Repligen Reports Second Quarter 2025 Financial Results and Updates Full Year 2025 Financial Guidance
Revenue of $182 million, year-over-year increase of 15% as reported and 17% organic non-COVID growth
Orders grew sequentially and greater than 20% year-over-year
Increasing revenue guidance to range of $715 to $735 million, which represents 12.5% -15.5% year-over-year non-COVID organic growth
WALTHAM, Mass., July 29, 2025 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its second quarter of 2025, covering the three- and six- month periods ended June 30, 2025. Provided in this press release are financial performance highlights, updates to our guidance for the full year 2025 and access information for today's webcast and conference call.
Olivier Loeillot, President and Chief Executive Officer of Repligen said, "We had another outstanding quarter in Q2 with 17% organic non-COVID growth. We are very pleased with the momentum we see across the portfolio. This included strength in both consumables and capital equipment, while biopharma demand continues to perform very well. Orders grew over 20%, which represented the eighth quarter in a row of orders exceeding non-COVID revenue and the fifth quarter of sequential order growth. We believe this is a testament to our differentiated strategy, which resulted in 15% organic non-COVID growth in the first half of 2025.
"As a result of this continued execution and our visibility into the second half of 2025, we are raising the midpoint of our organic growth guidance despite recent headwinds from new modalities."
Q2 2025 BUSINESS HIGHLIGHTS
Broad-Based Revenue Strength. All franchises posted year-over-year growth. Consumables were up greater than 20% and capital equipment grew high-teens. CDMOs posted strong year-over-year growth, while biopharma revenue grew 20%. In addition, all geographies grew mid-teens.
New products. Launched ProConnex® MixOne, a single use mixer based on Metenova's mixing technology, which combines components from a number of our fluid management acquisitions into a best-in-class, single use technology.
Sustainability. Published our 2024 Sustainability report "Perspectives on Progress", highlighting the company's progress across numerous environmental, social and governance (ESG) initiatives.
FINANCIAL PERFORMANCE
Q2 2025 Financial Performance (compared to prior year periods except as noted)All adjusted figures are non-GAAP and, except for earnings per share, are rounded to the nearest million, and are reconciled in the tables included later in this press release.
Reported revenue was $182 million compared to $159 million, an increase of 15% as reported, 11% organic and 17% organic excluding COVID related revenue.
GAAP gross profit was $91 million compared to $82 million. Adjusted gross profit was $93 million compared to $81 million.
GAAP income from operations was $14 million, compared to $5 million. Adjusted income from operations was $22 million, compared to $20 million.
GAAP net income was $15 million, compared to $6 million. Adjusted net income was $21 million compared to $22 million.
GAAP earnings per share was $0.26 on a fully diluted basis, compared to $0.10. Adjusted earnings per share was $0.37 on a fully diluted basis, compared to $0.40.
MARGIN SUMMARY
GAAP Margins
Q2 2025
Q2 2024
1H 2025
1H 2024
Gross Margin
50.0%
51.3%
51.7%
50.7%
Operating (EBIT) Margin
7.6%
3.4%
5.8%
3.0%
Adjusted (non-GAAP) Margins
Q2 2025
Q2 2024
1H 2025
1H 2024
Gross Margin
51.1%
51.1%
52.3%
50.2%
Operating (EBIT) Margin
12.0%
12.8%
12.9%
10.9%
EBITDA Margin
17.6%
17.6%
18.5%
16.0%
Cash, cash equivalents and short-term investments at June 30, 2025, were $709 million, compared to $757 million at December 31, 2024.
FINANCIAL GUIDANCE FOR FULL YEAR 2025All Adjusted figures are non-GAAP
Our financial guidance for the full year 2025 is based on expectations for our existing business. Our GAAP and Adjusted (non-GAAP) guidance excludes the impact of any potential or pending business acquisitions in 2025, and future fluctuations in foreign currency exchange rates.
CURRENT GUIDANCE(at July 29, 2025)
FY 2025
GAAP
Adjusted (non-GAAP)
Total Reported Revenue
$715M - $735M
$715M - $735M
Reported Growth
13% - 16%
13% - 16%
Organic Growth
-
10.5% - 13.5%
Organic, Non-COVID GrowthNon-COVID Growth
- -
12.5% - 15.5%15% - 18%
Gross Margin
51.5% - 52.5%
52% - 53%
Income from Operations
$51M - $56M
$98M - $103M
Operating Margin
7% - 8%
13.5% - 14.5%
Other Income (Expense)
$8.5M - $9.5M
$22M - $23M
Adjusted EBITDA Margin
-
19.5% - 20.5%
Tax Rate on Pre-Tax Income
20% - 21%
22% - 23%
Net Income
$48M - $51.5M
$93.5M - $97M
Earnings Per Share - Diluted
$0.85 - $0.92
$1.65 - $1.72
Updated revenue guidance now reflects a 1% tailwind from foreign currency versus our prior assumption of a 1.5% headwind. This assumes a ~1% headwind from new modalities, which is more than offset by strength elsewhere in the portfolio. Guidance also incorporates a modest impact from tariff surcharges.
Conference Call and Webcast Access
Repligen will host a conference call and webcast today, July 29, 2025, at 8:30 a.m. ET, to discuss second quarter 2025 financial results, corporate developments and financial guidance for 2025. The conference call will be accessible by dialing toll-free (800) 715-9871 for domestic callers or (646) 307-1963 for international callers. No passcode is required for the live call. In addition, a webcast will be accessible via the Investor Relations section of the Company's website. Both the conference call and webcast will be archived for a period following the live event. The replay dial-in numbers are (800) 770-2030 from the U.S. and (609) 800-9909 for international callers. Replay listeners must provide the passcode 7706699.
