Repligen Reports Third Quarter 2026 Financial Results and Updates Full Year 2026 Financial Guidance

The quarter produced a GAAP loss despite higher revenue and adjusted earnings, with a $41.242 million intangible asset impairment charge.

Rhea-AI Summary

Repligen (RGEN) reported third-quarter revenue of $209.3 million, with year-over-year growth and a higher full-year revenue outlook following its BioLife acquisition. Revenue rose 11% as reported and 12.5% organically. A $41.242 million intangible asset impairment charge contributed to a GAAP operating loss of $29.5 million, versus $16.8 million profit. Diluted loss per share was $0.68, versus earnings of $0.26. Adjusted diluted earnings rose to $0.53 from $0.46.

Repligen completed the BioLife Solutions acquisition on October 6, 2026, adding a cell-therapy consumables platform. The company raised its 2026 revenue outlook to $844–$852 million, representing 14.5%–15.5% reported growth, and expects adjusted diluted earnings of $2.05–$2.09. Guidance includes BioLife from closing. Cash, cash equivalents and marketable securities totaled $863 million at September 30, versus $768 million at December 31, 2025.

20 points · 1 major

PositiveiHow this balance works

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How the balance worksHow Sentiment works

0 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.FY2026 revenue guidance raised to $844–$852 million, representing 14.5%–15.5% reported growth.
• Moderate pointQ3 revenue increased 11% reported and 12.5% organically year over year to $209.3 million.
• Moderate pointBioLife Solutions acquisition completed October 6, 2026, adding a recurring-revenue cell-therapy consumables platform.
• Moderate pointQ3 adjusted operating income increased to $33.3 million from $26.8 million a year earlier.
• Moderate pointQ3 adjusted diluted EPS increased to $0.53 from $0.46 a year earlier.
• Moderate pointNine-month revenue rose to $607.697 million from $540.343 million a year earlier.
• Moderate pointNine-month adjusted operating margin increased to 16.0% from 13.3% a year earlier.
• Moderate pointNine-month adjusted EBITDA margin increased to 21.0% from 18.7% a year earlier.

12 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.FY2026 organic revenue growth is expected at 12%–13%.
• Minor point. Forward-looking: it has not happened yet and may not happen.BioLife combination is expected by Repligen to enhance long-term growth, margins and earnings power.
• Minor pointQ3 adjusted operating margin expanded to 15.9% from 14.2% a year earlier.
• Minor pointQ3 adjusted net income margin increased to 14.3% from 13.7% a year earlier.
• Minor pointQ3 adjusted EBITDA margin increased to 20.9% from 19.0% a year earlier.
• Minor pointNine-month GAAP gross margin improved to 54.2% from 52.7% a year earlier.
• Minor pointNine-month adjusted net income margin increased to 14.4% from 12.8% a year earlier.
• Minor pointCash, equivalents and marketable securities increased to $863 million from $768 million at December 31, 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.FY2026 adjusted operating income is expected at $135–$139 million, with 16.0%–16.3% operating margin.
• Minor point. Forward-looking: it has not happened yet and may not happen.FY2026 adjusted net income is expected at $119–$122 million, with diluted EPS of $2.05–$2.09.
• Minor point. Forward-looking: it has not happened yet and may not happen.FY2026 adjusted gross margin is expected at 53.7%–54.2%.
• Minor point. Forward-looking: it has not happened yet and may not happen.FY2026 adjusted EBITDA margin is expected at approximately 21%.

Negative

• Moderate pointQ3 GAAP operating result fell to a $29.5 million loss from $16.8 million profit a year earlier.
• Moderate pointQ3 GAAP net result fell to a $38.432 million loss from $14.911 million profit a year earlier.
• Minor pointQ3 intangible asset impairment charge totaled $41.242 million.
• Minor pointQ3 diluted EPS fell to a $0.68 loss from $0.26 earnings a year earlier.
• Minor pointQ3 GAAP gross margin declined to 53.0% from 53.2% a year earlier.

