Repligen delivered another outstanding third quarter with 18% organic growth and $189 million of revenue (22% reported), marking the fourth consecutive quarter of 14%+ organic non-COVID growth, with every franchise growing double digits led by Process Analytics at over 50%. Total orders grew sequentially for a sixth straight quarter and over 20% year-over-year, emerging biotech revenue hit its highest level in nearly three years, and Asia Pacific grew nearly 50%. Adjusted gross margin expanded 260 basis points year-over-year to 53.3%, though adjusted operating margin declined 70 basis points to 14.2% on M&A dilution and about $2 million of one-time SG&A from leadership changes. Management raised the midpoint of full-year 2025 revenue guidance by $8 million to $729M-$737M (12%-13.5% organic) and lifted franchise growth expectations for analytics and proteins, while continuing to invest in digitization, Asia Pacific, and onshoring readiness ahead of a 3-point Q4 gene therapy headwind and an expected return to China growth in 2026.
Thank you, Operator, and welcome everyone to our 2025 third quarter report. On this call, we will cover business highlights and financial performance for the three-month period ended September 30, 2025, and we'll provide financial guidance for the full year 2025. Joining us on the call today are Repligen's President and Chief Executive Officer Olivier Loeillot and our Chief Financial Officer Jason Garland. As a reminder, forward-looking statements that we make during this call, including those regarding our business goals and expectations for the financial performance of the company, are subject to risks and uncertainties that may cause actual events or results to differ.
Additional information concerning risks related to our business is included in our quarterly reports on Form 10-Q, our annual report on Form 10-K for the fiscal year ended December 31, 2024, and our current reports, including the Form 8-K that we are filing today, and other filings that we make with the Securities and Exchange Commission. Today's comments reflect management's current views, which could change as a result of new information, future events, or otherwise. The company does not oblige or commit itself to update forward-looking statements except as required by law. During this call, we are providing non-GAAP financial results and guidance unless otherwise noted. Reconciliations of GAAP to non-GAAP financial measures are included in the press release that we issued this morning, which is posted to Repligen's website and on sec.gov.
Adjusted non-GAAP figures in today's report include the non-COVID and organic revenue and/or revenue growth, cost of goods sold, gross profit and gross margin, operating expenses including R&D and SG&A, income from operations and operating margin, tax rate on pre-tax income, net income, diluted earnings per share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin. These adjusted financial measures should not be viewed as an alternative to GAAP measures, but are intended to best reflect the performance of our ongoing operations. With that, I'll turn the call over to Olivier.
Thank you, Jacob. Good morning, everyone, and welcome to our 2025 third quarter call. We had another outstanding quarter in quarter three with 18% organic growth. This quarter, every franchise grew double digits, which is a testament to our differentiated growth portfolio and diversified customer base. Our portfolio of products enables us to sell one of the most comprehensive suites of innovative solutions across the bioprocessing workflow. We saw strength across our extensive customer base as both pharma and CDMOs grew over 20%, and all geographies grew double digits. The continued growth from CDMOs is very encouraging as it reflects the health of the ecosystem from a franchise perspective. Process Analytics led the way with over 50% growth, including more than 30% growth at CTECH, while Filtration grew over 20%.
Consumable demand remained very robust with greater than 20% growth in the quarter, while Capital Equipment had another strong quarter with over 20% growth. The better than expected performance in Process Analytics and Proteins this quarter underscores that growth opportunities exist across our entire portfolio driven by our innovation engine. In particular, Analytics revenue growth was aided by the launch of SoloVPE PLUS earlier this year. This new generation of atline protein concentration analytics offers customers increased data collection speed and enhanced sensitivity and reproducibility with a streamlined workflow. This has started to drive an upgrade cycle that will last for several years as we have a sizable install base. Transitioning to orders, total company orders grew sequentially for the sixth straight quarter and grew over 20% year-over-year, including double digit order growth across all of our franchises.
With customer ordering patterns back to historical trends, we believe quarterly orders are a less relevant metric and plan to provide less detail around orders going forward. We will remain transparent around the trends we are seeing in our business and within the industry as we have always been. We think our Q3 results highlight the broad strength we are seeing across our franchises, customers, and geographies, and our 18% organic growth continues to outpace industry growth. In fact, this marks the fourth great quarter of 14% or better organic non-COVID growth. Both our Q3 and year to date overall performance was not based on a single customer product line but rather the totality of our portfolio. We think this is a testament to our commercial execution as our team capitalizes on the growth strategies for each of our franchises.
