# Repligen Corporation (RGEN)

> Source: Nexqual · https://nexqual.com/RGEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Repligen Corporation (RGEN), nexqual.com/RGEN" · informational, not investment advice.

**Price:** USD 178.71 (-0.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 180.01 · day 176–185.03 · 52w 100.99–198.87 · market cap $11.3B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $785M, net income $41.5M (5.3% margin), free cash flow $112M (SEC filings).
- Valuation: P/E 273.1x (avg 237.2x at the last 2 fiscal year-ends), EV/EBITDA 77.3x, net cash $259M.
- 2 of 80 tracked superinvestors hold RGEN (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $6.7M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.05 on a 1–5 scale) (22 analysts), mean target USD 199.7 (range 160–235).
- Total return with dividends: 1Y +8.2% vs S&P 500 +14.9%; 5Y -35.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.46, revenue estimate $207M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $671M | $802M | $632M | $634M | $738M | $785M |
| Gross profit | $391M | $456M | $278M | $275M | $386M | — |
| Operating income | $167M | $225M | $47.7M | -$35.1M | $55.2M | $64.6M |
| Net income | $128M | $186M | $35.6M | -$25.5M | $48.9M | $41.5M |
| EPS (diluted) | $2.24 | $3.24 | $0.63 | -$0.46 | $0.86 | — |
| Free cash flow | $51.9M | $87.2M | $77.7M | $150M | $93.9M | $112M |
| Gross margin | 58.3% | 56.9% | 44.0% | 43.3% | 52.3% | — |
| Operating margin | 24.9% | 28.0% | 7.5% | -5.5% | 7.5% | 8.2% |
| Net margin | 19.1% | 23.2% | 5.6% | -4.0% | 6.6% | 5.3% |
| Revenue growth | +83.1% | +19.5% | -21.1% | +0.3% | +16.4% | — |
| Cash + short-term investments | $604M | $523M | $751M | $757M | $768M | — |
| Total debt | — | $0K | $510M | $526M | $542M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 273.1x · P/S 14.4x · EV/EBITDA 77.3x · EV/Sales 14.1x · P/FCF 101.3x · P/B 5.4x · FCF yield 0.99% · Earnings yield 0.37% · Net cash $259M · EV $11.1B
P/E at fiscal year-ends: Dec 2025 189.6x, Dec 2023 284.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold RGEN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 2.44% | $271M | Added +30.7% |
| Wallace Weitz | Weitz Investment Management | 0.39% | $5.6M | Added +60.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-05 | Loeillot Olivier | Chief Executive Officer | 5,535 | $1.0M | 10.8% | Yes (adopted August 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-24 | Loeillot Olivier | Chief Executive Officer | 12,946 | $2.5M | 21.1% | Yes (adopted August 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-21 | Loeillot Olivier | Chief Executive Officer | 5,426 | $977K | 10.1% | Yes (adopted August 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-04 | Loeillot Olivier | Chief Executive Officer | 3,035 | $504K | 5.9% | Yes (adopted August 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-20 | Loeillot Olivier | Chief Executive Officer | 5,426 | $977K | 9.1% | Yes (adopted August 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-16 | Garland Jason K | CFO | 530 | $80K | 2.7% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-25 | Garland Jason K | CFO | 733 | $106K | 3.6% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-21 | Loeillot Olivier | Chief Executive Officer | 3,832 | $536K | 6.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.05 on a 1–5 scale), 22 analysts; mean target USD 199.7 (low 160, high 235).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Canaccord Genuity | Target raised | Hold | $145 → $180 |
| 2026-10-07 | Barclays | Target raised | Overweight | $175 → $225 |
| 2026-09-09 | UBS | Target raised | Buy | $195 → $225 |
| 2026-07-30 | Wells Fargo | Target raised | Overweight | $180 → $185 |
| 2026-07-29 | JP Morgan | Target raised | Overweight | $165 → $175 |
| 2026-07-07 | Benchmark | Upgrade | Hold → Buy | $185 |
| 2026-07-06 | Evercore ISI Group | Target raised | Outperform | $150 → $160 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.2% | -35.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.2% | -8.2% |
| Volatility (annualized) | 46.1% | 52.0% |
| Max drawdown | -40.3% (Jan 2026→May 2026) | -64.6% (Oct 2021→May 2026) |

## Peers (Medical Instruments & Supplies)
COO (The Cooper Companies, Inc.) USD 61.65 +4.54% · AVTR (Avantor, Inc.) USD 17.15 -0.64% · ALGN (Align Technology, Inc.) USD 155.51 +2.74% · BAX (Baxter International Inc.) USD 25.65 +3.85% · SOLV (Solventum Corporation) USD 87.45 +0.90% · ATR (AptarGroup, Inc.) USD 128.1 +1.97%

## More
Full page: https://nexqual.com/RGEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RGEN's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/730272/000119312526076528/rgen-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Navigo Proteins | "We have a long-term supply agreement with Purolite for NGL-Impact and potential additional affinity ligands that may advance from our Navigo collaboration." |
| Partner | DRS Daylight Solutions | "For example, we entered into a 15-year exclusive License Agreement with Daylight (the "Daylight Agreement"), giving us exclusive license and commercialization rights to use certain technology and intellectual property in…" |

Other companies that name RGEN in their own reports (relationship from RGEN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | 908 Devices Inc. (MASS) | 10-K 2026-03-09 | "On the Closing Date, the company entered into a Supply Agreement with Repligen under which the Company will supply certain components to Repligen related to the Rebel product offering." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $204.1M | 100.0% | +11.9% |
| Royalty | $43,000 | 0.0% | +16.2% |
| Total revenue | $204.1M | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "The Company is also providing updated financial guidance for the full year 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.46 | $0.47 | -2.3% | $206.7M | 17 |
| Next quarter (ends 2026-12-31) | $0.56 | $0.60 | -6.6% | $233.7M | 6 |
| Current fiscal year (ends 2026-12-31) | $2.06 | $2.00 | +2.6% | $836.3M | 8 |
| Next fiscal year (ends 2027-12-31) | $2.70 | $2.55 | +5.7% | $1.08B | 7 |