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Repligen
(NASDAQ:RGEN)
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Rating:66Neutral
Price Target:
$195.00
▲(8.15% Upside)
Action:Reiterated
Date:10/27/26
The score is driven primarily by solid underlying financial stability (strong balance sheet and healthy free cash flow) and a notably upbeat earnings call with raised guidance and a strong 2027 growth framework. These positives are tempered by very expensive valuation (P/E ~243) and still-mixed profitability at the net income level despite positive operating margins, while technicals are only moderately supportive.
Positive Factors
Recurring consumables and services growth
Strong consumables and services growth supports a more recurring revenue base because customers repeatedly use process components and maintain installed systems. Expanding service contracts can deepen customer relationships, improve revenue visibility, and make adoption more durable across biopharma workflows.
Negative Factors
Net loss and below-peak profitability
Negative TTM net income shows that strong operating metrics have not yet translated into consistent bottom-line profitability. Margins below prior peaks may limit internally funded investment and indicate that earnings quality remains less durable until profitability recovers and stabilizes.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables and services growth
Strong consumables and services growth supports a more recurring revenue base because customers repeatedly use process components and maintain installed systems. Expanding service contracts can deepen customer relationships, improve revenue visibility, and make adoption more durable across biopharma workflows.
Read all positive factors
Repligen (RGEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.16B
Dividend YieldN/A
Average Volume (3M)1.24M
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue Growth16.49%
EPS GrowthN/A
CountryUS
Employees2,000
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-0.21
Shares Outstanding63,490,364
10 Day Avg. Volume1,079,918
30 Day Avg. Volume1,242,628
Financial Highlights & Ratios
PEG Ratio-0.65
Price to Book (P/B)4.38
Price to Sales (P/S)12.48
P/FCF Ratio98.13
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue13.28
Enterprise Value/Gross Profit26.02
Enterprise Value/Ebitda85.02
Forecast
1Y Price Target
$207.83Price Target Upside15.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)2.06
Revenue Forecast (FY)$830.23M
Repligen Business Overview & Revenue Model
Company Description
Repligen Corporation specializes in the creation and distribution of advanced bioprocessing technologies and integrated systems. These solutions are vital for various stages of biological drug production, serving clients across North America, Euro...
How the Company Makes Money
Repligen makes money primarily by selling bioprocessing products to biopharmaceutical and life sciences customers that manufacture biologic drugs. Its revenue model is largely product-based and is typically driven by: (1) recurring sales of consum...
Repligen Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Repligen reported record revenue, double-digit organic growth, operating margin expansion, higher full-year guidance, strong demand in chromatography, proteins, analytics, China, services, and capital equipment orders, and encouraging early progress integrating BioLife. The company acknowledged meaningful challenges, including an 11% filtration decline, delayed equipment revenue conversion, a 30-basis-point gross margin decline, customer decision delays, and on-shoring projects running 9 to 12 months behind expectations, but management expressed confidence in the 2027 outlook and continued market-share and growth opportunities.Positive Updates
Record Revenue and Strong Organic Growth
Third-quarter revenue reached a record $209 million, surpassing the prior peak from the second quarter of 2022. Reported revenue growth was 11%, while organic growth was 12.5%, despite lapping a very strong prior-year quarter.
Negative Updates
Filtration Revenue Declined 11%
Filtration revenue declined 11% in the quarter, including a 2-point headwind from the PolyMem divestment and foreign currency. The decline also reflected the previously disclosed ACF and gene therapy program headwinds, two customer headwinds on ATF, and system deliveries requested by customers for 2027. Full-year filtration revenue is now expected to be flat to slightly down, including the inorganic impact of the PolyMem sale.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Revenue and Strong Organic Growth
Third-quarter revenue reached a record $209 million, surpassing the prior peak from the second quarter of 2022. Reported revenue growth was 11%, while organic growth was 12.5%, despite lapping a very strong prior-year quarter.
