Revenue growth has rebounded to 14.8% in 2026Q1, though operating margins remain constrained at 8.9% due to persistent overhead and acquisition-related costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 763.34M | 738.26M | 634.44M | 632.36M | 801.54M | 670.53M | 366.26M | 270.25M | 194.03M | 141.24M | 104.54M | 83.54M | 63.55M | 68.17M | 62.27M | 27.29M | 20.97M | 29.36M | 19.3M | 14.07M | 12.91M | 9.36M | 6.91M | 7.77M | 4.3M | 2.35M | 3.45M | 2.6M | 2.4M | 3.8M | 10.9M |
| Revenue Growth % | 17.36% | 16.36% | 0.33% | -21.11% | 19.54% | 83.08% | 35.53% | 39.28% | 37.38% | 35.1% | 25.14% | 31.45% | -6.78% | 9.48% | 128.16% | 30.14% | -28.58% | 52.16% | 37.1% | 9.01% | 37.94% | 35.38% | -11.03% | 80.67% | 83.3% | -31.99% | 32.72% | 8.33% | -36.84% | -65.14% | -35.5% |
| Cost of Goods Sold | 283.98M | 390.63M | 359.79M | 353.92M | 345.83M | 279.28M | 171.91M | 132.02M | 85.95M | 67.05M | 47.12M | 35.25M | 28.02M | 25.16M | 27.17M | 7.12M | 5.51M | 6.78M | 6.16M | 3.61M | 3.55M | 3.89M | 3.25M | 3.48M | 1.99M | 1.12M | 782.23K | 400K | 300K | 300K | 100K |
| COGS % of Revenue | - | 52.91% | 56.71% | 55.97% | 43.15% | 41.65% | 46.94% | 48.85% | 44.3% | 47.47% | 45.07% | 42.2% | 44.1% | 36.91% | 43.64% | 26.08% | 26.26% | 23.08% | 31.92% | 25.68% | 27.5% | 41.53% | 46.98% | 44.78% | 46.33% | 47.85% | 22.67% | 15.38% | 12.5% | 7.89% | 0.92% |
| Gross Profit | 393.38M | 347.62M | 274.64M | 278.44M | 455.71M | 391.25M | 194.35M | 138.22M | 108.08M | 74.19M | 57.42M | 48.29M | 35.53M | 43.01M | 35.1M | 20.17M | 15.46M | 22.58M | 13.14M | 10.46M | 9.36M | 5.47M | 3.67M | 4.29M | 2.31M | 1.22M | 2.67M | 2.2M | 2.1M | 3.5M | 10.8M |
| Gross Margin % | 51.53% | 47.09% | 43.29% | 44.03% | 56.85% | 58.35% | 53.06% | 51.15% | 55.7% | 52.53% | 54.93% | 57.8% | 55.9% | 63.09% | 56.36% | 73.92% | 73.74% | 76.92% | 68.08% | 74.32% | 72.5% | 58.47% | 53.02% | 55.22% | 53.67% | 52.15% | 77.33% | 84.62% | 87.5% | 92.11% | 99.08% |
| Gross Profit Growth % | - | 26.57% | -1.36% | -38.9% | 16.47% | 101.31% | 40.61% | 27.89% | 45.69% | 29.19% | 18.92% | 35.92% | -17.39% | 22.54% | 73.97% | 30.45% | -31.52% | 71.93% | 25.59% | 11.74% | 71.05% | 49.28% | -14.57% | 85.87% | 88.68% | -54.14% | 21.29% | 4.76% | -40% | -67.59% | -40% |
| Operating Expenses | 326.82M | 288.05M | 309.76M | 230.74M | 231.04M | 224M | 113.07M | 98.14M | 82.09M | 60.18M | 38.21M | 30.44M | 22.76M | 20.04M | 23.72M | 20.55M | 21.23M | 18.7M | -22.76M | 12.28M | 10.58M | 9.63M | 13.61M | 9.39M | 7.89M | 8.56M | 6.56M | 3.7M | 2.9M | 4M | 18.6M |