6 minor points

• Minor pointQ3 adjusted gross margin declined to 53.0% from 53.3% a year earlier.
• Minor pointQ3 restructuring activities and other charges totaled $1.966 million, versus none a year earlier.
• Minor pointNine-month GAAP operating income fell to $0.370 million from $37.299 million a year earlier.
• Minor pointNine-month GAAP net result fell to a $25.091 million loss from $35.607 million profit a year earlier.
• Minor pointNine-month diluted EPS fell to a $0.44 loss from $0.63 earnings a year earlier.
• Minor pointNine-month loss on sale of business totaled $13.694 million, versus none a year earlier.

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Key Figures

Q3 revenue: $209.3 million Reported revenue growth: 11% Organic revenue growth: 12.5% +5 more

Q3 revenue

$209.3 million

Q3 2026

Reported revenue growth

11%

Q3 2026 year over year

Organic revenue growth

12.5%

Q3 2026 year over year

Operating loss

$29.5 million

Q3 2026 GAAP

Diluted loss per share

$0.68

Q3 2026 GAAP

Adjusted diluted EPS

$0.53

Q3 2026

FY26 revenue guidance

$844–$852 million

Full year 2026; includes expected BioLife impact from closing

FY26 organic growth guidance

12%–13%

Full year 2026

Previous Earnings Reports

3 past events · Latest: Jul 28

Same Type 3 events

1. Jul 28

   Q2 2026 earnings

   24h Move

   +10.9%

   Reported revenue growth and raised FY26 revenue guidance, alongside improved adjusted operating income and EPS.

2. May 05

   Q1 2026 earnings

   24h Move

   +6.3%

   Reported revenue growth and raised adjusted diluted EPS guidance; reiterated FY26 organic growth guidance.

3. Oct 28

   Q3 2025 earnings

   24h Move

   -5.9%

   Reported Q3 revenue growth and raised FY25 revenue guidance, with higher organic growth.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, gaap, eps, ebitda, +1 more

5 terms

non-gaap financial

"All adjusted figures are non-GAAP."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

gaap financial

"which are presented on the basis of U.S. generally accepted accounting principles (“GAAP”)"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

eps financial

"except for earnings per share (“EPS”)"

Earnings per share (EPS) measures how much profit a company makes for each outstanding share of its stock by dividing the company’s profit after expenses by the number of shares. It matters to investors because it shows how much of the company’s “pie” each share represents—higher EPS usually signals greater profitability per share, helps compare companies of different sizes, and influences stock valuations and investor decisions.

View in glossary

ebitda financial

"adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

cdmo technical

"one of the world’s leading hubs for biologics and CDMO manufacturing"

A contract development and manufacturing organization (CDMO) is a company that provides specialized services to help develop and produce pharmaceutical products for other businesses. Think of it as a contract factory that takes a company's recipe and makes the product on their behalf. For investors, CDMOs are important because they support the growth of pharmaceutical companies and can be key partners in bringing new medicines to market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Third quarter revenue of $209 million, a year-over-year increase of 11% as reported and 12.5% organic
• Closed BioLife acquisition, which fast-tracks Repligen’s leadership and offering in high-growth cell therapy market
• Raising FY26 revenue guidance to $844-$852 million which represents reported revenue growth of 14.5% - 15.5%
  
  

WALTHAM, Mass., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), today reported financial results for its third quarter of 2026, covering the three-month period ended September 30, 2026. The Company is also providing updated financial guidance for the full year 2026.

Olivier Loeillot, President and Chief Executive Officer of Repligen said, “We delivered a record third quarter, with $209 million in revenue and 12.5% organic growth, driven by continued strength across our diversified portfolio. End-market demand continues to improve, with healthy trends in consumables and services complemented by a growing capital equipment order book.”

Mr. Loeillot continued, “The completion of the BioLife acquisition in October marks a significant milestone for Repligen, and integration is progressing well. Early customer feedback has been very encouraging, and we have already taken actions to realize a sizable portion of our expected operating expense synergies. Our strong year-to-date performance, continued order momentum and the addition of BioLife give us confidence to raise our full-year guidance again.”

