What Management Said
Read the full Q2 2026 transcript ↗On this call, we will cover business highlights and financial performance for the three-month period ending June 30th, 2026, and will provide financial guidance for the full year 2026. During this call, we are providing non-GAAP financial results and guidance, unless otherwise noted. Our team executed at a high level, driving 12% reported growth, which translated to 13% organic growth and 460 basis points of adjusted operating margin expansion. Reflecting on our strong first-half results and with our increased conviction in the full-year outlook, we are raising our organic revenue growth and adjusted EPS guidance.
At the midpoint, this represents a full 1% increase to our organic growth expectations and $0.05 to adjusted EPS. In addition to our excellent first half results, we see several reasons for our increased confidence in our end markets and revenue outlook. Second, while capital equipment revenue remains muted, we saw a sequential step-up in orders and won another important RFP. Year-over-year, our funnel remains very healthy, and we're increasingly convinced the capital equipment tab will open further in the not too distant future.
In the second quarter, we delivered $204 million of revenue, driven by healthy recurring revenue growth across our broad portfolio. Proteins led the way with an impressive 50% growth, while analytics demand remained extremely strong with 30%+ growth in the quarter. Consumables, including proteins, grew in the high teens, while services grew over 20%. Capital equipment revenue was stable between Q1 and Q2, and we saw a significant sequential pickup in orders, though revenues declined slightly year-over-year.
What went well
- Repligen delivered 13% organic growth (12% reported) to $204 million of revenue with 460 basis points of adjusted operating-margin expansion, prompting a raise to both organic revenue and adjusted EPS guidance.
- Proteins was the standout with ~50% growth across the portfolio (Purolite OEM partnership, Avitide custom ligands/resins, and growth factors), while Analytics grew 30%+ on the SoloVPE PLUS upgrade cycle and broad downstream strength.
- Order momentum that emerged late in Q1 carried through Q2 (broad-based, with an ATF improvement) and a second capital-equipment RFP was won with a third expected within weeks, building a healthy 2027 backlog.
- Asia Pacific grew ~40% (China up more than 60% in the first half) across filtration, chromatography and analytics, validating the reinvigorated regional strategy.
- Emerging biotech grew high teens for a fifth straight strong quarter against tough comps, and new modalities grew ~9% (best quarter since Q1 2025) with a strong book-to-bill, signaling sustainable recovery.
- The company signed a definitive agreement to acquire BioLife — accretive to growth, margin and EPS — fast-tracking its cell-therapy strategy with at least $20 million of synergies and $0.05 EPS accretion in year one, growing to $30 million and $0.25 in year two.
What went wrong
- Filtration grew only slightly as all of the company's 2026 headwinds are concentrated there — the prior-year gene-therapy program loss, two ATF customer issues (one managing inventory, one delaying a new site) and the Polymem divestiture — collectively nearly a high-single-digit drag.
- Capital equipment revenue declined slightly year over year and remained muted, with conversion of the improving order book gated by customer site readiness.
- EMEA revenue declined mid-single digits against a difficult prior-year comparison, and biopharma revenue overall was essentially flat.
- A transient favorable employee-compensation benefit helped first-half OpEx and will not recur, so OpEx steps up sequentially in Q3 (to first-quarter-like levels plus planned back-half growth investments in sales, R&D and IT).
- Q3 is expected to be the lowest adjusted gross-margin quarter of the year (down sequentially and year over year on mix), and the second half reverses the ~1 point of favorable first-half mix.
