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Qiagen NV.

QIAGEN NV. (Hilden, Germany) adjusted its full-year earnings outlook and posted better-than-expected quarterly results as more doctors used its testing kits for the cervical cancer virus. The genetic-tests specialist also said it agreed to buy privately held SABiosciences Corp. (Frederick MD), a supplier of gear for biomedical research for drug development and diagnostics, for $90 million, marking the second takeover since September. Qiagen said that 2009 adjusted diluted earnings per share would be between $0.88 and $0.90, lifting the lower limit from $0.86 previously, adding that the target was based on Jan. 31 foreign exchange rates. Healthcare reform in the United States, the group's biggest market, looked set to further boost demand for tests to identify the human papilloma virus (HPV), which can cause cervical cancer, Chief Executive Peer Schatz said. "This would give us a bigger market potential. HPV tests are part of the standard healthcare coverage in the U.S.," the CEO said. Qiagen--listed in the Netherlands but with its main operations in Germany--derives more than a quarter of total sales from genetic HPV tests.

Third-quarter net profit, excluding one-off items related to acquisitions, rose 26% to $53.5 million, better than the $49 million average estimate of analysts. Sales rose 15% excluding the effect of currency swings and acquisitions, also topping market estimates. Qiagen was also helped by higher demand for tests that identify those bowel-cancer patients who are most likely to benefit from Merck KGaA's anti-tumor drug Erbitux or from Amgen Inc.'s, (Thousand Oaks CA) Vectibix. In the United States, Qiagen is the exclusive supplier of tests needed before Vectibix and Erbitux can be used, while in Europe it has an 80% market share, the CEO said.
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Title Annotation:CORPORATE
Publication:MondayMorning
Article Type:Brief article
Date:Nov 16, 2009
Words:285
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