Financials

Repligen Corporation financials

RGEN Life Sciences Tools and Services

Repligen Corporation, founded in 1981 and headquartered in Waltham, Massachusetts, United States, provides advanced bioprocessing technologies to the global biopharmaceutical industry. The company drives revenue by supplying proprietary reagents, chromatography resins, and single‐use systems to major pharmaceutical firms. Under the leadership of CEO Robert E. Dutton, Repligen has secured an estimated 15-20% market share in its niche through innovative process solutions. It is focused on strategic expansion and R&D investments to fuel double-digit growth in the near term.

Snapshot

Repligen Corporation reported $738M in revenue in fiscal 2025, up 16.4% year over year, with an operating margin of 7.5%.

Revenue (FY2025)
$738M
YoY growth
+16.4%
Operating margin
7.5%
Direction
Expanding

Financial statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues738,256634,439632,362801,536
Cost of Sales352,011359,794353,922345,830
Gross Profit386,245274,645278,440455,706
Selling, General & Administrative Expenses290,508263,368218,584215,829
Research & Development Expenses54,17743,20042,72243,936
Other Operating Expenses(13,607)3,191(30,569)(28,729)
Operating Profit55,167(35,114)47,703224,670
Interest and Investment Income27,57435,82724,1356,978
Interest Expense(23,173)(22,574)(10,578)(2,977)
Non-Operating Income10,0312,9054,451(15,061)
Total Non-Operating Income14,43216,15818,008(11,060)
Income Before Provision for Income Taxes62,383(27,035)56,707219,140
Provision for Income Taxes13,489(1,521)21,11133,181
Consolidated Net Income48,894(25,514)35,596185,959
Net Income Attributable to Common Shareholders48,894(25,514)35,596185,959
Basic EPS0.87-0.460.643.35
Diluted EPS0.86-0.460.633.24
Basic Weighted Average Shares Outstanding56,23455,93755,72055,460
Diluted Weighted Average Shares Outstanding56,56155,93756,37757,455
Shares Outstanding56,32556,09255,76655,558
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents566,021757,355751,323523,458
Short-Term Investments201,607——100,299
Total Cash and Cash Equivalents767,628757,355751,323623,757
Accounts Receivable158,587134,115124,161116,247
Total Trade Receivables158,587134,115124,161116,247
Inventories170,458142,964202,321238,277
Other Current Assets40,71231,60733,54119,837
Total Current Assets1,137,3901,066,0401,111,350998,118
Net Property, Plant & Equipment306,152333,116322,955315,696
Net Intangible Assets386,147397,897406,957360,618
Goodwill1,114,4101,031,000987,120855,513
Other Long-Term Assets5,6071,6172,8071,655
Total Assets2,949,7002,829,6702,831,1902,531,600
Accounts Payable30,01032,13419,56327,554
Accrued Expenses79,20862,42357,31371,120
Current Portion of Long-Term Debt——69,452284,615
Current Portion of Leases21,55915,1045,6316,957
Other Current Liabilities5,04917,12612,98313,950
Total Current Liabilities135,826126,787164,942404,196
Long-Term Debt542,213525,567510,143—
Leases126,176145,576126,578131,389
Other Long-Term Liabilities39,35559,01864,67785,315
Total Long-Term Liabilities707,744730,161701,398216,704
Total Liabilities843,570856,948866,340620,900
Common Stock563561558556
Additional Paid-in Capital1,651,8501,617,3401,569,2301,547,270
Accumulated Other Comprehensive Income(2,531)(52,533)(37,808)(34,394)
Retained Earnings456,248407,354432,868397,272
Total Common Shareholders' Equity2,106,1301,972,7201,964,8501,910,700
Total Shareholders' Equity2,106,1301,972,7201,964,8501,910,700
Total Liabilities and Shareholders' Equity2,949,7002,829,6702,831,1902,531,600
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Net Income48,894(25,514)35,596185,959
Depreciation & Amortization78,74569,67368,55650,985
Share-Based Compensation Expense32,60548,07025,57527,316
Other Adjustments8,05322,2444,286(22,339)
Changes in Trade Receivables(17,165)(14,031)(3,312)(3,596)
Changes in Inventories(14,947)56,89540,973(57,204)
Changes in Accounts Payable(4,150)12,898(9,803)(8,197)
Changes in Accrued Expenses11,8136,106(21,518)(2,019)
Changes in Other Operating Activities(26,431)(947)(26,435)1,196
Cash from Operating Activities117,417175,394113,918172,083
Capital Expenditure(23,519)(25,677)(36,222)(84,834)
Proceeds from Sale of Property, Plant & Equipment238———
Purchases of Intangible Assets(2,211)(7,228)(2,766)(45,000)
Purchases of Investments(200,257)—102,323(100,000)
Proceeds from Sale of Investments———(3,512)
Payments for Business Acquisitions(70,328)(54,765)(186,642)(64,830)
Other Investing Activities(2,397)1,28732110
Cash from Investing Activities(298,474)(86,383)(123,275)(233,236)
Issuance of Long-Term Debt——290,094—
Repayments of Long-Term Debt—(69,939)——
Net Issuance / (Repayments) of Long-Term Debt—(69,939)290,094—
Issuance of Common Shares3,1764,2941,0763,707
Repurchases of Common Shares(8,833)(9,882)(27,613)(17,018)
Net Issuance / (Repurchases) of Common Shares(5,657)(5,588)(26,537)(13,311)
Other Financing Activities(9,548)(7,375)(14,596)(26)
Cash from Financing Activities(15,205)(82,902)248,961(13,337)
Effect of Exchange Rate Changes on Cash and Cash Equivalents4,928(77)(11,739)(5,866)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(191,334)6,032227,865(80,356)

Key metrics

$9.23B
Market Cap
190.53x
P/E
12.50x
P/S
68.34x
EV/EBITDA
2.4%
Return on Equity
2.1%
Return on Invested Capital
8.37x
Current Ratio
12.7%
Free Cash Flow Margin

Quarterly trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026$194M+14.8%8.2%$16M
Q4 2025$198M+18.1%9.0%$18M
Q3 2025$189M+21.9%8.9%$17M
Q2 2025$182M+14.8%7.6%$14M
Q1 2025$169M—3.9%$7M
Q4 2024$168M—-21.8%$-37M
Q3 2024$155M—-5.1%$-8M
Q2 2024$159M—3.4%$5M

Margins

52.3%
Gross margin
7.5%
Operating margin
6.6%
Net margin

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