Repligen Corporation (RGEN)
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Repligen builds the filters and columns almost every modern biologic drug passes through. After the pandemic hangover the company is back: $738.3 million of revenue in fiscal 2025 and $48.9 million of net income after a $25.5 million loss the year before. The stock still sits 59 percent below its 2021 peak — and trades at 153 times earnings. We read the annual report, the quarterly report filed May 6, 2026, and the merger announcement of July 22, 2026. A filter separates what should pass from what stays behind.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralKein wesentlicher KI-Bezug: In den ausgewerteten sechs Filings taucht künstliche Intelligenz ausschließlich in den Risikohinweisen der beiden Geschäftsberichte auf (Cybersicherheit, geistiges Eigentum, EU-KI-Verordnung), nie als Produkt, Umsatzquelle oder belegter operativer Einsatz — der Geschäftsbericht 2025 nennt ausdrücklich eine Absicht („We plan to build and integrate AI into our business practices“), keinen Ist-Zustand; die vier Quartalsberichte erwähnen KI überhaupt nicht.
View the full file — quotes, sources, reviewed filings
„We plan to build and integrate AI into our business practices, and the evolving nature of AI technologies and the surrounding legal and regulatory environment presents risks and uncertainties that could affect our business."
Wir haben vor, künstliche Intelligenz aufzubauen und in unsere Geschäftsabläufe einzubinden; die sich wandelnde Natur der KI-Technologien und das sie umgebende rechtliche und regulatorische Umfeld bringen Risiken und Unsicherheiten mit sich, die unser Geschäft beeinträchtigen könnten.
„In Europe, the EU’s Artificial Intelligence Act (“AI Act”) began its implementation August 1, 2024 with a large portion scheduled to come into effect in August 2026."
In Europa hat die Umsetzung der KI-Verordnung der Europäischen Union („AI Act“) am 1. August 2024 begonnen; ein großer Teil soll im August 2026 in Kraft treten.
Filings Reviewed: 10-Q 2026-05-06 · 10-K 2026-02-26 · 10-Q 2025-11-04 · 10-Q 2025-08-07 · 10-Q 2025-04-29 · 10-K 2025-03-14
Rated on July 27, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.60 | – | 168 | 7.60 | -20.20 | 39 | 32 |
| 2025: Q1 | 0.10 | 76.80 | 169 | 10.40 | 3.40 | 15 | 11 |
| 2025: Q2 | 0.26 | 347.00 | 182 | 18.40 | 8.20 | 29 | 21 |
| 2025: Q3 | 0.26 | – | 189 | 21.90 | 7.90 | 48 | 43 |
| 2025: Q4 | 0.24 | – | 198 | 18.10 | 6.70 | 26 | 17 |
| 2026: Q1 | 0.15 | 42.70 | 194 | 14.80 | 4.30 | 28 | 23 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Repligen sits at a point in the supply chain nobody likes to change: filters, columns and instruments become part of approved manufacturing processes, and swapping them forces revalidation. In fiscal 2025, 90.8 percent of product revenue went directly to customers, and not a single customer accounted for 10 percent or more of revenue. Gross margin ran at 52.3 percent.
The way back is documented and broad: $738.3 million of revenue in fiscal 2025 after $634.4 million the year before, and $194.3 million in the first quarter of 2026, up 14.8 percent. All four product franchises grew by double digits in 2025. Net income swung from minus $25.5 million to plus $48.9 million and gross margin from 43.3 percent to 52.3 percent.
At March 31, 2026 equity of $2,105.5 million stood against total assets of $2,930.8 million — an equity ratio of 71.8 percent, Altman Z of 8.94 and a Piotroski score of 7 of 9. The only financial debt is $600 million of convertible notes at a 1.00 percent coupon. There is no sign of balance sheet stress.
Half the balance sheet was purchased: $1,106.9 million of goodwill and $368.2 million of other intangibles out of $2,930.8 million of total assets (March 31, 2026). The 2025 annual report tests goodwill in a single reporting unit — as long as the value of the whole company exceeds book value, no write-down follows. That not every acquisition works is shown by the March 30, 2026 sale of Polymem, bought in 2021, at a $13.8 million loss.
