Repligen

RGEN · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

RGEN · Last close · October 26, 2026

$180.17

Repligen's revenue rose 16.4% to $738 million in fiscal 2025. Its operating margin was 7.5%, up from −5.5% a year earlier. Free cash flow was $94 million, down 37.3%.

REPLIGEN CORP Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001193125-26-076528 Updated October 16, 2026

Revenue

$738M

16.4%

Operating margin

7.5%

13.0 pts

Net income

$49M

Free cash flow

$94M

37.3%

Return on capital

2.4%

4.0 pts

Market cap

—

No share count

P/E

—

Over 200x

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Repligen's debt is its convertible notes, as on its balance sheets: in the years they were due within a year (2018, 2020–22 and part of 2023) its filings tag them under another label and show no long-term part, so the missing part counts as zero. Repligen's filings give its share count in thousands while labelling it as a number of shares, in every year, so the share count is left blank; its earnings per share are as filed.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 10.9% a year and net income 17.2% a year.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Repligen yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Repligen's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Repligen's diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Repligen's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $180.17
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Repligen's earnings per share of $0.73 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 21.9×, the average of its peers' median and the Health Care median for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Harmony Biosciences, ADMA Biologics, Halozyme.

Earnings growth in the years ahead (% a year) Starts at Repligen's revenue growth over the last 3 years, -2.7% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $180.17
Value at this multiple, against the last close: —

Company	Last close	Earnings per share	P/E today
HalozymeHALO	$128.01	$3.43	37.3×
ADMA BiologicsADMA	$11.06	$0.70	15.8×
Harmony BiosciencesHRMY	$36.83	$3.09	11.9×
RepligenRGEN	$180.17	$0.73	—

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	604	524	751	757	768
Debt incl. finance leases	255	285	580	526	542
Net debt (negative means net cash)	−348	−239	−172	−232	−225
Net debt to EBITDA	−1.7x	−0.9x	−1.5x	−6.7x	−1.7x
Debt to equity	0.1x	0.1x	0.3x	0.3x	0.3x
Interest coverage	14.8x	193.3x	24.4x	−1.7x	2.6x
Current ratio	2.5x	2.5x	6.7x	8.4x	8.4x
Quick ratio	2.0x	1.9x	5.5x	7.3x	7.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Repligen shares on the open market, and 5 insiders sold $14.2 million, $10.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 24, 2026	Olivier LoeillotChief Executive Officer, Director	Sold plan	12,946	$190.00	$2.5 million	Form 4
Sep 21, 2026	Olivier LoeillotChief Executive Officer, Director	Sold plan	5,426	$180.00	$976,680	Form 4
Sep 4, 2026	Olivier LoeillotChief Executive Officer, Director	Sold plan	3,035	$165.90	$503,506	Form 4
Aug 20, 2026	Olivier LoeillotChief Executive Officer, Director	Sold plan	5,426	$180.00	$976,680	Form 4
Jul 16, 2026	Jason K GarlandCFO	Sold plan	530	$150.00	$79,500	Form 4
Jun 25, 2026	Jason K GarlandCFO	Sold plan	733	$145.00	$106,285	Form 4
Apr 21, 2026	Olivier LoeillotChief Executive Officer, Director	Sold plan	3,832	$140.00	$536,480	Form 4
Dec 17, 2025	Karen A DawesDirector	Sold	275	$161.00	$44,275	Form 4
Nov 25, 2025	Olivier LoeillotChief Executive Officer, Director	Sold plan	7,041	$170.00	$1.2 million	Form 4
Nov 18, 2025	James BylundChief Operating Officer	Sold	2,191	$151.21	$331,301	Form 4
Nov 13, 2025	Anthony HuntDirector	Sold	20,000	$154.61	$3.1 million	Form 4
Nov 12, 2025	Anthony HuntDirector	Sold plan	25,000	$156.88	$3.9 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	—	—	—
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	—
Accruals ratio	−2.9%	−7.1%	−2.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Repligen side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Repligen	FY25	16.4%	7.5%	12.7%	2.4%	−1.7x	—
Arrowhead Pharmaceuticals	FY25	23,258.2%	11.9%	18.9%	—	−5.5x	5	Compare
Harmony Biosciences	FY25	21.5%	24.0%	40.1%	48.9%	—	5	Compare
ADMA Biologics	FY25	19.6%	37.5%	5.5%	39.5%	−0.1x	5	Compare
Halozyme	FY25	37.5%	33.6%	46.1%	19.2%	4.2x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	104	141	194	270	366	670	802	632	634	738
Revenue growth	25.1%	35.1%	37.4%	39.3%	35.5%	83.1%	19.5%	−21.1%	0.3%	16.4%
Gross profit	57	74	108	151	210	391	456	278	275	386
Research and development	7	9	16	19	20	34	44	43	43	54
Operating income	16	14	26	36	70	167	225	48	−35	55
Net income	12	28	17	21	60	128	186	36	−26	49
Diluted EPS (US$)	0.34	0.72	0.37	0.44	1.11	2.24	3.24	0.63	−0.46	0.86
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	8	18	33	67	63	119	172	114	175	117
Capital expenditure	4	6	11	18	22	67	85	36	26	24
Free cash flow	3	12	22	49	40	52	87	78	150	94
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	14	0	0
Acquisitions	45	113	0	182	175	150	0	187	55	70
Stock-based compensation	5	7	10	13	17	28	27	26	48	33
Balance sheet at fiscal year end
Cash and short-term investments	122	174	194	528	717	604	524	751	757	768
Debt incl. finance leases	95	99	104	233	244	255	285	580	526	542
Total assets	289	744	775	1,400	1,903	2,358	2,532	2,831	2,830	2,950
Total liabilities	120	152	159	340	374	608	621	866	857	844
Shareholders' equity	169	592	616	1,060	1,529	1,750	1,911	1,965	1,973	2,106
Margins and ratios
Gross margin	54.9%	52.5%	55.4%	55.9%	57.2%	58.4%	56.9%	44.0%	43.3%	52.3%
Operating margin	15.3%	9.9%	13.4%	13.3%	19.1%	24.9%	28.0%	7.5%	−5.5%	7.5%
Net margin	11.2%	20.1%	8.6%	7.9%	16.4%	19.1%	23.2%	5.6%	−4.0%	6.6%
Free cash flow margin	3.1%	8.5%	11.4%	18.0%	11.0%	7.7%	10.9%	12.3%	23.6%	12.7%
Return on capital	15.2%	4.2%	3.9%	4.6%	7.7%	11.4%	12.4%	1.7%	−1.6%	2.4%
Return on equity	8.0%	7.5%	2.8%	2.6%	4.6%	7.8%	10.2%	1.8%	−1.3%	2.4%
Return on assets	5.4%	5.5%	2.2%	2.0%	3.6%	6.0%	7.6%	1.3%	−0.9%	1.7%
Net debt to EBITDA	−1.3x	−3.0x	−2.2x	−5.2x	−4.9x	−1.7x	−0.9x	−1.5x	−6.7x	−1.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Repligen's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Repligen.