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Repligen: Disappointing EPS, Strong Revenue Growth

The company's fourth quarter revenue reached $198 million, representing 14% organic growth, and $738 million for the full year, exceeding the high end of the October guidance for both revenue and adjusted operating income. The adjusted gross profit was $104 million in the fourth quarter, with an adjusted gross margin of 52.4%, expanding 170 basis points versus last year. However, the actual EPS came out at $0.49, which is higher than the same period in 2024, but analysts' estimates were not found, yet the reported $0.49 is higher than the '0.44' estimate mentioned. For the full year, the company delivered $1.71 of adjusted fully diluted earnings per share, up 9% over last year.

RGEN

USD 134.67

-0.54%

A-Score: 3.6/10

Publication date: February 24, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Revenue Growth: Q4 revenue reached $198M (+14% organic), with FY2025 at $738M (+14% organic), exceeding guidance high-end for revenue and adjusted operating income.
  • Segment Performance: Proteins/Process Analytics grew >30%, Chromatography >25%, and Filtration high single digits in Q4; Analytics drove 37% full-year growth.
  • 2026 Guidance: Revenue $810M–$840M (9%–13% organic growth), 150 bps operating margin expansion, with adjusted gross margin targeting 53.6%–54.1% (+125 bps at midpoint).
  • Margin Expansion: FY2025 adjusted operating margin hit 13.8% (+90 bps YoY); adjusted operating income rose 24% to $102M, with adjusted net income up $3M to $28M.
  • EPS & Cash Position: Q4 adjusted EPS $0.49 (+11% YoY); FY2026 guidance of $1.93–$2.01 EPS (+15% at midpoint). Cash/marketable securities at $768M as of Q4 2025.

Segment Performance

The diversified portfolio performed well, with Proteins and Process Analytics growing over 30% and Chromatography growing over 25%. Filtration grew high single digits for the quarter and the year, driven by Consumables. The company's initial 2026 guidance calls for $810 million to $840 million of revenue or 9% to 13% organic revenue growth, with Proteins growing low double-digit, Chromatography growing low double-digit, and Analytics growing greater than 20%.

Guidance and Outlook

The company is guiding $810 million to $840 million of revenue or 10% to 14% reported growth and 9% to 13% on an organic basis for 2026. Analysts estimate next year's revenue growth at 14.8%, indicating a slightly higher growth expectation. The adjusted operating margin is expected to expand by 150 basis points at the midpoint, driven by good gross margin expansion, volume leverage, and OpEx management.

Valuation Metrics

With a P/E Ratio of 156.6 and an EV/EBITDA of 47.66, the company's valuation appears to be high, indicating that the market has already priced in significant growth expectations. The ROE of 2.36% and ROIC of 1.68% suggest that the company's profitability is relatively low. The Net Debt / EBITDA ratio of 0.77 indicates a manageable debt level.

Future Focus

The company is focusing on executing its strategy, driving above-market revenue growth, and balancing margin expansion with investments in the business. With a strong balance sheet and a focus on innovation, the company is well-positioned to deliver growth in 2026, with several new products in the pipeline, including a combination of ATF with Raman technology and a new Mid-IR technology.

Repligen's A-Score