QIAGEN (QGEN) Earns Notable Recognitions in Sustainability
QIAGEN N.V. QGEN recently announced two significant achievements in sustainability, recognized by My Green Lab — a non-profit organization dedicated to advancing sustainability in scientific research. The company earned the prestigious ACT (Accountability, Consistency, and Transparency) Environmental Impact Factor Label for the new QIAwave products and achieved My Green Lab Platinum certification for its Sample technologies R&D lab in Germany.
These recognitions underscore QIAGEN’s commitment to sustainability and represent important milestones in its campaign to significantly reduce the environmental impact of the entire product range. The developments also strengthen the company’s Life Sciences business segment.
News in Detail
In 2023, QIAGEN extended its eco-friendlier QIAwave product line with the addition of two new nucleic acid extraction kits: the QIAwave RNeasy Plus Mini Kit and the QIAwave DNA/RNA Mini Kit. QIAwave kits use up to 62% less plastic and up to 58% less cardboard than QIAGEN’s most popular kits for extracting DNA, RNA and plasmid DNA from samples, making them a more sustainable choice for laboratories.
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In awarding the ACT, My Green Lab found that the two new QIAwave products had an up to 27% improvement in the Environmental Impact Factor compared to the respective QIAGEN standard kits.
In addition, QIAGEN’s R&D lab for Sample technologies at its European operational headquarters in Hilden, Germany, has achieved the Platinum certification level in a review by My Green Lab. This certification provides scientists and lab-supporting teams with actionable ways to make meaningful changes, reduce costs, preserve resources and ensure a safe, healthy environment in support of science. The company has set a roadmap to have all of its Life Sciences labs at the Hilden site certified by the organization.
More on the News
QIAGEN’s commitment to sustainability and responsible business practices has been recognized by other independent rating agencies. ISS-ESG recently elevated QIAGEN’s rating to B-, reaffirming its “Prime“ status, and MSCI ESG Research gave QIAGEN a grade A. Sustainalytics ESG Risk Ratings placed the company in the low-risk group.
In early 2023, QIAGEN’s emission reduction targets were validated by the Science Based Targets initiative, and the company committed to achieving net-zero greenhouse gas emissions by 2050. In 2022, the company surpassed its target for a 9% reduction in plastic usage with a 16.5% decrease. QIAGEN had intended to reduce plastic packaging waste by a further 7% in 2023.
Industry Prospects
Per a Research report, the global life science tool market was valued at $144.08 billion in 2022 and is expected to witness a CAGR of 10.8% up to 2030.
Other Developments in the Life Sciences Business
Last month, QIAGEN announced a first-in-kind collaboration with Penn State University in the United States to create a shared research and education facility for the fast-developing microbiome sciences. Under the partnership, the company will provide instruments and solutions for shared research and education facilities at the Huck Institutes’ “One Health Microbiome Center” to support faculty and students. QGEN will receive a site to support the development of new products as a testing center.
Price Performance
In the past six months, QGEN shares have dropped 4.5% against the industry’s 1.7% rise.
Zacks Rank and Key Picks
QIAGEN currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are Cardinal Health CAH, Stryker SYK and DaVita DVA. While Cardinal Health and Stryker each carry a Zacks Rank #2 (Buy), DaVita presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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