Repligen (RGEN) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $198M, up 18% year-over-year as reported and 14% organic, with strong order momentum in Analytics and Proteins.

• Full year 2025 revenue was $738M, a 16% increase year-over-year, exceeding guidance and driven by portfolio traction and margin expansion.

• Delivered 16% reported and organic non-COVID revenue growth for 2025, with strong performance across proteins, analytics, and chromatography.

• Outpaced market growth, driven by portfolio diversity, robust execution, and innovation.

• Expanded APAC presence with a new Singapore office and a larger footprint in Japan.

Financial highlights

• Q4 revenue up 18% year-over-year (14% organic); full-year revenue up 16% reported and organic.

• Q4 adjusted gross profit $104M, gross margin 52.4% (+170 bps YoY); full-year gross margin 52.6% (+220 bps YoY).

• Q4 adjusted operating income $30M (+19% YoY); full-year $102M (+24% YoY).

• Adjusted net income for the year $28M; adjusted EPS $1.71 (+9% YoY).

• Cash and marketable securities at year-end $768M, up $90M sequentially.

Outlook and guidance

• FY 2026 revenue guidance: $810M–$840M, representing 10%–14% reported and 9%–13% organic growth.

• Adjusted gross margin expected to expand to 53.6%–54.1%, up ~125 bps YoY at midpoint.

• Adjusted operating income guidance: $122M–$130M, with 150 bps margin expansion at midpoint.

• Adjusted EPS guidance: $1.93–$2.01, up 15% at midpoint.

• Guidance reflects a two-point headwind from gene therapy and minor benefit from FX and M&A.