Lab testing group Eurofins sees $339 mln COVID-19 boost in 2022 – Reuters

Feb 22 (Reuters) – Eurofins Scientific (EUFI.PA) expects revenue this year to be bolstered by some 300 million euros ($339.18 million) from its coronavirus diagnostics business, the French laboratory testing group said on Tuesday after record sales helped it beat its financial targets for last year.

Eurofins said that its COVID testing and reagents brought in 1.43 billion euros in 2021, after it had reported more than 800 million euros the previous year.

The group had previously not counted on any revenue from COVID-19 testing this year and does not forecast any in its 2023 and 2024 estimates.

Diagnostics companies last year raced to produce tests that could detect the highly contagious Omicron variant, while governments introduced new testing requirements in an effort to limit cases that surged over the winter.

Eurofins released a PCR test to identify the Omicron variant on Nov. 26, the same day the World Health Organization designated it as a variant of concern. read more

The group said its decision to maintain its testing capacity, despite lower volumes over the late summer, had been justified by the strong revenues it recorded in the final three months of the year.

Eurofins said more than 40 million COVID-19 tests had been completed its in its laboratories, even as Europe reports around 1 million new infections per day.

The group reported record sales of 6.72 billion euros for 2021, as it surpassed all its financial targets for the period, but predicted lower sales in 2022.

“I am delighted to see Eurofins deliver such strong financial results in 2021,” CEO Gilles Martin said in a statement, highlighting the company’s work with public health authorities.

Eurofins’ stock price peaked last summer when it replaced Atos (ATOS.PA) in France’s blue-chip index (.FHCI), before dropping towards the end of the year.

($1 = 0.8845 euros)

Reporting by Valentine Baldassari and Sarah Morland; Editing by Christopher Cushing and Louise Heavens

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