Repligen Corp (RGEN)

Price$167.60Cached quoteAs of 2026-09-06 15:16 UTC

AI: Overvalued

Price checkThe shares look expensive because the valuation assumes years of strong growth and rising profits.

Using the latest reported share count, Repligen's market value is about $10.3 billion. That is roughly 13 times trailing twelve-month revenue, 92 times trailing free cash flow, and 88 times the midpoint of management's adjusted 2026 earnings guidance. Management expects organic revenue growth of 10.5% to 13.5%, which is healthy but not obviously enough to support those multiples. The price therefore requires sustained double-digit growth and further margin gains, leaving limited protection if the recovery disappoints.

Big pictureRepligen is recovering from a sharp post-boom slowdown, but the business remains meaningfully cyclical.

Revenue climbed from $366 million in 2020 to $802 million in 2022, then fell 21% in 2023 and was nearly flat in 2024. Growth returned in 2025, when revenue increased 16% to $738 million, and continued through the first half of 2026. This history shows that customer spending on bioprocessing equipment and consumables can move sharply as drug manufacturers adjust inventories and production investment. The current valuation assumes the recent recovery becomes durable rather than another temporary upswing.

Business strengthCash generation and liquidity are solid, though acquisition-heavy spending has reduced the net-cash cushion.

Operating cash flow stayed positive every year from 2020 through 2025, even during the 2024 accounting loss. Trailing twelve-month free cash flow, meaning cash left after operations and capital spending, is about $112 million. At June 2026, cash exceeded debt by about $56 million, while current assets of $1.20 billion comfortably exceeded current liabilities of $133 million. However, goodwill has risen to about $1.10 billion, shares outstanding are roughly 3% above 2020 levels, and 2025 stock compensation was $33 million.

What could change the storyFaster durable growth could justify the premium, while another orders slowdown would expose valuation risk.

The bull case strengthened when second-quarter organic revenue grew 13% and management raised its 2026 growth and adjusted earnings outlook. Several quarters above the top of the 10.5% to 13.5% organic growth range, combined with adjusted operating margins moving sustainably beyond about 16%, would make today's valuation easier to defend. The bear case is the reverse: growth slipping toward high single digits, weaker cash conversion, or stalled margin improvement would make roughly 13 times trailing sales and more than 90 times trailing free cash flow difficult to sustain.

AI: News

Second-quarter guidance raisedStrong second-quarter growth led Repligen to raise its full-year growth and adjusted earnings expectations.

On July 28, 2026, Repligen reported second-quarter revenue of $204 million, up 12% as reported and 13% organically. Adjusted operating income rose 55% year over year, while adjusted operating margin reached 16.7%. Management raised expected 2026 organic revenue growth to 10.5% to 13.5% and adjusted diluted earnings to $2.03 to $2.09 per share. The update matters because the rich valuation depends heavily on sustained growth and continued margin recovery.

First-quarter recovery strengthenedFirst-quarter results showed faster sales growth, better margins, and improving demand across Repligen's portfolio.

On May 5, 2026, Repligen reported first-quarter revenue of $194 million, representing 15% reported growth and 11% organic growth. Adjusted gross margin improved to 55.5% from 53.7% a year earlier, and adjusted operating margin rose to 15.4% from 13.8%. Management guided to adjusted 2026 diluted earnings of $1.97 to $2.05 per share. The combination of better growth and margin expansion provided evidence that the 2023-2024 slowdown was reversing.

Full-year growth returnedRepligen ended 2025 with renewed double-digit growth and restored profitability after a difficult prior year.