- GAAP results trailed adjusted (GAAP diluted EPS $0.09 and 6.8% GAAP operating margin vs $0.54 adjusted EPS and 16.7% adjusted operating margin), reflecting acquisition-related amortization and other items.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| Revenue | FY2026 | $813M-$834M ($824M midpoint); 10%-13% reported / 10.5%-13.5% organic (up ~1 pt at midpoint) |
| Adjusted EPS | FY2026 | $2.03-$2.09 (up $0.05 at midpoint; +20% vs 2025) |
| Adjusted operating margin | FY2026 | 15.7%-16% (190-220 bps expansion); adjusted operating income $128M-$134M |
| Adjusted gross-margin expansion | FY2026 | ~135 bps (maintained) |
| Franchise growth | FY2026 | Filtration ~mid-single digits, Chromatography >20%, Proteins mid-teens (raised from low double digits), Analytics >25% (raised) |
| Adjusted tax rate / CapEx | FY2026 | ~22% (toward low end); CapEx ~3%-4% of revenue |
| BioLife acquisition | close Q4 2026 | Not in guidance; accretive to growth/margin/EPS; ≥$20M synergies + $0.05 EPS year one, ≥$30M + $0.25 year two |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Revenue | +12% reported / +13% organic to $204M | Healthy recurring revenue across the portfolio; Polymem divestiture a ~1-point headwind, plus a ~$1M tariff-refund headwind not adjusted out. |
| GAAP diluted EPS | $0.09 | GAAP figure well below the $0.54 adjusted EPS due to acquisition-related amortization and other non-GAAP adjustments. |
| Adjusted EPS | $0.54 (+46%) | Strong earnings conversion from robust revenue growth and margin expansion; adjusted net income up 45%. |
| Adjusted operating margin | 16.7% (+460 bps) | Volume leverage, pricing execution and disciplined OpEx (up only 6% reported), plus a 40 bps Polymem benefit and a transient comp benefit. |
| Adjusted gross margin | 53.9% (+280 bps) | Volume leverage, pricing and favorable product mix outweighing inflation; tariffs a modest benefit. |
| Proteins | +50% | Broad strength across Purolite OEM, Avitide custom ligands/resins and growth factors as the post-OEM-loss pivot plays out. |
| Analytics | +30%+ | SoloVPE PLUS upgrade cycle plus broad downstream analytics strength and a growing upstream contribution. |
| Asia Pacific | +~40% (China +60% H1) | Reinvigorated regional strategy driving pharma and CDMO growth across filtration, chromatography and analytics. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| BioLife acquisition / cell therapy | — | The definitive agreement fast-tracks cell-therapy leadership, adding biopreservation media supporting 18 commercial therapies; due diligence with third-party advisors raised conviction in a market that is ~a quarter of customers' clinical pipelines (ARM cites a 170% rise in U.S. treatment centers and 740% rise in cell/gene claims 2018-2025), while gaining comfort on in-vivo risk. | — |
| Capital equipment / onshoring RFPs | Muted, gaining a seat at the table | A second RFP was won (third expected within weeks) with book-to-bill well above one; Repligen now offers ~80% of large-scale hardware paired with inline PAT technologies, positioning it to build a strong 2027 backlog as onshoring opportunities grow. | — |
| Integrated solutions strategy | Key-accounts full-suite selling | A newly launched integrated-solutions team formalizes cross-selling of the end-to-end portfolio (initially for ADCs and new modalities, expanding to cell therapy with BioLife), engaging engineering firms to answer large RFPs more professionally and attach more services and consumables. | — |
| Filtration / ATF recovery setup | Known 2026 headwinds | All 2026 headwinds sit in filtration (gene-therapy loss, two ATF customer timing issues, Polymem sale); ATF new-program/customer wins in H1 already exceeded the full H1 2025 level by mid-May, setting up a return to strong ATF growth from 2027. | — |
| Margin expansion toward 2030 target | On track | Two consecutive quarterly operating-margin guide raises (now >200 bps for the year) via manufacturing efficiency, net price and volume leverage, with the transformation office developing plans and the BioLife integration playbook — on track for a 30% adjusted EBITDA margin by 2030. | — |
| China / Asia strategy | Turnaround focus | China grew 60%+ in H1 with an OEM partnership set to manufacture filters in China for China by early next year; ~30% of global clinical trials and ~40% of the global cell-therapy funnel are in China, underpinning bullish long-term ambition. | — |
| Protein franchise durability | Post-OEM-loss pivot | Management sees sustainable protein outgrowth as customers move beyond new-modality custom ligands to state-of-the-art purification for long-established products; resin/ligand market growth ~8-10% and growth factors/cytokines potentially low-to-mid teens, with Repligen still early in clinical/validation phases. | — |
Q&A Summary
Matt Larew (William Blair) asked how order trends progressed through Q2 and into July and what that means for guidance visibility.
