in thousands) | 2023 | |
Balance at beginning of the year | $79,600 | |
Quoted debt securities acquired | 137,049 | |
Quoted debt securities redeemed | (215,605) | |
Interest redeemed | (4,395) | |
Additions from accrued interest | 3,351 | |
Balance at end of the year | $\u2014 |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $4,435 | $5,329 | ||
Impairments | (250) | (4,158) | ||
Cash investments in equity securities, net | 342 | 491 | ||
Shares received in exchange for services performed | \u2014 | 2,604 | ||
Foreign currency translation adjustments | (244) | 169 | ||
Balance at end of year | $4,283 | $4,435 |
(in thousands) | 2024 | 2023 | ||
Trade accounts receivable | $364,187 | $395,568 | ||
Notes receivable | 3,317 | 3,605 | ||
Allowance for doubtful accounts | (18,226) | (17,296) | ||
Total trade accounts receivable, net | $349,278 | $381,877 |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $17,296 | $22,880 | ||
Additions charged to expense | 4,204 | (2,873) | ||
Deductions from allowance (1) | (2,148) | (2,378) | ||
Currency translation adjustments and other | (1,126) | (333) | ||
Balance at end of year | $18,226 | $17,296 |
(in thousands) | Notes | 2024 | 2023 | |||
Income taxes receivable | (17) | $46,563 | $60,639 | |||
Other receivables | 31,316 | 38,166 | ||||
Prepaid expenses | 22,121 | 18,832 | ||||
Value-added tax | 17,291 | 19,911 | ||||
Contract assets | (4) | 14,525 | 15,039 | |||
Cash collateral | (26) | 3,246 | $87,666 | |||
Total other current assets | $135,062 | $240,253 |
(in thousands) | 2024 | 2023 | ||
Other non-current assets | $27,546 | $21,539 | ||
Prepaid licenses and royalties | 6,421 | 7,797 | ||
Non-current deposits and escrow payments | 1,383 | 3,852 | ||
Prepayment of intangibles | 72 | 121 | ||
Total other non-current assets | $35,422 | $33,309 |
(in thousands) | Notes | 2024 | 2023 | |||
Income taxes receivable | (17) | $46,563 | $60,639 | |||
Other receivables | 31,316 | 38,166 | ||||
Prepaid expenses | 22,121 | 18,832 | ||||
Value-added tax | 17,291 | 19,911 | ||||
Contract assets | (4) | 14,525 | 15,039 | |||
Cash collateral | (26) | 3,246 | $87,666 | |||
Total other current assets | $135,062 | $240,253 |
(in thousands) | 2024 | 2023 | ||
Other non-current assets | $27,546 | $21,539 | ||
Prepaid licenses and royalties | 6,421 | 7,797 | ||
Non-current deposits and escrow payments | 1,383 | 3,852 | ||
Prepayment of intangibles | 72 | 121 | ||
Total other non-current assets | $35,422 | $33,309 |
Cost (in thousands) | Land and buildings | Machinery and equipment | Furniture and office equipment | Leasehold improvements | Construction in progress | Total | ||||||
January 1, 2023 | $342,494 | $300,793 | $91,166 | $46,032 | $71,276 | $851,761 | ||||||
Currency adjustments | 7,370 | 4,486 | 2,072 | 981 | 1,726 | 16,635 | ||||||
Additions | 52 | 24,710 | 5,871 | 2,745 | 37,757 | 71,135 | ||||||
Business combinations | \u2014 | 547 | \u2014 | \u2014 | \u2014 | 547 | ||||||
Disposals | (256) | (39,047) | (10,603) | (926) | (1,891) | (52,723) | ||||||
Transfers | 8,415 | 24,760 | 3,552 | 2,395 | (39,122) | \u2014 | ||||||
December 31, 2023 | 358,075 | 316,249 | 92,058 | 51,227 | 69,746 | 887,355 | ||||||
Currency adjustments | (13,211) | (21,127) | (5,057) | (1,612) | (3,008) | (44,015) | ||||||
Additions | 49 | 21,746 | 6,210 | 225 | 48,286 | 76,516 | ||||||
Disposals | (1,803) | (44,964) | (19,277) | (5,113) | (15,584) | (86,741) | ||||||
Transfers | 9,664 | 14,019 | 4,304 | 8,900 | (36,887) | \u2014 | ||||||
December 31, 2024 | $352,774 | $285,923 | $78,238 | $53,627 | $62,553 | $833,115 |
Accumulated depreciation (in thousands) | Land and buildings | Machinery and equipment | Furniture and office equipment | Leasehold improvements | Construction in progress | Total | ||||||
January 1, 2023 | ($105,730) | ($181,931) | ($56,367) | ($15,151) | $\u2014 | ($359,179) | ||||||
Currency adjustments | (2,138) | (1,942) | (1,399) | (99) | \u2014 | (5,578) | ||||||
Depreciation | (6,562) | (26,700) | (11,913) | (5,088) | \u2014 | (50,263) | ||||||
Disposals | 256 | 36,712 | 10,457 | 924 | \u2014 | 48,349 | ||||||
December 31, 2023 | (114,174) | (173,861) | (59,222) | (19,414) | \u2014 | (366,671) | ||||||
Currency adjustments | 4,156 | 15,403 | 3,856 | 817 | 7 | 24,239 | ||||||
Depreciation | (6,643) | (32,627) | (10,465) | (5,865) | \u2014 | (55,600) | ||||||
Impairment losses | (1,017) | (20,753) | (6,627) | (2,555) | (14,742) | (45,694) | ||||||
Disposals | 1,803 | 44,286 | 19,191 | 5,113 | 14,735 | 85,128 | ||||||
December 31, 2024 | (115,875) | (167,552) | (53,267) | (21,904) | \u2014 | (358,598) | ||||||
Net book value (in thousands) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||||
December 31, 2023 | $243,901 | $142,388 | $32,836 | $31,813 | $69,746 | $520,684 | ||||||
December 31, 2024 | $236,899 | $118,371 | $24,971 | $31,723 | $62,553 | $474,517 |
(in thousands) | Equity\u00a0investments as\u00a0of\u00a0December\u00a031, | Share of income (loss) for\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031, | ||||||||
Ownership percentage | 2024 | 2023 | 2024 | 2023 | ||||||
TVM Life Sciences Ventures III | 3.10% | $11,807 | $7,198 | $1,916 | $947 | |||||
