At a glance
Repligen Corporation is worth $11.81B, about 215 times its fiscal 2025 earnings. Revenue grew 16.4% to $738.3M in fiscal 2025, with 6.6% kept as profit; over 5 years it has grown 15.0% a year. It pays no dividend; it spent $14.4M buying back its shares over FY2021–FY2025. The stock returned +21.9% over the past year with dividends reinvested and −8.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 22.2% in the 2020 crash (S&P 500: 33.7%) and 45.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Repligen, based in Waltham, Massachusetts, makes equipment and supplies used to manufacture biologic drugs. These are complex medicines made with living cells or biological ingredients, such as monoclonal antibodies, vaccines, RNA-based therapies, and cell and gene therapies. Its customers are drug companies, contract manufacturers that produce drugs for other firms, and other life science companies.
Most revenue comes from consumable and single-use products, such as filters, pre-packed purification columns, bags and tubing, which are used for a production run and replaced. Their closed, plug-and-play designs suit plants where contamination is a major concern. Repligen has added more hardware, such as filtration and chromatography systems. It runs 19 manufacturing sites, most in the United States, others in Europe and Taiwan, and has made 15 acquisitions since 2012.
Repligen reports as one bioprocessing business with four product groups. Of its $738.3 million in revenue for fiscal 2025 (ended December 31, 2025), filtration brought in 54.6%. That group includes XCell ATF systems, which keep cells growing in a bioreactor while the drug is drawn off. Chromatography, led by OPUS pre-packed columns that purify the drug, made up 20.7%. Proteins added 13.2%, and process analytics, such as instruments that measure protein concentration during production, 11.0%.
Price history
The interactive chart needs JavaScript.
RGEN +21.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Filtration Products | $402.8M | 54.6% |
| Chromatography Products | $153.2M | 20.7% |
| Proteins Products | $97.4M | 13.2% |
| Process Analytics Products | $81.2M | 11% |
| Other Products | $3.3M | 0.4% |
| Royalty | $296K | 0% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $209.3M, up 10.9% from a year earlier, and net income was $-38.4M (-357.7%).
- For fiscal 2025, revenue was $738.3M (+16.4% year over year; +15.0% a year from FY2020 to FY2025) with a 6.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.0% good |
|---|---|
| Operating margin | 7.5% watch |
| Free cash flow margin | 12.7% good |
| Return on equity (FY2025) | 2.3% weak |
| Return on assets (FY2025) | 1.7% weak |
| Net cash (cash minus debt) | $307.4M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $366.3M | $59.9M | $40.2M |
| FY2021 | $670.5M | $128.3M | $51.9M |
| FY2022 | $801.5M | $186.0M | $87.2M |
| FY2023 | $632.4M | $35.6M | $77.7M |
| FY2024 | $634.4M | $-25.5M | $149.7M |
| FY2025 | $738.3M | $48.9M | $93.9M |
Valuation snapshot
| Market value | $11.81B |
|---|---|
| P/E ratio | 214.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Repligen’s market value went from $1.04B at the end of 2016 to $11.81B on Oct 28, 2026, about 11.3 times as much; since the end of 2025 it is up 28%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $11.81B | +28.0% |
| 2025 | $9.22B | +14.4% |
| 2024 | $8.06B | -19.7% |
| 2023 | $10.04B | +6.8% |
| 2022 | $9.40B | -35.8% |
| 2021 | $14.64B | +45.2% |
| 2020 | $10.08B | +109.4% |
| 2019 | $4.82B | +108.2% |
| 2018 | $2.31B | +46.4% |
| 2017 | $1.58B | +51.6% |
| 2016 | $1.04B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RGEN price data to Oct 28, 2026 | +12.7% | +21.9% | +15.6% | -8.6% | +20.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.7% |
| 2025 | +13.8% |
| 2024 | -19.9% |
| 2023 | +6.2% |
| 2022 | -36.1% |
| 2021 | +38.2% |
| 2020 | +107.2% |
| 2019 | +75.4% |
| 2018 | +45.4% |
| 2017 | +17.7% |
| 2016 | +8.9% |
| 2015 | +42.9% |
| 2014 | +45.2% |
| 2013 | +117.2% |
| 2012 | +81.0% |
| 2011 | -26.0% |
| 2010 | +14.1% |
| 2009 | +8.7% |
| 2008 | -42.3% |
| 2007 | +133.1% |
| 2006 | -29.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 14% over that stretch · deepest drop along the way 51.9%, back to its old high 41.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 18.5% over that stretch · deepest drop along the way 22.2%, back to its old high 1.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.6% over that stretch · deepest drop along the way 45.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 10 sales ($6.7M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 24, 2026 | Olivier Loeillot Chief Executive Officer, Director | sell (plan) | $1.6M |
| Sep 21, 2026 | Olivier Loeillot Chief Executive Officer, Director | sell (plan) | $977K |
| Aug 20, 2026 | Olivier Loeillot Chief Executive Officer, Director | sell (plan) | $977K |
| Sep 24, 2026 | Olivier Loeillot Chief Executive Officer, Director | sell (plan) | $863K |
| Oct 5, 2026 | Olivier Loeillot Chief Executive Officer, Director | sell (plan) | $798K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 13% | Sep 30, 2026 |
| BlackRock, Inc. | 9.3% | Mar 31, 2025 |
| Vanguard Capital Management | 5% | Jun 30, 2026 |
| Roy T. Eddleman Living Trust | 4.81% | Dec 31, 2025 |
| T. Rowe Price Associates, Inc. | 3.1% | Jun 30, 2026 |
ETFs with the most weight in RGEN
| FRTY Alger Mid Cap 40 ETF | 3.95% |
| BKIV BNY Mellon Innovators ETF | 3.01% |
| BMED iShares Health Innovation Active ETF | 1.63% |
| BBH VanEck Biotech ETF | 1.3% |
| WDNA WisdomTree BioRevolution Fund | 1.17% |
| PEXL Pacer US Export Leaders ETF | 0.87% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.5% |
| XT iShares Exponential Technologies ETF | 0.45% |
What could go wrong
- Restated results and weak accounting controls. Repligen has restated past financial statements and found material weaknesses, meaning gaps in its accounting checks that could let errors slip through. This may hurt investor trust and bring legal or regulatory scrutiny.
