Repligen Posts Record Q3 Revenue, Narrows 2026 Organic Growth Outlook

Repligen Corp. (NASDAQ: RGEN) reported record third-quarter 2026 revenue as strong demand for chromatography products and proteins offset weakness in filtration. The company also narrowed its full-year organic growth forecast and increased its revenue outlook to include a partial-quarter contribution from the BioLife Solutions acquisition.

Revenue rose 11% year over year to $209 million from $189 million. Organic revenue, a non-GAAP measure, increased 12.5%, despite nearly one percentage point of pressure from the Polymem divestiture and a similar headwind from foreign currency movements.

Consumables revenue grew about 20%, reflecting strong biopharma demand. Capital equipment orders increased at a mid-teens rate, although capital equipment revenue declined during the quarter.

Chromatography and proteins lead growth

Chromatography revenue increased more than 50% year over year, while proteins revenue grew more than 40%. Process analytics advanced 20%. Filtration was the principal weak spot, declining at a low-double-digit rate, including a two-percentage-point combined headwind from Polymem and foreign exchange.

By region, revenue increased more than 20% in Europe, the Middle East and Africa and rose 6% in North America. Asia-Pacific revenue declined slightly against a difficult prior-year comparison, even as China grew more than 40% and generated record orders.

Adjusted operating income increased 24% to $33 million from $27 million. Adjusted operating margin expanded 170 basis points to 15.9%, supported by operating-expense discipline, higher volumes and pricing, partly offset by an unfavorable product mix.

Adjusted gross margin declined 30 basis points year over year. Repligen said volume leverage was offset by the mix of revenue during the quarter. Adjusted diluted earnings per share rose 15% to $0.53 from $0.46, aided by the operating-margin expansion. The quarter also included $6.5 million of adjusted other income and a 24.9% adjusted effective tax rate.

BioLife contribution included in updated outlook

Repligen now expects full-year 2026 revenue of $844 million to $852 million, representing reported growth of 14.5% to 15.5%. Its previous forecast called for revenue of $813 million to $835 million and growth of 10% to 13%.

The updated outlook includes the expected contribution from BioLife Solutions beginning with the acquisition’s Oct. 6 closing date. Repligen anticipates $24 million of partial-quarter BioLife revenue, partly offset by an approximately one-percentage-point divestiture headwind. The guidance assumes a neutral foreign-currency effect.

The company narrowed its organic growth outlook to 12% to 13%, lifting the midpoint by 50 basis points from the previous range of 10.5% to 13.5%. Adjusted operating income is projected at $135 million to $139 million, compared with the prior forecast of $128 million to $134 million, while adjusted operating margin is expected to be 16.0% to 16.3%.

Adjusted net income is forecast at $119 million to $122 million, and adjusted diluted EPS is expected to be $2.05 to $2.09. The prior ranges were $115.5 million to $118.5 million and $2.03 to $2.09, respectively. Repligen maintained its adjusted gross-margin forecast of 53.7% to 54.2% and expects an adjusted EBITDA margin of about 21%.

For the fourth quarter, management expects organic growth around the midpoint of the full-year range and adjusted gross margin within the annual guidance range. Operating expenses are expected to rise by a low-double-digit million-dollar amount sequentially. Repligen also anticipates $1.5 million of adjusted other income as cash balances decline and assumes 63.6 million weighted-average diluted shares outstanding.

Repligen said it is progressing with BioLife integration and related synergies while continuing to invest in Asia-Pacific. The outlook remains subject to integration execution, product and regional mix, foreign-exchange movements and unforeseen events. The company does not provide forward-looking GAAP reconciliations because acquisition, restructuring, transformation and integration-related items cannot be reasonably estimated and could materially affect GAAP results.