PreAnalytiX GmbH | 50.00% | 3,965 | 3,422 | 4,344 | 4,977 | |||||
Suzhou Fuda Business Management and Consulting Partnership | 33.67% | 2,469 | 2,581 | (44) | 49 | |||||
Apis Assay Technologies Ltd | 19.90% | \u2014 | 2,408 | (433) | (1,694) | |||||
Actome GmbH | 12.50% | \u2014 | 586 | (163) | (216) | |||||
Hombrechtikon Systems Engineering AG | 19.00% | (193) | (275) | 100 | 100 | |||||
$18,048 | $15,920 | $5,720 | $4,163 |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $15,920 | $17,906 | ||
Purchases of investments | 2,693 | 2,379 | ||
Impairment | (2,380) | \u2014 | ||
Dividend distribution received | (3,628) | (9,097) | ||
Share of profit | 5,720 | 4,163 | ||
Exchange rate differences / other | (277) | 569 | ||
Balance at end of year | $18,048 | $15,920 |
(in millions) | Joint Venture | Associates | ||||||
2024 | \u00a0 | 2023 | 2024 | 2023 | ||||
Total assets | $32.9 | $33.8 | $365.8 | $263.4 | ||||
Shareholders' equity | $26.3 | $24.9 | $347.5 | $251.1 | ||||
Net sales | $30.6 | $30.0 | $22.4 | $21.9 | ||||
Net result | $11.6 | $18.8 | ($19.6) | ($8.6) |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $2,503,038 | $2,380,162 | ||
Goodwill acquired during the year | \u2014 | 95,136 | ||
Purchase adjustments | \u2014 | (4,350) | ||
Currency adjustments | (49,189) | 32,090 | ||
Balance at end of year | $2,453,849 | $2,503,038 |
Cost (in thousands) | Developed technology, patent and license rights | Computer software | Development costs | Other intellectual properties | Total | |||||
January 1, 2023 | $983,782 | $321,196 | $49,623 | $288,705 | $1,643,306 | |||||
Currency adjustments | 15,283 | 9,072 | 1,667 | 5,862 | 31,884 | |||||
Additions | 11,034 | 108,312 | 6,605 | 43 | 125,994 | |||||
Business combinations | 57,200 | \u2014 | \u2014 | 800 | 58,000 | |||||
Disposals | (65,943) | (36,722) | (255) | (21,355) | (124,275) | |||||
December 31, 2023 | 1,001,356 | 401,858 | 57,640 | 274,055 | 1,734,909 | |||||
Currency adjustments | (23,714) | (19,549) | (2,584) | (7,837) | (53,684) | |||||
Additions | 3,455 | 99,136 | 10,181 | 41 | 112,813 | |||||
Disposals | (171,472) | (43,005) | \u2014 | (24,007) | (238,484) | |||||
Impairment losses (1) | \u2014 | \u2014 | \u2014 | (55,000) | (55,000) | |||||
Transfers | 6,365 | \u2014 | \u2014 | (6,365) | \u2014 | |||||
December 31, 2024 | $815,990 | $438,440 | $65,237 | $180,887 | $1,500,554 |
Accumulated amortization (in thousands) | Developed technology, patent and license rights | Computer software | Development costs | Other intellectual properties | Total | |||||
January 1, 2023 | ($548,033) | ($150,467) | ($16,500) | ($179,658) | ($894,658) | |||||
Currency adjustments | (10,223) | (4,393) | (674) | (4,218) | (19,508) | |||||
Amortization | (82,839) | (35,351) | (5,383) | (10,916) | (134,489) | |||||
Disposals | 65,943 | 33,074 | \u2014 | 21,355 | 120,372 | |||||
December 31, 2023 | (575,152) | (157,137) | (22,557) | (173,437) | (928,283) | |||||
Currency adjustments | 18,651 | 8,259 | 1,159 | 6,540 | 34,609 | |||||
Amortization | (74,861) | (35,927) | (6,008) | (10,008) | (126,804) | |||||
Impairment losses | (80,274) | (16,944) | \u2014 | \u2014 | (97,218) | |||||
Disposals | 171,472 | 42,915 | \u2014 | 24,007 | 238,394 | |||||
December 31, 2024 | ($540,164) | ($158,834) | ($27,406) | ($152,898) | ($879,302) | |||||
Net book value (in thousands) | ||||||||||
December 31, 2023 | $426,204 | $244,721 | $35,083 | $100,618 | $806,626 | |||||
December 31, 2024 | $275,826 | $279,606 | $37,831 | $27,989 | $621,252 |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $2,503,038 | $2,380,162 | ||
Goodwill acquired during the year | \u2014 | 95,136 | ||
Purchase adjustments | \u2014 | (4,350) | ||
Currency adjustments | (49,189) | 32,090 | ||
Balance at end of year | $2,453,849 | $2,503,038 |
Cost (in thousands) | Developed technology, patent and license rights | Computer software | Development costs | Other intellectual properties | Total | |||||
January 1, 2023 | $983,782 | $321,196 | $49,623 | $288,705 | $1,643,306 | |||||
Currency adjustments | 15,283 | 9,072 | 1,667 | 5,862 | 31,884 | |||||
Additions | 11,034 | 108,312 | 6,605 | 43 | 125,994 | |||||
Business combinations | 57,200 | \u2014 | \u2014 | 800 | 58,000 | |||||
Disposals | (65,943) | (36,722) | (255) | (21,355) | (124,275) | |||||
December 31, 2023 | 1,001,356 | 401,858 | 57,640 | 274,055 | 1,734,909 | |||||
Currency adjustments | (23,714) | (19,549) | (2,584) | (7,837) | (53,684) | |||||
Additions | 3,455 | 99,136 | 10,181 | 41 | 112,813 | |||||
Disposals | (171,472) | (43,005) | \u2014 | (24,007) | (238,484) | |||||
Impairment losses (1) | \u2014 | \u2014 | \u2014 | (55,000) | (55,000) | |||||
Transfers | 6,365 | \u2014 | \u2014 | (6,365) | \u2014 | |||||
December 31, 2024 | $815,990 | $438,440 | $65,237 | $180,887 | $1,500,554 |
Accumulated amortization (in thousands) | Developed technology, patent and license rights | Computer software | Development costs | Other intellectual properties | Total | |||||
January 1, 2023 | ($548,033) | ($150,467) | ($16,500) | ($179,658) | ($894,658) | |||||
Currency adjustments | (10,223) | (4,393) | (674) | (4,218) | (19,508) | |||||
Amortization | (82,839) | (35,351) | (5,383) | (10,916) | (134,489) | |||||
