RGEN

MKT CAP:$7B

Repligen Corporation

Market Cap

$7B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$114.06-$50.29 (-30.60%)

Apr 23, 2026

Company Details

Repligen Corporation develops and commercializes bioprocessing technologies and systems for use in biological drug manufacturing process in North America, Europe, the Asia Pacific, and internationally. It offers Protein A ligands that are t...

CEO

Olivier Loeillot

IPO Date

Apr 29, 1986

Website

www.repligen.com

Key Metrics TTM

Revenue

$738M

+19.7% YoY

Net Income

$49M

EPS (Diluted)

$0.85

Free Cash Flow

$91M

Revenue / Share

$13.06

Gross Margin

50.9%

Operating Margin

7.6%

Net Margin

6.6%

FCF Margin

12.4%

P/S

9.0x

P/E

135.9x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 26, 2026

$738M+16.4%EPS $0.86

Q4 2025

Feb 26, 2026

$198M+18.1%EPS $0.23

Q3 2025

Nov 4, 2025

$189M+21.9%EPS $0.26

Q2 2025

Aug 7, 2025

$182MEPS $0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$178M	$103M	$45M
Q4 21	$187M	$104M	$37M
Q1 22	$206M	$124M	$60M
Q2 22	$208M	$121M	$63M
Q3 22	$201M	$114M	$53M
Q4 22	$187M	$96M	$49M
Q1 23	$165M	$84M	$14M
Q2 23	$159M	$80M	$19M
Q3 23	$141M	$37M	$5M
Q1 24	$153M	$77M	$4M
Q3 24	$155M	$77M	-$8M
Q4 24	$168M	$39M	-$37M
Q1 25	$169M	$91M	$7M
Q2 25	$182M	$91M	$14M
Q3 25	$189M	$101M	$17M
Q4 25	$198M	$93M	$19M

Valuation

Quarter	P/S	P/E
Q3 21	11.2x	55.9x
Q4 21	9.9x	51.8x
Q1 22	9.1x	45.6x
Q2 22	8.5x	41.7x
Q3 22	8.3x	39.9x
Q4 22	8.3x	35.7x
Q1 23	8.7x	43.1x
Q2 23	9.3x	53.5x
Q3 23	10.2x	65.9x
Q1 24	10.7x	120.1x
Q3 24	10.9x	168.8x
Q4 24	10.8x	—
Q1 25	10.3x	—
Q2 25	9.9x	—
Q3 25	9.4x	3823.0x
Q4 25	9.0x	135.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$22M	$12M
Q4 21	$50M	$16M
Q1 22	$23M	-$5M
Q2 22	$46M	$20M
Q3 22	$41M	-$16M
Q4 22	$62M	$40M
Q1 23	$11M	$2M
Q2 23	$34M	$25M
Q3 23	$39M	$30M
Q1 24	$45M	$36M
Q3 24	$49M	$42M
Q4 24	$39M	$32M
Q1 25	$15M	$11M
Q2 25	$29M	$21M
Q3 25	$48M	$43M
Q4 25	$26M	$17M

