What Management Said
Read the full Q4 2025 transcript ↗On this call, we will cover business highlights and financial performance for the three and 12-month periods ended December 31st, 2025, and we'll provide financial guidance for the full year 2026. During this call, we are providing non-GAAP financial results and guidance unless otherwise noted. We had a great finish to 2025 with $198 million of fourth quarter revenue, which translated to 14% organic growth in the quarter and $738 million of revenue for the full year. As a result, we exceeded the high hand of our October guidance for both revenue and adjusted operating income.
Once again, the diversity of our portfolio was on display in the fourth quarter as proteins and process analytics both grew over 30%, with chromatography not far behind, with more than 25% growth. The same was true for the full year, as protein grew greater than 30%, while analytics grew 37% on a reported basis or 21%, excluding M&A. This highlights our team's strong execution on the growth opportunities that exist across our portfolio. Capital equipment was essentially flat year-over-year due to a tough comparison, but up 10% versus the prior quarter as we saw capital equipment revenue grow sequentially throughout the year.
Outside of a couple of specific growth drivers, we saw relatively muted demand for equipment. In terms of end markets, biopharma led the way and revenue growth was strong across all geographies. In short, we had a great year with momentum across the portfolio, allowing us to significantly outpace market growth in 2025. Our initial 2026 guidance called for $810 million-$840 million of revenue or 9%-13% organic revenue growth.
What went well
- Finished 2025 with $198 million of fourth quarter revenue (14% organic growth) and $738 million for the full year, exceeding the high end of October guidance for both revenue and adjusted operating income.
- Returned to robust growth with 16% reported and organic non-COVID growth for the full year and 14% organic, exceeding the high end of initial 2025 guidance.
- Q4 proteins and process analytics both grew over 30%, with chromatography over 25%; for the full year proteins grew greater than 30% and analytics grew 37% reported (21% ex-M&A).
- Expanded full-year adjusted operating margin 90 basis points to 13.8% (240 bps excluding M&A and FX) and generated $117 million of full-year operating cash flow, ending with $768 million of cash.
- Q4 biopharma revenue grew over 20%, emerging biotech grew for the third quarter in a row, and China grew for the second straight quarter with strong Q4 orders.
What went wrong
- Q4 capital equipment was essentially flat year-over-year on a tough comparison, and demand for equipment outside of a couple of specific drivers was relatively muted.
- Full-year filtration grew high single digits (8%, or 11% non-COVID), a bit below expectations due to fluid management timing and the muted downstream-systems demand environment.
- CDMO Q4 revenue grew only low single digits due to a tough comparison, lapping greater than 14% growth in the prior year.
- 2026 initial guidance includes an approximately two-point headwind from a gene therapy platform, with the low end balancing near-term uncertainty around FDA policy and biopharma's response to MFN.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| Revenue | FY2026 (initial) | $810M-$840M (10%-14% reported, 9%-13% organic) |
| Adjusted gross margin | FY2026 | 53.6%-54.1% (~125 bps expansion at midpoint) |
| Adjusted income from operations | FY2026 | $122M-$130M (150 bps margin expansion at midpoint) |
| Adjusted diluted EPS | FY2026 | $1.93-$2.01 (up 15% at midpoint) |
| Adjusted effective tax rate | FY2026 | 22%-23% |
| Analytics growth | FY2026 | greater than 20% |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Q4 revenue | +18% reported / +14% organic | Consumables drove growth with over 20%; acquisitions added ~1 point and FX 2 points; capital equipment essentially flat on a tough comp. |
| Full-year revenue | +16% reported and organic non-COVID / +14% organic | Momentum across the portfolio, customer base, and geographies, exceeding the high end of original guidance. |
| Q4 adjusted gross margin | +170 bps to 52.4% | Volume leverage and price offsetting inflation and slight headwinds from mix and tariffs. |
| Full-year adjusted operating margin | +90 bps to 13.8% | Volume leverage and price, mostly offset by dilution from recent M&A investments; 240 bps expansion excluding M&A and FX. |
| Q4 adjusted EPS | +$0.05 to $0.49 | Higher adjusted operating income partially offset by $2 million of lower interest income on declining rates. |
| Full-year filtration | +8% (11% non-COVID) | Below expectations due to timing of fluid management revenue and muted downstream-systems demand; ATF still accretive after a 50%+ 2024. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Margin expansion vs M&A | Expanded margin 240 bps ex-M&A in 2025 but below range including M&A | Margin expansion remains a top priority alongside above-market growth; guiding 150 bps expansion at midpoint for 2026, prioritizing more immediately accretive deals while keeping minority-interest options like Novasign | — |
| M&A strategy | Acquired 908 Devices bioprocessing portfolio; partnered with/invested in Novasign | M&A remains the top capital-allocation priority for 2026 with unchanged criteria; active pipeline and healthy balance sheet, aspiring to add new capabilities | — |
| China | China declined in 2025 but grew second straight quarter in Q4 off a low base | Optimistic China returns to growth in 2026, supported by strong Q4 orders; new leadership, new office opened in Q3, working on local partnerships | — |
| Analytics / SoloVPE PLUS | Launched SoloVPE PLUS in 2025; first wave of upgrades | Upgrade cycle is a multi-year opportunity (<100 of 1,500-2,000 install base upgraded); guiding analytics >20% growth in 2026 on a 37% comp | — |
Q&A Summary
How should we frame the higher versus lower end of 2026 guidance given the policy environment, tariffs, and larger funnel opportunities?
Tariffs are still a big open question but likely a push or slightly better under alternatives, with surcharges far less than 1% of total sales. Onshoring opportunities tend to be pushed to 2027 and are not a big 2026 driver. The high-probability funnel (above 50%) is at its highest level ever and significantly higher than a year ago; the year is about translating that funnel into orders and sales.
How does delivering ~150 bps of op margin expansion rank as a priority relative to M&A?
It is never black and white; every deal has strategic merits and short/medium/long-term financial implications. They acknowledged the M&A margin headwind but stand by the 908 Devices and EMT integration, will use minority interests like Novasign to avoid margin impact, and will prioritize more immediately accretive deals. Margin expansion remains a top priority alongside above-market growth, having delivered 240 bps ex-M&A in 2025 and teeing up 150 bps at midpoint for 2026.
Why assume normal first-half/second-half pacing despite the Sarepta headwind annualizing mid-year and ATF consumables picking up?
The guidance range of 9%-13% organic reflects what they control (the highest funnel ever, broad portfolio opportunities) and what they control less (macro). MFN may delay specific CapEx decisions as big pharma digests Q4 deals, and biologic approvals have been light early in the year; these could move guidance either direction. Q1 starts strong, down only a couple single-digit points sequentially from Q4.
How can analytics grow over 20% in 2026 on a 37% comp, and how far along is the SoloVPE upgrade cycle?
Confident for multiple reasons: the SoloVPE PLUS upgrade cycle is just beginning with fewer than 100 of a 1,500-2,000 unit install base upgraded, implying a 2-3 year cycle; the 908 Devices acquisition gave the sales team five (soon six) products to sell, phenomenally improving the funnel; and FlowVPX attaches to about 25% of systems sold over the past year.
Update on China investment needs and expected 2026 growth rate?
China is now about 2%-3% of revenue (was high single digits during COVID). After two quarters of top-line growth and very strong Q4 orders, they aim to grow the region faster than the rest and return to significant growth. They are adding the right people, opened a new office in Q3, and are working on several local partnerships, aiming to make the region much bigger over the next three years.
More on Repligen Corp
Reported 2026-02-24 · figures from the Repligen Corp Q4 2025 earnings call.
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