Loeillot said orders improved broadly across franchises through Q2, giving confidence to raise full-year guidance to 10.5-13.5% organic (12% midpoint, matching H1) with no acceleration needed; filtration was the only soft franchise, entirely due to known headwinds.
Dan Arias (Stifel) asked how second-half equipment growth compares to the first half and how Repligen exits the year.
Loeillot said Q2 capital-equipment sales were expectedly muted (H1 up high single digits) but orders picked up significantly (book-to-bill well above one), a second RFP was won and a third is near, building a strong 2027 backlog that mostly lands early next year.
Casey Woodring (JPMorgan) asked what drove the 50% protein growth and the margin cadence/exit rate.
Loeillot credited broad protein strength (Purolite OEM, Avitide, growth factors) from the strategy pivot, raising protein guidance to mid-teens; Garland detailed >200 bps of full-year operating-margin expansion with lower second-half margins as OpEx steps up ~$2M sequentially in Q3 and Q4 for sales/R&D investment, and a first-half-to-second-half gross-margin mix reversal.
Dan Leonard (RBC) asked whether the Q2 filtration order strength fueling 2027 applies to both consumables and equipment and what limits faster conversion.
Loeillot said conversion depends on customer preparedness — especially for capital equipment where the plant must be ready to accept delivery — though consumables can also sometimes be ordered 6-12 months ahead.
Brendan Smith (TD Cowen) asked about the filtration cadence in the second half and the Metenova/ATF tuck-in.
Loeillot said filtration headwinds likely persist into Q3 and start normalizing in Q4; ATF new-program wins in H1 2026 already exceeded H1 2025 by mid-May, setting up a return to strong ATF growth from 2027, with the piled-up headwinds nearly high single digits this year and mostly temporary.
Puneet Souda (Leerink) asked to unpack the 40% APAC growth, onshoring timing/magnitude, and any 2027 view.
Loeillot said APAC strength was broad (China +60% H1) across filtration, chromatography and analytics, with an OEM partnership to make filters in China for China by early next year; onshoring RFP wins are building 2027 revenue and the new integrated-solutions team will help capture them, but he declined to comment on 2027 organic growth.
Matt Hewitt (Craig-Hallum) asked about the competitive landscape behind the RFP wins.
Loeillot said Repligen only recently assembled ~80% of a customer's large-scale hardware needs (ATF, TFF, chromatography, mixing) and pairs it with inline PAT technologies few others offer, driving share shifts and a differentiated seat at the table.
Mac Etoch (Stephens) asked to quantify the Q2 tariff headwind and its guidance impact.
Garland said a ~$1M tariff refund (received on the last day of the quarter) was a revenue headwind not adjusted out (organic/reported growth would have been ~50 bps higher) and a marginal cost benefit; full-year tariff impact is now less than the ~50 bps flagged in February and won't repeat in H2.
Michael Polark (Wolfe) asked whether Repligen's ATF timing issues are related to a peer's resin shipment pushout and whether it sets up a super-normal 2027.
Loeillot reiterated transparency about the two ATF headwinds (customer inventory and site readiness) but said he cannot say whether they connect to others' issues; from Repligen's side, business has improved since those headwinds were flagged.
Matt Stanton (Jefferies) asked about protein market growth and the durability of the outgrowth drivers.
Loeillot split the market into resin/ligand (~8-10%, drifting lower) and upstream growth factors/cytokines (potentially low-to-mid teens on high-cell-density processes), and said Repligen's outgrowth is durable as customers move beyond new modalities to state-of-the-art purification of established products, still early in clinical/validation phases.
More on Repligen Corp
Reported 2026-07-28 · figures from the Repligen Corp Q2 2026 earnings call.
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