On February 24, 2026, Repligen reported 2025 revenue of $738 million, up 16% from 2024, while fourth-quarter revenue rose 18% to $198 million. Full-year operating income recovered to about $55 million from a $35 million loss in 2024, and gross margin improved to 52.3% from 43.3%. Management initially projected 9% to 13% organic growth for 2026, establishing the recovery expectations that subsequent results have so far supported.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011 · Dec 31	2011 · Mar 31	2010
Revenue	$738.3M	$634.4M	$632.4M	$801.5M	$670.5M	$366.3M	$270.2M	$194.0M	$141.2M	$104.5M	$83.5M	$63.5M	$68.2M	$62.3M	$23.5M	$27.3M	$21.0M
Gross profit	$386.2M	$274.6M	$278.4M	$455.7M	$391.3M	$209.6M	$151.1M	$107.5M	$74.2M	$57.4M	$48.3M	$35.5M	$45.7M	$37.3M	$18.3M	$21.7M	$16.8M
Gross margin	52.32%	43.29%	44.03%	56.85%	58.35%	57.23%	55.93%	55.40%	52.53%	54.93%	57.80%	55.90%	67.02%	59.92%	78.01%	79.55%	80.17%
Research & development	$54.2M	$43.2M	$42.7M	$43.9M	$34.3M	$20.2M	$19.4M	$15.8M	$8.7M	$7.4M	$5.7M	$5.6M	$7.3M	$10.5M	$9.5M	$12.5M	$14.2M
Operating expenses	$683.1M	$669.6M	$584.7M	$576.9M	$503.3M	$296.4M	$234.2M	$168.0M	$127.2M	$88.6M	$69.8M	$52.9M	$45.3M	$51.2M	$24.6M	$27.7M	$26.7M
Operating income	$55.2M	−$35.1M	$47.7M	$224.7M	$167.2M	$69.8M	$36.1M	$26.0M	$14.0M	$16.0M	$13.8M	$10.7M	$22.9M	$11.1M	−$1.1M	−$374,071	−$5.8M
Operating margin	7.47%	−5.53%	7.54%	28.03%	24.94%	19.06%	13.35%	13.39%	9.92%	15.28%	16.48%	16.82%	33.55%	17.80%	−4.72%	−1.37%	−27.50%
EBITDA	$133.9M	$34.6M	$116.3M	$275.7M	$205.7M	$96.9M	$57.0M	$41.8M	$24.5M	$21.3M	$18.4M	$14.7M	$26.0M	$14.6M	$167,530	$1.3M	−$4.4M
EBITDA margin	18.14%	5.45%	18.38%	34.39%	30.68%	26.45%	21.07%	21.53%	17.36%	20.38%	21.98%	23.15%	38.12%	23.43%	0.71%	4.77%	−20.92%
Net income	$48.9M	−$25.5M	$35.6M	$186.0M	$128.3M	$59.9M	$21.4M	$16.6M	$28.4M	$11.7M	$9.3M	$8.2M	$16.1M	$14.2M	−$1.6M	−$43,509	−$4.1M
Net profit margin	6.62%	−4.02%	5.63%	23.20%	19.13%	16.36%	7.92%	8.56%	20.07%	11.17%	11.19%	12.86%	23.61%	22.73%	−6.88%	−0.16%	−19.38%
Basic EPSper basic share	$0.87	-$0.46	$0.64	$3.35	$2.33	$1.14	$0.44	$0.38	$0.74	$0.35	$0.28	$0.25	$0.51	$0.46	-$0.05	$0.00	-$0.13
Diluted EPSper diluted share	$0.86	-$0.46	$0.63	$3.24	$2.24	$1.11	$0.44	$0.37	$0.72	$0.34	$0.28	$0.25	$0.50	$0.45	-$0.05	$0.00	-$0.13

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.54%of listed shares

BlackRock, Inc.5.38M shares · Jun 30, 2026

View holders

Top 20 reported holders of RGEN
Holder	% owned
BlackRock, Inc.	9.54%5.38M shares
FMR LLC	5.90%3.33M shares
UNITED CAPITAL FINANCIAL ADVISORS, LLC	4.95%2.79M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.27%2.41M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.10%2.31M shares
MAVERICK CAPITAL LTD	3.52%1.98M shares
STATE STREET CORP	3.19%1.8M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.11%1.75M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.87%1.62M shares
WASATCH ADVISORS LP	2.82%1.59M shares
AMERIPRISE FINANCIAL INC	2.79%1.58M shares
Bank of New York Mellon Corp	2.70%1.52M shares
T. Rowe Price Investment Management, Inc.	2.50%1.41M shares
Invesco Ltd.	2.46%1.39M shares
Holocene Advisors, LP	2.29%1.29M shares
RTW INVESTMENTS, LP	2.20%1.24M shares
GEODE CAPITAL MANAGEMENT, LLC	1.88%1.06M shares
CONGRESS ASSET MANAGEMENT CO	1.79%1.01M shares
Conestoga Capital Advisors, LLC	1.74%980.98K shares
GOLDMAN SACHS GROUP INC	1.71%965.41K shares

Percentages use 56.43M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$239.5K disclosed value

Sells (SEC code S)42$28.58M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 25, 2026Form 4 · 10b5-1	Garland Jason KCFO	SellCommon Stock	733	$145.00	$106.3K	19.4K
Apr 21, 2026Form 4 · 10b5-1	Loeillot OlivierChief Executive Officer	SellCommon Stock	3.8K	$140.00	$536.5K	54.2K
Dec 17, 2025Form 4	DAWES KAREN ADirector	SellCommon Stock	275	$161.00	$44.3K	91.8K
Nov 25, 2025Form 4 · 10b5-1	Loeillot OlivierChief Executive Officer	SellCommon Stock	7.0K	$170.00	$1.20M	35.9K
Nov 18, 2025Form 4	Bylund JamesChief Operating Officer	SellCommon Stock	2.2K	$151.21	$331.3K	21.5K

Review ownership filings at SEC.gov ↗

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Repligen Corp (RGEN)

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