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    RGEN
    Earnings call· Jun 2026(Q2 FY26)

    REPLIGEN Q2 FY26 earnings call RGEN

    Jul 28, 2026 Source

    Executive summary

    Repligen Q2 FY26 — Strong Organic Growth and Raised Full-Year Outlook

    Repligen delivered excellent Q2 FY26 results, with strong organic growth driven by Proteins and Analytics, leading to a raised full-year outlook. The company is strategically expanding its cell therapy offerings through the accretive BioLife acquisition, while also focusing on integrated solutions and product lifecycle management to capture future growth opportunities, particularly in onshoring.

    Highlights

    5

    • Achieved 13% organic revenue growth in Q2 FY26, driven by strong recurring revenue across the portfolio.

    • Proteins franchise grew an impressive 50% in Q2 FY26, with Analytics growing over 30%.

    • Adjusted operating margin expanded by 460 basis points to 16.7% in Q2 FY26.

    • APAC revenue grew approximately 40% in Q2 FY26, with North America growing high teens.

    • Raised full-year 2026 organic revenue growth guidance by 1 percentage point at the midpoint and adjusted EPS guidance by $0.05.

    Concerns

    3

    • Filtration revenue grew only slightly in Q2 FY26 due to headwinds from Polymem sale, gene therapy program, and ATF customer inventory management/site delays.

    • EMEA revenue declined mid-single digits in Q2 FY26 due to a difficult prior year comparison.

    • Capital equipment revenue declined slightly year-over-year in Q2 FY26, though orders picked up sequentially.

    Guidance & targets

    18
    CategoryTargetConfidence
    Full-year 2026 Organic Revenue Growth
    10.5% to 13.5%
    high materiality
    High
    Full-year 2026 Adjusted EPS
    $2.03 to $2.09
    high materiality
    High
    Full-year 2026 Revenue
    $813M to $834M
    high materiality
    High
    Full-year 2026 Filtration Growth
    roughly mid-single-digit growth
    medium materiality
    Medium
    Full-year 2026 Chromatography Growth
    greater than 20% growth
    medium materiality
    High
    Full-year 2026 Proteins Growth
    mid-teens
    medium materiality
    High
    Full-year 2026 Analytics Growth
    at least 25%
    medium materiality
    High
    Full-year 2026 Gross Margin Expansion
    110 to 160 basis points
    medium materiality
    High
    Full-year 2026 Adjusted Operating Income
    $128 million to $134 million
    high materiality
    High
    Full-year 2026 Adjusted Operating Margin
    15.7% to 16%
    high materiality
    High
    Full-year 2026 Adjusted Other Income
    $19 million
    low materiality
    High
    Full-year 2026 Adjusted Effective Tax Rate
    approximately 22%
    medium materiality
    High
    Full-year 2026 CapEx Spend
    approximately 3% to 4% of 2026 revenue
    low materiality
    High
    Adjusted EBITDA Margin
    30%
    high materiality
    High
    BioLife Synergies
    at least $20 million
    medium materiality
    High
    BioLife Synergies
    at least $30 million
    medium materiality
    High
    BioLife Adjusted EPS Accretion
    $0.05
    medium materiality
    High
    BioLife Adjusted EPS Accretion
    $0.25
    medium materiality
    High

    Segment performance

    7
    SegmentRevenueYoYQoQMargin
    Filtration
    Revenue growth was driven by consumable demand, offset by Polymem sale and gene therapy headwind. Orders for ATF and systems picked up, fueling 2027 backlog.
    Consumable demand: strongFeed management: strongStatic sets: strongATF and systems demand: mutedATF and equipment orders: picked up toward end of quarter
    		—slightly——
    Chromatography
    Growth driven by OPUS Columns and large-scale columns, with continued traction from CDMO and biopharma customers, despite lapping a strong prior year quarter.
    OPUS Columns: continued growthLarge-scale columns units growth: 18% in H1
    		—low double digits——
    Proteins
    Exceptional growth driven by strength across the entire portfolio, including partnerships and custom development, leading to increased full-year guidance.
    EM partnering with Purolite: doing extremely wellLigand/resin custom development (Abeta portfolio): tremendous quarterGrowth factors: very strong quarter
    		—50%——
    Analytics
    Another strong quarter with broad strength across consumables, services, and capital equipment, benefiting from the SoloVPE upgrade cycle and downstream demand.
    Consumables: strongServices: strongCapital equipment: strongSoloVPE upgrade cycle: tangible benefit
    		—30%+——
    North America
    Strong growth driven by strength across all franchises and customer bases.
    Revenue mix: 51% of total
    		—high teens——
    EMEA
    Decline due to a difficult prior year comparison, despite strength in analytics.
    Revenue mix: 32% of totalAnalytics: strength
    		—mid-single digits decline——
    Asia Pacific and Rest of World
    Led the way with strong growth, driven by biopharma and CDMOs, particularly in China.
    Revenue mix: 17% of totalChina growth (H1): >60%
    		—approximately 40%——

    Operational metrics

    24
    Organic Revenue Growth
    13%
    Q2 FY26

    Excludes impact of acquisitions, divestitures, and foreign exchange.

