Biopharma manufacturing company Repligen Corporation (NASDAQ:RGEN) announced better-than-expected revenue in Q2 CY2025, with sales up 14.8% year on year to $182.4 million. The company’s full-year revenue guidance of $725 million at the midpoint came in 2.1% above analysts’ estimates. Its non-GAAP profit of $0.37 per share was 5% below analysts’ consensus estimates.
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
StockStory’s Take
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.
Looking forward, Repligen’s raised revenue and profit guidance reflects expectations of sustained demand in biopharma manufacturing and continued hardware adoption. Management pointed to rising order momentum and broad portfolio strength as the foundation for its outlook, but acknowledged headwinds from muted new modalities demand and gene therapy program exposure. CFO Jason Garland stated, “We continue to see a path for margin expansion year-over-year over that next sort of 5-year window,” driven by productivity, pricing, and manufacturing leverage, while CEO Loeillot added that growth opportunities in Asia and new modalities like cell therapy and antibody-drug conjugates remain key focus areas.
Key Insights from Management’s Remarks
Management cited strong execution across product franchises—especially chromatography and filtration—as the primary drivers behind the quarter’s revenue growth and order momentum. Modest margin headwinds were offset by volume leverage and productivity.
-
Chromatography franchise strength: Revenue in chromatography saw over 40% growth, led by demand for large-scale columns from pharmaceutical customers, particularly in Europe. Recent pharma wins contributed to an atypically high mix of procured resins, which affected margins but demonstrated the platform’s competitiveness in large-scale manufacturing.
-
Filtration and hardware momentum: Filtration revenues grew in the mid-teens, with record order intake for ATF (Alternating Tangential Flow) systems and strong performance in downstream systems. Management highlighted that hardware placements are now driving increased service and consumable sales, setting the stage for future growth.
-
Capital equipment recovery: Capital equipment revenue and orders rebounded, with management attributing this to the differentiated nature of Repligen’s systems, including integrated Process Analytical Technology (PAT) features like FlowVPX. Hardware strength is expected to generate long-term pull-through of consumables and services.
-
Geographic order rebound: Order growth was consistent across all regions, but China stood out with a significant pickup, more than doubling sequentially. Management attributed this in part to new leadership and some potential tariff-driven pull-forward, and expressed optimism for China’s longer-term return to growth.
-
Consumables and CDMO traction: Consumable demand remained robust, posting over 20% year-over-year growth, while CDMO (Contract Development and Manufacturing Organization) revenues and orders both climbed by double digits. This broad-based momentum across customer segments further supported the company’s raised outlook.
Drivers of Future Performance
Repligen’s higher guidance is underpinned by continued strength in core franchises, hardware adoption, and order momentum, but management remains watchful of headwinds in new modalities and macro uncertainties.
-
Order momentum and portfolio breadth: Management expects order growth—driven by success across filtration, chromatography, and capital equipment—to translate into double-digit organic sales increases. The company is leveraging cross-selling opportunities at large pharma accounts and expanding its reach in strategic markets like Asia.
-
Headwinds in new modalities: Guidance factors in muted demand for new modalities, such as gene therapies, with management assuming minimal incremental revenue from affected programs for the remainder of the year. However, opportunities in cell therapy and antibody-drug conjugates (ADCs) are expected to partially offset these pressures.
-
Margin expansion and investment discipline: The company aims for year-over-year margin improvement through volume leverage, manufacturing productivity, and selective pricing actions, while continuing to invest in commercial capabilities and manufacturing capacity. Management sees gross margin expansion as achievable even amid slight tariff and product mix headwinds.
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).
Stocks That Trumped Tariffs
Donald Trump’s April 2025 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities.
The smart money is already positioning for the next leg up. Don’t miss out on the recovery - check out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).
Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.