BUSINESS HIGHLIGHTS

• Completed Acquisition of BioLife Solutions. The acquisition strengthens Repligen's position in cell therapy by adding a differentiated, deeply embedded consumables platform with recurring revenue, commercial-stage exposure, and strong customer workflow integration. The combination expands Repligen's portfolio and is expected to enhance the Company's long-term growth, margin profile, and earnings power.
• New Repligen Training & Innovation Center (“RTIC”). On October 23, 2026, opened a new RTIC in Seoul, South Korea. This underscores Repligen’s commitment to a strategically important market that has become one of the world’s leading hubs for biologics and CDMO manufacturing.
  
  

FINANCIAL PERFORMANCE

Q3 2026 Financial Performance (compared to prior year periods except as noted)

All adjusted figures are non-GAAP and, except for earnings per share (“EPS”), are rounded to the nearest million, and are reconciled in the tables included later in this press release.

• Q3 reported revenue was $209.3 million, compared to $188.8 million, an increase of 11% as reported and 12.5% organic.
• GAAP Results. Q3 loss from operations was $29.5 million primarily driven by intangible asset impairment charge, compared to income from operations of $16.8 million. Q3 loss per share was $0.68 on a fully diluted basis, compared to EPS of $0.26.
• Adjusted Results. Q3 adjusted income from operations was $33.3 million, compared to $26.8 million. Q3 adjusted EPS was $0.53 on a fully diluted basis, compared to $0.46.
  
  

MARGIN SUMMARY

GAAP Margins		Q3 2026			Q3 2025			Q3-YTD 2026			Q3-YTD 2025
Gross Margin		53.0	%		53.2	%		54.2	%		52.7	%
Operating (Loss) EBIT Margin		(14.1	)%		8.9	%		0.1	%		6.9	%
Net (Loss) Income Margin		(18.4	)%		7.9	%		(4.1	)%		6.6	%
Adjusted (non-GAAP) Margins		Q3 2026			Q3 2025			Q3-YTD 2026			Q3-YTD 2025
Gross Margin		53.0	%		53.3	%		54.1	%		52.7	%
Operating (EBIT) Margin		15.9	%		14.2	%		16.0	%		13.3	%
Net Income Margin		14.3	%		13.7	%		14.4	%		12.8	%
EBITDA Margin		20.9	%		19.0	%		21.0	%		18.7	%

Cash, cash equivalents and marketable securities at September 30, 2026, were $863 million, compared to $768 million at December 31, 2025.

FINANCIAL GUIDANCE FOR FULL YEAR 2026

All adjusted figures are non-GAAP.

Our financial guidance for the full year 2026 includes the expected impact of BioLife Solutions from the closing date of October 6, 2026. Our Adjusted (non-GAAP) guidance excludes the impact of any other potential business acquisitions and future fluctuations in foreign currency exchange rates.

	CURRENT GUIDANCE
	(at October 27, 2026)
FY 2026	Adjusted (non-GAAP)
Total Reported Revenue	$844M - $852M
Reported Growth	14.5% - 15.5%
Organic Growth	12% - 13%
Gross Margin	53.7% - 54.2%
Income from Operations	$135M - $139M
Operating Margin	16.0% - 16.3%
Other Income (Expense)	~$18M
Adjusted EBITDA Margin	~21%
Tax Rate on Pre-Tax Income	~22%
Net Income	$119M - $122M
Earnings Per Share - Diluted	$2.05 - $2.09

Total reported revenue guidance reflects a neutral impact from foreign currency and an approximately 2.5 point tailwind from inorganic growth primarily from the BioLife acquisition net of the divestiture of Polymem.

Conference Call and Webcast Access

Repligen will host a conference call and webcast today, October 27, 2026, at 8:00 a.m. ET, to discuss third quarter 2026 financial results, corporate developments and financial guidance for 2026. The conference call will be accessible by dialing toll-free (833) 461-5787 for domestic callers and (585) 542-9983 for international callers. The meeting ID is: 877042431. In addition, a webcast will be accessible via the Investor Relations section of the Company’s website. The webcast will be archived for a period of time following the live event. You can access the replay on the Investor Relations section of the Company’s website.

