Repligen reports Q2 adjusted EPS 53c, consensus 47c

Reports Q2 revenue $159.2M, consensus $165.92M. Tony Hunt, President and Chief Executive Officer of Repligen said, “2023 continues to be a challenging year for bioprocessing. Our base business performance in the second quarter and first half of 2023 held up reasonably well with base revenues down 9% and 3% respectively. Our Analytics, Proteins and Chromatography franchises were all up mid-single to double digits in the quarter and year-to-date, with most of the overall decline in revenues coming from Filtration, where the vast majority of current headwinds exist. In Cell & Gene Therapy, sequential revenue growth of 7% in the quarter was driven by customers scaling up with our technologies and new drug approvals. Pharma base business orders weakened in the second quarter, due to inventory overhang and longer purchase approval timelines. We remain optimistic that we will manage through these headwinds by the end of this year, supported by a growing pipeline of opportunities and projected increase in orders in the fourth quarter. However, 2023 remains a challenging year and we now expect a decline of 7% at midpoint for our base business.”