A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
REPLIGEN CORP
RGEN
$7.5B
Mkt Cap
$131.96
-4.10%
REPLIGEN CORP (RGEN) has a current P/E ratio of 153.4, compared to its historical median P/E of 50.6. The stock is currently considered Expensive based on its historical valuation range.
REPLIGEN CORP (RGEN) has a 5-year average return on invested capital (ROIC) of 4.2%. This is below average and may indicate limited pricing power.
REPLIGEN CORP (RGEN) has a market capitalization of $7.4B. It is classified as a mid-cap stock.
REPLIGEN CORP (RGEN) does not currently pay a regular dividend.
Based on historical P/E analysis, REPLIGEN CORP (RGEN) appears expensive. The current P/E of 153.4 is 203% above its historical median of 50.6. The estimated fair value CAGR (P/E method) is -0.0%.
REPLIGEN CORP (RGEN) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
REPLIGEN CORP (RGEN) reported annual revenue of $738 million in its most recent fiscal year, based on SEC EDGAR filings.
Repligen Corporation is a global life sciences company that develops and commercializes bioprocessing technologies and systems enabling more efficient manufacturing of biological drugs, including monoclonal antibodies, antibody drug conjugates, recombinant proteins, RNA-based therapeutics, vaccines, and cell and gene therapies. The company operates as a single bioprocessing business comprising four main franchises—Filtration (including Fluid Management), Chromatography, Process Analytics, and Proteins—with a diversified portfolio of consumable and single-use products alongside growing hardware and equipment offerings. Repligen's business model is built on consumable-driven revenue with high customization and scalability, leveraging closed-system technologies to address contamination risks critical to biopharmaceutical manufacturing. The company serves global biopharmaceutical companies, contract development and manufacturing organizations, and other life science integrators through a commercial strategy that has shifted from selling individual products to offering integrated solutions spanning entire unit operations and in-line analytics. With 19 manufacturing sites globally—primarily in the United States (California, Massachusetts, New Hampshire, New Jersey, New York) and internationally (Estonia, France, Germany, Ireland, the Netherlands, Sweden, Taiwan)—Repligen has built a competitive moat through over 40 years of industry expertise, a reputation as an innovation leader, and a track record of strategic acquisitions that have expanded its technology platform since 2012.
【Organic growth with margin expansion】 Management expects 9%-13% organic revenue growth in 2026 with disciplined cost management and operating leverage, supported by strong order trends and portfolio momentum across all franchises. The company is executing a multi-year transformation initiative targeting at least one point of annualized margin benefit by the end of 2027, with benefits continuing into 2028 and beyond, positioning the company to reach its 30% adjusted EBITDA margin target by 2030 on an accelerated timeline. Key growth drivers include 20%+ chromatography growth driven by OPUS large-scale columns, low double-digit protein growth, and 50%+ analytics growth, while filtration is expected to show mid-single-digit growth in 2026 due to moderated ATF timing dynamics that are anticipated to reverse in 2027. Management remains confident in converting funnel opportunities and capitalizing on an improving macro backdrop characterized by increased biotech funding, M&A activity, and positive pharma sentiment, while maintaining investments in manufacturing footprint optimization, product line profitability, and IT modernization.
