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1. Company Snapshot

1.a. Company Description

Repligen Corporation develops and commercializes bioprocessing technologies and systems for use in biological drug manufacturing process in North America, Europe, the Asia Pacific, and internationally.It offers Protein A ligands that are the binding components of Protein A affinity chromatography resins; and cell culture growth factor products.The company's chromatography products include OPUS pre-packed chromatography columns, which are used in the purification of biologics; and OPUS smaller-scale columns that are used in the high throughput process development screening, viral clearance validation studies, and scale down validation of chromatography processes.


It also offers ELISA test kits; and chromatography resins under the CaptivA brand.In addition, the company provides filtration products, such as XCell Alternating Tangential Flow systems that are filtration devices used in upstream perfusion and cell culture processing; TangenX flat sheet cassettes, which are used in downstream biologic drug concentration and formulation processes; KrosFlo tangential flow filtration and tangential flow depth filtration systems; Spectra/Por laboratory and process dialysis products, and SpectraFlo dynamic dialysis systems; and ProConnex single-use hollow fiber.Further, it provides process analytics products, such as slope spectroscopy systems under the SoloVPE, FlowVPE, and FlowVPX brands.


The company sells its products to life sciences, biopharmaceutical, and diagnostics companies; laboratory researchers; and contract manufacturing organizations.Repligen Corporation has collaboration agreements with Navigo Proteins GmbH to develop multiple affinity ligands.Repligen Corporation was incorporated in 1981 and is headquartered in Waltham, Massachusetts.

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1.b. Last Insights on RGEN

Repligen Corporation's recent performance is driven by strong Q3 results, with revenue growth and an earnings beat. The company's bioprocessing technology leadership and secular growth in biologics position it for continued outperformance. A strong balance sheet, recurring organic growth, and strategic acquisitions contribute to its growth. Repligen's presentation at various healthcare conferences, including the UBS Global Healthcare Conference and Wolfe Research Healthcare Conference, highlights its stable financials and growth prospects. Its Q3 earnings of $0.46 per share beat estimates, showcasing the company's financial strength.

1.c. Company Highlights

2. Repligen's Q3 2025 Earnings: A Strong Performance Across the Board

Repligen Corporation reported a robust 22% year-over-year increase in revenue to $189 million for the third quarter of 2025, driven by an 18% organic growth across all franchises. The company's adjusted gross profit reached $101 million, up 28% year-over-year, with an adjusted gross margin of 53.3%. The adjusted net income was $26 million, resulting in an adjusted fully diluted earnings per share (EPS) of $0.46, beating analyst estimates of $0.42.

Publication Date: Nov -10

📋 Highlights
  • Revenue Growth:: Q3 revenue reached $189 million, a 22% YoY increase, with organic growth at 18% and acquisitions adding 2 percentage points.
  • Analytics Franchise Surge:: Analytics revenue grew over 50%, driven by SoloVPE PLUS, outpacing all other franchises.
  • Margin Expansion:: Adjusted gross margin hit 53.3% ($101 million profit), up 28% YoY, with Q4 guidance expecting 52-53% margin (210 bps expansion YoY).
  • Guidance Raised:: 2025 revenue updated to $729–$737 million (12–13.5% organic growth), reflecting Q4 low double-digit growth and $1.65–$1.68 adjusted EPS.
  • Order Strength:: Q3 orders grew >20%, with biopharma/CDMOs up over 20% and small biotech revenue at a 3-year high due to $13 billion in Q3 funding.

Operational Highlights

The company's operational performance was strong across the board, with every franchise growing double digits. The analytics segment led the growth with over 50% increase, driven by the launch of SoloVPE PLUS. The biopharma and CDMOs customer base also showed significant growth, with revenues increasing by over 20%. Repligen's equipment revenue grew more than 20%, driven by ATF and analytical equipment, as stated by the company, "ATF business had a blockbuster quarter, with 50 late-stage and commercial drugs in development."

Guidance Update

In light of the strong year-to-date performance, Repligen updated its 2025 revenue guidance to $729 million to $737 million, representing a 12% to 13.5% organic revenue growth. The company expects an adjusted effective tax rate between 21% to 22% for the year and an adjusted income from operations to be $98-100 million, implying a 13.5% operating margin. The guidance implies a low double-digit organic growth in Q4.

Valuation Metrics

With a current P/E Ratio of 4618.89 and EV/EBITDA of 50.77, it is essential to assess whether these valuation metrics are justified given the company's growth prospects. Repligen aims to outpace industry growth by 5% over the medium term, with a diversified portfolio and growth in areas such as cell therapy and antibody drug conjugates. Analysts estimate next year's revenue growth at 12.4%, which may support the current valuation.

Growth Prospects

Repligen's growth prospects are promising, driven by its diversified customer base and strategy of pairing systems with PAT technologies. The company is investing in Asia Pacific, with plans to build infrastructure in the region, and expects to continue investing to drive growth. With a strong funnel for hardware and a growing order book, Repligen is well-positioned for future growth.