At a closing price of $131.96 (July 24, 2026) and 56,407,740 shares, the market value is roughly $7.44 billion: 153 times reported 2025 earnings, 10.1 times annual revenue and 79 times free cash flow. A 59.3 percent discount to the 2021 peak is not a low price — only a lower one than back then.
The deal announced on July 22, 2026 adds a high-margin consumables business and, per Repligen, at least $20 million of synergies in year one. It also costs roughly $540 million of cash on hand and dilutes holders through the 64 percent stock component. Nothing is closed: BioLife stockholder approval, antitrust clearance and effectiveness of the registration statement are all outstanding. The outside date is January 31, 2027.
Repligen has put the pandemic hangover behind it: $738.3 million of revenue in fiscal 2025 after $634.4 million, $48.9 million of net income after a $25.5 million loss, gross margin back at 52.3 percent and revenue up 14.8 percent in the first quarter of 2026. The balance sheet is rock solid at a 71.8 percent equity ratio and an Altman Z of 8.94. What is missing is the discount: 153 times 2025 earnings assumes the turn runs for years. On top of that sit $600 million of convertible notes due December 15, 2028, a balance sheet that is half acquisitions, and with BioLife the next integration task. Not investment advice.
- Hook: our in-house stock scanner "Turnaround Candidates", rank 31 of 60 US hits, Turn Check 6 of 8, measured live on July 27, 2026 (scanner last computed July 26, 2026). Important: the scanner page shows only the 25 strongest hits — Repligen is not among them. The lists are recomputed daily, so rank and score are a snapshot.
- Cross-check on the mandatory pillar "at least 50 percent below the all-time high": the price history confirms the hook. Highest closing price $324.21 on September 23, 2021 against $131.96 on July 24, 2026 — minus 59.3 percent. The scanner data set carries minus 57.31 percent; both figures sit well past the threshold, and there is no all-time high off by a factor of 1,000 here. Above roughly $162.11 Repligen drops out of this list.
- Role check: in the transaction announced on July 22, 2026 Repligen is the buyer, not the target. The filing history contains no Form 25, no Form 15 and no SC 14D9; the Form 425 filings dated July 22 and July 24, 2026 are communications about its own acquisition of BioLife Solutions.
- Data as of: 10-K for 2025 filed February 26, 2026; 10-K for 2024 filed March 14, 2025 (supplies 2022); 10-Q for the quarter ended March 31, 2026 filed May 6, 2026; 10-Q reports for September 30, 2025, June 30, 2025 and March 31, 2025; current report on Form 8-K dated July 22, 2026; metrics and price history July 24 to 27, 2026.
- Do not confuse the names: Repligen (RGEN) is neither Replimune (REPL) nor Regeneron (REGN). The acquisition target, BioLife Solutions, trades under its own ticker BLFS.
- The rating in this analysis judges the company, not the entry point. A scanner hit is an invitation to research, not a buy signal.
About the Company
Repligen Corporation, ein Life-Sciences-Unternehmen, entwickelt und vermarktet Bioprocessing-Technologien und -Systeme in Nordamerika, Europa, im asiatisch-pazifischen Raum und international. Zu den Produkten zählen Hohlfaser-Verbrauchsmaterialien, das KRM-Chromatographiesystem, Resins für neue Modalitäten, PATsma…
| Employees | 2,000 |
|---|---|
| Headquarters | Waltham, MA |
| Website | repligen.com |
| IPO Date | 26. Mar 1990 |
| Next Earnings | 4. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Olivier Loeillot | President, CEO & Director | 1970 |
| Jason K. Garland | CFO & Chief Compliance Officer | 1974 |
| James R. Bylund | Chief Operating Officer | 1964 |
| Anthony J. Hunt | Advisor | 1964 |
| Ralf Kuriyel | Senior Vice President of Research & Development | 1958 |
| Brian Douglass | Senior VP & Chief Product Officer | 1975 |
| Violetta Hughes | Chief Accounting Officer | 1973 |
| Jacob K. Johnson C.F.A. | Vice President of Investor Relations | – |
| George A Scott Jr., J.D., M.B.A. | Senior VP & General Counsel | – |
| Neil Whitfield | Senior Vice President of Sales | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.