A month has gone by since the last earnings report for Repligen (RGEN). Shares have lost about 13.5% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Repligen due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
Repligen's Q4 Earnings Beat Estimates, Revenues Surge Y/Y
Repligen reported fourth-quarter 2025 adjusted earnings per share of 49 cents, which came ahead of the Zacks Consensus Estimate and the year-ago adjusted earnings of 44 cents per share.
Total revenues in the fourth quarter were $198 million, up 18% year over year on a reported basis. Excluding the impact of acquisition revenues and currency exchange, revenues rose 14% organically. Revenues also beat the Zacks Consensus Estimate of $192 million.
Quarter in Detail
The company’s top line comprises product revenues and minimal royalty and other revenues.
Product revenues were $197.7 million, up almost 18.1% from the year-ago level. Royalty and other revenues amounted to $0.2 million, up almost 20% year over year.
Repligen records revenues from its business franchisees that can be categorized as filtration, chromatography, proteins and process analytics. Revenues from Repligen’s base business exclude COVID-related revenues and acquisition-related revenues. The company reported 14% organic non-COVID revenue growth for the fourth quarter.
Total orders remained strong like the previous three quarters, with all the franchises witnessing year-over-year growth during the fourth quarter.
Revenues from consumables grew more than 20% while biopharma revenues were up 20% on a year-over-year basis during the fourth quarter, driven by growth from both pharma and emerging biotech. CDMO sales grew in low single digits year over year during the quarter.
In the reported quarter, both Proteins and Process Analytics revenues grew more than 30%, with Chromatography reflecting more than 25% growth on a year-over-year basis. Filtration revenues grew in high single digits during the quarter.
Costs, Margins & Cash Position
Adjusted gross margin was 52.4%, reflecting an increase of 170 basis points year over year.
Adjusted research and development expenses totaled approximately $12.2 million, up 7% from the year-ago quarter’s level. Adjusted selling, general and administrative expenses rose around 27.4% to $61.8 million.
Adjusted operating income totaled $30 million, reflecting an increase of 20% year over year.
Adjusted operating margin was 15% in the fourth quarter, slightly higher than 14.9% in the year-ago quarter.
As of Dec. 31, 2025, Repligen had cash and cash equivalents worth $768 million compared with $749 million as of Sept. 30, 2025.
2026 Guidance
Repligen expects total revenues in the range of $810-$840 million in 2026. The Zacks Consensus Estimate for the metric stands at $825.2 million.
Adjusted EPS is anticipated to be between $1.93 and $2.01 for full-year 2026.
Repligen expects an adjusted gross margin between 53.6% and 54.1% for 2026.
Adjusted operating income is expected in the range of $122-$130 million.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates revision.
The consensus estimate has shifted -16.39% due to these changes.
VGM Scores
At this time, Repligen has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Repligen has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Repligen is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Alnylam Pharmaceuticals (ALNY), a stock from the same industry, has gained 0.4%. The company reported its results for the quarter ended December 2025 more than a month ago.
Alnylam reported revenues of $1.1 billion in the last reported quarter, representing a year-over-year change of +84.9%. EPS of $1.25 for the same period compares with $0.06 a year ago.
Alnylam is expected to post earnings of $1.78 per share for the current quarter, representing a year-over-year change of +17900%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
Alnylam has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Repligen Corporation (RGEN): Free Stock Analysis Report
Alnylam Pharmaceuticals, Inc. (ALNY): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).