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Charles River Laboratories
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Latest analysis
Updated Nov 4, 2026
Charles River Q3 2026: DSA Inflection Confirmed, Guidance Raised as NHP Advantage and BioA Expansion Drive Margin Recovery
Charles River delivered its strongest organic revenue growth in three years at 4.7% in Q3 2026, with DSA organic growth of 5.9% and manufacturing at 7.4%, both exceeding prior guidance of 1%-3%. The DSA net book-to-bill of 1.09x marks the fourth consecutive quarter above 1x, averaging 1.1x over the trailing twelve months, firmly supporting the company's long-term 5%-7% DSA growth target. Full-year organic growth guidance was raised 100 basis points to above 1.5%, and non-GAAP EPS guidance increased $0.15 at the midpoint to $11.35-$11.55, with operating margin expanding 330 basis points year-over-year to 23% driven by NHP sourcing cost reduction and CDMO divestiture benefits.
Tone: bullishRevenue
$4B
CRL 10-K · FY 2025
Employees
19,700
Revenue FY2024
$4B
Founded
1947
Profile
CRL 10-K Item 1 · Feb 18, 2026Charles River Laboratories is a leading full-service, non-clinical global drug development partner offering research models, discovery and safety assessment services, and manufacturing quality-control solutions. The company serves major pharmaceutical and biotechnology clients across the entire non-clinical drug development continuum, from target identification through regulatory submission. With operations in over 120 sites across more than 20 countries, Charles River positions itself as a one-stop outsourcing partner for early-stage drug research.
Read filing description ↓ Collapse description ↑
We are a leading, full service, non-clinical global drug development partner with a mission to create healthier lives. We have built upon our original core competency of laboratory animal medicine and science (research model technologies) to develop a diverse portfolio of discovery and safety assessment services, both Good Laboratory Practice (GLP) and non-GLP, that supports our clients from target identification through non-clinical development. We also provide a suite of products and services to support our clients' manufacturing activities. Utilizing our broad portfolio of products and services enables our clients to create a more efficient and flexible drug development model, which reduces their costs, enhances their productivity and effectiveness, and increases speed to market. Our client base includes major global pharmaceutical companies, many biotechnology companies; agricultural and industrial chemical, life science, veterinary medicine, medical device, diagnostic and consumer product companies; contract research and contract manufacturing organizations; and other commercial entities, as well as leading hospitals, academic institutions, and government agencies around the world. We currently operate in over 120 sites and in over 20 countries worldwide (excluding certain Insourcing Solutions sites). We are the largest provider of outsourced drug discovery, non-clinical development and regulated safety testing services worldwide. We have three reportable segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA) and Manufacturing Solutions (Manufacturing). In 2025, our total revenue was $4.0 billion. As part of our efforts to manage the Company through the current demand environment, we have undertaken a comprehensive review of our global footprint and expect to close or consolidate approximately 12 additional sites over the next two years.
Primary products
- Research Models (purpose-bred rodents and large research models including non-human primates)
- Insourcing Solutions (CRADL™)
- Genetically Engineered Models and Services (GEMS)
- Research Animal Diagnostic Services (RADS)
- Cell Solutions
- Discovery Services
Business segments
End markets
Geographies
Named customers
During 2025, no single client accounted for more than 4% of our total revenue and no single client accounted for more than 8% of the revenue of any of our three business segments.
“We are the largest provider of outsourced drug discovery, non-clinical development and regulated safety testing services worldwide.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue declined modestly in fiscal year 2025, driven primarily by lower study volumes in DSA from both large biopharmaceutical and small and mid-sized biotechnology clients, partially offset by higher RMS revenue from large research models and pricing gains.
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