As a result, we're again raising the midpoint of our organic growth guidance for 2025, unpacking our performance by end market. Q3 2025 biopharma revenues grew over 20% year-over-year with broad growth across all biopharma customers. Emerging biotech revenue was at the highest level in nearly three years. While we're hesitant to call this a trend as growth benefited from some specific opportunities in the quarter, we are encouraged by the recent funding trends we have seen. CDMO revenues also grew over 20% driven by outperformance from our larger CDMO customers in the quarter. From a geographical point of view, we saw particular strength in Asia Pacific with approximately 50% growth, while the Americas grew 20% and EMEA was up low double digit. New modalities revenue were consistent with our expectations for a muted back half.
We saw growth in cell therapy while AAV and mRNA trends were fairly consistent with last quarter. Turning to strategy, we mentioned last quarter that digitization is a key pillar of our strategic plan. Our analytics franchise is the foundation of this strategy, so we wanted to expand on this effort and provide more detail on the very strong performance in Q3. Digitization will be a multi-step and a multi-year journey. Currently, we enable measurements of protein concentration in downstream processes using our innovative solution from C Technologies, then glucose, lactate, and biomass upstream with the acquisition of the 908 Devices bioprocessing assets. With a successful inline integration of CTEX Flow VPX into our downstream TSS systems, we can provide real-time monitoring and process control. These are key enablers of continuous manufacturing, which is still in its early days, particularly in downstream applications.
We're actively working to develop additional PAT-enabled solutions. Beyond this, we are looking at opportunities to leverage digital twins to utilize this real-time process data with advanced modeling to optimize process development and manufacturing. As a step in this direction, we announced a partnership with Novasign during the third quarter to integrate our system with Novasign's digital twin capability. starting with our bench scale CSS, we aim to deliver solutions that significantly reduce process development time and cost and support a more efficient and reliable scale-up for our customers. We also saw strong growth in overall service revenue in quarter three. Services currently represent 5% of our consolidated revenue. We have a particularly high attachment rate in analytics, so we benefit from both new installations and annual maintenance. Commercially, a strong service organization allows us to best serve and delight our customers while bringing us to be closer to them.
There is a sizable opportunity for us to grow this business in coming years as we expand our services offerings across our entire capital equipment portfolio. Our Strategic Account Strategy initiative, launched three years ago, is a real success story. We are now covering 20 large pharma and CDMO accounts. The focus of our Key Accounts team is to engage with key decision makers at our customers to better understand their needs while demonstrating the breadth of our capabilities. We are seeing great traction here with more of these customers buying multiple products from Repligen and as a result many of these strategic accounts are accretive to our growth. In addition to our Strategic Account Strategy, our commercial team is also incentivized to cross sell products across the entire portfolio. As it pertains to tariffs, we continue to evaluate opportunities to better leverage our global footprint.
We are working towards dual manufacturing for the vast majority of our portfolio by the end of next year. This includes a focus on ensuring we have the right footprint to benefit from capital equipment opportunities in coming years, including potential U.S. onshoring projects. Before I turn the call over to Jason, I'll provide some more detail on our franchise level performance. Filtration revenue grew over 20% in the quarter. Flat Sheet Cassettes, Fluid Management, Flow Path along with ATF all contributed meaningfully to growth this quarter. We continue to see a long runway of growth in ATF, but we think it's important to highlight that multiple products have been key drivers of year to date filtration growth. This highlights the breadth of our filtration franchise, which is our largest and most diverse.
In addition, we have a strong backlog for Fluid Management, so we continue to expect robust growth from this product line in coming quarters. After a record Q2, chromatography revenue grew mid teens in Q3 as resin mix returned to more normal levels. This was mostly driven by continued strength in large column demand from key CDMO and pharma accounts globally. Protein revenue grew low double digit in the quarter, driven by chromatography resin. This franchise outperformed our expectation in the quarter and is an area where we are making additional investments to drive future growth. We have several innovative solutions for the new modality market with our Habitat Anti assets and for the monoclonal T body market by our Protein A ligand capabilities. We plan to launch additional innovative solutions across this portfolio in coming years.