| Metric | Target | Period |
|---|---|---|
| Revenue | $803 million–$833 million | FY2026 |
| Organic revenue growth | 9%-13% | FY2026 |
| Adjusted operating income | $124 million–$132 million | FY2026 |
| Operating margin expansion | 160–200 basis points | FY2026 |
| Adjusted fully diluted earnings per share | $1.97–$2.05 | FY2026 |
| Gross margin expansion | 110–160 basis points | FY2026 |
| Chromatography growth | 20%+ | FY2026 |
| Protein growth | at least low double digits | FY2026 |
| Filtration growth | roughly mid-single digits | FY2026 |
| Transformation initiative margin benefit | at least 1 point of annualized margin benefit | by end of 2027 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 763M | 738M | 634M | 632M | 802M | 671M |
| Net Income | 51M | 49M | -26M | 36M | 186M | 128M |
| EPS | $761.95 | $0.86 | $-0.46 | $0.63 | $3.24 | $2.24 |
| Free Cash Flow | 106M | 94M | 150M | 78M | 87M | 52M |
| ROIC | 3.2% | 2.3% | -1.0% | 2.4% | 9.6% | 7.9% |
| Gross Margin | - | 52.3% | 43.3% | 44.0% | 56.9% | 58.3% |
| Debt/Equity | 0.26 | 0.33 | 0.35 | 0.40 | 0.37 | 0.36 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 65M | 55M | -35M | 48M | 225M | 167M |
| Operating Margin | 8.5% | 7.5% | -5.5% | 7.5% | 28.0% | 24.9% |
| ROE | 2.4% | 2.4% | -1.3% | 1.8% | 9.7% | 7.3% |
| Shares Outstanding | 56M | 57M | 55M | 57M | 57M | 57M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 64M | 84M | 105M | 141M | 194M | 270M | 366M | 671M | 802M | 632M | 634M | 738M | 763M |
| Gross Margin | 55.9% | 57.8% | 54.9% | 52.5% | 55.4% | 55.9% | 57.2% | 58.3% | 56.9% | 44.0% | 43.3% | 52.3% | N/A |
| R&D | 5.6M | 5.7M | 7.4M | 8.7M | 16M | 19M | 20M | 34M | 44M | 43M | 43M | 54M | 56M |
| SG&A | 17M | 25M | 31M | 52M | 66M | 96M | 120M | 184M | 216M | 219M | 263M | 291M | 296M |
| EBIT | 11M | 14M | 16M | 14M | 26M | 36M | 70M | 167M | 225M | 48M | -35M | 55M | 65M |
| Op. Margin | 16.8% | 16.5% | 15.3% | 9.9% | 13.4% | 13.4% | 19.1% | 24.9% | 28.0% | 7.5% | -5.5% | 7.5% | 8.5% |
| Net Income | 8.2M | 9.3M | 12M | 28M | 17M | 21M | 60M | 128M | 186M | 36M | -26M | 49M | 51M |
| Net Margin | 12.9% | 11.2% | 11.2% | 20.1% | 8.6% | 7.9% | 16.4% | 19.1% | 23.2% | 5.6% | -4.0% | 6.6% | 6.7% |
| Non-Recurring | -35K | -1K | -7K | -64K | 0 | 0 | 0 | 0 | 0 | 32M | 47M | 4.1M | 3.7M |
| Returns on Capital | |||||||||||||
| ROIC | 20.7% | 18.4% | 18.4% | 4.4% | 4.6% | 8.0% | 8.2% | 7.9% | 9.6% | 2.4% | -1.0% | 2.3% | 3.2% |
| ROE | 8.3% | 8.0% | 8.0% | 7.5% | 2.7% | 2.0% | 3.9% | 7.3% | 9.7% | 1.8% | -1.3% | 2.4% | 2.4% |
| ROA | 6.6% | 6.8% | 5.4% | 5.5% | 2.1% | 1.5% | 3.1% | 5.4% | 7.3% | 1.3% | -0.9% | 1.7% | 1.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 18M | 15M | 7.5M | 17M | 33M | 67M | 63M | 119M | 172M | 114M | 175M | 117M | 131M |
| Free Cash Flow | 13M | 12M | 3.2M | 12M | 22M | 49M | 40M | 52M | 87M | 78M | 150M | 94M | 106M |
| Owner Earnings | 13M | 6.9M | -2.4M | -13M | 6.8M | 34M | 19M | 53M | 94M | 20M | 58M | 6.1M | 45M |
| CapEx | 5.6M | 2.6M | 4.3M | 5.5M | 11M | 19M | 22M | 67M | 85M | 36M | 26M | 24M | 25M |
| Maint. CapEx | 4.0M | 4.6M | 5.3M | 24M | 16M | 21M | 27M | 38M | 51M | 69M | 70M | 79M | 52M |
| Growth CapEx | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 29M | 34M | 0 | 0 | 0 | 0 |
| D&A | 4.0M | 4.6M | 5.3M | 24M | 16M | 21M | 27M | 38M | 51M | 69M | 70M | 79M | 52M |
