REPLIGEN (RGEN) Company Report

Repligen reported 18% organic growth in Q3, with strong performance across all franchises, particularly proteins and analytics, and orders growing over 20% year-over-year on a reported basis.
The company anticipates a 2-point growth headwind in 2026 from a gene therapy customer, following $10 million in sales in the first half of the current year and de minimis sales in the second half.
Repligen maintains its long-term framework to outgrow the market by 500 basis points, driven by market creation (e.g., ATF, analytics), clinical-to-commercial progression, new modalities, and commercial execution.
The ATF business, a significant growth driver, saw consumables outpace capital equipment in Q2 of last year, with a blockbuster drug potentially generating over $15 million annually in consumables pull-through at peak volumes.
The company targets 30% EBITDA margins by 2030, aiming for over 1 point of gross margin expansion annually and OpEx leverage, while prioritizing internal investments and M&A for capital allocation.

4 days ago

Transcript

Repligen Discusses Q3 Performance, 2026 Outlook, and Long-Term Growth Drivers

RGEN

Guidance Update

Revenue Acceleration/Inflection

M&A

Repligen achieved 18% organic growth in Q3, with strong performance across all franchises, particularly in Proteins and Analytics, and observed growth in the emerging biotech segment.
For Q4, the company projects low double-digit organic growth, and anticipates a 2-point growth headwind in 2026 from an AAV gene therapy customer, which contributed $10 million in sales in the first half.
Repligen aims to outgrow the market by 500 basis points in its long-term framework, driven by market creation in areas like ATF and Analytics, and targets 30% EBITDA margins by 2030 through gross margin expansion and OpEx leverage.
The ATF business is a key growth driver, with consumables outpacing capital equipment in Q2 last year, and a single blockbuster drug could generate over $15 million annually in consumables pull-through at peak volumes.
The company's capital allocation priorities include internal investments and M&A, focusing on filling gaps in the traditional MABs workflow (bioreactor, cell culture media, biofiltration) and new modalities.

4 days ago

Transcript

Repligen Discusses Strong Q3 2025 Performance, 2026 Growth Framework, and Long-Term Strategy at Wolfe Research Conference

RGEN

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Repligen reported 18% organic revenue growth in Q3 2025, exceeding street expectations by approximately $7 million, with strong performance in analytics and proteins. The company also saw 20% growth in its equipment segment, driven by ATF and analytics, outperforming peers.
For 2026, Repligen anticipates growing five points above the market, though this will be offset by a two-point headwind from a major customer. This framework suggests a potential growth rate of 11-13% if the market grows 8-12%. Formal guidance is expected in February.
The company aims for approximately 30% EBITDA and high-50s gross margin within five years, with gross margin projected to increase by 100-200 basis points annually. Repligen plans to invest in teams, infrastructure, and systems in 2026 and likely 2027, which will keep OPEX growth closer to top-line growth in the near term.
Repligen expects tailwinds from reshoring, MFN agreements, and biosimilar initiatives, with reshoring potentially generating orders in 2026 and revenue in 2027. The company remains active in M&A, focusing on differentiated technology and portfolio synergy, with "modest M&A" included in its five-year plan to double revenue.

Nov 18, 2025, 5:40 PM

Transcript

Repligen Discusses Q3 2025 Performance, 2026 Outlook, and Long-Term Strategy

RGEN

Guidance Update

New Projects/Investments

M&A

Repligen reported 18% organic growth in Q3 2025, beating street expectations by $7 million, driven by strength in analytics and proteins. The company also noted 20% growth in equipment sales, outperforming peers due to ATF and an analytics upgrade cycle.
For 2026, Repligen expects to grow five points above the market, but anticipates a two-point headwind from a specific customer, leading to an overall expected growth of three points above the market. Formal guidance will be provided in February.
The company aims for 30% EBITDA and high-ish 50s gross margin in approximately five years. They plan to invest in teams, infrastructure, and systems in 2026 and likely 2027, which may result in OPEX growth being closer to top-line growth in the near term, as they play the "long game" to build a robust foundation for sustainable growth.
Repligen remains active in M&A, focusing on differentiated technology and synergy within a "modest M&A" framework to double revenue in five years. For a large blockbuster program, ATF hardware delivered in Q3 2025 is expected to see consumables pull-through starting in the back half of 2026, with peak annual revenue potentially exceeding $15 million.

Nov 18, 2025, 5:40 PM

Transcript

Repligen Discusses Q3 Performance, 2026 Outlook, and Long-Term Growth Drivers at Wolfe Research Healthcare Conference

RGEN

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Repligen reported 18% organic growth in Q3, driven by strength in its analytics and proteins businesses, with analytics benefiting from an upgrade cycle for its PAT technology.
The company is outperforming peers in equipment sales, primarily due to its ATF and analytics products, with ATF being considered outside the typical economic cycle as it helps customers avoid or delay new line builds.
Repligen anticipates reshoring/onshoring initiatives to be a tailwind, potentially leading to orders in 2026 and revenue in 2027, supported by its U.S. production capabilities and efficiency-driving products.
For 2026, Repligen expects to grow five points above the market, acknowledging a two-point headwind from a specific customer. The company aims for 30% EBITDA and high-ish 50s gross margin in approximately five years, with gross margin improving by 100-200 basis points annually.
The company plans for modest M&A and expects consumables pull-through for a large blockbuster ATF program, where hardware was delivered in Q3, to begin in the back half of 2026, with potential peak annual revenue of $15 million+ for a blockbuster.

