Repligen (RGEN) Q4 2025 earnings summary

Executive summary

• Achieved $198M in Q4 2025 revenue, 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 diversity and margin expansion.

• Delivered 16% reported and organic non-COVID growth for the year, with new product launches in Analytics, Filtration, and Proteins supporting performance.

• Outpaced market growth in 2025, with strong order trends and momentum across all geographies and customer segments.

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

Financial highlights

• Q4 2025 adjusted gross profit was $104M with a 52.4% margin, up 170 bps year-over-year; full-year adjusted gross margin was 52.6%, up 220 bps.

• Q4 2025 adjusted operating income was $30M (15% margin); full-year adjusted operating income was $102M, up 24% year-over-year.

• Adjusted EPS for Q4 2025 was $0.49 (vs. $0.44 prior year); full-year adjusted EPS was $1.71, up 9%.

• Cash and marketable securities at year-end 2025 were $768M, up $90M sequentially.

• Q4 2025 GAAP net income was $13M (vs. -$34M); full-year GAAP net income was $49M (vs. -$26M).

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 at midpoint.

• Adjusted operating income guidance: $122M–$130M, implying 20%+ growth and 150 bps margin expansion.

• 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.