Disposals | 65,943 | 33,074 | \u2014 | 21,355 | 120,372 | |||||
December 31, 2023 | (575,152) | (157,137) | (22,557) | (173,437) | (928,283) | |||||
Currency adjustments | 18,651 | 8,259 | 1,159 | 6,540 | 34,609 | |||||
Amortization | (74,861) | (35,927) | (6,008) | (10,008) | (126,804) | |||||
Impairment losses | (80,274) | (16,944) | \u2014 | \u2014 | (97,218) | |||||
Disposals | 171,472 | 42,915 | \u2014 | 24,007 | 238,394 | |||||
December 31, 2024 | ($540,164) | ($158,834) | ($27,406) | ($152,898) | ($879,302) | |||||
Net book value (in thousands) | ||||||||||
December 31, 2023 | $426,204 | $244,721 | $35,083 | $100,618 | $806,626 | |||||
December 31, 2024 | $275,826 | $279,606 | $37,831 | $27,989 | $621,252 |
(in thousands, except lease term and discount rate) | Location in balance sheet | 2024 | 2023 | |||
Right-of-use assets | Right-of-use assets | $113,416 | $102,919 | |||
Office and buildings | $99,996 | $89,122 | ||||
Cars and all other assets | $13,420 | $13,797 | ||||
Current lease liabilities | Other current liabilities | $24,335 | $22,268 | |||
Non-current lease liabilities | Other non-current liabilities | $96,658 | $79,063 | |||
Weighted average remaining lease term | 7.38 years | 6.80 years | ||||
Weighted average discount rate | 3.31% | 2.85% |
(in thousands) | 2024 | 2023 | ||
Amortization of right-of-use assets | $27,761 | $26,592 | ||
Office and buildings | 20,831 | 20,231 | ||
Cars and all other assets | 6,930 | 6,361 | ||
Interest on lease liabilities | ($3,414) | ($2,521) |
(in thousands) | 2024 | 2023 | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Financing cash flows from principal portion of lease payments | $23,892 | $26,779 | ||
Operating cash flows from interest portion of lease payments | 3,414 | 2,521 | ||
Total cash outflow for leases | $27,306 | $29,300 |
Year ending December 31, (in thousands) | Lease Liabilities | |
2025 | $27,056 | |
2026 | 23,052 | |
2027 | 19,156 | |
2028 | 14,535 | |
2029 | 9,216 | |
Thereafter | 42,327 | |
Total lease payments | 135,342 | |
Less: Imputed interest | (14,349) | |
Total | $120,993 |
(in thousands) | Notes | 2024 | 2023 | |||
Payroll and related accrued liabilities | $85,579 | $81,377 | ||||
Deferred revenue | (4) | 70,827 | 66,432 | |||
Other liabilities | 66,139 | 56,720 | ||||
Accrued expenses | 51,673 | 70,007 | ||||
Income tax payable | (17) | 24,946 | 12,475 | |||
Current lease liabilities | (13) | 24,335 | 22,268 | |||
Accrued contingent consideration and milestone payments | (25) | 20,650 | 18,359 | |||
Cash collateral liability | (26) | 16,790 | 5,440 | |||
Accrued interest on non-current financial debt | (16) | 10,554 | 8,518 | |||
Accrued royalties | (20) | 5,098 | 9,699 | |||
Total other current liabilities | $376,591 | $351,295 |
(in thousands) | Notes | 2024 | 2023 | |||
Non-current lease liabilities | (13) | $96,658 | $79,063 | |||
Accrued expenses | 86,464 | 85,830 | ||||
Deferred revenue | (4) | 17,971 | 15,676 | |||
Non-current employee benefit obligations | 16,760 | 14,029 | ||||
Other non-current liabilities | $217,853 | $194,598 |
(in thousands) | 2024 | 2023 | ||
1.000% Senior Unsecured Cash Convertible Notes due 2024 | $\u2014 | $483,019 | ||
0.000% Senior Unsecured Convertible Notes due 2027 | 444,351 | 443,818 | ||
2.500% Senior Unsecured Convertible Notes due 2031 | 494,421 | \u2014 | ||
German Private Placement (2017 Schuldschein) | 15,050 | 120,956 | ||
German Private Placement (2022 Schuldschein) | 383,675 | 407,950 | ||
Total financial debts | 1,337,497 | 1,455,743 | ||
Less: Current portion of financial debts | 53,481 | 587,970 | ||
Total non-current financial debts | $1,284,016 | $867,773 | ||
Total amount secured | $\u2014 | $\u2014 | ||
Unused lines of credit for short-term financing | $429,066 | $456,365 |
(in thousands) | 2024 | 2023 | ||
German Private Placement (2017 Schuldschein) | $101,536 | $\u2014 | ||
1.000% Senior Unsecured Cash Convertible Notes due 2024 | 500,000 | \u2014 | ||
0.500% Senior Unsecured Cash Convertible Notes due 2023 | \u2014 | 400,000 | ||
Total repayment of non-current debt | $601,536 | $400,000 |
2024 | ||||||||||
(in thousands) | Principal amount | Unamortized debt discount and issuance costs | Carrying amount | Fair value | ||||||
Amount | Leveling | |||||||||
Convertible Notes due 2027(1) | $445,949 | ($1,598) | $444,351 | $475,835 | Level 1 | |||||
Convertible Notes due 2031 | 500,000 | (5,579) | 494,421 | 511,150 | Level 1 | |||||
German Private Placement (2017 Schuldschein) | 15,069 | (19) | 15,050 | 14,560 | Level 2 | |||||
German Private Placement (2022 Schuldschein) | 384,393 | (718) | 383,675 | 380,180 | Level 2 | |||||
$1,345,411 | ($7,914) | $1,337,497 | $1,381,725 |
2023 | ||||||||||
(in thousands) | Principal amount | Unamortized debt discount and issuance costs | Carrying amount | Fair Value | ||||||
Amount | Leveling | |||||||||
Cash Convertible Notes due 2024 | $500,000 | ($16,981) | $483,019 | $513,500 | Level 1 | |||||
Convertible Notes due 2027(1) | 445,949 | (2,131) | 443,818 | 453,185 | Level 1 | |||||
German Private Placement (2017 Schuldschein) | 121,009 | (53) | 120,956 | 118,978 | Level 2 | |||||
