Repligen (RGEN) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 revenue of $189 million, up 22% year-over-year and 18% organic, with double-digit growth across all franchises and geographies, led by Asia Pacific.

• Biopharma and CDMO revenues both grew over 20% year-over-year; emerging biotech revenue reached its highest level in nearly three years.

• Process Analytics led with over 50% growth, aided by new product launches and successful integration of acquired assets.

• Net income for Q3 2025 was $15 million, reversing a net loss in Q3 2024; adjusted net income was $26 million.

• Completed acquisitions of 908 Devices PAT Portfolio and Tantti Laboratory Inc., strengthening analytics and new modality product lines.

Financial highlights

• Q3 revenue was $189 million, up 22% year-over-year; 18% organic growth excluding acquisitions and currency.

• Adjusted gross margin was 53.3%, up 260 basis points year-over-year; GAAP gross margin was 53.2%.

• Adjusted income from operations was $27 million, up 16% year-over-year; adjusted operating margin was 14.2%.

• Adjusted EBITDA margin was 19% in Q3, down 160 basis points year-over-year due to M&A and FX headwinds.

• Cash and cash equivalents at quarter end were $749 million.

Outlook and guidance

• Raised 2025 revenue guidance to $729–$737 million, with organic non-COVID growth of 14%–15.5%.

• Adjusted EPS guidance for 2025 is $1.65–$1.68; GAAP EPS guidance is $0.82–$0.85.

• Adjusted EBITDA margin guidance for 2025 is 19%–22%.

• Fourth quarter organic growth expected at 8%–13%, with a headwind from a gene therapy customer.

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