    Reported Revenue Growth
    12%
    Q2 FY26

    Includes a one-point headwind from Polymem sale and slight foreign currency headwind.

    Adjusted Gross Margin
    53.9%up 280 bps YoY
    Q2 FY26

    More than offset inflation; tariffs were a modest benefit.

    Adjusted Operating Margin
    16.7%up 460 bps YoY
    Q2 FY26

    Reflects strong operational execution and operating leverage.

    Adjusted EBITDA Margin
    21.4%
    Q2 FY26

    Calculated from $43.8 million adjusted EBITDA.

    Adjusted OpEx Growth
    6%
    Q2 FY26

    Prudent spending and measured headcount additions, with a transient benefit from employment compensation costs.

    Adjusted Effective Tax Rate
    21.5%
    Q2 FY26

    Expected to trend towards the lower end of prior guidance (22%-23%).

    Adjusted Net Income
    $31Mup 45% YoY
    Q2 FY26

    Strong earnings conversion from robust revenue growth.

    Cash, Cash Equivalents and Marketable Securities
    $810Mup $25M sequentially
    end of Q2 FY26

    Driven by strong cash flow from operations, offset by CapEx.

    CapEx
    $5M
    Q2 FY26

    Part of cash deployment.

    Polymem Sale Impact on Reported Growth
    1 pointheadwind
    FY26

    Assumed in full-year guidance.

    Foreign Currency Impact on Revenue
    $2Mtailwind
    FY26

    Assumed in full-year guidance.

    Tariff Revenue Headwind
    $1M
    Q2 FY26

    Received tariff refunds, which were a slight headwind to revenue but a modest benefit to margins. Not adjusted from organic growth rate.

    Tariff Impact on Full-Year Guidance
    minimal impact
    FY26

    Full-year guidance now assumes minimal impact from tariffs, down from an expected 50 bps headwind.

    North America Revenue Mix
    51%
    Q2 FY26

    Percentage of total quarterly revenue.

    EMEA Revenue Mix
    32%
    Q2 FY26

    Percentage of total quarterly revenue.

    Asia Pacific and ROW Revenue Mix
    17%
    Q2 FY26

    Percentage of total quarterly revenue.

    Emerging Biotech Revenue Growth
    high teens
    Q2 FY26

    Fifth consecutive quarter of strong growth, indicating sustainable recovery.

    New Modalities Revenue Growth
    9%
    Q2 FY26

    Best quarter since Q1 2025, strong sequential increase across all modalities.

    Cell Therapy Clinical Pipeline Share
    nearly 1/4
    current

    Highlights the meaningful focus and investment in cell therapy by customers.

    Cell and Gene Therapy U.S. Claim Increase
    740%
    2018-2025

    Showcased by Alliance for Regenerative Medicine white paper, highlighting growing volume from these modalities.

    U.S. Treatment Centers Increase
    170%
    2018-2025

    Showcased by Alliance for Regenerative Medicine white paper, highlighting growing volume from these modalities.

    OPUS Columns Large-Scale Units Growth
    18%
    H1 FY26

    Contributed to Chromatography segment growth.

    Adjusted OpEx Growth (Full Year)
    high single digits
    FY26

    Expected to be less than top-line growth, contributing to operating leverage.

    Industry KPIs

    9
    MetricValueDetails
    Revenue EPS guidanceFY26 Revenue: $813M-$834M; FY26 Adjusted EPS: $2.03-$2.09USD
    China revenue exposure>60%%
    Pricing price realization—
    M a contribution synergiesSynergies: $20M (Year 1), $30M (Year 2); EPS Accretion: $0.05 (Year 1), $0.25 (Year 2)USD
    Segment organic revenue growth—
    Bioprocessing orders book to billsignificantly above 1
    Reshoring US manufacturing tailwind—
    Instruments vs consumables services mix—
    Organic core revenue growth by end market13%%

    Deals & partnerships

    2
    BioLifeDefinitive agreement to acquire BioLife Solutions' biopreservation media and cell processing solutions business.

    Fast tracks Repligen's cell therapy leadership by adding a differentiated portfolio serving a rapidly growing end market. Expected to close in Q4 FY26 following necessary approvals.

    PuroliteOEM partnering for protein purification.

    The partnership is doing extremely well and had a very strong performance in Q2, contributing to the Proteins franchise's growth.

    Risks & headwinds

    8
    Filtration Segment HeadwindsQ2 FY26, expected to impact Q3, normalize in Q4

    Slight revenue growth in Q2 FY26

    Mitigation: Focus on 2027 growth opportunities, increased new ATF programs won.

    Polymem Business Sale ImpactFY26

    One point headwind to reported growth (FY26 guidance)

    Mitigation: Strategic divestiture, benefit to operating margin (40 bps in Q2 FY26).

    Gene Therapy Program HeadwindOngoing since Q2 FY25

    Impacted Filtration revenue and new modalities growth (offset by other modalities)

    Mitigation: Strong sequential increase across other new modalities (cell therapy, gene therapy excluding this specific headwind).

