On this page of StockholderLetter.com we present the latest annual shareholder letter from BIO-TECHNE Corp — ticker symbol TECH. Reading current and past TECH letters to shareholders can bring important insights into the investment thesis.

 •  9/19/2025 Letter Continued (Full PDF)
 •  9/13/2023 TECH Stockholder Letter
 •  9/12/2024 TECH Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  TECH Benford's Law Stock Score = 88

TECH Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
2025
OUR MISSION
We improve the
quality of life
by catalyzing
advances in
science and
medicine.
2025
ANNUAL
REPORT

The
Year in
Review
FY25 was a year of innovation,
resilience, and progress
for Bio-Techne. Together,
we launched breakthrough
products, sharpened our
strategic focus, and delivered
strong performance in a
dynamic environment.
Dear Bio-Techne
Stakeholders,
In fiscal year 2025, Bio-Techne made significant
progress on our mission to improve the quality of life
by catalyzing advances in science and medicine.
We launched over 500 new products, repositioned
our portfolio, and delivered strong results in a
dynamic operating environment thanks to excellent
execution from our team.
Innovation That Matters
One notable milestone was the launch of Leo    
our powerful new high throughput Simple Western
instrument which is empowering customers to
unlock new insights across multiple research areas.
We also reinforced our leadership in protein science
by commercializing several AI-enhanced designer
proteins and launched two exciting diagnostic
products: the Amplidex Nanopore Carrier Screening
Plus Kit which targets genes that increase the risk
of passing on genetic conditions, and the Amplidex
ExoMut ESR1 Kit which detects mutations in the gene
linked to therapy resistance in breast cancer patients.
Sharpening Our Strategic Focus
Kim Kelderman
President and Chief Executive Officer
02
By sharpening our strategic focus, we were able
to increase investments in our growth pillars and
strengthen our sector-leading profitability profile.
We completed the divestiture of our Fetal Bovine
Serum (FBS) business and decided to divest
Exosome Diagnostics (ExoDx), a CLIA-lab service
business which had limited synergies with our
core life sciences and diagnostic product offerings.
Bio-Techne retains access to the proprietary exosome
technology for use in current and future gene
mutation kits. Following our strategic investment in

ANNUAL REPORT 2025
Spear Bio in 2024, we also established an agreement
to distribute the Company   s state-of-the-art assays
to support research into Alzheimer   s disease.
Resilience in Dynamic Markets
During the first half of the fiscal year, macro
headwinds that impacted the life science tools
industry started to abate and Bio-Techne looked
set to return to growth aligned with our long-term
targets. Then, in February 2025, several U.S.
administrative-driven uncertainties impacted market
confidence, including potential tariffs, most favored
nation (MFN) pricing for large pharma, and multiple
proposed changes to NIH funding. Despite the
uncertainty faced by our customers, we achieved
5% organic revenue growth for the fiscal year     an
outstanding result which reflects both the value our
customers place on our portfolio and our team   s
dedication and resilience.
Driving Growth Together
Beyond this strong financial performance,
I   m also proud of the progress we made to position
Bio-Techne for a sustainable future. Highlights from
our recently released Corporate Sustainability Report
(CSR) include our efforts to transition our Minneapolis
headquarters to run entirely on renewable electricity,
contributing to our ambitious goal to reduce
enterprise-wide Scope 1 and 2 GHG emissions by
over 40%. In addition, we committed to setting Scope
1, 2 and 3 greenhouse gas (GHG) emission reduction
targets and are currently working to establish
baseline measurements for our Scope 3 upstream
and downstream GHG emissions for the first time.
My personal highlights from fiscal 2025 included
eeting customers to hear firsthand how our
meeting
extensive portfolio of innovative tools and
d velopment,
bioactive reagents is supporting the development,
approval and commercialization of next-generation
therapeutics, diagnostics and vaccines. Each
of my interactions reinforced how our portfolio
is perfectly positioned to enable customers to
address some of today   s biggest healthcare
challenges, from promoting the healthy aging
of global populations to finding new treatments
for cancer and neurodegenerative diseases.
   It's an honor to continue leading the
exceptional team at Bio-Techne.   
As we move into fiscal year 2026, it   s an honor
to continue leading the exceptional team
at Bio-Techne. Driven by our    EPIC    values
of Empowerment, Passion, Innovation and
Collaboration and with a talented team, solid
strategy and robust portfolio in place, we are
well equipped to capitalize on high growth
opportunities and emerging markets in the
coming year. Together, we will continue to
bring our customers the innovation they rely on
to catalyze advances in science and medicine
and deliver exceptional financial performance
for all stakeholders.
Sincerely,
Kim Kelderman
President and Chief Executive Officer
03

