REPLIGEN (RGEN) Company Report

Repligen provided its FY25 adjusted financial guidance, projecting revenue between $729M and $737M and diluted EPS between $1.65 and $1.68.
The company's strategic priorities for 2026 include above-market growth, expanding margins, and adding capabilities via M&A.
Repligen is committed to a path to ~30% adjusted EBITDA margin over the medium term, targeting over 100 basis points of annual gross margin expansion.
M&A remains the top priority for capital allocation in 2026, supported by a strong balance sheet with $749M in cash as of September 30, 2025.

7 days ago

Presentation

Repligen discusses 2025 performance and future growth strategy

RGEN

Guidance Update

New Projects/Investments

M&A

Repligen reported $733 million in sales at the midpoint of its 2025 guidance and aims to double its size by 2030.
The company targets an EBITDA margin of 30% by 2030, up from approximately 19% in 2025, driven by volume leverage, product mix, and operational efficiency.
Repligen achieved an 18% CAGR from 2019 to 2025 (excluding COVID impact) and operates in a total addressable market that expanded from $3 billion to $13 billion over the last six years, representing only 2% of the current market.
For 2026, the company anticipates 11%-12% top-line growth, factoring in 500 basis points of market growth and 200 basis points of headwinds from a specific gene therapy drug.
Innovation is a core strategy, with 80% of its portfolio considered highly differentiated and 50 new products launched in the last five years.

7 days ago

Transcript

Repligen Outlines Growth Strategy and Financial Targets

RGEN

Guidance Update

New Projects/Investments

M&A

Repligen achieved an 18% CAGR from 2019 to 2025 (excluding COVID noise) and saw its total addressable market grow from $3 billion to $13 billion over the last six years, currently holding about 2% market share.
In 2025, the company reported more than 5% above market growth at the midpoint of guidance, with 15% organic non-COVID growth. For 2026, Repligen aims to outpace market growth by 5 points, factoring in a 200 basis point headwind from a gene therapy drug.
Repligen targets to double its size by 2030 and achieve an EBITDA margin of approximately 30% by the same year, up from around 19% at the 2025 guidance midpoint.
Key strategic drivers include annual R&D investment of 6%-7% of sales, continued M&A activity, expansion in APAC, and investments in infrastructure and AI tools to support growth and margin expansion.
The company is diversifying its portfolio, with 16% of sales in new modalities in 2025, strong momentum in chromatography, and an expected multi-year tailwind from the SoloVPE plus upgrade cycle.

7 days ago

Transcript

Repligen Outlines Growth and Margin Expansion Strategy at J.P. Morgan Conference

RGEN

Guidance Update

M&A

New Projects/Investments

Repligen achieved $733 million in sales at the midpoint of its 2025 guidance and aims to be a double-sized company by 2030, targeting 5 points above market growth for the next five years.
The company is committed to margin expansion, projecting an increase from 19% EBITDA in 2025 to 30% EBITDA by 2030, driven by OPEX leverage, price, productivity, and an improved product mix.
For 2026, Repligen anticipates 11%-12% top-line growth, factoring in a 200 basis point headwind from a specific gene therapy drug.
Repligen is actively pursuing growth through innovation (spending 6%-7% of sales on R&D), M&A, and capitalizing on significant opportunities in the $13 billion total addressable market and reshoring initiatives.
Key product developments include the early-stage SoloVPE+ upgrade cycle (with over 2,500 installed units) and the increasing adoption of ATF systems, which are specced into more than 50 late-stage and commercial drugs.

7 days ago

Transcript

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

RGEN

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

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.

Dec 3, 2025, 6:20 PM

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.

Dec 3, 2025, 6:20 PM

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

Earnings Transcripts

Quarterly earnings call transcripts for REPLIGEN.

Q3 2025

Oct 28, 2025

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Q2 2025

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REPLIGEN (RGEN)

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