Repligen Corporation (RGEN) Earnings & Analysis

Latest quarter

Repligen reported third-quarter FY2026 revenue of $209.3 million, above the $206.6 million consensus and up 10.9% from $188.8 million a year earlier. Adjusted earnings per share of $0.53 also exceeded the $0.46 consensus.

CEO Olivier Loeillot said chromatography revenue grew over 50%, proteins grew more than 40%, and analytics grew 20%. Filtration revenue declined 11%, which Loeillot attributed in part to an ACF headwind. The company’s filing said quarterly product revenue increased in Europe and North America but declined in Asia Pacific and the rest of the world.

Repligen reported diluted earnings per share of −$0.68, compared with $0.26 a year earlier, and an operating loss of $29.5 million, primarily driven by an intangible asset impairment charge. Its filing attributed the decline in gross margin to 53.0% from 53.2% primarily to unfavorable product mix, partly offset by improved leverage on indirect labor and overhead. Repligen’s free cash flow was $37.8 million, compared with $42.7 million a year earlier.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

CEO Olivier Loeillot said capital equipment orders increased in the mid-teens year over year, even as equipment revenue declined. He said customers had requested delivery of most systems orders in 2027, and that Repligen was building a backlog for next year. Asked whether customer decisions were still delayed, Loeillot said they were, despite the order intake and equipment opportunity funnel.

Loeillot said consumables grew 20% in the quarter and services grew more than 20%. He said services gave Repligen more contact with customers and insight into their needs. When asked about filtration consumables, he said fewer hardware installations over the preceding six to twelve months probably meant fewer new consumables were entering use, although demand from existing commercial or late-stage products was at a good level.

On filtration, Loeillot cited a gene therapy program, headwinds involving two ATF customers and the Polymem sale. He also told analysts that systems deliveries were a reason filtration revenue fell more than expected. Outside ATF, he said Repligen was gaining share in flat-sheet cassettes, where it faces a direct competitor. His outlook for filtration was a return to historical growth levels in 2027.

Loeillot said Repligen had closed its BioLife acquisition in October and that teams were executing the integration. He said completed actions to capture public-company and certain leadership costs represented more than half of anticipated first-year synergies, while teams were evaluating ways to improve CryoStorm scrap rates. He also said the commercial teams had been cross-trained and the Asia Pacific team was exploring ways to increase awareness of CryoStor.

Asked about onshoring, Loeillot said Repligen had won several requests for proposals but that it was sometimes difficult to identify which were specifically related to onshoring. He said the opportunity was “9 to 12 months delayed” relative to his earlier expectations. On analytics, he said USP chapter 507 had recognized SoloVPE PLUS for measuring protein concentration and that Repligen was also seeing adoption of its FlowVPX tool.

Guidance

Repligen raised its FY2026 revenue guidance to $844.0 million–$852.0 million, with the midpoint previously at $824 million. The company also raised its adjusted EPS guidance midpoint to $2.07 and expects $2.05–$2.09 for the year.

Loeillot said the updated revenue outlook includes $24 million from BioLife after its fourth-quarter closing. He said Repligen narrowed its organic growth outlook to 12%–13%, raising the midpoint. For FY2026, he now expects filtration revenue to be flat to slightly down and growth of at least 30% in both chromatography and analytics.