    ATF Customer Inventory ManagementFY26

    One customer not placing orders for all of 2026 due to significant inventory.

    Mitigation: Expect orders to return in 2027.

    ATF Customer Site Implementation DelaysFY26

    One customer's sites not ready before end of 2026, delaying consumable orders.

    Mitigation: Expect orders to return in 2027.

    EMEA Difficult Prior Year ComparisonQ2 FY26

    Mid-single digits revenue decline in Q2 FY26

    Mitigation: Strength in analytics partially offset the decline.

    Capital Equipment Revenue DeclineQ2 FY26

    Slightly declined year-over-year in Q2 FY26

    Mitigation: Significant sequential pickup in orders and book-to-bill >1, building backlog for 2027.

    Sequential OpEx Step-upH2 FY26

    OpEx to step up sequentially in Q3 and Q4

    Mitigation: Planned investments in sales and R&D to support 2027 growth, balanced with margin expansion goals.

    What to watch in Q3 FY26

    5

    Capital Equipment Backlog Conversion

    Beginning of next year (2027)
    CurrentBook-to-bill 'significantly above 1' in Q2 FY26
    TargetStrong 2027 equipment sales

    Why it matters

    Indicates future revenue growth from capital equipment, a key driver for the subsector.

    what was really more important for us was to see order really picking up very significantly sequentially our book-to-bill in quarter 2 was really significantly above 1. So what's important is we won a second RFP. Number 3 is on its way, we should get confirmation within the next few weeks probably. So we are starting to build a really nice backlog for '27 and we were really excited about that. I mean, some of it might come towards the end of this year, but probably mostly towards the beginning of next year, which is going to set us up for a really strong 2027 on the equipment side.

    Q&A highlights

    9

    How did order trends progress in Q2 and early Q3 across segments and customers, and what does this mean for full-year guidance visibility?

    Order momentum that emerged late in Q1 continued throughout Q2 across all franchises, providing much better visibility for the full year. The midpoint of the new guidance (12% organic growth) matches the H1 organic growth, indicating no acceleration is needed to achieve it.

    “We said we saw a really nice order improvement toward the end of quarter 1 and this has kept on going for all of quarter 2, which was really great. And we from pretty much across the board in terms of orders in terms of our different franchises. That's why we came to the conclusion it's really the right time to increase our guidance for the full year, knowing like we are on our end of July, and we've got much better visibility for the full year.”

    asked by Matthew Larew · answered by Olivier Loeillot

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Q2 Performance and Raised Outlook

    Repligen delivered 13% organic growth in Q2 FY26, driven by robust recurring revenue and strong execution across its portfolio, particularly in Proteins (50% growth) and Analytics (30%+ growth). This performance, coupled with positive order momentum and improving end-market trends, led the company to raise its full-year organic revenue growth guidance by 1 percentage point at the midpoint and adjusted EPS guidance by $0.05, reflecting increased conviction in its outlook.

    02

    Strategic Focus Areas

    The company's annual strategic planning process highlighted three key areas. First, the launch of an integrated solutions strategy aims to capitalize on upcoming onshoring opportunities and cross-sell the entire A2D offering, engaging more directly with engineering firms. Second, an increased focus on product lifecycle management ensures continuous innovation and frictionless upgrades, as demonstrated by the SoloVPE upgrade cycle. Third, the definitive agreement to acquire BioLife is a strategic move to drive accretive growth.

    03

    BioLife Acquisition

    The acquisition of BioLife is described as an exciting new growth vector that fast-tracks Repligen's cell therapy leadership. BioLife adds a differentiated portfolio, including biopreservation media supporting 18 commercial therapies, enhancing Repligen's offering for the rapidly growing cell therapy market. The transaction is expected to be financially compelling, accretive to top-line growth, adjusted margin, and adjusted EPS, with at least $20 million in synergies and $0.05 adjusted EPS accretion in year 1, growing to $30 million and $0.25 respectively in year 2.

    04

    End-Market Recovery and Modality Trends

    Emerging biotech revenues grew high teens for the fifth consecutive quarter, indicating a sustainable recovery and translation of an improving funding environment. New modalities also grew 9% (excluding a specific gene therapy headwind), marking the best quarter since Q1 2025 and showing a strong sequential increase across all modalities, including cell therapy and gene therapy (ex-headwind).

    05

    Capital Equipment and Onshoring Opportunities

    While capital equipment revenue was muted in Q2, sequential orders picked up significantly, with book-to-bill 'significantly above 1.' The company won a second RFP and expects a third soon, building backlog for a strong 2027 in equipment. The integrated solutions team is specifically designed to tackle large onshoring opportunities, providing comprehensive solutions and services to customers.

    06

    Geographic Performance

    APAC led with approximately 40% revenue growth, including China growing over 60% in the first half, driven by strong performance from both biopharma and CDMOs. North America also showed strong high-teens growth. These strengths offset a mid-single-digit decline in EMEA, which faced a difficult prior year comparison.

    AI-generated summary of the company’s earnings call. Not investment advice.