Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostics products, announced financial results for the fourth quarter and full-year ended December 31, 2025.

Norman Schwartz, Bio-Rad’s Chief Executive Officer, stated: “2025 was a challenging year with geopolitical uncertainty and continued pressure on academic research funding affecting our end markets. While we delivered modest revenue growth and strong free cash flow, our gross and operating margin performance fell below our expectations. The recent acquisition of digital PCR developer Stilla Technologies has been successfully integrated, and we are pleased with the initial market adoption of our expanded ddPCR™ product portfolio. As we enter 2026, we remain committed to improving overall performance.”

Financial Results Highlights

The non-GAAP financial measures shown in the table above and discussed below exclude certain items detailed later in this press release under the heading “Use of Non-GAAP Reporting.” A reconciliation between historical GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release.

Fourth-Quarter 2025 Results

Fourth-quarter 2025 total net sales were $693.2 million, an increase of 3.9 percent compared to $667.5 million reported for the fourth quarter of 2024. On a currency neutral basis, quarterly sales increased 1.7 percent compared to the same period in 2024. The increase in net sales was driven by higher sales in our Clinical Diagnostics segment.

Life Science segment net sales for the fourth quarter were $267.9 million, a decrease of 2.6 percent compared to the same period in 2024. On a currency neutral basis, Life Science segment sales decreased by 4.0 percent compared to the same quarter in 2024, driven by constrained academic research and biotech funding. Currency neutral sales decreased in the Americas partially offset by increased sales in EMEA and Asia Pacific.

Clinical Diagnostics segment net sales for the fourth quarter were $425.3 million, an increase of 8.4 percent compared to the same period in 2024. On a currency neutral basis, net sales increased 5.6 percent versus the same quarter last year. The currency neutral sales increase was primarily driven by quality controls, blood typing, and diabetes products, partially offset by lower sales of infectious disease products. Currency neutral sales increased in all regions.

During the fourth quarter of 2025, the Company recognized a change in the fair market value of its investment in Sartorius AG, which substantially contributed to a net income of $720.0 million, or $26.65 per share, on a diluted basis, partially offset by the $172.8 million impairment of purchased intangibles and related items, compared to a net loss of $715.8 million, or $25.57 per share, on a diluted basis, reported for the same period of 2024.

The effective tax rate for the fourth quarter of 2025 was 22.5 percent, compared to 21.2 percent for the same period in 2024. The effective tax rate reported in these periods was affected by the change in fair market value of our investment in Sartorius AG as well as shifts in the geographical mix of earnings.

The non-GAAP effective tax rate for the fourth quarter of 2025 was 25.3 percent, compared to 20.9 percent for the same period in 2024. The higher rate in 2025 was primarily driven by shifts in the geographical mix of earnings and implementation of new tax legislation.

Full-Year 2025 Results

On a reported basis, net sales for the full-year of 2025 increased 0.7 percent to $2,583.2 million, compared to $2,566.5 million for the prior year. On a currency neutral basis, full-year 2025 revenue remained essentially flat year-over-year.

Full-year 2025 reported net sales for the Life Science segment were $1,021.1 million, a decrease of 1.3 percent compared to the prior year on a currency neutral basis, primarily driven by the constrained academic research and biotech funding environment.

Full-year 2025 reported net sales for the Clinical Diagnostics segment were $1,562.1 million, an increase of 0.8 percent compared to the prior year on a currency neutral basis, driven by quality control and blood typing products partially offset by lower reimbursement rates for diabetes testing in China.

During the year of 2025, the Company recognized a change in the fair market value of its investment in Sartorius AG, which substantially contributed to a net income of $759.9 million, or $27.85 per share, on a diluted basis, partially offset by the $172.8 million impairment of purchased intangibles and related items, compared to a net loss of 1,844.2 million, or $65.36 per share, on a diluted basis, reported in 2024.

Non-GAAP net income for 2025 was $270.5 million, or $9.92 per share, compared to $291.1 million, or $10.31 per share in 2024.

The effective tax rate for the full-year of 2025 was 23.7 percent compared to 21.3 percent in 2024. The higher rate in 2025 was driven by the change in fair market value of our investment in Sartorius AG as well as shifts in the geographical mix of earnings.

The non-GAAP effective tax rate for the full-year of 2025 was 23.7 percent compared to 23.6 percent in 2024.

Full-Year 2025 Highlights

• Expanded Bio-Rad’s Droplet Digital™ PCR leadership through the acquisition and integration of Stilla Technologies, a next generation digital PCR developer.
• Advanced Bio-Rad’s clinical diagnostics strategy for oncology applications through strategic partnerships with Gencurix and Biodesix, to distribute and develop in vitro diagnostic (IVD) oncology assays.
• Expanded access to over 1,200 Bio-Rad’s clinical diagnostics products globally through new-to-market product registrations with international regulatory bodies in over 60 countries.
• Appointed Rajat Mehta as Executive Vice President, Global Commercial Operations, to align and drive Bio-Rad's global commercial strategy.
• Generated $532 million in cash from operations, and delivered free cash flow of $375 million.

Full-Year 2026 Financial Outlook

Bio-Rad is providing its financial outlook for the full-year 2026. The Company currently expects non-GAAP, currency neutral revenue growth of approximately 0.5 to 1.5 percent and an estimated non-GAAP operating margin of approximately 12.0 to 12.5 percent.