Read all positive updates
Company Guidance
For full year 2026, Repligen guides to $844 million to $852 million of revenue, or $848 million at the midpoint, representing 14.5% to 15.5% reported growth and 12% to 13% organic growth, including approximately $24 million from BioLife, an approximately 1-point headwind from the sale of PolyMem operations, and neutral foreign currency; franchise guidance is filtration flat to slightly down, chromatography greater than 30%, proteins mid-teens, and analytics more than 30% growth. The company expects 110- to 160-basis-points of gross margin expansion, adjusted operating income of $135 to $139 million, adjusted operating margin of 16% to 16.3%, adjusted other income of $18 million, an adjusted tax rate of approximately 22%, adjusted fully diluted earnings per share of $2.05 to $2.09, and CapEx of approximately 3% to 4% of 2026 revenue; fourth quarter organic growth is expected to be in the range of the updated full year outlook, fourth quarter gross margin within the full year guidance, and operating expenses up low-double-digits million sequentially. For 2027, assuming the market is growing high-single-digits and absent a material change in foreign exchange rates, reported top-line growth is positioned at least 25%, revenue is expected to exceed $1 billion, and BioLife is expected to deliver at least $0.05 of Year 1 accretion, while the company continues to target outpacing market growth by more than 500 basis points; the 2027 framework is not a formal guidance.Repligen Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 805.61M | 738.26M | 634.44M | 632.36M | 801.54M | 670.53M |
| Gross Profit | 411.27M | 347.62M | 274.64M | 278.44M | 455.71M | 391.25M |
| EBITDA | 125.87M | 182.51M | 80.26M | 145.32M | 277.31M | 203.27M |
| Net Income | -11.80M | 48.89M | -25.51M | 35.60M | 185.96M | 128.29M |
Balance Sheet | ||||||
| Total Assets | 2.93B | 2.95B | 2.83B | 2.83B | 2.53B | 2.36B |
| Cash, Cash Equivalents and Short-Term Investments | 862.98M | 767.63M | 757.36M | 751.32M | 623.76M | 603.81M |
| Total Debt | 692.24M | 689.95M | 686.25M | 711.80M | 422.96M | 366.05M |
| Total Liabilities | 834.67M | 843.57M | 856.95M | 866.34M | 620.90M | 608.29M |
| Stockholders Equity | 2.09B | 2.11B | 1.97B | 1.96B | 1.91B | 1.75B |
Cash Flow | ||||||
| Free Cash Flow | 106.22M | 93.90M | 142.49M | 74.93M | 38.74M | 51.93M |
| Operating Cash Flow | 129.86M | 117.42M | 175.39M | 113.92M | 172.08M | 119.02M |
| Investing Cash Flow | -150.83M | -298.47M | -86.38M | -123.28M | -233.24M | -221.17M |
| Financing Cash Flow | 3.06M | -15.21M | -82.90M | 248.96M | -13.34M | 961.00K |
Repligen Technical Analysis
Neutral
180.30
Price Trends
177.50
Negative
160.27
Positive
144.50
Positive
Market Momentum
0.31
Positive
48.39
Neutral
51.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RGEN, the sentiment is Neutral. The current price of 180.3 is above the 20-day moving average (MA) of 177.66, above the 50-day MA of 177.50, and above the 200-day MA of 144.50, indicating a neutral trend. The MACD of 0.31 indicates Positive momentum. The RSI at 48.39 is Neutral, neither overbought nor oversold. The STOCH value of 51.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RGEN.
Repligen Risk Analysis
Repligen disclosed 19 risk factors in its most recent earnings report. Repligen reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We may be unable to complete the pending strategic acquisition of BioLife in a timely manner or at all, and even if we are able to complete the acquisition, we may be unable to successfully integrate BioLife's business, any of which could adversely affect our business and financial condition. Q2, 2026
2.
Even if we are able to complete the acquisition, we may be unable to successfully and efficiently integrate BioLife's business into the Repligen enterprise following the closing. Q2, 2026
3.
Our assumptions around the size and trajectory of the cell therapy market and BioLife's market position may prove to be incorrect, which, along with other risks and uncertainties related to the BioLife transaction, could materially and adversely affect our business and financial results. Q2, 2026
Repligen Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $28.03B | 50.61 | 18.51% | 0.22% | 12.42% | 17.07% | |
68 Neutral | $5.36B | 36.76 | 8.94% | 0.32% | 14.73% | 7.43% | |
66 Neutral | $11.16B | -837.14 | -0.56% | ― | 16.49% | ― | |
66 Neutral | $14.13B | 10.09 | 28.96% | ― | -1.18% | 277.21% | |
63 Neutral | $11.59B | -20.42 | -10.34% | ― | -1.57% | -183.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
RGEN
Repligen
184.69
36.21
24.39%
WST
West Pharmaceutical Services
403.64
119.67
42.14%
AVTR
Avantor
16.69
5.11
44.13%
STVN
Stevanato Group
19.43
-6.28
-24.41%
SOLV
Solventum Corporation
81.85
12.07
17.30%
Repligen Corporate Events
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsRegulatory Filings and Compliance
Repligen Completes BioLife Acquisition to Expand Cell Therapies
Positive
Oct 6, 2026
Repligen has completed its acquisition of BioLife Solutions, a leading developer and supplier of cell processing tools and biopreservation media for the cell and gene therapy market, in a transaction that closed on October 6, 2026. The deal broade...
Executive/Board Changes
Repligen announces long-serving director Karen Dawes’ retirement
Neutral
Sep 15, 2026
On September 10, 2026, Repligen Corporation announced that Karen A. Dawes will retire from its Board of Directors on September 30, 2026, after more than two decades of service. Her tenure spanned a period of significant transformation for the comp...
M&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Repligen clears antitrust hurdle in BioLife Solutions acquisition
Positive
Sep 8, 2026
On July 21, 2026, Repligen entered into a merger agreement to acquire BioLife Solutions, Inc., with BioLife stockholders to receive $11.25 in cash and 0.1442 shares of Repligen common stock for each share of BioLife common stock. The transaction i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.