Repligen (RGEN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $194.3 million, up 15% year-over-year (11% organic), led by strong performance in Analytics, Chromatography, and international markets, especially Asia Pacific and Europe.

• Adjusted operating margin expanded by 160 basis points year-over-year, with adjusted gross margin up 180 basis points to 55.5%-55.7%, driven by disciplined cost management and favorable product mix.

• GAAP EPS increased 50% to $0.15; adjusted EPS rose 23% to $0.48, with adjusted net income up 22% to $27 million.

• Strategic actions included launching a Transformation Office, divesting the non-core Polymem business, and establishing a new OEM partnership in China.

• Reiterated and raised FY26 guidance for adjusted EPS and operating income following strong Q1 results and the Polymem sale.

Financial highlights

• Q1 2026 revenue was $194.3 million, up 14.8%-15% year-over-year; adjusted income from operations was $30 million, up from $23 million in Q1 2025.

• Adjusted gross margin was 55.5%-55.7%, up from 53.7%-54.0% in Q1 2025; adjusted operating margin reached 15.4%.

• Adjusted EBITDA was $40 million (20.6% margin), up from $33 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $785 million at quarter-end.

• Operating cash flow for the quarter was $28.3 million, up from $15.0 million in the prior year.

Outlook and guidance

• FY26 organic and reported revenue growth guidance reiterated at 9%-13%, with revenue guidance of $803M–$833M.

• Adjusted operating income guidance: $124M–$132M; adjusted EPS: $1.97–$2.05 (up 18% at midpoint vs. 2025).

• Gross margin expansion of 110–160 basis points and operating margin expansion of 160–200 basis points expected for FY26.

• Q2 organic revenue growth expected to be similar to Q1; Q2 adjusted gross margin slightly below FY26 guidance.

• Operating expenses anticipated to increase in 2026 as business expands.