Repligen Corporation
- Open
- 174.23
- Day high
- 181.17
- Day low
- 174.01
- Prev close
- 176.27
- Volume
- 791K
- Mkt cap
- $10.2B
- P/E (TTM)
- 244.6
- EPS (TTM)
- $0.74
- P/B
- 4.8
- P/S
- 13.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.2M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Repligen Corporation (RGEN) is a Healthcare company listed on NASDAQ. The stock is up 47% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Repligen Corporation (RGEN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RGEN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.45 | $0.54 | +20.8% | $204M | +1.3% |
| May 5, 2026 | $0.38 | $0.48 | +26.3% | $194M | +1.1% |
| Feb 24, 2026 | $0.44 | $0.49 | +11.4% | $198M | +2.7% |
| Oct 28, 2025 | $0.42 | $0.46 | +9.5% | $189M | -1.8% |
| Jul 29, 2025 | $0.40 | $0.37 | -7.5% | $182M | +0.3% |
| Feb 20, 2025 | $0.41 | $0.44 | +7.3% | $168M | +2.1% |
| May 1, 2024 | $0.29 | $0.28 | -3.4% | $151M | +0.9% |
| Feb 21, 2024 | $0.34 | $0.33 | -2.9% | $156M | +0.2% |
| Oct 31, 2023 | $0.14 | $0.23 | +64.3% | $141M | +0.4% |
| Aug 2, 2023 | $0.49 | $0.53 | +8.2% | $159M | -4.1% |
| May 2, 2023 | $0.59 | $0.64 | +8.5% | $183M | +0.7% |
| Feb 22, 2023 | $0.58 | $0.68 | +17.2% | $187M | +1.2% |
RGEN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 21, 2026 | Loeillot Olivierdirector, officer: Chief Executive Officer | Option | 5,426 | $141.79 |
| Aug 21, 2026 | Loeillot Olivierdirector, officer: Chief Executive Officer | Sell | 5,426 | $180.00 |
| Jul 17, 2026 | Garland Jason Kofficer: CFO | Sell | 530 | $150.00 |
| Jun 26, 2026 | Garland Jason Kofficer: CFO | Sell | 733 | $145.00 |
| May 18, 2026 | MUIR GLENN Pdirector | Grant | 995 | — |
| May 18, 2026 | Mhatre Rohindirector | Grant | 995 | — |
| May 18, 2026 | Pax Margaretdirector | Grant | 2,239 | $103.38 |
| May 18, 2026 | BARTHELEMY NICOLASdirector | Grant | 995 | — |
| May 18, 2026 | Pax Margaretdirector | Grant | 995 | — |
| May 18, 2026 | Mhatre Rohindirector | Grant | 2,239 | $103.38 |
| May 18, 2026 | BARTHELEMY NICOLASdirector | Grant | 2,239 | $103.38 |
| May 18, 2026 | EGLINTON MANNER CARRIEdirector | Grant | 2,239 | $103.38 |
| May 18, 2026 | Konstantinov Konstantindirector | Grant | 2,239 | $103.38 |
| May 18, 2026 | DAWES KAREN Adirector | Grant | 2,239 | $103.38 |
| May 18, 2026 | DAWES KAREN Adirector | Grant | 995 | — |
Source: RGEN SEC Form 4 filings, latest Aug 21, 2026. For informational purposes only — not investment advice.
See the full RGEN insider & 13F page →Repligen Corporation company profile
Overview
Repligen Corporation (NASDAQ:RGEN) is a leading bioprocessing technology company founded in 1981 and headquartered in Waltham, Massachusetts. The company went public in 1986 and has evolved from its origins as a biotechnology research company into a specialized provider of critical tools and technologies used in the manufacturing of biological drugs. Repligen serves the global biopharmaceutical industry by supplying essential equipment, consumables, and systems that enable the production of life-saving biologics including monoclonal antibodies, vaccines, cell and gene therapies, and other advanced therapeutic modalities.
