Repligen (RGEN) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $182.4 million, up 15% year-over-year and 17% organic non-COVID growth, driven by broad-based demand across all regions and product lines, with strong contributions from Chromatography, Analytics, and recent acquisitions.

• Orders grew over 20% year-over-year, marking the eighth consecutive quarter of orders exceeding non-COVID revenue and the fifth of sequential order growth.

• Biopharma and CDMO revenues grew 20% year-over-year, with capital equipment and consumables leading growth.

• Net income for Q2 2025 was $14.9 million, up from $5.7 million in Q2 2024, with GAAP EPS at $0.26 and adjusted EPS at $0.37.

• Two acquisitions completed: 908 Devices PAT Portfolio in March 2025 and Tantti Laboratory Inc. in December 2024, strengthening product offerings and new modality capabilities.

Financial highlights

• Q2 2025 revenue: $182.4 million, up 14.8% year-over-year; adjusted gross margin was 51.1%, flat year-over-year, while GAAP gross margin was 50.0%, down from 51.3%.

• Adjusted income from operations was $22 million, up 8% year-over-year; adjusted operating margin was 12%, down 80 bps due to mix and acquisition headwinds.

• Adjusted EBITDA margin was 17.6%, flat year-over-year; adjusted net income was $21 million, down $1 million year-over-year.

• Cash and cash equivalents at June 30, 2025, were $709 million, down from $757 million at year-end 2024.

• Working capital at June 30, 2025, was $934 million, a decrease from $939 million at year-end 2024.

Outlook and guidance

• FY 2025 revenue guidance raised to $715–$735 million, representing 12.5%–15.5% organic non-COVID growth; organic revenue growth midpoint increased to 10.5%–13.5%.

• Adjusted EPS guidance raised to $1.65–$1.72, representing 5%–9% growth; GAAP EPS guidance is $0.85–$0.92.

• Adjusted gross margin expected at 52%–53% for the year; adjusted operating margin guidance at 13.5%–14.5%.

• CapEx expected to be down 20%–25% versus 2024, returning to pre-COVID levels.

• Guidance reflects a 1% FX tailwind and a ~1% headwind from new modalities.