Key Highlights

  • Revenue reached a record USD 209.3 million, up 11% as reported and 12.5% organic, versus USD 188.8 million.
  • Adjusted EPS was USD 0.53 versus USD 0.46, while a GAAP loss of USD 0.68 per share reflected an impairment.
  • Chromatography revenue grew over 50% and proteins over 40%, while capital equipment orders rose in the mid-teens.
  • Full-year revenue guidance rose to USD 844 million to USD 852 million, including the BioLife acquisition from Oct. 6.

Record Quarter Led by Chromatography

Repligen (NASDAQ:RGEN) reported third quarter 2026 results on Tuesday. Revenue was a record USD 209.3 million, compared with USD 188.8 million, an increase of 11% as reported and 12.5% organic. President and Chief Executive Olivier Loeillot said end-market demand continues to improve, with healthy consumables and services trends and a growing capital equipment order book.

Adjusted income from operations was USD 33.3 million, compared with USD 26.8 million, and adjusted EPS was USD 0.53, compared with USD 0.46. On a GAAP basis the company reported a loss from operations of USD 29.5 million, primarily from an intangible asset impairment charge, against income of USD 16.8 million, and a loss of USD 0.68 per share versus earnings of USD 0.26.

Margins and Product Lines

GAAP gross margin was 53.0%, versus 53.2%. Adjusted operating margin was 15.9%, up from 14.2%, and adjusted EBITDA margin was 20.9%, up from 19.0%. Year to date, adjusted operating margin was 16.0% against 13.3%.

On the call, management cited chromatography revenue growth of over 50%, driven by demand for Opus columns and large scale columns, and proteins growth of over 40% on ligands, growth factors and resins. Analytics grew 20%. Filtration revenue fell 11%, affected by a previously disclosed headwind and a 2-point drag from the PolyMem divestiture and currency. Consumables grew 20%, services grew over 20% and China grew over 40%. Capital equipment orders rose in the mid-teens, the highest orders quarter in five years, though recognized equipment revenue declined. Cell therapy revenue grew nearly 30%.

BioLife Acquisition

The company completed the acquisition of BioLife Solutions on Oct. 6. Management described the deal as adding a consumables platform with recurring revenue, commercial-stage exposure and workflow integration in cell therapy. Integration is progressing well, early customer feedback has been encouraging, and actions have been taken to realize a sizable portion of operating expense synergies. Management cited a fourth quarter BioLife contribution of USD 24 million, based on pro forma 2026 annual revenue of about USD 114 million. The company also opened a Training and Innovation Center in Seoul on Oct. 23.

Guidance and Cash

Updated 2026 guidance includes BioLife from the Oct. 6 closing date. Total revenue is guided to USD 844 million to USD 852 million, reported growth of 14.5% to 15.5%, and organic growth of 12% to 13%, with about 2.5 points of inorganic tailwind net of the PolyMem divestiture. Adjusted gross margin is guided to 53.7% to 54.2% and income from operations to USD 135 million to USD 139 million, a 16.0% to 16.3% operating margin. Adjusted net income is guided to USD 119 million to USD 122 million, and diluted EPS to USD 2.05 to USD 2.09, with adjusted EBITDA margin of about 21%.

Cash, cash equivalents and marketable securities were USD 863 million at Sept. 30, compared with USD 768 million at Dec. 31, 2025.

Bioprocessing Markers to Follow

Tracking points include organic growth against the 12% to 13% range, conversion of the mid-teens equipment order growth into revenue, and filtration revenue after the 11% decline. Further items are BioLife integration against its USD 24 million fourth quarter contribution and operating expense synergy delivery.