Repligen Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The company is healthy: a 71.8 percent equity ratio, Altman Z of 8.94, a Piotroski score of 7 of 9, 52.3 percent gross margin, $117.4 million of operating cash flow in fiscal 2025 against $48.9 million of reported profit, and no customer above 10 percent of revenue. What is missing for green is earning power: net margin ran at 6.6 percent in 2025 and return on equity at roughly 2.3 percent — on equity that is half purchased goodwill and intangibles. The March 30, 2026 sale of Polymem, acquired in 2021, at a $13.8 million loss shows the acquisition run does not work out every time, and BioLife Solutions is the next and largest integration ahead. Whether revenue turns back into earnings at the old rate will be decided over the coming quarters. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Business model and market position
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 turn in the numbers
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.
Balance sheet strength
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.
Quality of the assets
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.
Valuation
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.
BioLife Solutions acquisition
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RGEN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 102.90 $ to 182.00 $ · Last price: 178.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Instruments & Supplies
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Repligen Corporation RGEN | 10.1 | 196.4 | 56.8 | 53.8 | 8.9 | 16.4 | 49.3 |
| Intuitive Surgical Inc ISRG | 135.7 | 47.7 | 29.5 | 66.7 | 30.9 | 20.5 | -11.6 |
| Becton Dickinson and Company BDX | 50.0 | 33.0 | 13.4 | 46.9 | 14.7 | 8.2 | 27.3 |
| Medline Inc. MDLN | 43.2 | 26.7 | 14.0 | 25.1 | 5.4 | 11.5 | – |
| ResMed Inc RMD | 32.7 | 22.2 | 14.6 | 61.6 | 35.3 | 9.8 | -15.4 |
| West Pharmaceutical Services Inc WST | 25.4 | 50.2 | 28.3 | 36.8 | 21.7 | 6.3 | 43.3 |
| Solventum Corp. SOLV | 15.1 | 10.8 | 8.2 | 54.8 | 5.6 | 0.9 | 18.2 |
| Baxter International Inc BAX | 11.6 | – | 26.1 | 34.1 | 6.0 | 5.7 | -0.6 |
| Align Technology Inc ALGN | 11.1 | 25.6 | 10.9 | 70.7 | 16.6 | 0.9 | 15.7 |
| Median of companies shown | 25.4 | 29.9 | 14.6 | 53.8 | 14.7 | 8.2 | 16.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 105 | 16 | 12 | 0.34 | 8 | 169 | 289 |
| 2017 | 141 | 14 | 28 | 0.72 | 17 | -32 | 120 |
| 2018 | 194 | 26 | 17 | 0.37 | 33 | 616 | 139 |
| 2019 | 270 | 40 | 21 | 0.44 | 67 | 1,060 | 1,400 |
| 2020 | 366 | 81 | 60 | 1.11 | 63 | 1,529 | 1,903 |
| 2021 | 671 | 167 | 128 | 2.24 | 119 | 1,750 | 2,358 |
| 2022 | 802 | 225 | 186 | 3.24 | 172 | 1,911 | 2,532 |
| 2023 | 639 | 55 | 42 | 0.74 | 114 | 1,971 | 2,824 |
| 2024 | 634 | -35 | -26 | -0.46 | 175 | 1,973 | 2,830 |
| 2025 | 738 | 60 | 49 | 0.86 | 117 | 2,106 | 2,950 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | 0.09 | -65.40 | 204 | 11.90 | 2.40 | 33 | 28 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.06 | 2.03 – 2.09 | 827 | 20.7% | 20 |
| 12/31/2027 | 2.64 | 2.39 – 2.86 | 969 | 27.8% | 20 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 28.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $110.8M |
|---|---|
| Market cap | $10.07B |
| Free cash flow in year ten | $1.36B |
| Terminal value as a share of market value | 71.4% |
For comparison: over the past five years free cash flow grew by 21.0% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Kein 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.
10-K · 2026-02-26 · View SEC filing
„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.
10-K · 2026-02-26 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -2.7%
- More than 10% revenue growth is expected for the coming year 14.8%
- Share count grows by less than 3% a year -0.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 29.1%
- Gross margin at 40% or higher and without meaningful erosion 47.1%
- Goodwill from acquisitions does not grow faster than revenue 37.8%
- Net debt below twice EBITDA 78 m net cash
- Operating cash flow covers the profits of the last three years 342 m
- Return on capital at 15% or higher, or up versus two years ago 2.1%
- Insiders hold at least 10% or are net buyers 5.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 24.3%
- Exp. sales growth 3Y > 5% 14.5%
- EBIT growth 10Y > 5% 15.8%
- Exp. EBIT growth 3Y > 5% 74.7%
- Net debt < 4x EBIT -1.3x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 8.1%
- ROCE > 15% 2.1%
- Expected return > 10% 76.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 4, 2026 | Loeillot Olivier | Chief Executive Officer | Sell | 3,035 | 165.90 | 503,507 |
| Sep 3, 2026 | Loeillot Olivier | Chief Executive Officer | Other | 2,842 | 169.61 | 482,032 |
| Sep 1, 2026 | Hughes Violetta | CHIEF ACCOUNTING OFFICER | Other | 277 | 170.02 | 47,096 |
| Aug 20, 2026 | Loeillot Olivier | Chief Executive Officer | Sell | 5,426 | 180.00 | 976,680 |
| Aug 20, 2026 | Loeillot Olivier | Chief Executive Officer | Other | 5,426 | 141.79 | 769,353 |
| Jul 16, 2026 | Garland Jason K | CFO | Sell | 530 | 150.00 | 79,500 |
| Mar 5, 2026 | Hughes Violetta | CHIEF ACCOUNTING OFFICER | Other | 2,466 | 0.00 | – |
The company
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
- Address
- Building 1, 02453 Waltham, United States
- Phone
- 781 250 0111
- Website
- repligen.com
- IPO Date
- 03/26/1990
- ISIN
- US7599161095
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 | 1963 |
| 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 |
| Heather Ems | Chief Information Officer | – |
| Jacob K. Johnson C.F.A. | Vice President of Investor Relations | – |
| George A Scott Jr., J.D., M.B.A. | Senior VP & General Counsel | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/15/2026 REPLIGEN CORP (RGEN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 09/08/2026 REPLIGEN CORP (RGEN): Other Events SEC ↗
- 07/28/2026 REPLIGEN CORP (RGEN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/22/2026 REPLIGEN CORP (RGEN): Entry into a Material Definitive Agreement; Results of Operations and Financial Condition; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.