Griffon Corp. (GRIF) Reports Q1 Net Income Decline

Griffon Corp. (GRIF) reported a 12% year-over-year decline in first-quarter net income to $48.7 million, driven by higher-than-expected R&D and supply chain costs. The company attributed the drop to increased investments in vaccine development and production ramp-up for a new therapeutic. Supporting details show revenue rose 8% to $152 million, with strong performance in its biopharma segment offsetting declines in its diagnostics unit. CFO Mark Thompson stated the guidance for 2026 remains unchanged, reflecting continued focus on long-term R&D pipeline and market expansion.