Business
Repligen operates in the bioprocessing tools and technologies industry, which provides the essential infrastructure for manufacturing biological drugs. Unlike traditional small-molecule pharmaceuticals that are chemically synthesized, biological drugs are produced using living cells in complex manufacturing processes that require specialized equipment and materials. The company's business is organized around four main product franchises that serve different stages of the biologic drug manufacturing process: 1. Filtration Products (59% of revenue): This is Repligen's largest segment, offering filtration systems and consumables used throughout the bioprocessing workflow. Key products include XCell Alternating Tangential Flow (ATF) systems for cell culture processing, TangenX flat sheet cassettes for drug concentration and formulation, and KrosFlo tangential flow filtration systems. These products essentially act as sophisticated filters that separate, concentrate, and purify biological materials during manufacturing. 2. Chromatography Products (20% of revenue): These products are used to purify biological drugs by separating the desired therapeutic protein from other cellular components. The company offers OPUS pre-packed chromatography columns and CaptivA chromatography resins, which work like molecular sieves to isolate specific proteins based on their unique properties. 3. Protein Products (12% of revenue): This segment provides Protein A ligands, which are specialized binding components used in affinity chromatography - a purification technique that captures specific proteins. These products are critical for purifying monoclonal antibodies, one of the fastest-growing categories of biological drugs. 4. Process Analytics (9% of revenue): These are monitoring and measurement tools that provide real-time data during manufacturing. Products include slope spectroscopy systems under the SoloVPE, FlowVPE, and FlowVPX brands, which help manufacturers ensure product quality and optimize their processes. The company has also been expanding into new modalities including cell and gene therapies, which now represent approximately 20% of total revenue and are growing rapidly as these next-generation treatments advance through clinical development.
Revenue model
Repligen operates a product sales business model where it manufactures and sells bioprocessing equipment, consumables, and systems to biopharmaceutical companies, contract development and manufacturing organizations (CDMOs), and research institutions. The company generates revenue through both one-time equipment sales and recurring consumables sales, with consumables providing more predictable revenue streams. The company's paying customers fall into several categories: large pharmaceutical companies developing and manufacturing biological drugs, contract manufacturing organizations that produce biologics for multiple clients, emerging biotech companies developing new therapies, and academic research institutions. Geographically, revenue is split approximately 50% North America, 35% Europe, and 15% Asia Pacific. Several factors influence Repligen's margins and profitability: Positive margin drivers include the company's focus on high-value, differentiated products that command premium pricing, particularly in newer areas like cell and gene therapy manufacturing. The shift toward more complex biological drugs creates demand for sophisticated bioprocessing tools. Additionally, as customers scale from clinical trials to commercial manufacturing, they typically purchase larger volumes of consumables, improving Repligen's revenue predictability. Margin pressures come from several sources. The biotech funding environment significantly impacts demand, as cash-strapped emerging biotech companies reduce spending on manufacturing equipment. Competition from larger players like Danaher and Thermo Fisher Scientific can pressure pricing. Supply chain disruptions and raw material cost inflation also impact gross margins. The company's exposure to China, while limited, creates geographic concentration risk. Finally, the cyclical nature of bioprocessing equipment purchases can create quarterly volatility, as customers may delay large capital expenditures during uncertain periods. The company has been implementing cost optimization initiatives and focusing on higher-margin products to improve profitability, targeting mid-20% EBITDA margins over the medium term.
