Bio-Techne's stock price plummeted 5.64% during intraday trading on Wednesday, following the release of its third-quarter fiscal 2026 results that fell short of analyst expectations.

The company reported adjusted earnings per share of $0.53, missing the consensus estimate of $0.54, and revenue of $311.4 million, below the expected $317.1 million. The revenue decline of 2% year-over-year was attributed to cuts in U.S. academic funding weighing on demand for the company's drug-development products, as well as order timing issues including the absence of prior-year GMP fast-track orders.

CEO Kim Kelderman noted that while large pharma delivered a sixth straight quarter of double-digit growth, this was offset by continued lag in spending by emerging biotech customers. The company's protein sciences revenue edged down 1% to $226.2 million, while diagnostics and spatial biology revenue dropped 4% to $85.6 million, both missing analyst estimates.