Capital Expenditures

Quarter	CapEx
Q3 21	$11M
Q4 21	$33M
Q1 22	$28M
Q2 22	$26M
Q3 22	$58M
Q4 22	$21M
Q1 23	$9M
Q2 23	$9M
Q3 23	$9M
Q1 24	$8M
Q3 24	$7M
Q4 24	$7M
Q1 25	$4M
Q2 25	$8M
Q3 25	$5M
Q4 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+89.5%	+84.5%
Q4 21	+71.7%	+72.8%
Q1 22	+44.5%	+37.5%
Q2 22	+27.4%	+25.9%
Q3 22	+12.6%	+11.3%
Q4 22	+0.1%	-7.5%
Q1 23	-19.9%	+3.5%
Q2 23	-23.3%	-3.2%
Q3 23	-29.7%	-7.8%
Q1 24	-18.0%	+8.3%
Q3 24	-6.4%	+7.4%
Q4 24	+5.3%	+45.9%
Q1 25	+19.8%	+19.1%
Q2 25	+19.1%	+12.7%
Q3 25	+21.9%	+5.7%
Q4 25	+18.1%	-12.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$7M	3.8%
Q4 21	$0	0.0%
Q1 22	$8M	3.8%
Q2 22	$7M	3.4%
Q3 22	$6M	3.1%
Q4 22	$0	0.0%
Q1 23	$7M	4.4%
Q2 23	$5M	3.4%
Q3 23	$6M	4.5%
Q1 24	$9M	5.7%
Q3 24	$23M	14.9%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$8M	4.6%
Q3 25	$0	0.0%
Q4 25	$8M	4.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$9M	—	—	$48M
Q4 21	$9M	—	—	$52M
Q1 22	$12M	—	—	$54M
Q2 22	$10M	—	—	$55M
Q3 22	$10M	—	—	$54M
Q4 22	$11M	—	—	$53M
Q1 23	$12M	$56M	$118.0K	—
Q2 23	$10M	—	—	$49M
Q3 23	$11M	—	—	$56M
Q1 24	$11M	$61M	$817.0K	—
Q3 24	$10M	—	—	$76M
Q4 24	$12M	—	—	$60M
Q1 25	$13M	—	—	$71M
Q2 25	$14M	—	—	$71M
Q3 25	$14M	—	—	$74M
Q4 25	$12M	—	—	$63M

Revenue Segments

Quarter	Product	Royalty
Q3 21	$178M	$39.0K
Q4 21	$186M	$36.0K
Q1 22	$206M	$37.0K
Q2 22	$208M	$36.0K
Q3 22	$201M	$33.0K
Q4 22	$187M	$247.0K
Q2 23	$159M	$36.0K
Q3 23	$141M	$36.0K
Q1 24	$151M	$36.0K
Q3 24	$155M	$37.0K
Q4 24	$174M	—
Q1 25	$169M	$35.0K
Q2 25	$182M	$37.0K
Q3 25	$189M	$39.0K
Q4 25	$198M	—

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$585M	$0	$585M
Q2 22	$597M	$0	$597M
Q3 22	$573M	$0	$573M
Q4 22	$523M	$100M	$624M
Q1 23	$517M	$101M	$618M
Q2 23	$604M	$0	$604M
Q3 23	$631M	$0	$631M
Q4 23	$751M	$0	$751M
Q1 24	$781M	$0	$781M
Q2 24	$809M	$0	$809M
Q3 24	$784M	$0	$784M
Q4 24	$757M	$0	$757M
Q1 25	$697M	$0	$697M
Q2 25	$709M	$0	$709M
Q3 25	$749M	$0	$749M
Q4 25	$566M	$202M	$768M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	57M	+1.0%	+7.3%
Q4 21	58M	+0.6%	+4.9%
Q1 22	59M	+1.9%	+3.4%
Q2 22	57M	-3.6%	-0.1%
Q3 22	57M	+1.0%	-0.1%
Q4 22	57M	-0.3%	-1.1%
Q1 23	57M	-0.1%	-3.0%
Q2 23	57M	-0.3%	+0.2%
Q3 23	57M	+0.1%	-0.6%
Q1 24	57M	-0.7%	-1.0%
Q3 24	57M	+0.7%	-0.2%
Q4 24	56M	-1.6%	-1.4%
Q1 25	57M	+0.9%	-0.7%
Q2 25	57M	-0.1%	-0.0%
Q3 25	57M	+0.0%	-0.7%
Q4 25	57M	+0.0%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$158.0K	1K
Q4 21	$100.7K	2K
Q1 22	$111.4K	2K
Q2 22	$112.1K	2K
Q3 22	$108.4K	2K
Q4 22	$92.2K	2K
Q1 23	$81.7K	2K
Q2 23	$78.6K	2K
Q3 23	$69.7K	2K
Q1 24	$85.1K	2K
Q3 24	$86.0K	2K
Q4 24	$93.1K	2K
Q1 25	$94.0K	2K
Q2 25	$101.3K	2K
Q3 25	$104.9K	2K
Q4 25	$99.0K	2K

Revenue / Employee