Repligen’s second quarter results were met with a significant positive response from the market, reflecting robust top-line performance and strong operational execution. Management attributed the company’s momentum to broad-based growth across its core franchises—chromatography, filtration, and capital equipment—with particular strength in large-scale columns and hardware placements. CEO Olivier Loeillot emphasized that “17% organic non-COVID growth, the highest rate since 2022,” underscored a continued bioprocessing recovery, with order growth exceeding revenue for the eighth consecutive quarter. The company also noted improved performance in strategic accounts and a rebound in China orders, while highlighting operational investments to manage lead times and customer demand.
Is now the time to buy RGEN? Find out in our full research report (it’s free).
Repligen (RGEN) Q2 CY2025 Highlights:
- Revenue: $182.4 million vs analyst estimates of $175.1 million (14.8% year-on-year growth, 4.1% beat)
- Adjusted EPS: $0.37 vs analyst expectations of $0.39 (5% miss)
- Adjusted EBITDA: $32.18 million vs analyst estimates of $31.38 million (17.6% margin, 2.5% beat)
- The company lifted its revenue guidance for the full year to $725 million at the midpoint from $707.5 million, a 2.5% increase
- Management slightly raised its full-year Adjusted EPS guidance to $1.69 at the midpoint
- Operating Margin: 7.6%, up from 3.4% in the same quarter last year
- Organic Revenue rose 11% year on year (-2% in the same quarter last year)
- Market Capitalization: $6.29 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Repligen’s Q2 Earnings Call
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Puneet Souda (Leerink Partners) asked whether recent order strength reflected pull-forward demand due to tariffs or a shift in clinical versus commercial activity. CEO Olivier Loeillot replied that only China saw some pull-forward, while order growth elsewhere was attributed to clinical and commercial momentum.
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Matthew Richard Larew (William Blair) inquired about the sustainability of capital equipment gains and China’s rebound. Loeillot emphasized the differentiated system features driving equipment wins and credited new leadership and innovation for renewed customer interest in China.
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Daniel Anthony Arias (Stifel) pressed for clarity on the impact of specific gene therapy program headwinds on guidance. Loeillot confirmed that only a minor revenue headwind was assumed, with broader portfolio strength supporting the outlook.
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Rachel Marie Vatnsdal Olson (JPMorgan) probed equipment demand amid global trade uncertainty and sought updated exposure estimates for AAV (Adeno-Associated Virus) gene therapy. Loeillot confirmed equipment demand was broad-based and estimated new modalities at 17% of sales, with AAV exposure down from prior years.
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Justin D. Bowers (Deutsche Bank) questioned the margin trajectory and underlying levers for improvement. CFO Jason Garland detailed productivity efforts, pricing discipline, and operational leverage as key contributors to targeted margin expansion.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be watching (1) whether hardware placements continue to drive higher consumable and service pull-through, (2) if China maintains its order rebound and translates this into sustained revenue growth, and (3) the pace of adoption for new chromatography resins and cell therapy solutions. Margin trends amid tariff and product mix changes will also be a critical indicator of operational execution.
Repligen currently trades at $112.58, down from $119.65 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).
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