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Friday 6 November 2026
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Repligen Corporation
RGEN Healthcare Medical Instruments & Supplies
Repligen Corporation’s revenue for fiscal 2025 (year ended December 2025) was $738.3 million, up 16.4% from fiscal 2024.
- Revenue
- +10.9%
- EPS
- −351.9%
- Free cash flow
- −11.5%
- Total debt
- +3.28%
Quarter to September 2026, against a year earlier
169.01
9.19
−5.16%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 105 | 141 | 194 | 270 | 366 | 671 | 802 | 632 | 634 | 738 | 806 | +24.3% | 849 | 1,070 | 1,243 | +19.0% | |
| Gross margin, % | 54.93 | 52.53 | 55.40 | 55.93 | 57.23 | 58.35 | 56.85 | 44.03 | 43.29 | 52.32 | 53.46 | (2.6) pt | ||||||
| EBT | 12 | 7 | 21 | 26 | 59 | 154 | 219 | 57 | (27) | 62 | 8 | +20.4% | ||||||
| EBT margin, % | 11.18 | 5.13 | 11.05 | 9.68 | 16.17 | 22.90 | 27.34 | 8.97 | (4.26) | 8.45 | 1.02 | (2.7) pt | ||||||
| Net income | 12 | 28 | 17 | 21 | 60 | 128 | 186 | 36 | (26) | 49 | (12) | +17.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.11 | 3.69 | 4.43 | 5.59 | 6.97 | 12.19 | 14.45 | 11.35 | 11.34 | 13.13 | 14.24 | +17.3% | |||||
| Earnings | 0.35 | 0.74 | 0.38 | 0.44 | 1.14 | 2.33 | 3.35 | 0.64 | (0.46) | 0.87 | (0.20) | +10.6% | ||||||
| Cash flow | 0.22 | 0.46 | 0.75 | 1.39 | 1.19 | 2.16 | 3.10 | 2.04 | 3.14 | 2.09 | 2.30 | +28.2% | ||||||
| Capex | (0.13) | (0.14) | (0.32) | (0.48) | (0.50) | (1.30) | (2.40) | (0.70) | (0.59) | (0.45) | (0.43) | +15.1% | ||||||
| Free cash flow | 0.10 | 0.31 | 0.43 | 0.91 | 0.69 | 0.87 | 0.70 | 1.34 | 2.55 | 1.63 | 1.86 | +36.9% | ||||||
| Book value | 5.03 | 15.47 | 14.06 | 21.92 | 29.10 | 31.81 | 34.45 | 35.26 | 35.27 | 37.45 | 36.98 | +25.0% | ||||||
| Shares, m | 34 | 38 | 44 | 48 | 53 | 55 | 55 | 56 | 56 | 56 | 56 | +5.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 89.00 | 50.77 | 138.79 | 205.56 | 168.10 | 113.18 | 48.21 | 267.52 | 0.00 | 188.34 | 0.00 | 126.9 | |||||
| P/S | 10.00 | 10.03 | 11.90 | 16.55 | 27.50 | 21.73 | 11.21 | 15.80 | 12.69 | 12.48 | 11.87 | 15.0 | ||||||
| P/B | 6.20 | 2.40 | 3.75 | 4.22 | 6.59 | 8.33 | 4.70 | 5.08 | 4.08 | 4.38 | 4.57 | 5.0 | ||||||
| EV/Sales | 9.56 | 10.20 | 11.95 | 15.43 | 26.27 | 21.36 | 10.95 | 15.53 | 12.44 | 12.27 | 11.57 | 14.6 | ||||||
| EV/FCF | 308.33 | 120.09 | 115.98 | 94.66 | 265.25 | 300.03 | 104.81 | 131.03 | 81.98 | 212.32 | 165.88 | 173.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 8 | 17 | 33 | 67 | 63 | 119 | 172 | 114 | 175 | 117 | 130 | +35.7% | |||||
| Capex | (4) | (5) | (14) | (23) | (26) | (71) | (133) | (39) | (33) | (25) | (24) | +21.9% | ||||||
| Free cash flow | 3 | 12 | 19 | 44 | 36 | 48 | 39 | 75 | 142 | 92 | 105 | +45.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 163 | 218 | 146 | 594 | 583 | 556 | 594 | 946 | 939 | 1,002 | 1,116 | +22.3% | |||||
| Net debt | (47) | (75) | (90) | (301) | (448) | (247) | (208) | (172) | (232) | (225) | (307) | +19.2% | ||||||
| Shareholders’ equity | 169 | 592 | 616 | 1,060 | 1,529 | 1,750 | 1,911 | 1,965 | 1,973 | 2,106 | 2,092 | +32.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.37 | 5.49 | 2.19 | 1.97 | 3.63 | 6.02 | 7.61 | 1.33 | (0.90) | 1.69 | (0.40) | (3.7) pt | |||||
| ROIC | 8.17 | 1.69 | 3.09 | 2.97 | 4.03 | 6.95 | 8.25 | 1.66 | (1.26) | 1.83 | 0.64 | (6.3) pt | ||||||
| ROE | 8.01 | 7.46 | 2.75 | 2.56 | 4.63 | 7.82 | 10.16 | 1.84 | (1.30) | 2.40 | (0.57) | (5.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 236 | 476 | 548 | 761 | 1,128 | 1,852 | 2,025 | 1,783 | 1,778 | 2,000 | — | +26.8% | |||||
| Revenue/emp, $m | 0.44 | 0.30 | 0.35 | 0.36 | 0.32 | 0.36 | 0.40 | 0.35 | 0.36 | 0.37 | — | (2.0%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Filtration Products | 403 | 54.56% |
|---|---|---|
| Chromatography Products | 153 | 20.75% |
| Proteins Products | 97 | 13.20% |
| Process Analytics Products | 81 | 11.00% |
| Other products | 3 | 0.45% |
| Royalty and other revenue | 0 | 0.04% |
| Gross margin | 52.32% | |