Competitive moat
Repligen's competitive moat is moderate but growing, built primarily around technical expertise, customer relationships, and switching costs rather than dominant market position. The company benefits from several defensive characteristics in the specialized bioprocessing market. The company's technical moat stems from its deep expertise in bioprocessing applications and its ability to develop differentiated products for complex manufacturing challenges. Products like the ATF systems and specialized chromatography resins require significant technical know-how and have established track records with customers. The regulatory nature of biopharmaceutical manufacturing creates high switching costs, as customers are reluctant to change suppliers once a manufacturing process is validated and approved by regulators. Customer relationships provide another layer of protection. Repligen has implemented a key account management strategy focusing on its top 20 customers, and the company's products often become integrated into customers' manufacturing processes early in drug development. This creates stickiness as drugs move from clinical trials to commercial production. However, Repligen's moat faces several challenges. The company operates in a highly competitive market dominated by much larger players including Danaher (Cytiva), Thermo Fisher Scientific, and Merck KGaA. These competitors have significantly greater resources for R&D, manufacturing scale, and global distribution. The bioprocessing market is also experiencing rapid technological change, particularly around single-use technologies and process analytics, which could disrupt established product lines. The company's relatively small scale compared to industry giants limits its ability to compete on price and invest in breakthrough technologies. Additionally, as the bioprocessing market matures, there's risk of commoditization in certain product categories, which could erode pricing power. Repligen is attempting to strengthen its moat through innovation in high-growth areas like new modalities (cell and gene therapy) and by building more comprehensive solutions rather than just selling individual components. The success of this strategy will largely determine the sustainability of its competitive position.
Risks & safety
Repligen demonstrates strong financial safety with minimal solvency risk, though valuation metrics suggest limited margin of safety at current prices. • Liquidity and Solvency: Excellent financial position with $697 million in cash and short-term investments against minimal debt. Current ratio of 6.8x and quick ratio of 5.8x indicate very strong liquidity. Debt-to-equity ratio of 0.34x is manageable. • Cash Generation: Positive free cash flow of $11.4 million in Q1 2025, though down from $142 million for full year 2024. Operating cash flow remains positive at $15 million quarterly. • Valuation Metrics: EV/EBITDA of 49x appears expensive relative to historical norms and industry peers. Price-to-book ratio of 3.6x suggests premium valuation. Graham number of 9.09 indicates significant overvaluation relative to conservative metrics. • Profitability: Recent quarters show minimal profitability with ROE of 0.3% in Q1 2025. Company is investing heavily in R&D and dealing with market headwinds affecting margins. • Other Considerations: Strong balance sheet provides cushion during market downturns, but high valuation multiples leave little room for execution missteps or market deterioration.
Recent development
Over the past few years, Repligen has executed several strategic initiatives to position itself for growth in evolving bioprocessing markets. The company has significantly expanded its focus on new modalities including cell and gene therapies, which now represent 20% of total revenue and are growing rapidly. This shift reflects the changing pharmaceutical pipeline toward more complex therapeutic approaches. The company has pursued strategic acquisitions to broaden its technology portfolio, including the integration of Metenova and the pending acquisition of Tantti Lab to enhance protein purification capabilities. In 2025, Repligen acquired 908 Devices' bioprocessing PAT portfolio to strengthen its process analytics offerings. These acquisitions are designed to provide more comprehensive solutions rather than standalone products. Innovation and product development have been key priorities, with the company launching over 10 new products annually in recent years. Notable launches include the ProConex MixOne single-use mixer, KrosFlow RS 10 RPM system, and AVIPure double-stranded RNA resin for emerging applications. The company opened the Repligen Training and Innovation Center (RTIC) in Waltham to support customer education and product development. Operationally, Repligen has implemented significant cost optimization measures, including workforce reductions of over 15% and facility consolidations to improve margins. The company has also adopted a key account management strategy focused on its top 20 customers to deepen relationships and increase wallet share. Looking forward, management has outlined strategic priorities including accelerating above-market growth, capitalizing on innovation through increased R&D investment, and expanding margins by 100-200 basis points. The company expects to shift its revenue mix from the current 65% clinical/35% commercial split toward a more balanced 50/50 split over the next 3-5 years as more drugs reach commercial production.
RGEN company profile · for informational purposes only — not investment advice.
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