About Repligen Corporation
Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that enable efficiencies in the process of manufacturing biological drugs. We are "inspiring advances in bioprocessing" for the customers we serve; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our focus areas are Filtration and Fluid Management, Chromatography, Process Analytics and Proteins. Our corporate headquarters are located in Waltham, Massachusetts, and the majority of our manufacturing sites are in the U.S., with additional key sites in Estonia, France, Germany, Ireland, the Netherlands and Sweden. For more information about the company see our website at www.repligen.com, and follow us on LinkedIn.
Non-GAAP Measures of Financial Performance
To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following Adjusted (non-GAAP) measures of financial performance are included in this release: organic non-COVID revenue and non-COVID revenue growth; organic revenue and organic revenue growth; adjusted cost of goods sold, adjusted gross profit and adjusted gross margin; adjusted R&D expense and adjusted SG&A expense; adjusted income from operations and adjusted operating margin; adjusted pre-tax income; adjusted net income; adjusted earnings per share (diluted); adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA margin. The Company provides the impact of foreign currency translation, to enable determination of revenue growth rates at constant currency. To calculate the impact of foreign currency translation, the Company converts actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior year periods.
The Company's non-GAAP financial results and/or non-GAAP guidance exclude the impact of: acquisition and integration costs; restructuring charges including the costs of severance and accelerated depreciation among other charges; inventory step-up costs and adjustments; incremental costs attributed to CEO transition; contingent consideration related to the Company's acquisitions; intangible amortization costs; non-cash interest expense related to the accretion of the debt discount; amortization of debt issuance costs related to Company's convertible debt; foreign currency impact of certain intercompany loans; and, the related impact on tax of non-GAAP charges. These costs are excluded because management believes that such expenses do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of our ongoing operations for the period in which such charges are recorded.
NOTE:All reconciliations of above GAAP figures (reported or guidance) to adjusted (non-GAAP) figures are detailed in the tables included later in this press release. When analyzing the Company's operating performance and guidance, investors should not consider non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP.
Forward-Looking Statements This press release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein which do not describe historical facts, including, among others, any express or implied statements or guidance regarding current or future financial performance and position, including our 2025 financial guidance and related assumptions; expected demand in the markets in which we operate; expectations regarding the acquisition of 908 Devices' bioprocessing portfolio; and the expected performance of our business and momentum across our portfolio, are based on management's current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include, among others, our ability to successfully grow our bioprocessing business; our ability to manage through and predict headwinds; the risk that we have assumed that markets and franchises will improve and grow as predicted; our ability to achieve our 2025 financial guidance; our ability to develop and commercialize products and the market acceptance of our products; our ability to successfully integrate any acquired businesses and relevant personnel in a timely manner or at all, and to achieve the expected benefits of such acquisitions; the risk that demand for our products could decline, which could adversely impact our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing companies; risks around the Company's effectiveness of disclosure controls and procedures and the effectiveness of our internal control over financial reporting; our compliance with all U.S. Food and Drug Administration and European Medicines Evaluation Agency regulations; our volatile stock price; the impact of tariffs on our business, and other risks and uncertainties detailed in Repligen's filings with the U.S. Securities and Exchange Commission (the Commission), including our Annual Report on Form 10-K for the year ended December 31, 2024 and in subsequently filed reports with the Commission, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any subsequent filings made with the Commission, which are available at the Commission's website at www.sec.gov. Actual results may differ materially from those Repligen contemplated by these forward-looking statements, which reflect management's current views, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and are based only on information currently available to us. Repligen cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Repligen disclaims any obligation to update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Repligen Contact: Jacob JohnsonVP, Investor Relations(781)
REPLIGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, amounts in thousands, except share and per share data)
Three Months EndedJune 30,
Six Months EndedJune 30,
2025
2024
2025
2024
Revenue:
Product revenue
$
182,329
$
158,804
$
351,466
$
311,950
Royalty and other revenue
37
35
72
71
Total revenue
182,366
158,839
351,538
312,021
Costs and expenses:
Cost of goods sold
91,224
77,314
169,639
153,705
Research and development
13,958
10,575
26,882
21,813
Selling, general and administrative
71,227
65,481
142,482
127,284
Change in fair value of contingent consideration
(7,939
)
—
(7,939
)
—
Total costs and operating expenses
168,470
153,370
331,064
302,802
Income from operations
13,896
5,469
20,474
9,219
Investment income
6,585
9,411
13,899
18,404
Interest expense
(5,354
)
(5,118
)
(10,604
)
(10,147
)
Amortization of debt issuance costs
(414
)
(520
)
(827
)
(1,003
)
Other income (expenses)
3,502
(215
)
3,216
(3,751
)
Income before income taxes
18,215
9,027
26,158
12,722
Income tax provision
3,349
3,314
5,462
3,713
Net income
$
14,866
$
5,713
$
20,696
$
9,009
Earnings per share:
Basic
$
0.26
$
0.10
$
0.37
$
0.16
Diluted
$
0.26
$
0.10
$
0.37
$
0.16
Weighted average shares outstanding:
Basic
56,234,399
55,884,250
56,178,879
55,837,770
Diluted
56,510,323
56,434,065
56,509,198
56,476,771
Balance Sheet Data:
June 30,2025
December 31,2024
Cash and cash equivalents
$
708,855
$
757,355
Working capital
933,853
939,254
Convertible Senior Notes
533,725
525,567
REPLIGEN CORPORATION
RECONCILIATIONS OF GAAP to NON-GAAP FINANCIAL MEASURES
(Unaudited, amounts in thousands, except percentage and earnings per share data)
In all tables below, totals may not add due to rounding