About Repligen Corporation

Repligen Corporation is a global bioprocessing company that develops and commercializes innovative technologies and integrated solutions that support critical steps in the manufacturing and delivery of biologic drugs that improve human health worldwide. As a trusted partner to biopharmaceutical developers and manufacturers and CDMOs worldwide, we help improve productivity, simplify complex workflows, and advance the next generation of biologic therapies. Repligen technologies support the production of a broad range of biologic modalities, helping customers navigate evolving manufacturing challenges from process development through commercial production. Our global team combines deep scientific expertise, innovation, and a customer-focused mindset “inspiring advances in bioprocessing” to help solve complex challenges across biologics manufacturing. For more information, please visit our website at https://www.repligen.com/, and follow us on LinkedIn.

Non-GAAP Measures of Financial Performance

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (“GAAP”), the following Adjusted (“non-GAAP”) measures of financial performance are included in this release: organic revenue and organic revenue growth; adjusted gross profit and adjusted gross margin; adjusted income from operations and adjusted operating margin; organic adjusted operating margin year-over-year change; adjusted net income and adjusted net income margin; adjusted earnings per share (diluted); adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA margin. The Company provides the impact of foreign currency translation, to enable determination of revenue and margin growth rates at constant currency. To calculate the impact of foreign currency translation, the Company converts the reported amounts from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior year periods.

The Company’s non-GAAP financial results and/or non-GAAP guidance exclude the impact of: acquisition, integration and divestiture costs; restructuring charges including the costs of severance and accelerated depreciation among other non-cash charges; inventory step-up costs and adjustments; transformation costs including incremental, non-recurring expenses for discrete strategic projects that are designed to deliver long-term benefits, including improvements to enhance productivity and enable company growth that do not meet the definition of restructuring; contingent consideration related to the Company’s acquisitions; intangible amortization costs; intangible asset impairment charges; non-cash interest expense related to the accretion of the debt discount; amortization of debt issuance costs related to Company’s convertible debt; foreign currency impact of certain intercompany loans; loss on sale of business; and, the related impact on tax of non-GAAP charges.

These costs are excluded because management believes that such expenses do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of our ongoing operations for the period in which such charges are recorded. Additionally, for a project to be considered transformational, the project expenses are expected to bring long-term growth, profitability improvements and defined process and technology improvements. Our transformation initiative is multi-year but each project has a discrete, defined timeline. Further, organic adjusted operating margin year-over-year change excludes the effect of adjustments above, as well as the impact of mergers, acquisitions and divestitures and foreign exchange. This measure is used by the Company in periods of acquisition because the timing, size and number of such transactions and their related impact on the financial statements may vary and make comparison of long-term results difficult.

All reconciliations of above GAAP figures to adjusted (non-GAAP) figures are detailed in the tables included later in this press release. Certain prior year amounts have been reclassified to conform with the current year presentation. When analyzing the Company’s operating performance and guidance, investors should not consider non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP.

The Company does not provide GAAP financial measures on a forward-looking basis as the Company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort. The Company cannot reasonably predict items including, but not limited to, the timing and amount of future restructuring and cost-savings actions or transformation, acquisition and integration related costs. These items are generally uncertain and are not indicative of ongoing operations of the business, and the impact could be material to our results in accordance with GAAP.

Forward-Looking Statements

This press release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein which do not describe historical facts, including, among others, any express or implied statements or guidance regarding current or future financial performance and position, including our 2026 financial guidance and related assumptions; expected demand in the markets in which we operate; and the expected performance of our business and momentum across our portfolio, are based on management’s current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.