German Private Placement (2022 Schuldschein) | 408,846 | (896) | 407,950 | 401,684 | Level 2 | |||||
$1,475,804 | ($20,061) | $1,455,743 | $1,487,347 |
Future contractual cash obligations | ||||||||
Years ending December 31, (in thousands) | Carrying value | Loans (fixed and floating-rate) | Convertible notes (fixed-rate) | Total | ||||
2025 | $53,481 | $65,029 | $12,361 | $77,390 | ||||
2026 | \u2014 | 10,658 | 12,361 | 23,019 | ||||
2027 | 554,329 | 119,218 | 456,712 | 575,930 | ||||
2028 | \u2014 | 7,649 | 12,361 | 20,010 | ||||
2029 | 145,189 | 150,586 | 12,361 | 162,947 | ||||
Thereafter | 584,498 | 104,064 | 515,331 | 619,395 | ||||
$1,337,497 | $457,204 | $1,021,487 | $1,478,691 |
Future contractual cash obligations | ||||||||
Years ending December 31, (in thousands) | Carrying value | Loans (fixed and floating-rate) | Convertible notes (fixed-rate) | Total | ||||
2024 | $587,970 | $121,912 | $487,352 | $609,264 | ||||
2025 | 56,836 | 71,511 | \u2014 | 71,511 | ||||
2026 | \u2014 | 13,336 | \u2014 | 13,336 | ||||
2027 | 560,749 | 128,564 | 443,818 | 572,382 | ||||
2028 | \u2014 | 9,714 | \u2014 | 9,714 | ||||
Thereafter | 250,188 | 272,454 | \u2014 | 272,454 | ||||
$1,455,743 | $617,491 | $931,170 | $1,548,661 |
(in\u00a0thousands)\u00a0 | 2024 | 2023 | ||
Coupon interest | $8,604 | $4,169 | ||
Amortization of original issuance discount | 16,075 | 27,341 | ||
Amortization of debt issuance costs | 1,690 | 2,328 | ||
Total interest expense related to the convertible notes | $26,369 | $33,838 |
Carrying value (in thousands) as of December 31, | ||||||||
Notional amount | Interest rate | Maturity | 2024 | 2023 | ||||
\u20ac64.0 million | Fixed 1.09% | June 2024 | $\u2014 | $70,704 | ||||
\u20ac31.0 million | Floating EURIBOR + 0.7% | June 2024 | \u2014 | 34,247 | ||||
\u20ac14.5 million | Fixed 1.61% | June 2027 | 15,050 | 16,005 | ||||
$15,050 | $120,956 |
Carrying value (in thousands) as of December 31, | ||||||||
Notional amount | Interest rate | Maturity | 2024 | 2023 | ||||
\u20ac51.5 million | Floating 6M EURIBOR + 0.55% | July 2025 | $53,481 | $56,836 | ||||
\u20ac62.0 million | Fixed 2.741% | July 2027 | 64,323 | 68,388 | ||||
\u20ac29.5 million | Floating 6M EURIBOR + 0.70% | July 2027 | 30,605 | 32,539 | ||||
\u20ac37.0 million | Fixed 3.044% | July 2029 | 38,371 | 40,803 | ||||
\u20ac103.0 million | Floating 6M EURIBOR + 0.85% | July 2029 | 106,818 | 113,586 | ||||
\u20ac9.5 million | Fixed 3.386% | July 2032 | 9,849 | 10,475 | ||||
\u20ac7.5 million | Floating 6M EURIBOR + 1.0% | July 2032 | 7,776 | 8,269 | ||||
\u20ac70.0 million | Fixed 3.04% | August 2035 | 72,452 | 77,054 | ||||
$383,675 | $407,950 |
(in thousands) | 2024 | 2023 | ||
Current income tax charge | $52,966 | $72,637 | ||
Adjustment in respect of current income tax of previous years | 1,275 | 1,196 | ||
Current income tax expense | 54,241 | 73,833 | ||
Origination and reversal of temporary differences | (19,724) | 14,915 | ||
Changes in tax rates | (250) | 896 | ||
Deferred income tax expense | (19,974) | 15,811 | ||
Total income tax expense | $34,267 | $89,644 |
(in thousands) | 2024 | 2023 | ||||||
Amount | Percent | Amount | Percent | |||||
Income before tax | $94,078 | \u2014 | $574,452 | \u2014 | ||||
At Dutch statutory income tax rate of 25.8% | $24,272 | 25.8% | $148,209 | 25.8% | ||||
Taxation of foreign operations, net (1) | (27,755) | (29.5) | (32,700) | (5.7) | ||||
Pillar Two income taxes | 11,452 | 12.2 | \u2014 | \u2014 | ||||
Tax impact from non-deductible (deductible) items (2) | 5,178 | 5.5 | (30,795) | (5.4) | ||||
Prior year taxes | 1,275 | 1.4 | 1,196 | 0.2 | ||||
Changes in tax rates impacting deferred taxes | (250) | (0.3) | 896 | 0.2 | ||||
Unrecognized tax benefits | 19,234 | 20.4 | 13,615 | 2.4 | ||||
Government incentives | (3,355) | (3.6) | (4,310) | (0.8) | ||||
Share-based compensation | 3,443 | 3.7 | (1,283) | (0.2) | ||||
Other | 773 | 0.8 | (5,184) | (0.9) | ||||
Total income tax | $34,267 | 36.4% | $89,644 | 15.6% |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | $95,558 | $79,283 | ||
Additions based on tax positions related to the current year | 9,447 | 9,632 | ||
Additions for tax positions of prior years | 10,402 | 7,839 | ||
Decrease for tax position of prior years | (271) | (3,832) | ||
Decrease related to settlements | (439) | (119) | ||
Decrease due to lapse of statute of limitations | \u2014 | \u2014 | ||
(Decrease) increase from currency translation | (5,770) | 2,755 | ||
Balance at end of year | $108,927 | $95,558 |
(in thousands) | 2024 | 2023 | Change | |||
Deferred tax assets: | ||||||
Intangibles | $47,409 | $30,084 | $17,325 | |||
Accrued liabilities | 27,746 | 25,375 | 2,371 | |||
Inventory | 23,408 | 28,121 | (4,713) | |||
Net operating loss and credit carryforward | 22,981 | 29,730 | (6,749) | |||
Equity awards | 20,342 | 26,766 | (6,424) | |||
Depreciation and amortization | 3,397 | 2,249 | 1,148 | |||
Convertible debt | 1,215 | 2,173 | (958) | |||
Disallowed interest carryforwards | 683 | 1,157 | (474) | |||
Other | 8,662 | 7,133 | 1,529 | |||
Offsetting | (63,278) | (89,214) | 25,936 | |||
Total deferred tax assets | 92,565 | 63,574 | 28,991 | |||
Deferred tax liabilities: | ||||||
Depreciation and amortization | (49,361) | (55,860) | 6,499 | |||
