WASHINGTON (AP) _ Rep. Richard Gephardt of Missouri and Sen. Joseph Biden of Delaware have each raised more than $1 million this year toward their 1988 Democratic presidential campaigns, according to records filed Wednesday with the Federal Election Commission.

Former Arizona Gov. Bruce Babbitt reported receipts of $824,777 since he set up his Democratic campaign committee in early January.

On the Republican side, Sen. Bob Dole of Kansas also filed a financial statement with the FEC, although he does not have an official campaign committee yet. The statement said his exploratory committee raised $626,689 since it was formed earlier this year.

Reports due Wednesday from other presidential hopefuls were not immediately available at the FEC. Some of the candidates, including Democratic front- runner Gary Hart, a former senator from Colorado, formed their campaign committees after the first quarter reporting period ended March 31 and so will not have to file until the end of the second quarter.

Candidates are required to keep an accounting of how much money they spend in each state, and must stay within state limits in order to qualify for federal matching funds for their campaigns.

The candidates who filed reports Wednesday showed they were concentrating most of their spending in Iowa and New Hampshire, the traditional starting- gate states by virtue of their caucus and primary in early February.

Gephardt reported raising just over $1 million for the year, in addition to the $91,676 his exploratory committee reported at the end of 1986. He ended the quarter with $525,429 in cash on hand.

Babbitt raised $824,777 and ended the quarter with $269,430 in the bank.

Biden, who set up his official campaign committee March 3, reported raising $1.7 million, and ended the quarter with $1.5 million cash on hand.

Dole's exploratory committee raised $626,689 and reported ending the first quarter with $208,742 in cash on hand. In addition to Iowa and New Hampshire expenses, he listed small expenditures in 14 states, plus Puerto Rico and the Virgin Islands.

Former Delaware Gov. Pierre S. du Pont's first quarter report was not filed Wednesday, but his 1986 year-end report showed the Republican candidate had raised $886,522 since becoming the first major party contender to announce his candidacy.

The FEC also did not receive a report Wednesday from Vice President George Bush, who set up his campaign committee in February and has generally placed first among Republican candidates in early public opinion polling. Bush tuned up his fund-raising skills during the last two years by raising more than $9 million for his political action committee, which contributed to 1986 congressional campaigns.