Such risks and uncertainties include, among others, our ability to successfully grow our bioprocessing business; our ability to manage through and predict headwinds; the risk that we have assumed that markets and franchises will improve and grow as predicted; our ability to achieve our 2026 financial guidance; our ability to develop and commercialize products and the market acceptance of our products; our ability to successfully integrate BioLife, including its operations, products, systems and personnel, in a timely manner or at all, and to realize the expected benefits and synergies of the acquisition; the future performance of BioLife and the combined company, including the impact of the acquisition on our financial results and outlook; the risk of unanticipated costs, liabilities or disruptions to our or BioLife's business, customer, supplier or employee relationships resulting from the acquisition; our ability to successfully integrate any other acquired businesses and relevant personnel in a timely manner or at all, and to achieve the expected benefits of such acquisitions; the risk that demand for our products could decline, which could adversely impact our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing companies; risks around the Company’s effectiveness of disclosure controls and procedures and the effectiveness of our internal control over financial reporting; our compliance with all U.S. Food and Drug Administration and European Medicines Evaluation Agency regulations; our volatile stock price; the impact of tariffs on our business, and other risks and uncertainties detailed in Repligen’s filings with the U.S. Securities and Exchange Commission (the Commission), including our Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequently filed reports with the Commission, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any subsequent filings made with the Commission, which are available at the Commission’s website at www.sec.gov. Actual results may differ materially from those Repligen contemplated by these forward-looking statements, which reflect management’s current views, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and are based only on information currently available to us. Repligen cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Repligen disclaims any obligation to update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

Repligen Contact:
Jacob Johnson
VP, Investor Relations
(781) 419-0204
investors@repligen.com

REPLIGEN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, amounts in thousands, except share data)

	September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	726,960			$	566,021
Marketable securities		136,019				201,607
Accounts receivable, net of allowances of $3,273 and $2,767 at September 30, 2026, and December 31, 2025, respectively		151,235				158,587
Inventories, net		182,205				170,458
Prepaid expenses and other current assets		45,565				40,712
Total current assets		1,241,984				1,137,385
Property, plant and equipment, net		163,561				186,614
Intangible assets, net		305,291				386,147
Goodwill		1,100,319				1,114,408
Deferred tax assets		716				694
Operating lease right of use assets		112,472				119,538
Other noncurrent assets		2,065				4,913
Total assets	$	2,926,408			$	2,949,699
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	27,697			$	30,010
Operating lease liabilities		20,397				21,559
Contingent consideration		2,254				5,049
Accrued liabilities		75,338				79,208
Total current liabilities		125,686				135,826
Convertible Senior Notes due 2028, net		555,596				542,213
Deferred tax liabilities		19,909				22,496
Noncurrent operating lease liabilities		116,248				126,176
Noncurrent contingent consideration		—				1,304
Other noncurrent liabilities		17,232				15,555
Total liabilities		834,671				843,570
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding		—				—
Common stock, $0.01 par value; 80,000,000 shares authorized; 56,692,755 shares at September 30, 2026, and 56,325,429 shares at December 31, 2025, issued and outstanding		567				563
Additional paid-in capital		1,685,620				1,651,849
Accumulated other comprehensive loss		(25,607	)			(2,531	)
Retained earnings		431,157				456,248
Total stockholders’ equity		2,091,737				2,106,129
Total liabilities and stockholders’ equity	$	2,926,408			$	2,949,699

REPLIGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, amounts in thousands, except per share data)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Product	$	209,270			$	188,766			$	607,566			$	540,232
Royalty and other revenue		44				39				131				111
Total revenue		209,314				188,805				607,697				540,343
Costs and operating expenses:
Cost of goods sold		98,328				88,290				278,390				255,462
Research and development		14,435				14,175				43,310				40,259
Selling, general and administrative		83,592				73,663				236,746				215,275
Restructuring activities and other charges		1,966				—				6,180				4,135
Intangible asset impairment charges		41,242				—				41,242				—
Change in fair value of contingent consideration		(703	)			(4,148	)			1,459				(12,087	)
Total costs and operating expenses		238,860				171,980				607,327				503,044
(Loss) income from operations		(29,546	)			16,825				370				37,299
Other income (expense), net:
Investment income		7,000				6,921				19,773				20,820
Interest expense		(5,712	)			(5,414	)			(16,953	)			(16,018	)
Amortization of debt issuance costs		(422	)			(416	)			(1,262	)			(1,243	)
Loss on sale of business		(34	)			—				(13,694	)			—
Other income (expense), net		1,906				(804	)			883				2,412
Other income (expense), net		2,738				287				(11,253	)			5,971
(Loss) income before income taxes		(26,808	)			17,112				(10,883	)			43,270
Income tax provision		11,624				2,201				14,208				7,663
Net (loss) income	$	(38,432	)		$	14,911			$	(25,091	)		$	35,607
(Loss) earnings per share:
Basic	$	(0.68	)		$	0.27			$	(0.44	)		$	0.63
Diluted	$	(0.68	)		$	0.26			$	(0.44	)		$	0.63
Weighted average common shares outstanding:
Basic		56,558				56,265				56,445				56,208
Diluted		56,558				56,532				56,445				56,520

REPLIGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, amounts in thousands)

	Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities
Net (loss) income	$	(25,091	)		$	35,607
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		57,948				58,794
Intangible asset impairment charges		41,242				—
Amortization of debt discount and issuance costs		13,383				12,360
Inventory step-up amortization		—				1,069
Loss on sale of business		13,694				—
Stock-based compensation		25,690				24,621
Deferred income taxes, net		(944	)			(5,784	)
Change in fair value of contingent consideration		1,459				(12,087	)
Net unrealized foreign exchange loss (gain)		(683	)			(12,443	)
Operating lease right of use asset amortization		14,189				13,570
Other adjustments and non-cash items		(1,754	)			2,532
Changes in operating assets and liabilities, excluding impact of acquisitions:
Accounts receivable		3,383				(7,302	)
Inventories		(16,070	)			(5,346	)
Prepaid expenses and other current assets		(3,732	)			(5,494	)
Other noncurrent assets		1,916				(1,727	)
Accounts payable		(523	)			(5,083	)
Accrued liabilities		(2,443	)			9,629
Operating lease liabilities		(18,796	)			(12,096	)
Noncurrent liabilities		1,292				893
Total cash provided by operating activities		104,160				91,713
Cash flows from (for) investing activities
Acquisitions, net of cash acquired		—				(69,954	)
Divestiture proceeds, net of cash divested		3,637				—
Purchases of marketable securities		(200,499	)			—
Maturities and sales of marketable securities		271,073				—
Additions to capitalized software costs		(1,307	)			(2,055	)
Purchases of property, plant and equipment		(14,992	)			(15,366	)
Sale of property, plant and equipment		—				42
Other investing activities		—				(2,397	)
Total cash provided by (used in) investing activities		57,912				(89,730	)
Cash flows from (for) financing activities
Proceeds from exercise of stock options		15,850				2,142
Payment of tax withholding obligation on vesting of restricted stock		(7,765	)			(7,994	)
Payment of earnout consideration		(5,225	)			(9,548	)
Total cash provided by (used in) financing activities		2,860				(15,400	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(1,943	)			4,809
Net increase (decrease) in cash, cash equivalents and restricted cash		162,989				(8,608	)
Cash, cash equivalents and restricted cash, beginning of period	$	566,021			$	757,355
Cash, cash equivalents and restricted cash, end of period	$	729,010			$	748,747

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited, amounts in thousands, except percentage and earnings per share data)
In all tables below, totals may not add due to rounding

Reconciliation of Total Revenue (GAAP) Growth to Organic Revenue Growth (Non-GAAP)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
TOTAL REPORTED REVENUE (GAAP) GROWTH	11	%		22	%		13	%		16	%
Acquisition and divestiture revenue	1	%		(2	)%		0	%		(1	)%
Currency exchange	1	%		(2	)%		(1	)%		(1	)%
ORGANIC REVENUE GROWTH (NON-GAAP)	12	%		18	%		12	%		14	%