Intangibles | (41,386) | (50,723) | 9,337 | |||
Other | (5,910) | (4,757) | (1,153) | |||
Offsetting | 63,278 | 89,214 | (25,936) | |||
Total deferred tax liabilities | (33,379) | (22,126) | (11,253) | |||
\u00a0 | ||||||
Net deferred tax assets | $59,186 | $41,448 | $17,738 |
(in thousands) | 2024 | 2023 | ||
Change in deferred tax recognized in income | $19,973 | ($15,811) | ||
Change in deferred tax recognized in equity (1) | (2,235) | (5,396) | ||
Change in deferred tax related to business combinations (2) | \u2014 | (669) | ||
Change in deferred tax | $17,738 | ($21,876) |
(in thousands, except per share data) | 2024 | 2023 | ||
Net income | $59,811 | $484,808 | ||
Weighted average number of common shares used to compute basic earnings per common share | 222,619 | 228,146 | ||
Dilutive effect of stock options and restricted stock units | 2,098 | 2,473 | ||
Weighted average number of common shares used to compute diluted earnings per common share | 224,717 | 230,619 | ||
Outstanding options and awards having no dilutive effect, not included in above calculation | 26 | 1 | ||
Outstanding warrants having no dilutive effect, not included in above calculation | 9,531 | 17,562 | ||
Basic earnings per common share | $0.27 | $2.12 | ||
Diluted earnings per common share | $0.27 | $2.10 |
Years ending December 31, (in thousands) | Purchase commitments | License & royalty commitments | ||
2025 | $38,232 | $1,416 | ||
2026 | 30,701 | 779 | ||
2027 | 12,607 | 801 | ||
2028 | 1,035 | 601 | ||
2029 | 918 | 506 | ||
Thereafter | \u2014 | 1,771 | ||
$83,493 | $5,874 |
Years ending December 31, (in thousands) | Purchase commitments | License & royalty commitments | ||
2024 | $37,396 | $1,926 | ||
2025 | 35,992 | 1,453 | ||
2026 | 13,150 | 783 | ||
2027 | 11,383 | 766 | ||
2028 | 903 | 560 | ||
Thereafter | \u2014 | 1,729 | ||
$98,824 | $7,217 |
(in thousands) | 2024 | 2023 | ||
Americas: | ||||
United States | $942,009 | $935,281 | ||
Other Americas | 89,557 | 84,774 | ||
Total Americas | 1,031,566 | 1,020,055 | ||
Europe, Middle East and Africa | 648,494 | 624,573 | ||
Asia Pacific, Japan\u00a0and Rest of World | 298,154 | 320,683 | ||
Total net sales | $1,978,214 | $1,965,311 |
(in thousands) | 2024 | 2023 | ||
Americas: | ||||
United States | $2,158,114 | $2,341,040 | ||
Other Americas | 8,579 | 11,066 | ||
Total Americas | 2,166,693 | 2,352,106 | ||
Germany | 772,551 | 786,974 | ||
Other Europe, Middle East and Africa | 573,367 | 615,399 | ||
Asia Pacific, Japan\u00a0and Rest of World | 208,369 | 232,727 | ||
Total long-lived assets | $3,720,980 | $3,987,206 |
(in thousands) | 2024 | 2023 | ||
Outstanding at January 1 | 4,015 | 3,771 | ||
Granted | 1,556 | 1,185 | ||
Vested | (1,734) | (864) | ||
Forfeited | (231) | (77) | ||
Outstanding at December\u00a031 | 3,606 | 4,015 | ||
Vested and expected to vest at December\u00a031 | 3,317 | 3,744 |
(in thousands) | 2024 | \u00a0 | 2023 | |
Cost of sales | $4,317 | $3,296 | ||
Research and development | 6,691 | 7,484 | ||
Sales and marketing | 12,122 | 14,495 | ||
General and administrative | 20,497 | 21,825 | ||
Share-based compensation expense | 43,627 | 47,100 | ||
Less: Income tax benefit (1) | 14,695 | 9,751 | ||
Share-based compensation expense, after tax | $28,932 | $37,349 |
(in thousands) | 2024 | 2023 | ||
Salaries and wages | $354,322 | $371,855 | ||
Social security and pension | 109,064 | 103,686 | ||
Share-based payment expense | 43,627 | 47,100 | ||
Termination costs | 17,646 | 5,942 | ||
Other | 90,640 | 89,297 | ||
Total personnel costs | $615,299 | $617,880 |
(in thousands) | 2024 | 2023 | ||
Cost of sales | $144,098 | $142,825 | ||
Research and development expense | 113,525 | 113,102 | ||
Sales and marketing expense | 277,312 | 282,214 | ||
General and administrative expense | 80,364 | 79,739 | ||
Total personnel costs | $615,299 | $617,880 |
Employees | 2024 | 2023 | ||
Headcount at December 31 | 5,765 | 5,967 | ||
Thereof employed in the Netherlands | 55 | 55 |
(in thousands) | 2024 | 2023 | ||
Net sales | $3,073 | $9,039 |
(in thousands) | 2024 | 2023 | ||
Trade accounts receivable | $1,848 | $2,890 | ||
Other current assets | $52 | $78 | ||
Trade and other accounts payable | $872 | $700 | ||
Other current liabilities | $1,367 | $2,893 |
For the year ended December 31, 2024 (in thousands) | Thierry Bernard | Roland Sackers | ||
Fixed Salary | $979 | $588 | ||
Other (1) | 32 | 44 | ||
Total fixed income 2024 | 1,010 | 633 | ||
Short-term variable cash bonus | 1,128 | 462 | ||
Total short-term income 2024 | 2,138 | 1,095 | ||
Defined contribution on benefit plan | 200 | 117 | ||
Total compensation (excluding long-term share-based compensation) | $2,338 | $1,212 |
For the year ended December 31, 2023 (in thousands) | Thierry Bernard | Roland Sackers | ||
Fixed Salary | $979 | $588 | ||
Other (1) | 33 | 40 | ||
Total fixed income 2023 | 1,012 | 628 | ||
Short-term variable cash bonus | 780 | 320 | ||
Total short-term income 2023 | 1,792 | 948 | ||
Defined contribution on benefit plan | 200 | 117 | ||
Total compensation (excluding long-term share-based compensation) | $1,992 | $1,065 |