- Lumpy orders from a few big customers. Repligen has relied on a limited number of customers for much of its revenue, though none exceeds 10%. Purchases are hard to predict: revenue fell from $802 million in 2022 to $632 million in 2023.
- Much larger rivals with deeper pockets. Repligen competes with Danaher's Cytiva, Thermo Fisher, MilliporeSigma and Sartorius, which may have more money for research and marketing and can bundle products. That could mean lower prices, thinner profit margins or lost market share.
- Acquisitions could disappoint and force write-downs. Repligen has made 15 acquisitions since 2012. If acquired businesses underperform, it may have to write down goodwill, the premium paid above their asset value, taking a large charge against earnings.
- Convertible debt could strain its cash. Repligen has convertible notes, bonds that can turn into stock. Paying cash for conversions or repurchases could strain finances. Debt was $551 million versus cash and investments of $810 million as of June 30, 2026.
- Reliance on one or few suppliers. Some products rely on a few suppliers, and certain ones on just one. If a supplier falls short, Repligen may struggle to find a quick replacement, delaying deliveries and hurting results and reputation.
Recent events
- Unregistered sale of shares; Other company announcement
- Quarterly results released
- Acquisition or sale of assets completed; Investor presentation or announcement
- Executive or board change
- Other company announcement
- Quarterly results released
- Major agreement signed; Quarterly results released; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Repligen paid no dividends in fiscal 2021 through 2025, so the stock offers no regular income. Any return comes from share price changes, and drawing cash from the holding means trimming shares. Share repurchases were small: $14.4 million in fiscal 2023 and none in the other years of that span. Shares outstanding rose 2.1% from October 25, 2021 to July 24, 2026, slightly diluting existing owners.
The share price has swung hard in downturns. It fell 51.9% during the 2008 financial crisis and did not regain its peak until April 2012. In the 2020 COVID crash it dropped 22.2% but recovered in about two months. In the 2022 bear market it fell 45.5% and had not regained its January 3, 2022 high as of October 28, 2026. At one point in the year to that date, it was down 40.3% from its high. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Repligen pay a dividend?
No. Repligen paid no dividends in fiscal 2021 through 2025, and it had no dividend yield as of October 28, 2026. Its only share repurchases in that five-year span totaled $14.4 million, all in fiscal 2023. That means shareholder returns have come entirely from share price changes. The stock may suit investors focused on growth rather than those who need regular cash income from their holdings.
How does Repligen make money?
Repligen makes money by supplying the equipment and supplies drugmakers use to produce biologic drugs, such as antibodies, vaccines and gene therapies. Most revenue comes from consumable and single-use items like filters, pre-packed chromatography columns (used to purify drugs), bags and tubing, which customers replace. Of $738.3 million in fiscal 2025 revenue, filtration products brought in 54.6%, chromatography 20.7%, proteins 13.2% and process analytics 11.0%. Customers include biopharmaceutical companies and contract manufacturers.
Who are Repligen's competitors?
Repligen's main large competitors are Danaher's Cytiva, Thermo Fisher Scientific, MilliporeSigma and Sartorius, plus many medium and small companies. In its annual report, Repligen says many rivals may have more money for research and marketing, stronger name recognition and the ability to bundle products. Some customers could also develop competing products. Repligen leans on specialized tools such as its XCell ATF cell-retention systems and OPUS pre-packed columns, and it says the OPUS 80R is the largest pre-packed column on the market.
What is Repligen's P/E ratio?
Repligen's price-to-earnings (P/E) ratio, the share price divided by a year's earnings per share, was about 215 as of October 28, 2026, based on fiscal 2025 diluted earnings of $0.86 per share. A ratio that high means the price rests on expected profit growth. Net income was $48.9 million in fiscal 2025, compared with $186.0 million in fiscal 2022 and a $25.5 million loss in fiscal 2024. Its market value was about $10.4 billion.
Has Repligen stock recovered from its 2022 drop?
Not fully, as of October 28, 2026. The shares fell 45.5% from January 3 to June 13, 2022, and lost 36.07% over calendar 2022. After a 6.2% gain in 2023, they fell 19.94% in 2024, then rose 13.84% in 2025 and 12.71% in 2026 through October 28. Over the five years to that date, the share price was down 36% in total, though it was up 54% over three years.