Reconciliation of (Loss) Income from Operations (GAAP) to Adjusted Income from Operations (Non-GAAP)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
(LOSS) INCOME FROM OPERATIONS (GAAP)	$	(29,546	)		$	16,825			$	370			$	37,299
ADJUSTMENTS TO (LOSS) INCOME FROM OPERATIONS (GAAP):
Acquisition, integration and divestiture costs		8,078				4,406				12,896				14,721
Restructuring activities and other charges (1)		1,966				186				6,180				4,357
Transformation costs (2)		3,271				(975	)			6,349				(3,268	)
Intangible amortization		9,561				9,963				28,902				29,288
Intangible asset impairment charges		41,242				—				41,242				—
Contingent consideration		(703	)			(4,148	)			1,459				(12,087	)
Inventory step-up charges		—				492				—				1,069
Other (3)		(581	)			21				(202	)			707
ADJUSTED INCOME FROM OPERATIONS (NON-GAAP)	$	33,288			$	26,770			$	97,196			$	72,086
OPERATING (LOSS) EBIT MARGIN (GAAP)		(14.1	)%			8.9	%			0.1	%			6.9	%
ADJUSTED OPERATING (EBIT) MARGIN (NON-GAAP)		15.9	%			14.2	%			16.0	%			13.3	%

Reconciliation of Net (Loss) Income (GAAP) to Adjusted Net Income (Non-GAAP)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
NET (LOSS) INCOME (GAAP)	$	(38,432	)		$	14,911			$	(25,091	)		$	35,607
ADJUSTMENTS TO NET (LOSS) INCOME (GAAP):
Acquisition, integration and divestiture costs		8,078				4,406				12,896				14,721
Restructuring activities and other charges (1)		1,966				186				6,180				4,357
Transformation costs (2)		3,271				(975	)			6,349				(3,268	)
Intangible amortization		9,561				9,963				28,902				29,288
Intangible asset impairment charges		41,242				—				41,242				—
Contingent consideration		(618	)			(4,232	)			1,446				(15,285	)
Inventory step-up charges		—				492				—				1,069
Non-cash interest expense		4,209				3,907				12,444				11,481
Amortization of debt issuance costs		422				416				1,262				1,243
Foreign currency impact of certain intercompany loans (3)		(1,004	)			—				504				—
Loss on sale of business		34				—				13,694				—
Other (4)		(581	)			21				(202	)			707
Tax effect of non-GAAP charges		1,732				(3,233	)			(11,815	)			(10,662	)
ADJUSTED NET INCOME (NON-GAAP)	$	29,880			$	25,862			$	87,811			$	69,258
NET (LOSS) INCOME MARGIN (GAAP)		(18.4	)%			7.9	%			(4.1	)%			6.6	%
ADJUSTED NET INCOME MARGIN (NON-GAAP)		14.3	%			13.7	%			14.4	%			12.8	%

Reconciliation of Loss Per Share (GAAP) to EPS (Non-GAAP)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
(LOSS) EPS (GAAP) - DILUTED	$	(0.68	)		$	0.26			$	(0.44	)		$	0.63
ADJUSTMENTS TO (LOSS) EPS (GAAP) - DILUTED:
Acquisition, integration and divestiture costs		0.14				0.08				0.23				0.26
Restructuring activities and other charges (1)		0.03				(0.01	)			0.11				0.02
Transformation costs (2)		0.06				0.00				0.11				0.00
Intangible amortization		0.17				0.18				0.51				0.52
Intangible asset impairment charges		0.72				—				0.73				—
Contingent consideration		(0.01	)			(0.07	)			0.03				(0.27	)
Inventory step-up charges		—				0.01				—				0.02
Non-cash interest expense		0.07				0.07				0.22				0.20
Amortization of debt issuance costs		0.01				0.01				0.02				0.02
Foreign currency impact of certain intercompany loans (3)		(0.02	)			—				0.01				—
Loss on sale of business		0.00				—				0.24				—
Other (4)		0.00				0.00				0.00				0.01
Tax effect of non-GAAP charges		0.03				(0.06	)			(0.21	)			(0.19	)
ADJUSTED EPS (NON-GAAP) - DILUTED (5)	$	0.53			$	0.46			$	1.55			$	1.23

