What Repligen (RGEN) Said on Its Q3 Earnings Call

Key Points

• Repligen posted record Q3 2026 revenue of $209 million, up 11% reported and 12.5% organically, as strong growth in Proteins, Chromatography and Analytics offset an 11% decline in Filtration.
• Following the BioLife acquisition, Repligen raised its 2026 outlook to $844–$852 million in revenue and expects BioLife to contribute $24 million in Q4; management also anticipates at least $0.05 in earnings accretion from the deal in 2027.
• Equipment orders rose by a mid-teens percentage to a five-year quarterly high, building a stronger 2027 backlog. Management expects 2027 revenue to exceed $1 billion, assuming high-single-digit market growth and no major foreign-exchange changes.

Repligen NASDAQ: RGEN reported record third-quarter 2026 revenue of $209 million, surpassing its prior quarterly peak set in the second quarter of 2022, as growth in its Proteins, Chromatography and Analytics franchises offset weakness in Filtration.

Revenue increased 11% on a reported basis and 12.5% organically, excluding acquisitions, divestitures and foreign exchange effects. President and Chief Executive Officer Olivier Loeillot said the company expanded adjusted operating margin by 170 basis points from the prior-year period despite what he described as a still-recovering market.

“Our ability to outpace market growth very significantly this quarter is a testament to our team’s strong execution,” Loeillot said.

Guidance Raised After BioLife Acquisition

Repligen raised its 2026 outlook following the October 6 close of its BioLife acquisition. The company now expects full-year revenue of $844 million to $852 million, representing reported growth of 14.5% to 15.5% and organic growth of 12% to 13%.

The revised outlook includes an anticipated $24 million contribution from BioLife during the fourth quarter. Repligen said BioLife is expected to generate approximately $114 million in 2026 revenue on a pro forma basis, above the midpoint of BioLife’s most recent guidance before the transaction closed.

Adjusted operating income is projected at $135 million to $139 million, with adjusted operating margin of 16% to 16.3%. The company forecast adjusted diluted earnings per share of $2.05 to $2.09, up 21% at the midpoint from 2025.

Chief Financial Officer Jason Garland said BioLife is expected to be slightly dilutive to fourth-quarter earnings because Repligen will recognize nearly a full quarter of the acquired company’s expenses but less than a full quarter of its revenue. Still, the company reiterated that it expects BioLife to provide at least $0.05 of earnings accretion in 2027.

Management said it has already completed actions representing more than half of expected first-year synergies, including the elimination of public-company and certain leadership costs. Longer-term efforts include evaluating opportunities to reduce CryoStor product scrap rates and pursuing commercial cross-selling opportunities.

Equipment Orders Build Backlog for 2027

While capital-equipment revenue declined during the quarter, Repligen said equipment orders increased by a mid-teens percentage year over year and reached their highest quarterly level in five years. Loeillot said many systems orders are scheduled for delivery in 2027 at customers’ request, contributing to a stronger backlog entering next year.

“The tap has not opened as quickly as we would have expected it this year,” Loeillot said, referring to capital-equipment demand. “However, we continue to see encouraging signs in our funnel and order book.”

Management said customer decision-making remains slower than expected, although its equipment pipeline is at a record level. Loeillot said Repligen expects the orders received so far to be recognized as revenue in 2027.

Filtration revenue fell 11% in the quarter, including a two-point headwind from the Polymem divestiture and foreign exchange. The decline was more pronounced than management anticipated, largely because of timing related to systems deliveries. Repligen now expects Filtration to be flat to slightly down for the full year.

Consumables revenue grew 20%, while service revenue increased more than 20%. Services accounted for 7% of third-quarter revenue, and Repligen said the number of systems under service contracts has risen nearly 40% year to date.

Growth Across Key Franchises

Chromatography revenue increased more than 50%, supported by OPUS columns and demand from CDMO and biopharma customers, particularly for large-scale columns. Repligen now expects the franchise to grow at least 30% for the full year.

Proteins revenue increased more than 40%, led by ligands, growth factors, and custom and catalog resins. The company extended its supply agreement with Ecolab and maintained its outlook for mid-teens full-year growth in Proteins.

Analytics revenue grew 20% and reached a quarterly record, driven by consumables and services demand. Repligen said recognition of its SoloVPE PLUS technology in USP Chapter <507> standards could lower adoption barriers for customers and support longer-term demand for its FlowVPX inline protein-concentration technology.

• North America revenue increased 6%, supported by Proteins and Analytics.
• EMEA revenue rose more than 20% on broad-based demand and a favorable comparison.
• Asia-Pacific revenue declined slightly against a difficult comparison, though orders reached a record level.
• China revenue grew more than 40% in the quarter and more than 50% year to date.

Margins, Cash and 2027 Outlook

Adjusted gross profit was $111 million and adjusted gross margin was 53%, down 30 basis points from the prior year as product mix and inflation more than offset volume leverage and pricing. Garland said the third quarter was expected to be the low point for gross margin in 2026.

Adjusted income from operations increased 24% to $33 million, while adjusted EBITDA totaled $44 million, or 20.9% of revenue. Adjusted diluted EPS rose 15% to $0.53.

Repligen also recorded a $41 million noncash intangible-asset impairment under GAAP related to a historical intellectual-property license agreement that did not produce a positive outcome. The charge was excluded from adjusted results.

Cash equivalents and marketable securities totaled $863 million at the end of the third quarter. After deploying approximately $550 million of cash for the BioLife transaction, including fees and net of acquired cash, the company said its pro forma cash balance exceeded $300 million.

Looking to 2027, management said that, assuming high-single-digit market growth and no material foreign-exchange changes, Repligen expects reported revenue growth of at least 25% with BioLife included. That would take annual revenue above $1 billion. The company has not issued formal 2027 guidance and said it remains in the budgeting process.

About Repligen (NASDAQ:RGEN)

Repligen Corporation NASDAQ: RGEN develops and manufactures bioprocessing technologies used in the production of biological medicines. Its products support key stages of biopharmaceutical manufacturing, including upstream processing, downstream purification, filtration, process monitoring and fluid management.

The company's offerings include chromatography products, filtration systems, single-use technologies, process analytics equipment and critical biological materials such as recombinant proteins.

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