For the year ended December 31, 2024 (in thousands, except for number of share grants) | Fixed remuneration | Committee Chair | Committee membership | Total (1) | Number of restricted stock units granted | |||||
Lawrence A. Rosen | $150.0 | 4.5 | 23.3 | $177.8 | 7,056 | |||||
Dr.\u00a0Metin Colpan | $57.5 | 18.0 | 11.0 | $86.5 | 7,056 | |||||
Dr. Toralf Haag | $57.5 | 25.0 | \u2014 | $82.5 | 7,056 | |||||
Dr. Ross L. Levine | $57.5 | \u2014 | 11.0 | $68.5 | 7,056 | |||||
Dr. Elaine Mardis | $57.5 | \u2014 | 22.0 | $79.5 | 7,056 | |||||
Bert van Meurs(2) | $43.1 | \u2014 | 8.3 | $51.4 | \u2014 | |||||
Eva van Pelt(2) | $47.9 | \u2014 | 12.5 | $60.4 | \u2014 | |||||
Dr. Eva Pisa | $57.5 | 13.5 | 2.8 | $73.8 | 7,056 | |||||
Stephen H. Rusckowski | $57.5 | 13.5 | 11.0 | $82.0 | 7,056 | |||||
Elizabeth E. Tallett | $57.5 | 4.5 | 34.3 | $96.3 | 7,056 |
For the year ended December 31, 2023 (in thousands, except for number of share grants) | Fixed remuneration | Committee Chair | Committee membership | Total (1) | Number of restricted stock units granted | |||||
Lawrence A. Rosen | $150.0 | 18.0 | 20.5 | $188.5 | 7,917 | |||||
Dr.\u00a0Metin Colpan | $57.5 | 18.0 | 11.0 | $86.5 | 7,917 | |||||
Thomas Ebeling(2) | $28.8 | \u2014 | 5.5 | $34.3 | 7,917 | |||||
Dr. Toralf Haag | $57.5 | 25.0 | \u2014 | $82.5 | 7,917 | |||||
Dr. Ross L. Levine | $57.5 | \u2014 | 11.0 | $68.5 | 7,917 | |||||
Dr. Elaine Mardis | $57.5 | \u2014 | 22.0 | $79.5 | 7,917 | |||||
Dr. Eva Pisa | $57.5 | \u2014 | 11.0 | $68.5 | 7,917 | |||||
Stephen H. Rusckowski(3) | $40.6 | \u2014 | 5.5 | $46.1 | \u2014 | |||||
Elizabeth E. Tallett | $57.5 | 18.0 | 26.0 | $101.5 | 7,917 |
Carrying amount | Fair value | |||||||||||||||
(in thousands) | FV hedging instrument | Amortized cost | Fair value through profit or loss | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $\u2014 | $323,108 | $339,917 | $663,025 | $339,917 | $\u2014 | $\u2014 | $339,917 | ||||||||
Trade accounts receivable | \u2014 | 349,278 | \u2014 | 349,278 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Financial assets, current | \u2014 | 489,437 | \u2014 | 489,437 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Financial assets, non-current | \u2014 | \u2014 | 4,283 | 4,283 | \u2014 | \u2014 | 4,283 | 4,283 | ||||||||
Equity options | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Foreign exchange forwards and options | \u2014 | \u2014 | 5,761 | 5,761 | \u2014 | 5,761 | \u2014 | 5,761 | ||||||||
Interest rate contracts - cash flow hedge | 14,340 | \u2014 | 6,677 | 21,017 | \u2014 | 21,017 | \u2014 | 21,017 | ||||||||
Total financial assets | $14,340 | $1,161,823 | $356,638 | $1,532,801 | $339,917 | $26,778 | $4,283 | $370,978 | ||||||||
Liabilities: | ||||||||||||||||
Lease liabilities(1) | $\u2014 | ($120,993) | $\u2014 | ($120,993) | $\u2014 | $\u2014 | $\u2014 | $\u2014 | ||||||||
Trade accounts payable | \u2014 | (83,272) | \u2014 | (83,272) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Foreign exchange forwards and options | \u2014 | \u2014 | (13,752) | (13,752) | \u2014 | (13,752) | \u2014 | (13,752) | ||||||||
Interest rate contracts - cash flow hedge | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Equity options | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Warrants and embedded conversion option | \u2014 | \u2014 | (89,609) | (89,609) | \u2014 | (89,609) | \u2014 | (89,609) | ||||||||
Contingent consideration | \u2014 | \u2014 | (20,650) | (20,650) | \u2014 | \u2014 | (20,650) | (20,650) | ||||||||
Total financial liabilities | $\u2014 | ($204,265) | ($124,011) | ($328,276) | $\u2014 | ($103,361) | ($20,650) | ($124,011) |
Carrying amount | Fair value | |||||||||||||||
(in thousands) | FV hedging instrument | Amortized cost | Fair value through profit or loss | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $\u2014 | $667,320 | $\u2014 | $667,320 | $\u2014 | $\u2014 | $\u2014 | $\u2014 | ||||||||
Trade accounts receivable | \u2014 | 381,877 | \u2014 | 381,877 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Financial assets, current | \u2014 | 308,675 | 81,023 | 389,698 | \u2014 | 81,023 | \u2014 | 81,023 | ||||||||
Financial assets, non-current | \u2014 | \u2014 | 4,435 | 4,435 | \u2014 | \u2014 | 4,435 | 4,435 | ||||||||
Equity options | \u2014 | \u2014 | 39,759 | 39,759 | \u2014 | 39,759 | \u2014 | 39,759 | ||||||||
Foreign exchange forwards and options | \u2014 | \u2014 | 3,471 | 3,471 | \u2014 | 3,471 | \u2014 | 3,471 | ||||||||
Interest rate contracts - cash flow hedge | 3,083 | \u2014 | \u2014 | 3,083 | \u2014 | 3,083 | \u2014 | 3,083 | ||||||||
Total financial assets | $3,083 | $1,357,872 | $128,688 | $1,489,643 | $\u2014 | $127,336 | $4,435 | $131,771 | ||||||||
Liabilities: | ||||||||||||||||
Lease liabilities(1) | $\u2014 | ($101,331) | $\u2014 | ($101,331) | $\u2014 | $\u2014 | $\u2014 | $\u2014 | ||||||||
Trade accounts payable | \u2014 | (84,155) | \u2014 | (84,155) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Foreign exchange forwards and options | \u2014 | \u2014 | (9,944) | (9,944) | \u2014 | (9,944) | \u2014 | (9,944) | ||||||||
Interest rate contracts | (98,908) | \u2014 | \u2014 | (98,908) | \u2014 | (98,908) | \u2014 | (98,908) | ||||||||
