Repligen (NASDAQ:RGEN) management said the company capped 2025 with a “great finish,” posting fourth-quarter revenue of $198 million and full-year revenue of $738 million, while exceeding the high end of its October guidance for both revenue and adjusted operating income. On the company’s fourth-quarter earnings call, executives also introduced initial 2026 guidance calling for $810 million to $840 million of revenue and continued margin expansion, while flagging a headwind tied to a gene therapy platform and ongoing macro and policy uncertainty.
Fourth-quarter and full-year performance
President and CEO Olivier Loeillot said fourth-quarter revenue translated to 14% organic growth, with reported growth of 18%. He highlighted broad strength across the portfolio, noting proteins and process analytics each grew more than 30% in the quarter, while chromatography grew more than 25%. Filtration grew high single digits in the quarter and for the year.
CFO Jason Garland said acquisitions contributed about one percentage point to fourth-quarter reported growth, while foreign exchange contributed two points. Regionally in the quarter, North America represented about 47% of revenue, EMEA 34%, and Asia Pacific and the rest of the world 19%. Garland said EMEA grew more than 20% and Asia Pacific grew in the high teens. He also noted China grew for the second straight quarter “off a low base,” and management said it was optimistic China would return to growth in 2026, citing strong fourth-quarter orders.
Margins, earnings, and cash flow
Garland reported fourth-quarter adjusted gross profit of $104 million and adjusted gross margin of 52.4%, an increase of 170 basis points year-over-year. He attributed the improvement primarily to volume leverage and price, which more than offset inflation, with “slight headwinds from mix and tariffs.” For the full year, adjusted gross margin was 52.6%, up about 220 basis points from 2024 on similar drivers.
Adjusted operating income was $30 million in the fourth quarter, translating to a 15% adjusted operating margin. For the full year, adjusted operating income was $102 million and adjusted operating margin was 13.8%, which Garland said was 90 basis points higher than the prior year and about 30 basis points better than prior guidance. Excluding the impact of M&A and foreign exchange, management said operating margins expanded 240 basis points in 2025, while adjusted EBITDA margin was 19% for the year.
Repligen posted fourth-quarter adjusted net income of $28 million and adjusted diluted EPS of $0.49, compared with $0.44 in the prior-year quarter. For the full year, adjusted diluted EPS was $1.71, up 9% year-over-year and $0.03 above the high end of October guidance. The company ended the fourth quarter with $768 million of cash and marketable securities, up $90 million sequentially, and generated $117 million of cash flow from operations in 2025.
Franchise and end-market trends
In filtration, Loeillot said fourth-quarter growth was driven by fluid management and ATF consumables, with full-year filtration revenue up 8% (or 11% non-COVID). He said performance was “a bit below” expectations due to the timing of fluid management revenue and muted demand for downstream systems. The company also said it continues working to optimize fluid management manufacturing and margins.
Chromatography grew 25% for both the quarter and full year, with OPUS large-scale columns the main driver, aided by several new pharma customer wins. Proteins grew 31% for the year, well ahead of prior expectations of 15% to 20% growth, with management citing broad-based strength across ligands, growth factors, and custom resins, as well as a rebound from prior OEM-related declines. Analytics grew 37% for the year on a reported basis, or 21% excluding the impact of the 908 Devices bioprocessing acquisition, and management pointed to traction from the SoloVPE PLUS upgrade cycle.
By end market, Loeillot said fourth-quarter biopharma revenue grew over 20% year-over-year, with growth from both pharma and emerging biotech customers, though he cautioned activity from emerging biotech remains below historical levels. CDMO revenue grew low single digits due to a tough comparison, though the company cited strong growth from Tier 2 CDMO customers. Management also said new modality revenue was in line with expectations for a muted second half; for 2025, new modalities grew low single digits (or high single digits excluding the impact from a gene therapy customer), with strength in cell therapy and mRNA as a headwind.
2026 guidance and key assumptions
Repligen guided 2026 revenue of $810 million to $840 million, implying 10% to 14% reported growth and 9% to 13% organic growth. Loeillot said the outlook includes a two-point headwind from a gene therapy platform, and Garland later said the filtration franchise includes a three-point headwind from that platform. The company said it sees signs of a strengthening macro backdrop—such as improved biotech funding, M&A activity, and more positive pharma sentiment—while emphasizing it is still early for some tailwinds to fully materialize.
Garland said the company assumes euro/dollar foreign exchange in 2026 will be similar to the latter half of 2025. He added that guidance includes a “slightly higher” tariff impact than in 2025 due to a full-year effect, with several million dollars of tariff surcharges representing about a 50-basis-point headwind.
For 2026, management guided adjusted gross margin of 53.6% to 54.1% and adjusted operating income of $122 million to $130 million, implying 150 basis points of operating margin expansion at the midpoint. Adjusted diluted EPS is expected to be $1.93 to $2.01, and CapEx is planned at roughly 3% to 4% of revenue.
What management highlighted as swing factors
During the Q&A, executives pointed to several variables that could influence results within the guidance range. Garland called tariffs “a big open question” but said tariff surcharges are “far less than 1%” of total sales, and he characterized potential onshoring opportunities as mostly pushed out to 2027. Loeillot said the company’s “high probability” funnel (above 50% probability) is at its highest level ever, and he framed execution as converting funnel opportunities into orders.
On pacing, Loeillot cited prudence around macro factors, including uncertainty tied to MFN-related strategic responses and potential delays in CapEx decisions as large pharma digests deals completed in the fourth quarter. He also referenced FDA approval dynamics, noting that early in the year there had been “very little” biologics approval activity after nearly two months, which the company is monitoring.
Management said it expects normal seasonality, with about 48% of revenue in the first half, and Garland said the gene therapy headwind is more pronounced in the first half. The company also said it expects first-quarter revenue to decline only low single digits sequentially from the fourth quarter.
About Repligen (NASDAQ:RGEN)
Repligen Corporation (NASDAQ:RGEN) is a life sciences company that develops and manufactures high-value consumable products for bioprocessing applications. Founded in 1981 and headquartered in Waltham, Massachusetts, the company specializes in technologies that support the development and production of biopharmaceuticals. Repligen’s offerings include chromatography resins, filtration membranes, single-use technologies and systems for downstream purification and upstream processing.
The company’s core product lines encompass Protein A affinity resins, designed for monoclonal antibody purification, and a portfolio of ion exchange, multimodal and hydrophobic interaction resins.