Reconciliation of Net (Loss) Income (GAAP) to Adjusted EBITDA (Non-GAAP)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
NET (LOSS) INCOME (GAAP)	$	(38,432	)		$	14,911			$	(25,091	)		$	35,607
ADJUSTMENTS:
Investment income		(7,000	)			(6,921	)			(19,773	)			(20,820	)
Interest expense		5,712				5,414				16,953				16,018
Amortization of debt issuance costs		422				416				1,262				1,243
Income tax (benefit) provision		11,624				2,201				14,208				7,663
Depreciation		9,563				10,101				29,046				29,506
Intangible amortization		9,561				9,908				28,902				29,288
(LOSS) EBITDA (NON-GAAP)	$	(8,550	)		$	36,030			$	45,507			$	98,505
OTHER ADJUSTMENTS:
Acquisition, integration and divestiture costs		8,078				4,406				12,896				14,721
Restructuring activities and other charges (1)		1,966				186				6,180				4,357
Transformation costs (2)		3,271				(975	)			6,349				(3,268	)
Intangible asset impairment charges		41,242				—				41,242				—
Contingent consideration		(618	)			(4,232	)			1,446				(15,285	)
Inventory step-up charges		—				492				—				1,069
Foreign currency impact of certain intercompany loans (3)		(1,004	)			—				504				—
Loss on sale of business		34				—				13,694				—
Other (4)		(581	)			21				(202	)			707
ADJUSTED EBITDA (NON-GAAP)	$	43,838			$	35,928			$	127,616			$	100,806
NET (LOSS) INCOME MARGIN (GAAP)		(18.4	)%			7.9	%			(4.1	)%			6.6	%
ADJUSTED EBITDA MARGIN (NON-GAAP)		20.9	%			19.0	%			21.0	%			18.7	%

FOOTNOTES FOR ALL TABLES ABOVE:
⁽¹⁾   Restructuring activities and other charges includes the costs of severance, lease impairment and accelerated depreciation among other non-cash charges. Charges for the three and nine months ended September 30, 2026, consists of activities to simplify the global manufacturing footprint of the organization and align its workforce to support long-term company growth.

⁽²⁾   For the three and nine months ended September 30, 2026, transformation costs include $3.9 million and $8.8 million, respectively, of expenses for discrete strategic projects that are designed to deliver long-term growth under our Transformation Office, partially offset by $0.6 million and $2.5 million, respectively, for the benefit received from the sale of inventory that had previously been reserved for as part of past restructuring plans. The three and nine months ended September 30, 2025, includes a benefit of $1.0 million and $3.3 million, respectively, from the sale of inventory that had previously been reserved as part of past restructuring plans.

⁽³⁾   During the three and nine months ended September 30, 2026, we recorded foreign currency (gains) and losses on certain intercompany loans of $(1.0) million and $0.5 million, respectively. This is recorded in other income (expense), net within the condensed consolidated statements of operations.

⁽⁴⁾   Other charges for the three and nine months ended September 30, 2026, includes other expenses or (benefits) that are non-indicative of our ongoing performance. The three and nine months ended September 30, 2025, includes charges related to one-time events relating to a cybersecurity incident, net of insurance, and costs associated with the restatement of previously issued financial statements.

⁽⁵⁾   GAAP loss per share—diluted for the three and nine months ended September 30, 2026, excludes 328,882 and 313,150 potentially dilutive shares, respectively, as their inclusion would have been antidilutive due to the net loss for each period. Adjusted earnings per share—diluted for the same periods was calculated using 56,886,642 and 56,757,704 diluted shares, respectively.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Repligen's third-quarter 2026 revenue and earnings?

Repligen reported $209.3 million revenue and a GAAP diluted loss per share of $0.68. Revenue increased 11% as reported and 12.5% organically year over year. Adjusted diluted EPS was $0.53, compared with $0.46 a year earlier.

What is Repligen's updated full-year 2026 guidance?

Repligen expects $844–$852 million revenue and adjusted diluted EPS of $2.05–$2.09 for 2026. The revenue outlook represents 14.5%–15.5% reported growth and 12%–13% organic growth. Guidance includes BioLife Solutions from its October 6, 2026 closing.

What acquisition and currency assumptions underpin Repligen's 2026 revenue guidance?

Repligen's revenue guidance reflects a neutral foreign-currency impact and an approximately 2.5-point inorganic growth tailwind, primarily from BioLife net of the Polymem divestiture. Adjusted guidance excludes other potential business acquisitions and future foreign-exchange fluctuations.