| CapEx/OCF | 30.4% | 17.5% | 57.5% | 31.3% | 32.5% | 27.5% | 35.9% | 56.4% | 49.3% | 31.8% | 14.6% | 20.0% | 18.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1% | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.8M | 3.6M | 4.6M | 6.7M | 10M | 13M | 17M | 28M | 27M | 26M | 48M | 33M | 34M |
| Debt Repayment | 0 | 0 | 0 | 0 | 11K | 115M | 115M | 21K | 26K | 7.3M | 70M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | -47M | -75M | -181M | -690M | -683M | 17M | 84M | -721M | -71M | -78M | -238M |
| Cash & Equiv. | 35M | 54M | 122M | 174M | 194M | 528M | 717M | 604M | 523M | 751M | 757M | 566M | 785M |
| Long-Term Debt | N/A | N/A | 95M | 99M | 0 | 233M | 233M | N/A | 0 | 510M | 526M | 542M | 547M |
| Debt/Equity | 0.15 | 0.19 | 0.56 | 0.17 | 0.34 | 0.35 | 0.49 | 0.36 | 0.37 | 0.40 | 0.35 | 0.33 | 0.26 |
| Interest Coverage | 213.8 | 430.1 | 4.2 | 2.2 | 3.9 | 3.9 | 5.8 | 14.8 | 193.3 | 19.1 | -1.7 | 2.6 | 2.8 |
| Equity | 112M | 123M | 169M | 592M | 616M | 1.1B | 1.5B | 1.8B | 1.9B | 2.0B | 2.0B | 2.1B | 2.1B |
| Total Assets | 128M | 146M | 289M | 744M | 775M | 1.4B | 1.9B | 2.4B | 2.5B | 2.8B | 2.8B | 2.9B | 2.9B |
| Total Liabilities | 17M | 23M | 120M | 152M | 159M | 340M | 374M | 608M | 621M | 866M | 857M | 844M | 825M |
| Intangibles | 15M | 13M | 30M | 145M | 135M | 213M | 287M | 337M | 361M | 407M | 398M | 386M | 368M |
| Retained Earnings | -81M | -72M | -60M | -32M | -16M | 5.8M | 66M | 194M | 397M | 433M | 407M | 456M | 465M |
| Working Capital | 70M | 84M | 163M | 218M | 146M | 594M | 583M | 556M | 594M | 946M | 939M | 1.0B | 1.0B |
| Current Assets | 81M | 103M | 184M | 243M | 276M | 642M | 902M | 932M | 998M | 1.1B | 1.1B | 1.1B | 1.2B |
| Current Liabilities | 11M | 19M | 21M | 25M | 130M | 48M | 319M | 375M | 404M | 165M | 127M | 136M | 126M |
| Per Share Data | |||||||||||||
| EPS | 0.25 | 0.28 | 0.34 | 0.72 | 0.37 | 0.44 | 1.11 | 2.24 | 3.24 | 0.63 | -0.46 | 0.86 | 761.95 |
| Owner EPS | 0.39 | 0.21 | -0.07 | -0.33 | 0.15 | 0.69 | 0.34 | 0.93 | 1.63 | 0.35 | 1.04 | 0.11 | 0.80 |
| Book Value | 3.42 | 3.68 | 4.91 | 15.02 | 13.71 | 21.78 | 28.32 | 30.56 | 33.29 | 34.78 | 35.57 | 37.04 | 37.33 |
| Cash Flow/Share | 0.56 | 0.45 | 0.22 | 0.44 | 0.73 | 1.38 | 1.16 | 2.08 | 3.00 | 2.02 | 3.16 | 2.07 | 1.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 32.7M | 33.4M | 34.4M | 39.4M | 44.9M | 48.7M | 54.0M | 57.3M | 57.4M | 56.5M | 55.5M | 56.9M | 56.4M |
| Valuation | |||||||||||||
| P/E Ratio | 81.0 | 103.7 | 92.7 | 50.1 | 138.7 | 209.6 | 168.5 | 113.3 | 50.6 | 294.2 | N/A | 193.3 | 0.2 |
| P/FCF | 51.7 | 78.0 | 338.9 | 118.4 | 104.1 | 92.1 | 251.3 | 279.9 | 107.8 | 134.8 | 53.9 | 100.6 | 70.2 |
| EV/EBIT | N/A | N/A | 64.9 | 83.7 | 81.8 | 101.5 | 131.0 | 86.3 | 41.6 | 201.6 | N/A | 167.2 | 111.6 |
| Price/Book | 5.9 | 7.9 | 6.4 | 2.4 | 3.7 | 4.2 | 6.6 | 8.3 | 4.9 | 5.3 | 4.1 | 4.5 | 3.5 |
| Price/Sales | 9.7 | 12.7 | 9.1 | 10.3 | 10.8 | 13.4 | 19.8 | 19.7 | 13.4 | 14.7 | 13.8 | 10.7 | 9.7 |
| FCF Yield | 1.9% | 1.3% | 0.3% | 0.8% | 1.0% | 1.1% | 0.4% | 0.4% | 0.9% | 0.7% | 1.9% | 1.0% | 1.4% |
| Market Cap | 661M | 969M | 1.1B | 1.4B | 2.3B | 4.5B | 10.1B | 14.5B | 9.4B | 10.5B | 8.1B | 9.4B | 7.4B |
| Avg. Price | 18.89 | 31.82 | 27.80 | 36.90 | 46.59 | 74.19 | 134.14 | 230.68 | 186.58 | 164.42 | 158.32 | 139.42 | 131.96 |
| Year-End Price | 20.24 | 29.04 | 31.53 | 36.08 | 51.33 | 92.23 | 187.02 | 253.77 | 163.82 | 185.35 | 145.54 | 166.21 | 131.96 |
REPLIGEN CORP passes 3 of 9 quality checks, indicating weak fundamentals.
