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A maker of tools and consumables for biologic drug manufacturing, Repligen supplies cell-retention filters, pre-packed columns, purification resins, and growth factors used by drugmakers worldwide. Founded in 1981 in Cambridge, Massachusetts, by two molecular biology professors, it focused entirely on bioprocessing starting in 2012. Its name blends "replication" and "genetics," a nod to its roots in recombinant protein science.
Repligen Q2 2026 revenue rises 11.9% to $204.1M as gross margin expands to 53.9%, while a pending $1.5B BioLife acquisition reshapes the outlook.
Repligen posted its sixth straight quarter of double-digit growth. Revenue rose 11.9% to $204.1 million and expanded 2.9 points to 53.9%, driven by favorable product mix and . The quarter was overshadowed by the announcement of a $1.5 billion acquisition of BioLife Solutions, a deal that will define the company's trajectory through year-end.
Key takeaways
rose 11.9% to $204.1 million, with growth across all franchises and strongest in Asia Pacific, which climbed 43.3%.
expanded 2.9 points to 53.9% from 51.0% a year ago, as favorable product mix and improved on indirect labor and overhead more than offset cost pressures.
was $14.0 million, up 0.6% , as a 3.2% increase in R&D expense to $14.4 million and an 8.1% rise in SG&A to $76.6 million absorbed much of the gain.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue grew 11.9% to $204.1M with gross margin expanding to 53.9%, driven by broad product portfolio growth.
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Total increased 11.9% to $204.1M in Q2 2026, with product revenue growth widespread across all franchises and strongest in Asia Pacific (43.3%).
improved to 53.9% from 51.0% a year ago, driven by favorable product mix and improved on indirect labor and overhead.
fell 66.3% to $5.0 million and dropped to $0.09, weighed down by a $13.7 million loss on the sale of Polymem S.A.S. recognized in the first half of the fiscal year.
The company announced a definitive agreement to acquire BioLife Solutions for $1.5 billion, to be funded 64% in stock and 36% in cash, with closing expected in Q4 2026.
for the first half of 2026 was $61.1 million, up from $43.6 million a year earlier, supported by and non-cash charges.
What changed
The in internal control over financial reporting — related to IT general controls and business process controls for valuation and the financial close process — remained outstanding, with no indication of remediation in the quarter, extending a concern flagged across multiple filing cycles.
of 53.9% held above 52% for a third consecutive quarter, suggesting the FY2025 annual level of 52.3% is sustainable, though it dipped 1.8 points sequentially from Q1 2026's 55.7%.
The proteins franchise sustained growth for a sixth consecutive quarter, confirming the recovery from the Cytiva ligand in-sourcing loss that had driven a $29.0 million decline in FY2024 is durable.
rose 27.5% to $27.4 million, recovering from the headwinds that had depressed cash generation in the first half of FY2025.
What to watch
Whether the BioLife Solutions acquisition closes on schedule in Q4 2026 and on the announced terms, or whether integration risk, regulatory scrutiny, or financing challenges alter the timeline or economics.
Whether can sustain above 53% through the second half of 2026 or whether the 1.8-point sequential decline from Q1 signals renewed product mix pressure.
Whether the in internal controls is remediated before the FY2026 10-K filing, or whether it leads to further restatements or regulatory action.
How the company manages its $606.8 million in cash against $551.0 million in as the 1.00% Convertible Senior Notes due 2028 approach maturity and the BioLife acquisition will require a substantial cash outlay.
expenses rose 8.1% to $76.6M primarily due to increased headcount to support growth, while R&D increased 3.2% to $14.4M.
was $61.1M for H1 2026, up from $43.6M, supported by and non-cash charges, partially offset by investments.
The company announced a $1.5B acquisition of BioLife Solutions, expected to close in Q4 2026, to be funded with 64% stock and 36% cash.
A $13.7M loss on the sale of Polymem was recognized in H1 2026, and restructuring activities are underway to simplify the manufacturing footprint through 2027.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to our market risk exposures since December 31, 2025. For information regarding our exposure to certain market risks, see “Quantitative and Qualitative Disclosures About Market Risk”, included in Part II, Item 7A, of our Annual Report on Form…
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There have been no material changes to our market risk exposures since December 31, 2025. For information regarding our exposure to certain market risks, see “Quantitative and Qualitative Disclosures About Market Risk”, included in Part II, Item 7A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the Securities and Exchange Commission on February 26, 2026.
From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We are not currently aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial…
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From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We are not currently aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, nor are we aware of any governmental proceedings involving potential monetary sanctions of $0.3 million or more.
Pending BioLife acquisition introduces material execution, integration, and market-assumption risks that could disrupt long-term strategy.
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Failure to close the BioLife acquisition on time or at all could materially harm Repligen’s long-term strategy and financial results.
Post-close integration may divert management attention, fail to retain key employees, and prevent realization of expected cost savings and synergies.
Overestimated cell therapy market size or BioLife’s market position could cause anticipated growth and financial impact to fall short.
The transaction may prove more expensive than expected, face legal challenges, or trigger increased regulatory scrutiny that affects the clinical pipeline and approvals.
Shares issued in the deal could have a on existing common stockholders.