| Operating margin | 7.47% | |
| Pre-tax margin | 8.45% |
Repligen Corporation vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SOLV Solventum Corporation | $14.8B | 97.3× | 47.7× | −7.01% (below 0%: shrinking) | n/m | +561.90% (above 0%: growing) | 0.00% | 0.00% | Compare |
| BAX Baxter International Inc. | $13.3B | — (loss-making) | 21.3× | +4.97% (above 0%: growing) | n/m | +255.56% (above 0%: growing) | 33.40% | 7.56% | Compare |
| COO The Cooper Companies, Inc. | $12.1B | 21.7× | 17.5× | +0.56% (above 0%: growing) | +357.14% (above 0%: growing) | +65.96% (above 0%: growing) | 66.77% | 20.82% | Compare |
| ALGN Align Technology, Inc. | $11.3B | 23.1× | 20.4× | +1.92% (above 0%: growing) | +143.87% (above 0%: growing) | +8.26% (above 0%: growing) | 68.73% | 16.67% | Compare |
| RGEN Repligen Corporation | $10.8B | — (loss-making) | — (loss-making) | +10.86% (above 0%: growing) | n/m | −11.46% (below 0%: shrinking) | 53.02% | (14.12%) | |
| AVTR Avantor, Inc. | $10.3B | 30.3× | 34.8× | +4.59% (above 0%: growing) | n/m | −9.03% (below 0%: shrinking) | 31.49% | 8.21% | Compare |
| ATR AptarGroup, Inc. | $9.1B | 34.6× | 25.9× | +6.03% (above 0%: growing) | −73.85% (below 0%: shrinking) | −16.86% (below 0%: shrinking) | 36.59% | 13.25% | Compare |
| BLCO Bausch + Lomb Corporation | $7.1B | — (loss-making) | 749× | +7.34% (above 0%: growing) | n/m | +182.54% (above 0%: growing) | 64.65% | 11.27% | Compare |
| TFX Teleflex Incorporated | $6.5B | — (loss-making) | 37.4× | +28.88% (above 0%: growing) | −17.33% (below 0%: shrinking) | +220.14% (above 0%: growing) | 58.16% | 12.77% | Compare |
| Median of peers | $10.8B | 30.3× | 30.3× | +4.78% | +63.27% | +124.25% | 47.38% | 12.02% |
From the latest earnings call
- CEO Olivier Loeillot said capital equipment orders rose in the mid-teens year over year, while equipment revenue declined and customer decisions remained delayed.
- Loeillot said Repligen had begun integrating BioLife, including actions to capture public-company and leadership costs representing more than half of anticipated first-year synergies.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
117.25%
Held by the ten largest
50.30%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 5.38m | 9.54% | −608.12k |
| Vanguard | 5.15m | 9.13% | +28.78k |
| Fidelity (FMR) | 3.33m | 5.90% | +439.90k |
| T. Rowe Price | 3.16m | 5.61% | −3.08m |
| UNITED CAPITAL FINANCIAL ADVISORS, LLC | 2.79m | 4.95% | +16.67k |
| MAVERICK CAPITAL LTD | 1.98m | 3.52% | +465.75k |
| State Street | 1.80m | 3.19% | +23.25k |
| MFS Investment Management | 1.62m | 2.87% | +219.51k |
| WASATCH ADVISORS LP | 1.59m | 2.82% | +346.72k |
| Ameriprise (Columbia Threadneedle) | 1.58m | 2.79% | +650.92k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 2 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 6.11m | 8.69m | 85.51 |
| 2023 | 7.93m | 8.20m | 194.38 |
| 2022 | 7.71m | (14.04m) | 183.04 |
| 2021 | 7.77m | 28.76m | 286.31 |
Ownership
Directors and executive officers, together
0.60%
BlackRock, Inc.
9.20%
The Vanguard Group
8.90%
T. Rowe Price Associates, Inc.
8.20%
FMR LLC
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Repligen Corporation (RGEN) Latest News
31 Oct
28 Oct
27 Oct
5 Oct
9 Aug
RGEN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Repligen develops and sells technologies used to manufacture biological drugs. Its customers include biopharmaceutical companies, contract developers and manufacturers, and other life sciences companies. These customers use its products to grow cells, move and filter fluids, purify drug ingredients, and measure what is happening during production.
Biological drugs are made using living systems, so manufacturers must control their production processes and avoid contamination. Repligen supplies products used at different stages, from growing cells in a bioreactor to purifying the resulting material. Its applications include monoclonal antibodies, recombinant proteins, RNA-based therapeutics and vaccines, and cell and gene therapies.