Our Strategic
Growth Factors
Driving Discovery & Development
In fiscal 2025, Bio-Techne evolved its strategic
frame-up, highlighting how we create value by
solving complex customer challenges. Specifically,
we serve three strategic growth vectors: i) the
Discovery of Novel Biological Insights, ii) the
Development and Manufacturing of Advanced
Therapeutics, and iii) the Enablement of Precision
Diagnostics. Our differentiated, high quality portfolio
attains durable
positions in highWe segmented the
value customer
business into three
applications, and
strategic growth vectors:
we are able to create
leverage and scale
1. Discovery of Novel
with our portfolio of
Biological Insights
proteomic reagents
2. Development and
and analytical
Manufacturing of
instruments, spatial
Advanced Therapeutics
biology technologies,
and precision
3. Enablement of
diagnostic enabling
Precision Diagnostics
solutions.
Our comprehensive portfolio of core research
reagents, which includes our market leading
proteins and antibodies, our proteomic analytical
instruments, and our spatial biology technologies,
are all instrumental in enabling the Discovery of
Novel Biological Insights. Our recombinant proteins
and small molecules serve as essential components
for cell-based research, including the development
of organoids. Our organoid business has emerged
as a significant growth driver for the Company, as
these essential tools are playing an increasingly
important role in disease modeling, drug discovery,
developmental biology and regenerative medicine.
Our antibodies remain versatile tools used for the
study of proteins and other molecules, facilitating the
analysis of cellular processes, and also power our
proteomic analytical tools for the identification and
04
quantification of proteins. Our spatial biology
solutions, including RNAscope kits, validated
antibodies, and the COMET instrument enable the
visualization of RNA and proteins in tissue, and play
an important role in the discovery of biological
processes crucial for research in cancer,
neurodegenerative diseases, and immunology.
Our solutions are integral to the Development and
Manufacturing of Advanced Therapeutics. Our
portfolio of GMP cytokines, proteins and small
molecules play a crucial role in the production of
cell therapies by regulating cell growth, guiding
cell differentiation and supporting cell survival.
Our reputation as the
leading developer of the
Powering cell therapy
highest quality, lot-to-lot
manufacturing with
consistent, and bioactive
GMP reagents and
cytokines and proteins
workflow solutions.
for research use has
transferred extremely
well to our GMP protein offering, contributing to >30%
GMP reagent growth in fiscal 2025. Our position in
cell therapy is further solidified by our 20% ownership
in Wilson Wolf Manufacturing, the innovator behind
the G-Rex bioreactor. We will fully own Wilson Wolf
by the end of calendar 2027 or potentially earlier upon
the achievement of certain milestones. The G-Rex
bioreactor, which relies on proteins and media to
scale cell therapies, complements our robust portfolio
of GMP reagents and media. Additionally, our suite of
proteomic analytical instruments is gaining increasing
traction as quality control (QC) tools for cell and
gene therapy manufacturing. For example, Abeona
Therapeutics utilized our Simple Western instrument
throughout clinical development and in support
of FDA approval of their cell-based gene therapy
ZEVASKYN, with the instrument supporting lot release
testing for both the viral vector and the cell therapy in
a GMP setting.

ANNUAL REPORT 2025
1
Discovery of Novel Biological Insights
Proteins & Small Molecules
Antibodies
Immunoassays
Spatial Biology
Proteomic Analytical Instruments
2
Development and Manufacturing of Advanced Therapeutics
GMP Reagents & Media
Our Strategic
Growth Vectors
Wilson-Wolf G-Rex  
Proteins
Antibodies
Proteomic Analytical Instruments
Spatial Biology & COMET   
3
Enablement of Precision Diagnostics
Enabling Proteomic Dx Apps.
Diagnostic Reagents & Controls
Molecular Dx Kits
Spatial Biology
05



 9/19/2025 Letter Continued (Full PDF)