Repligen Corporation (RGEN) Stock

Repligen Corporation (RGEN) is a Healthcare stock trading at $176.87 (as of 2026-09-18), with a market capitalization of $10.02B and a trailing P/E of 241.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Repligen develops and commercializes bioprocessing technologies and systems for biological drug manufacturing. Its offerings include Protein A ligand and chromatography products (e.g., affinity resins and OPUS columns), along with filtration systems, dialysis products, and related assay kits, which are used by biopharmaceutical manufacturers.

Understand Repligen Corporation: how it makes money

Repligen sells bioprocessing consumables and equipment (Protein A resins, OPUS chromatography columns, growth factors) to biopharma manufacturers, earning revenue from product sales and a small royalty stream. The model blends high-margin consumables that repeat with each manufacturing batch against one-time capital equipment, creating semi-recurring revenue tied to biologics output.

Every batch of a biologic requires fresh Protein A resin and chromatography media, making Repligen a toll booth on biopharma manufacturing volume rather than a one-time equipment vendor.

Business quality (Mixed): Gross margin of 54% shows real pricing power in specialty resins, but operating margin of only 7% reveals heavy R&D and SG&A drag. At 247x earnings versus a 17x industry norm, the stock prices in near-perfection.

Valuation: At 247× earnings, RGEN trades 1338% above the Pharmaceutical Products average (17×).

Bull case

  • Record demand pipeline: Management reported the high-probability opportunity funnel is at a record level, suggesting visibility into a broad set of upcoming biopharma manufacturing purchases that feed directly into top-line growth.
  • Installed base fuels upgrade cycle: A large existing customer base creates a multiyear Solo VPE Plus upgrade opportunity, meaning RGEN can monetize its installed equipment through repeat sales without needing entirely new customers.
  • Twelve percent top-line acceleration: Quarterly revenue of $200 million grew 12% year over year (kpi: Book-to-Bill at 1.03 confirms orders outpace bookings), indicating the consumables flywheel is turning faster as biologics production scales.

Bear case

  • Gene-therapy drag on growth: Management flagged gene-therapy weakness as a two-point headwind to 2026 organic growth, meaning the single fastest-growing segment of bioprocessing is contracting and offsetting gains elsewhere.
  • Tariff squeeze on margins: Tariff surcharges are expected to reduce 2026 margin by approximately 50 basis points, compressing an already thin 7% operating margin and leaving little room to absorb further cost inflation.
  • Priced for perfection: The stock trades at 246.8x trailing earnings against a 17x pharmaceutical-products industry average (1338% above peers), leaving virtually no margin for execution misses or demand softness.
Valuation — source: SEC EDGAR (first-party)
Price$176.87
Market Cap$10.02B
P/E Ratio241.2
EV / EBITDA69.5
Price / Book4.74
Price / Sales12.76
FCF Yield1.1%
DCF Value (model)$3.65
DCF Upside vs Price-97.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$738.26M
Net Margin6.6%
Return on Equity2.0%
Debt / Equity0.26
Current Ratio9.05
Revenue Growth (YoY)11.9%
EPS Growth (YoY)-65.4%
FCF Growth (YoY)27.5%
Financial Health — source: SEC EDGAR
Altman Z-Score8.01 (safe)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E241.2
Sector P/E (Healthcare)21.5
Industry P/E (Pharmaceutical Products)16.0
vs Sector1023.4%
vs Industry1405.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($818.31M)
Institutional Holders Tracked10
Congressional Trades (recent)6
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOOlivier Loeillot
Employees1,778
CountryUS
IPO Date1986-04-29

Repligen Corporation earnings call transcripts

  • RGEN Q1 FY26 earnings call transcript (reported 2026-05-05) · analysis
  • RGEN Q4 FY25 earnings call transcript (reported 2026-02-24) · analysis
  • RGEN Q2 FY25 earnings call transcript (reported 2025-07-29) · analysis

All RGEN earnings calls

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

  • Bio-Techne Corp (TECH)
  • Haemonetics Corporation (HAE)
  • Revvity, Inc. (RVTY)
  • Twist Bioscience Corporation (TWST)
  • Harvard Bioscience, Inc. (HBIO)
  • Agilent Technologies, Inc. (A)
  • Alpha Teknova, Inc. (TKNO)
  • KORU Medical Systems, Inc. (KRMD)
RGEN earnings history · RGEN institutional & insider holders · RGEN KPIs & operating metrics · RGEN financials · RGEN filings, presentations & press releases · RGEN investor presentations & press releases · RGEN SEC filings · RGEN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-18.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.