Equity options | \u2014 | \u2014 | (39,830) | (39,830) | \u2014 | (39,830) | \u2014 | (39,830) | ||||||||
Warrants and embedded conversion option | \u2014 | \u2014 | (45,157) | (45,157) | \u2014 | (45,157) | \u2014 | (45,157) | ||||||||
Contingent consideration | \u2014 | \u2014 | (18,359) | (18,359) | \u2014 | \u2014 | (18,359) | (18,359) | ||||||||
Total financial liabilities | ($98,908) | ($185,486) | ($113,290) | ($397,684) | $\u2014 | ($193,839) | ($18,359) | ($212,198) |
(in thousands) | 2024 | 2023 | ||
Balance at beginning of year | ($18,359) | ($18,088) | ||
Changes in fair value | (2,291) | (271) | ||
Balance at end of year | ($20,650) | ($18,359) |
\u00a0 | As of December 31, 2024 | As of December 31, 2023 | ||||||
(in thousands) | 10% higher | 10% lower | 10% higher | 10% lower | ||||
Currency | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Euro (EUR) | $13,871 | ($13,871) | ($12,182) | $12,213 | ||||
Australian Dollar (AUD) | 1,038 | (1,038) | 913 | (913) | ||||
Swedish Krona (SEK) | (91) | 111 | 275 | (336) | ||||
Japanese Yen (JPY) | (169) | 206 | (115) | 96 | ||||
Canadian Dollar (CAD) | 284 | (347) | 341 | (416) | ||||
Singapore Dollar (SGD) | (799) | 977 | (618) | 755 | ||||
Swiss Franc (CHF) | 5,971 | (7,320) | 2,959 | 2,876 | ||||
Pound Sterling (GBP) | 533 | (533) | (1,503) | 1,502 | ||||
South Korean Won (KRW) | 210 | (257) | 169 | (205) | ||||
Chinese Yuan (CNY) | (5,095) | 6,237 | (2,652) | 7,573 | ||||
Norwegian Krone (NOK) | 191 | (234) | 129 | (158) | ||||
Polish Zloty (PLN) | (706) | 863 | 69 | (85) | ||||
Thai Baht (THB) | 1,505 | (1,839) | 1,923 | (1,754) | ||||
Indian Rupee (INR) | 26 | (31) | 74 | (95) | ||||
Danish Krone (DKK) | 304 | (372) | 337 | (392) | ||||
Total | $17,073 | ($17,448) | ($9,881) | $20,661 |
Contractual Obligations (in thousands) | Payments Due by Period | |||||||||||||
Total | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | ||||||||
Financial debt (1) | $1,478,691 | $77,390 | $23,019 | $575,930 | $20,010 | $162,947 | $619,395 | |||||||
Purchase obligations | 83,493 | 38,232 | 30,701 | 12,607 | 1,035 | 918 | \u2014 | |||||||
Lease obligations | 135,342 | 27,056 | 23,052 | 19,156 | 14,535 | 9,216 | 42,327 | |||||||
License and royalty payments | 5,874 | 1,416 | 779 | 801 | 601 | 506 | 1,771 | |||||||
Total contractual cash obligations | $1,703,400 | $144,094 | $77,551 | $608,494 | $36,181 | $173,587 | $663,493 |
\u00a0 | As of December 31, 2024 | As of December 31, 2023 | ||||||
(in thousands) | 10% higher | 10% lower | 10% higher | 10% lower | ||||
Currency | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Euro (EUR) | $13,871 | ($13,871) | ($12,182) | $12,213 | ||||
Australian Dollar (AUD) | 1,038 | (1,038) | 913 | (913) | ||||
Swedish Krona (SEK) | (91) | 111 | 275 | (336) | ||||
Japanese Yen (JPY) | (169) | 206 | (115) | 96 | ||||
Canadian Dollar (CAD) | 284 | (347) | 341 | (416) | ||||
Singapore Dollar (SGD) | (799) | 977 | (618) | 755 | ||||
Swiss Franc (CHF) | 5,971 | (7,320) | 2,959 | 2,876 | ||||
Pound Sterling (GBP) | 533 | (533) | (1,503) | 1,502 | ||||
South Korean Won (KRW) | 210 | (257) | 169 | (205) | ||||
Chinese Yuan (CNY) | (5,095) | 6,237 | (2,652) | 7,573 | ||||
Norwegian Krone (NOK) | 191 | (234) | 129 | (158) | ||||
Polish Zloty (PLN) | (706) | 863 | 69 | (85) | ||||
Thai Baht (THB) | 1,505 | (1,839) | 1,923 | (1,754) | ||||
Indian Rupee (INR) | 26 | (31) | 74 | (95) | ||||
Danish Krone (DKK) | 304 | (372) | 337 | (392) | ||||
Total | $17,073 | ($17,448) | ($9,881) | $20,661 |
Contractual Obligations (in thousands) | Payments Due by Period | |||||||||||||
Total | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | ||||||||
Financial debt (1) | $1,478,691 | $77,390 | $23,019 | $575,930 | $20,010 | $162,947 | $619,395 | |||||||
Purchase obligations | 83,493 | 38,232 | 30,701 | 12,607 | 1,035 | 918 | \u2014 | |||||||
Lease obligations | 135,342 | 27,056 | 23,052 | 19,156 | 14,535 | 9,216 | 42,327 | |||||||
License and royalty payments | 5,874 | 1,416 | 779 | 801 | 601 | 506 | 1,771 | |||||||
Total contractual cash obligations | $1,703,400 | $144,094 | $77,551 | $608,494 | $36,181 | $173,587 | $663,493 |
\u00a0 | 2024 | 2023 | ||||||
(in thousands) | Current Asset | Non-current Asset | Current Asset | Non-current Asset | ||||
Assets: | ||||||||
Derivative instruments designated as hedges | ||||||||
Interest rate contracts - cash flow hedge (1) | $14,340 | $\u2014 | $\u2014 | $3,083 | ||||
Total derivative instruments designated as hedges | 14,340 | \u2014 | \u2014 | 3,083 | ||||
Undesignated derivative instruments | ||||||||
Equity options | \u2014 | \u2014 | 39,759 | \u2014 | ||||
Foreign exchange forwards and options | 5,761 | \u2014 | 3,471 | \u2014 | ||||
Interest rate contracts - cash flow hedge (1) | 3,503 | 3,174 | \u2014 | \u2014 | ||||
Total undesignated derivative instruments | 9,264 | 3,174 | 43,230 | \u2014 | ||||
Total derivative assets | $23,604 | $3,174 | $43,230 | $3,083 |
(in thousands) | 2024 | 2023 | ||||||
Current Liability | Non-current Liability | Current Liability | Non-current Liability | |||||
Liabilities: | ||||||||
Derivative instruments designated as hedges | ||||||||
Interest rate contracts - cash flow hedge (1) | $\u2014 | $\u2014 | $\u2014 | ($98,908) | ||||