While it will take some time for these opportunities to grow into more meaningful revenues, we think the investment we are making today will position us well for growth in this higher margin franchise for years to come. Finally, and as already mentioned, process analytics had a standout Q3 with more than 50% growth, including $3 million of revenue from the 908 Devices bioprocessing acquisition and over 30% growth at CTech. This was driven by strength across consumables, equipment, and services with strong orders in the quarter. We are encouraged by the momentum in our analytics franchise. As it relates to the 908 Devices bioprocessing assets, we remain on plan with the integration to wrap up. While the last several years have been a unique period for the bioprocessing market, we believe the dynamics of this year have created additional opportunities for Repligen.
Customers are looking for products that enable them to improve yield and productivity. Our product portfolio and customers on CTech have opened a number of doors in recent years, and we believe the results we are seeing this year are a testament to our strategy. We remain focused on capitalizing on our growing funnel. Given the opportunities we see across our portfolio, we will continue to invest as needed to ensure we have the right foundation to support sustainable future growth. This includes planned investment in application labs to better serve our customers with differentiated solutions, investments in technology to increase productivity, and investment across our business to ensure we have robust processes and tools to continue to delight customers and scale our growing business. We'll balance these initiatives with a commitment to driving margin expansion over the medium term.
We're excited about the customer traction across our business as highlighted by our year-to-date performance, which demonstrates the differentiated nature of Repligen. It also reflects the execution of the five strategic priorities we outlined at the beginning of the year. We remain focused on closing out a very strong 2025. Now I turn the call over to Jacob for the financial highlights.
Thank you Olivier and good morning everyone. Today we are reporting our financial results for the third quarter of 2025 and providing an update to our financial guidance for the full year. Unless otherwise noted, all financial measures discussed reflect adjusted non-GAAP measures I shared in our press release this morning. We delivered third quarter revenue of $189 million, a reported year-over-year increase of 22%. This is 18% organic growth excluding the impact of acquisitions and currency. Acquisitions contributed approximately two points of the reported growth, while foreign currency was also a two-point tailwind. As Olivier offered details on our product franchise performance, I'll provide more color on our regional performance starting with quarterly revenue. North America represented approximately 50% of our total, Europe represented 30%, and Asia Pacific and the rest of the world represented approximately 20%.
Asia Pacific grew nearly 50% year-over-year driven by Filtration and Fluid Management, analytics, and ATF. Americas grew 20% with strength across the portfolio, and EMEA grew low double digits driven by Opus and TangenX. After strong orders in Q2, we saw China revenue return to growth in Q3. Though not a key driver for the overall strength in Asia Pacific, it was encouraging to see growth even off a low prior year base. We remain optimistic that China will return to growth in 2026, but we still expect China to be slightly down this year as orders declined in the quarter. After the order acceleration in Q2, transitioning, the profit and margin adjusted gross profit was $101 million, up 28% year-over-year or 25% excluding foreign currency and acquisitions. Adjusted gross margin of 53.3% increased 260 basis points year-over-year and 210 basis points sequentially.
The year-over-year increase was driven by volume, leverage, price, and productivity. The sequential increase benefited primarily from improved mix as Repligen procured resin for Opus columns were at more normal levels and from revenue growth of Proteins in the quarter. This dynamic of gross margin fluctuation being driven by changes in sales mix is to be expected quarter to quarter. We are more focused on full year trends. Year to date, gross margin is 52.7% which shows 230 basis points of margin expansion over the same period in the prior year and is in line with our gross margin outlook of 52%-53% for 2025. FX was a benefit to margin in the quarter while tariffs remained a slight headwind continuing through the P&L.
Our adjusted income from operations was $27 million in the third quarter, up 16% year-over-year on a reported basis and up about 20% excluding the impact from foreign currency and M&A. This growth was driven by a $22 million increase in gross profit on higher volume and margin improvement, offset by $18 million higher OpEx. Q3 represented our lowest OpEx quarter last year, and growth this quarter included $3 million from M&A and $1 million from foreign currency. It also includes about $2 million of one-time expenses in SG&A that will not repeat in the fourth quarter. The remaining increase includes strategic investments which we will continue to make to support future growth. Year to date, OpEx has grown 14% excluding the impact of M&A and foreign exchange versus our 16% organic non-COVID revenue growth. This translated to an adjusted operating margin of 14.2%.
