What did Bio-Techne report for its second quarter?

Bio-Techne surpassed analyst expectations for revenue and profit in its second quarter.

What drove Bio-Techne's strong second-quarter performance?

Strong demand for its products used in drug development, coupled with double-digit growth in the large pharma market, drove Bio-Techne's performance.

How did Bio-Techne's protein sciences unit perform?

Bio-Techne's protein sciences unit experienced a 2% increase in sales during the second quarter.

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Bio-Techne Beats Estimates on Strong Drug Dev Demand

4 Feb

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Summary

Bio-Techne reported Q2 revenue exceeding analyst expectations.
Demand for drug development products drove significant growth.
Company noted improving biotech performance and Asian growth.

Bio-Techne Beats Estimates on Strong Drug Dev Demand

Bio-Techne, a biotech firm, surpassed analyst expectations for revenue and profit during its second quarter. This success was primarily driven by strong demand for its products, which are critical in the drug development pipeline. The company's largest segment, protein sciences, saw a 2% increase in sales, contributing significantly to overall revenue.

CEO Kim Kelderman noted that double-digit growth in the large pharma market, a fourth consecutive quarter of this trend, combined with improving biotech performance and stabilization in academic customers, fueled the company's results. While sales in the diagnostics and genomics unit saw a slight decline, the overall performance indicates a positive trajectory for the company within the life sciences sector.

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