Repligen Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 reported revenue was $209.3 million, an 11% year-over-year increase and 12.5% organic growth compared to $188.8 million in Q3 2025.
• GAAP loss from operations was $29.5 million, driven by a $41.2 million intangible asset impairment charge, compared to $16.8 million income from operations in Q3 2025.
• Q3 GAAP net loss was $38.4 million, or $0.68 per diluted share, compared to net income of $14.9 million, or $0.26 per diluted share, in Q3 2025.
• Q3 adjusted income from operations was $33.3 million, up from $26.8 million in Q3 2025.
• Q3 adjusted EPS was $0.53 on a fully diluted basis, compared to $0.46 in Q3 2025.
• Q3 adjusted EBITDA margin was 20.9%, compared to 19.0% in Q3 2025.
• Cash, cash equivalents, and marketable securities totaled $863 million at September 30, 2026, compared to $768 million at December 31, 2025.
• Nine months ended September 30, 2026, reported revenue was $607.7 million, a 13% increase from $540.3 million in the prior year period.
• Nine months ended September 30, 2026, adjusted net income was $87.8 million, compared to $69.3 million in the prior year period.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance raised to $844 million–$852 million, representing 14.5%–15.5% reported revenue growth.
• Full-year 2026 organic growth guidance is 12%–13%.
• Full-year 2026 adjusted gross margin guidance is 53.7%–54.2%.
• Full-year 2026 adjusted income from operations guidance is $135 million–$139 million.
• Full-year 2026 adjusted operating margin guidance is 16.0%–16.3%.
• Full-year 2026 adjusted EBITDA margin guidance is approximately 21%.
• Full-year 2026 adjusted net income guidance is $119 million–$122 million.
• Full-year 2026 adjusted diluted EPS guidance is $2.05–$2.09.
• The guidance includes the expected impact of the BioLife Solutions acquisition from the closing date of October 6, 2026.
• Reported revenue growth is expected to include a neutral foreign currency impact and an approximately 2.5 percentage point tailwind from inorganic growth, primarily from BioLife net of the Polymem divestiture.

Business Segments and Product Lines:

• Completed the acquisition of BioLife Solutions, adding a differentiated consumables platform with recurring revenue and commercial-stage exposure in the cell therapy market.
• Opened a new Repligen Training & Innovation Center (RTIC) in Seoul, South Korea, on October 23, 2026.
• Early customer feedback regarding the BioLife integration has been encouraging.
• The company has taken actions to realize a sizable portion of expected operating expense synergies from the BioLife acquisition.
• End-market demand is improving with healthy trends in consumables and services complemented by a growing capital equipment order book.

Market and Competitive Landscape:

• The BioLife acquisition fast-tracks Repligen's leadership and offering in the high-growth cell therapy market.
• The Seoul RTIC underscores commitment to a strategically important market that is a leading hub for biologics and CDMO manufacturing.
• The combination of Repligen and BioLife is expected to enhance long-term growth, margin profile, and earnings power.

Risks and Challenges:

• Risks include the ability to successfully integrate BioLife, including operations, products, systems, and personnel, and to realize expected benefits and synergies.
• Potential risks involve unanticipated costs, liabilities, or disruptions to business, customer, supplier, or employee relationships resulting from the acquisition.
• Future performance of BioLife and the combined company, including the impact on financial results, carries uncertainty.
• Risks exist regarding the ability to compete with larger, better-financed bioprocessing companies and the potential for demand decline.
• Forward-looking statements involve risks related to market predictions, product commercialization, regulatory compliance (FDA/EMA), and stock price volatility.

Management Commentary and Tone:

• CEO Olivier Loeillot described the quarter as a "record third quarter" driven by strength across a diversified portfolio.
• Management expressed confidence to raise full-year guidance again due to strong year-to-date performance, continued order momentum, and the addition of BioLife.
• The completion of the BioLife acquisition in October is characterized as a "significant milestone" with integration progressing well.
• Management highlighted that early customer feedback has been "very encouraging."

Other Key Points:

• The BioLife acquisition closed on October 6, 2026.
• The company divested Polymem, the impact of which is netted against the inorganic growth tailwind in guidance.
• Nine months ended September 30, 2026, included a $41.2 million intangible asset impairment charge and a $13.7 million loss on the sale of business.
• Nine months ended September 30, 2026, included $12.9 million in acquisition, integration, and divestiture costs.
• Nine months ended September 30, 2026, included $6.3 million in transformation costs.
• The company holds $555.6 million in Convertible Senior Notes due 2028, net, as of September 30, 2026.
• A conference call and webcast were held on October 27, 2026, to discuss results and guidance.