Nov 18, 2025, 5:40 PM

Transcript

Repligen Discusses Growth Drivers and Strategic Outlook at Jefferies Conference

RGEN

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Repligen reported strong performance with 18% organic growth in Q3 and 14%-18% organic, non-COVID growth over the last four quarters. The company aims to double its size in the next five years, targeting a 15% CAGR across all franchises, including protein.
Key growth drivers include innovation, a focus on clinical products (65% of portfolio), strategic key account management, and significant expansion in Asia, where sales are currently 15% of total but grew nearly 50% in Q3. The goal is to reach 20% of sales from Asia in the next five years.
The company anticipates substantial opportunities from new product cycles, such as the recently launched single-use Medinova mixer and the new Solo process analytics instrument, which has only replaced 2% of its 2,000+ installed units. The filtration business, particularly ATF, is also seen as being early in its growth story with 50+ later-stage products.
Repligen projects significant margin expansion, with a 200 basis point increase in gross margin expected this year and an aim for over 100 basis points of annual gross margin expansion for the next five years. The long-term target is 30% EBITDA by 2030, with operating leverage expected from 2027 onwards. While a specific gene therapy program presents a 200 basis point headwind for next year, other new modalities like cell therapy and oligos are entering a "second wave" of growth.

Nov 18, 2025, 1:30 PM

Transcript

Repligen Discusses Growth Strategy and Market Opportunities at Jefferies Conference

RGEN

Guidance Update

Product Launch

Revenue Acceleration/Inflection

Repligen reported 18% organic growth in Q3 and has consistently achieved 14%-18% organic (non-COVID) growth over the last four quarters, attributing this to innovation, clinical product focus, key account management, and expansion in Asia.
The company projects a 15% compound annual growth rate (CAGR) across all franchises for the next five years, aiming to double its size with modest M&A activity.
Significant growth drivers include the early-stage ATF product line and a substantial replacement cycle for over 2,000 Solo analytical units.
Repligen expects to increase its gross margin by approximately 200 basis points this year and over 100 basis points annually for the next five years, targeting 30% EBITDA by 2030.
Asia, currently 15% of sales, is a strategic focus for growth, with a plan to reach 20% of sales from the region within five years, anticipating strong growth in the Chinese biopharma market from mid-2026.

Nov 18, 2025, 1:30 PM

Transcript

Repligen Discusses Q3 Performance, Segment Outlook, and Strategic Investments

RGEN

Earnings

Guidance Update

New Projects/Investments

Repligen achieved 18% organic growth in Q3, with year-to-date non-COVID organic growth at 16%, and operating margins of 14.2%.
The company noted a rebound in the emerging biotech segment in Q3, with sales to this segment at 9% of total and overall exposure (including CDMOs) estimated at 11-12%. Biotech funding increased to EUR 12 billion in Q3.
The full-year filtration growth outlook is 10-12%, which is effectively 15-16% when adjusting for COVID sales and gene therapy headwinds; a slight reduction from 11% to 10% within this range is attributed to delayed fluid management deliveries from Q4 2025 to Q1 2026.
Repligen remains bullish on new modalities, diversifying into cell therapy and antibody drug conjugates, and sees significant potential in lipid nanoparticles. The company is investing in talent, with organic OpEx growth at 14% this year, aiming for OpEx growth to be 70-75% of top-line growth next year and 50% from 2027 onwards, targeting 30% EBITDA by 2030.
Following strong Q2 orders that led to inventory building, China orders slowed in Q3, but the company expects a significant rebound in the second half of 2026.

Nov 11, 2025, 3:00 PM

Transcript

Repligen Reports Strong Q3 Growth and Positive Outlook Across Diverse Portfolio

RGEN

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Repligen (RGEN) reported 18% organic growth in Q3, with year-to-date non-COVID organic growth of 16%, and surpassed bottom-line estimates by $0.05. The company aims to double its size in the next five years, targeting a 15% CAGR across all franchises, and expects to grow 5% above market growth in the midterm.
The company's diversified portfolio, with analytics and protein franchises over-delivering in Q3, contributed to its success. Strategic investments in high-level talent led to 14% organic OpEx growth this year, which was lower than the 16% non-COVID organic top-line growth, with plans to further reduce OpEx growth relative to top-line growth in future years.
Key segments showed positive trends, including a significant rebound in emerging biotech sales and orders in Q3, with funding increasing to $12 billion. Filtration is projected to grow 10% this year (effectively 15-16% when accounting for 2024 COVID sales and gene therapy headwinds), despite some supply delays pushing deliveries to 2026. Chromatography is experiencing a "standout year" driven by organizational changes and securing two big pharma clients.
RGEN is "very bullish" on new modalities, expanding its focus to cell therapy and antibody drug conjugates, and views cell therapy as having the "richest funnel". The company also anticipates substantial opportunities from onshoring initiatives, expecting large RFPs by mid-2026 and significant equipment demand.
The company has set financial targets, aiming for 30% EBITDA by 2030 and gross margins in the mid-50s in the next few years.

Nov 11, 2025, 3:00 PM

Transcript

Repligen Reports Strong Q3 Organic Growth and Strategic Outlook

RGEN

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Repligen achieved 18% organic growth in Q3 and 16% non-COVID organic growth year-to-date, with all key product areas showing double-digit growth.
The company experienced a significant rebound in small biotech sales and orders in Q3, with emerging biotech exposure now around 11-12% of sales.
While the filtration growth outlook for the year is adjusted to the lower end of the 10-12% range due to temporary supply delays, the underlying business is strong, and the company is bullish on new modalities like cell therapy and antibody drug conjugates.
Repligen is making strategic investments in talent, with OpEx growth targeted to decrease from 70-75% of top-line growth next year to 50% from 2027, aiming for 30% EBITDA by 2030.
The company anticipates a significant rebound in China business in the second half of next year and expects onshoring initiatives to create a huge opportunity for bioprocessing companies from mid-2026 onwards.

Nov 11, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for REPLIGEN.

Q3 2025

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