Margins declined 70 basis points year-over-year largely due to M&A. Our third quarter adjusted EBITDA margin was 19%, a year-over-year decline of 160 basis points, which also included a $1 million headwind from foreign currency transaction losses. Adjusted net income was $26 million, a $2 million year-over-year increase. Higher adjusted operating income was offset by $3 million of lower interest income. Our third quarter adjusted effective tax rate was 17%, which benefited from actions executed within our tax planning strategy. We now expect to see an adjusted effective tax rate between 21%-22% for the year, about 100 basis points lower than our previous guidance. Adjusted fully diluted earnings per share for the third quarter were $0.46 compared to $0.43 in the same period of 2024.
Finally, our cash position at the end of the third quarter was $749 million, up $40 million sequentially from the second quarter. This was driven by incredibly strong operating cash flow performance in the quarter, driven mostly by improved working capital. We are very happy with our strong year to date results delivering above market revenue growth and margin expansion, which positions us to deliver upon our updated outlook. I'll speak to adjusted financial guidance, but please note that our GAAP to non-GAAP reconciliations for our 2025 guidance are included in the reconciliation tables in today's earnings press release. Our guidance includes tariffs and our latest foreign currency assumptions as highlighted earlier by Olivier and on the strength of our portfolio, we are increasing the midpoint of our revenue growth guidance.
As we narrow towards the high end of the guidance range, we now see 14%-15.5% organic non-COVID growth or 12%-13.5% organization organic revenue growth with the midpoint of both increasing 75 basis points from our prior guidance. Our new guidance assumes just over a one point tailwind from foreign exchange while our M&A assumptions are unchanged. Putting this together, we are increasing our 2025 revenue guidance to $729 million-$737 million, up from $715 million-$735 million or an increase of $8 million at the midpoint. To summarize the update clearly, of the $8 million increase, $6 million is due to overall portfolio strength and $2 million is from foreign currency benefits. Our guidance implies fourth quarter revenue will grow low double digits organically at the midpoint while overcoming the headwind from a gene therapy platform mentioned last quarter.
In terms of growth by franchise, we now expect the following reported growth rates: filtration growth of approximately 10% versus our prior expectation of 10%-12%. This represents approximately 13.5% non-COVID growth. Chromatography growth of approximately 25% versus our prior estimate of 20%. Proteins growth of 15%-20% versus 10%-15% previously, and finally, analytics will grow north of 30% versus our prior guidance of 25%. This includes the 908 Devices BioProcessing acquisition. We continue to expect adjusted gross margins in the range of 52%-53%, which represents 210 basis points of year-over-year margin expansion at the midpoint driven by volume leverage, price, and manufacturing productivity offset primarily by inflation and some 2024 COVID sales drag. We assume a slight headwind from tariff charges offset by benefit from foreign currency.
We expect fourth quarter gross margin to be closer to the second quarter following the impact of sales mix fluctuations discussed earlier. The fourth quarter includes a mix shift to products that are below our corporate average. We now expect our adjusted income from operations to be between $98 million-$100 million. This assumes a roughly 13.5% operating margin. As Olivier mentioned earlier, given the strength and traction we are seeing across our portfolio, we continue to make strategic investments today to support tomorrow's growth. This includes investments in specific product lines and geographies like Asia Pacific. In addition, we continue our fit for growth journey and will invest to ensure we have the right infrastructure to deliver on these opportunities for our customers, stakeholders, and shareholders. These include investments in operations and support functions. They also include investments in digital capabilities that will help drive efficiencies in the future.
We will continue to balance cost efficiency and margin expansion with investments that are critical to support future growth. Continuing through the P&L, we are updating our adjusted other income guidance to $21 million, down from $22 million-$23 million due to lower interest income assumptions along with some impact from foreign currency. As we explained earlier, our 2025 adjusted effective tax rate expectation is now 21%-22%, a point lower than our prior guidance. Given these dynamics, we now expect our adjusted fully diluted earnings per share to be between $1.65 and $1.68. Our balance sheet remains strong as we ended the third quarter with $749 million of cash. As mentioned earlier, we will remain prudent in our spending while maintaining flexible dry powder for potential acquisitions. We still expect CapEx to be down 20%-25% versus 2024 with our spending below pre-COVID levels.
As we wrap, we are encouraged by our strong year-to-date results, especially considering the headwinds and new modalities that we overcame. We believe this performance reflects solid execution on our growth strategy and broader portfolio. Olivier and I would like to thank our Repligen teammates for helping us to deliver above market growth yet again. With that, I will turn the call back to the operator to open the line for questions.