3. NewsRoom

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Edgestream Partners L.P. Makes New $3.48 Million Investment in Repligen Corporation $RGEN

Dec -04

Source: defenseworld.net

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Repligen Corporation (RGEN) Presents at Evercore 8th Annual Healthcare Conference Transcript

Dec -03

Source: seekingalpha.com

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Advisors Asset Management Inc. Cuts Holdings in Repligen Corporation $RGEN

Dec -01

Source: defenseworld.net

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Repligen Corporation to Present at Evercore Healthcare Conference

Nov -26

Source: globenewswire.com

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Repligen Corporation (RGEN) Presents at 7th Annual Wolfe Research Healthcare Conference Transcript

Nov -18

Source: seekingalpha.com

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Repligen Corporation (RGEN) Presents at Jefferies London Healthcare Conference 2025 Transcript

Nov -18

Source: seekingalpha.com

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Repligen: Rare Growth In The Biopharma Supplies Industry

Nov -14

Source: seekingalpha.com

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Repligen Corporation (RGEN) Presents at Stifel 2025 Healthcare Conference Transcript

Nov -11

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.58%)

6. Segments

Filtration

Expected Growth: 10%

Repligen's Filtration segment growth is driven by increasing bioprocessing demand, adoption of single-use technologies, and expanding biologics pipelines. The company's chromatography and filtration products are critical components in biomanufacturing, supporting the development of novel therapies and vaccines. Strong demand from biotech and pharma companies, coupled with Repligen's innovative products and strategic acquisitions, contribute to the segment's 10% growth.

Chromatography

Expected Growth: 11%

Repligen's Chromatography segment growth is driven by increasing bioprocessing demand, adoption of single-use technologies, and expansion in emerging markets. The 11% growth rate is also fueled by the company's strategic acquisitions, innovative product offerings, and strong relationships with key biopharmaceutical customers.

Proteins

Expected Growth: 13%

Repligen Corporation's 13% growth in proteins is driven by increasing demand for bioprocessing technologies, expansion into new markets, and strategic partnerships. The company's chromatography and filtration products are benefiting from the growing need for high-quality biologics. Additionally, Repligen's focus on single-use technologies and its ability to provide customized solutions are contributing to its growth momentum.

Process Analytics

Expected Growth: 9%

Repligen's Process Analytics segment growth is driven by increasing adoption of single-use technologies, rising demand for bioprocess monitoring and control, and expansion into new markets such as cell and gene therapy. Additionally, strategic acquisitions and partnerships have enhanced the company's offerings, contributing to the 9% growth rate.

Other Product

Expected Growth: 8%

Repligen's Other Products segment, with 8% growth, is driven by increasing demand for bioprocessing technologies, expansion into new markets, and strategic partnerships. The company's chromatography and filtration products are experiencing high adoption rates, while its single-use assemblies and systems are benefiting from the trend towards single-use bioprocessing. Additionally, Repligen's investments in R&D and manufacturing capacity are supporting the growth of this segment.

Royalty and Other

Expected Growth: 7%

Repligen Corporation's 7% growth in Royalty and Other is driven by increasing demand for bioprocessing technologies, expansion of existing partnerships, and new licensing agreements. Additionally, the company's strategic investments in gene therapy and biologics manufacturing are contributing to revenue growth.

7. Detailed Products

Chromatography Columns

Repligen's chromatography columns are used for the purification of biomolecules, including proteins, antibodies, and vaccines.

Protein A Resins

Repligen's Protein A resins are used for the capture and purification of antibodies and other biomolecules.

TFF Systems

Repligen's Tangential Flow Filtration (TFF) systems are used for the concentration and diafiltration of biomolecules.

XCell ATF Systems

Repligen's XCell ATF systems are used for the continuous clarification and concentration of cell culture broths.

Filtration Systems

Repligen's filtration systems are used for the clarification and sterilization of biopharmaceuticals.

Biosimilarity Analysis

Repligen's biosimilarity analysis services are used to compare the structure and function of biosimilars to their reference products.

8. Repligen Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Repligen Corporation's products are highly specialized and customized, making it difficult for substitutes to emerge. However, the company's reliance on a few key customers and suppliers increases the threat of substitutes.

Bargaining Power Of Customers

Repligen Corporation's customers are large pharmaceutical and biotechnology companies with significant bargaining power. They can negotiate prices and terms, which can negatively impact the company's revenue and profitability.

Bargaining Power Of Suppliers

Repligen Corporation has a diverse supplier base, which reduces the bargaining power of individual suppliers. The company's strong relationships with suppliers also help to mitigate the risk of supply chain disruptions.

Threat Of New Entrants

The bioprocessing industry has high barriers to entry, including significant capital expenditures and regulatory hurdles. This makes it difficult for new entrants to compete with established players like Repligen Corporation.

Intensity Of Rivalry

The bioprocessing industry is highly competitive, with several established players competing for market share. However, Repligen Corporation's strong brand reputation and customer relationships help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 22.89%
Debt Cost 3.95%
Equity Weight 77.11%
Equity Cost 9.08%
WACC 7.90%
Leverage 29.69%

11. Quality Control: Repligen Corporation passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

164.98$

Current Price

164.98$

Potential

-0.00%

Expected Cash-Flows