Total derivative instruments designated as hedges | \u2014 | \u2014 | \u2014 | (98,908) | ||||
Undesignated derivative instruments | ||||||||
Cash convertible notes embedded conversion option | \u2014 | \u2014 | (39,830) | \u2014 | ||||
Warrants and embedded conversion option | \u2014 | (89,609) | (23,687) | (21,470) | ||||
Foreign exchange forwards and options | (13,752) | \u2014 | (9,944) | \u2014 | ||||
Total undesignated derivative instruments | (13,752) | (89,609) | (73,461) | (21,470) | ||||
Total derivative liabilities | ($13,752) | ($89,609) | ($73,461) | ($120,378) |
(in thousands, except of ratio) | 2024 | 2023 | ||
Shareholders' equity attributable to equity holders of the parent | $3,600,552 | $3,867,151 | ||
Total assets | $5,756,207 | $6,174,153 | ||
Shareholders' equity ratio in % | 63% | 63% |
(in thousands) | At December 31, 2023 | Cash flows | Amortization of debt discount and issuance costs(1) | Foreign currency and other (2) | At December 31, 2024 | |||||
Cash convertible notes | $483,019 | ($500,000) | $16,981 | $\u2014 | $\u2014 | |||||
Convertible notes | 443,818 | 494,211 | 784 | (41) | 938,772 | |||||
German Private Placement (Schuldschein) | 528,906 | (101,536) | 203 | (28,848) | 398,725 | |||||
Total non-current debt | 1,455,743 | (107,325) | 17,968 | (28,889) | 1,337,497 | |||||
Lease liability | 101,331 | (27,306) | \u2014 | 46,968 | 120,993 | |||||
Total liabilities from financing activities | $1,557,074 | ($134,631) | $17,968 | $18,079 | $1,458,490 |
(in thousands) | At December 31, 2022 | Cash flows | Amortization of debt discount and issuance costs(1) | Foreign currency and other (2) | At December 31, 2023 | |||||
Cash convertible notes | $853,883 | ($400,000) | $29,136 | $\u2014 | $483,019 | |||||
Convertible notes | 443,285 | \u2014 | 533 | \u2014 | 443,818 | |||||
German Private Placement (Schuldschein) | 510,231 | \u2014 | 279 | 18,396 | 528,906 | |||||
Total non-current debt | 1,807,399 | (400,000) | 29,948 | 18,396 | 1,455,743 | |||||
Lease liability | 93,626 | (26,779) | \u2014 | 34,484 | 101,331 | |||||
Total liabilities from financing activities | $1,901,025 | ($426,779) | $29,948 | $52,880 | $1,557,074 |
Company Name | Jurisdiction of\u00a0Incorporation | Ownership | Voting Rights | |||
Amnisure International LLC | U.S. | 100% | 100% | |||
DIALUNOX GmbH i.L.(1) | Germany | 100% | 100% | |||
Life Biotech Partners B.V. | Netherlands | 100% | 100% | |||
NeuMoDx Molecular, Inc. | U.S. | 100% | 100% | |||
QIAGEN Aarhus A/S | Denmark | 100% | 100% | |||
QIAGEN AB | Sweden | 100% | 100% | |||
QIAGEN AG | Switzerland | 100% | 100% | |||
QIAGEN Australia Holding Pty. Ltd. | Australia | 100% | 100% | |||
QIAGEN Benelux B.V.(2) | Netherlands | 100% | 100% | |||
QIAGEN Beverly LLC | U.S. | 100% | 100% | |||
QIAGEN Biotecnologia Brasil Ltda. | Brazil | 100% | 100% | |||
QIAGEN Business Management MEA Ltd. | UAE | 100% | 100% | |||
QIAGEN China (Shanghai) Co., Ltd. | China | 100% | 100% | |||
QIAGEN Deutschland Holding GmbH | Germany | 100% | 100% | |||
QIAGEN Distribution B.V.(2) | Netherlands | 100% | 100% | |||
QIAGEN France S.A.S. | France | 100% | 100% | |||
QIAGEN Gaithersburg LLC | U.S. | 100% | 100% | |||
QIAGEN Gda\u0144sk Sp. z.o.o. | Poland | 100% | 100% | |||
QIAGEN GmbH(1) | Germany | 100% | 100% | |||
QIAGEN Hamburg GmbH(1) | Germany | 100% | 100% | |||
QIAGEN Healthcare Biotechnologies Limited(3) | U.K. | 100% | 100% | |||
QIAGEN Healthcare Biotechnologies Systems GmbH | Germany | 100% | 100% | |||
Company Name | Jurisdiction of\u00a0Incorporation | Ownership | Voting Rights | |||
QIAGEN Healthcare Biotechnologies Systems Limited(3) | U.K. | 100% | 100% | |||
QIAGEN Hong Kong Pte. Ltd. | China | 100% | 100% | |||
QIAGEN Inc. | Canada | 100% | 100% | |||
QIAGEN India Pvt. Ltd. | India | 100% | 100% | |||
QIAGEN K.K. | Japan | 100% | 100% | |||
QIAGEN Korea Ltd. | Korea (South) | 100% | 100% | |||
QIAGEN LLC | U.S. | 100% | 100% | |||
QIAGEN Ltd. | U.K. | 100% | 100% | |||
QIAGEN Luxembourg S.\u00e0 r.l. | Luxembourg | 100% | 100% | |||
QIAGEN Manchester Ltd. | U.K. | 100% | 100% | |||
QIAGEN Manila Inc. | Philippines | 100% | 100% | |||
QIAGEN North American Holdings, Inc. | U.S. | 100% | 100% | |||
QIAGEN POLAND INVEST Fundusz Inwestycyjny Zamkni\u0119ty Aktyw\u00f3w Niepublicznych | Poland | 100% | 100% | |||
QIAGEN Pty. Ltd. | Australia | 100% | 100% | |||
QIAGEN Redwood City, Inc. | U.S. | 100% | 100% | |||
QIAGEN S.r.l. | Italy | 100% | 100% | |||
QIAGEN Sciences, LLC | U.S. | 100% | 100% | |||
QIAGEN Singapore Pte. Ltd. | Singapore | 100% | 100% | |||
QIAGEN Taiwan Co. Ltd. | Taiwan | 100% | 100% | |||
QIAGEN Wroclaw Sp.z.o.o. | Poland | 100% | 100% | |||
STAT-Dx Life S.L. | Spain | 100% | 100% | |||
Verogen, Inc. | U.S. | 100% | 100% |
(in thousands) | 2024 | 2023 | ||
Audit fees | $2,942 | $2,923 | ||
Consolidated financial statements | 2,414 | 2,379 | ||
Statutory financial statements | 528 | 544 | ||
- thereof KPMG Accountants N.V. | 352 | 334 | ||
Audit-related fees | 541 | 20 | ||
- thereof KPMG Accountants N.V. | 433 | \u2014 | ||
Tax fees | 81 | 173 | ||
All other fees | \u2014 | \u2014 | ||
Total fees paid to external auditors | $3,564 | $3,116 |