REPLIGEN CORP trades at 153.4x trailing earnings, compared to its 15-year median P/E of 50.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 79.2x vs a median of 73.0x. The company's 5-year average ROIC is 4.2% with a gross margin of 51.0%. At current prices, the estimated annualized return to fair value is +21.4%.
REPLIGEN CORP (RGEN) has a net profit margin of 6.6%. This is a modest margin.
REPLIGEN CORP (RGEN) generated $94 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
REPLIGEN CORP (RGEN) has a debt-to-equity ratio of 0.33. This indicates a conservatively financed balance sheet.
REPLIGEN CORP (RGEN) reported earnings per share (EPS) of $0.86 in its most recent fiscal year.
REPLIGEN CORP (RGEN) has a return on equity (ROE) of 2.4%. This indicates moderate shareholder returns.
REPLIGEN CORP (RGEN) has a 5-year average gross margin of 51.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for REPLIGEN CORP (RGEN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
REPLIGEN CORP (RGEN) has a book value per share of $37.04, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 9%-13% organic revenue growth in 2026 with disciplined cost management and operating leverage, supported by strong order trends and portfolio momentum across all franchises. The company is executing a multi-year transformation initiative targeting at least one point of annualized margin benefit by the end of 2027, with benefits continuing into 2028 and beyond, positioning the company to reach its 30% adjusted EBITDA margin target by 2030 on an accelerated timeline. Key growth drivers include 20%+ chromatography growth driven by OPUS large-scale columns, low double-digit protein growth, and 50%+ analytics growth, while filtration is expected to show mid-single-digit growth in 2026 due to moderated ATF timing dynamics that are anticipated to reverse in 2027. Management remains confident in converting funnel opportunities and capitalizing on an improving macro backdrop characterized by increased biotech funding, M&A activity, and positive pharma sentiment, while maintaining investments in manufacturing footprint optimization, product line profitability, and IT modernization.
Based on recent SEC filings and earnings calls, REPLIGEN CORP (RGEN) has provided the following forward guidance: Revenue: $803 million–$833 million (FY2026); Organic revenue growth: 9%-13% (FY2026); Adjusted operating income: $124 million–$132 million (FY2026); Operating margin expansion: 160–200 basis points (FY2026); Adjusted fully diluted earnings per share: $1.97–$2.05 (FY2026), plus 5 additional metrics.
Revenue (FY2026): “We are now guiding $803 million-$833 million of revenue, or 9%-13% growth on both a reported and organic basis.”
Organic revenue growth (FY2026): “We are now guiding $803 million-$833 million of revenue, or 9%-13% growth on both a reported and organic basis.”
Adjusted operating income (FY2026): “We now expect $124 million-$132 million of adjusted operating income.”
Operating margin expansion (FY2026): “This implies 160-200 basis points of operating margin expansion, which represents a 30 basis point increase at the midpoint versus our prior guidance.”
Adjusted fully diluted earnings per share (FY2026): “we expect adjusted fully diluted earnings per share to be between $1.97 and $2.05.”
Gross margin expansion (FY2026): “We now expect 110-160 basis points of gross margin expansion for the year.”
Chromatography growth (FY2026): “Given the traction we are seeing in OPUS, we now expect 20%+ growth in chromatography in 2026.”
Protein growth (FY2026): “We expect protein growth of at least low double digits for the year.”