| OpEx % of Revenue | - | 39.02% | 48.82% | 36.49% | 28.82% | 33.41% | 30.87% | 36.32% | 42.31% | 42.61% | 36.55% | 36.44% | 35.82% | 29.4% | 38.09% | 75.29% | 101.24% | 63.7% | -117.93% | 87.29% | 81.95% | 102.92% | 196.79% | 120.77% | 183.34% | 364.61% | 190.07% | 142.31% | 120.83% | 105.26% | 170.64% |
| Selling, General & Admin | 284.13M | 290.51M | 263.37M | 218.58M | 215.83M | 183.87M | 93.41M | 78.69M | 66.32M | 51.51M | 30.85M | 24.7M | 17.15M | 12.7M | 13.23M | 8.02M | 7.07M | 5.93M | 10.17M | 6.36M | 5.42M | 4.6M | 4.71M | 4.16M | 2.53M | 2.49M | 2.48M | 1.6M | 1.3M | 2.4M | 4.9M |
| SG&A % of Revenue | - | 39.35% | 41.51% | 34.57% | 26.93% | 27.42% | 25.5% | 29.12% | 34.18% | 36.47% | 29.51% | 29.57% | 26.99% | 18.63% | 21.24% | 29.38% | 33.72% | 20.21% | 52.72% | 45.19% | 41.96% | 49.11% | 68.12% | 53.52% | 58.72% | 106.23% | 71.88% | 61.54% | 54.17% | 63.16% | 44.95% |
| Research & Development | 54.77M | 54.18M | 43.2M | 42.72M | 43.94M | 34.27M | 19.66M | 19.45M | 15.77M | 8.67M | 7.36M | 5.74M | 5.61M | 7.34M | 10.49M | 12.53M | 14.16M | 12.77M | 7.24M | 5.92M | 5.16M | 5.04M | 6.48M | 5.23M | 5.36M | 5.79M | 3.75M | 1.8M | 1.4M | 1.4M | 12.3M |
| R&D % of Revenue | - | 7.34% | 6.81% | 6.76% | 5.48% | 5.11% | 5.37% | 7.2% | 8.13% | 6.14% | 7.04% | 6.87% | 8.83% | 10.77% | 16.85% | 45.91% | 67.52% | 43.5% | 37.52% | 42.09% | 39.99% | 53.81% | 93.77% | 67.25% | 124.62% | 246.58% | 108.79% | 69.23% | 58.33% | 36.84% | 112.84% |
| Other Operating Expenses | -2M | -56.64M | 3.19M | -30.57M | -28.73M | 5.87M | 0 | 0 | 262K | 0 | 0 | 0 | 188K | -110.65K | 26.4K | 0 | 0 | 0 | -40.17M | 0 | 0 | 0 | 2.41M | 0 | 0 | 276.85K | 324.41K | 300K | 200K | 200K | 1.4M |
| Operating Income | 66.57M | 59.58M | -35.11M | 47.7M | 224.67M | 167.25M | 81.29M | 40.08M | 25.99M | 14.01M | 15.97M | 13.76M | 10.69M | 22.87M | 11.08M | -374.07K | -5.77M | 3.88M | 35.89M | -1.83M | -1.22M | -4.16M | -9.94M | -5.09M | -5.58M | -7.33M | -3.89M | -1.5M | -800K | -500K | -7.8M |
| Operating Margin % | 8.72% | 8.07% | -5.53% | 7.54% | 28.03% | 24.94% | 22.19% | 14.83% | 13.39% | 9.92% | 15.28% | 16.48% | 16.82% | 33.55% | 17.8% | -1.37% | -27.5% | 13.21% | 186% | -12.97% | -9.45% | -44.46% | -143.77% | -65.55% | -129.67% | -312.46% | -112.74% | -57.69% | -33.33% | -13.16% | -71.56% |
| Operating Income Growth % | - | 269.67% | -173.61% | -78.77% | 34.33% | 105.75% | 102.8% | 54.24% | 85.56% | -12.33% | 16.06% | 28.74% | -53.26% | 106.38% | 3062.84% | 93.51% | -248.63% | -89.19% | 2066.32% | -49.63% | 70.69% | 58.14% | -95.13% | 8.67% | 23.93% | -88.48% | -159.36% | -87.5% | -60% | 93.59% | 61.58% |
| EBITDA | 155.46M | 138.32M | 51.45M | 133.82M | 281.68M | 205.7M | 108.36M | 60.95M | 41.77M | 24.46M | 21.31M | 18.36M | 14.71M | 25.99M | 14.59M | 1.3M | -4.39M | 4.96M | 36.72M | -1.29M | -821.46K | -3.41M | -9.05M | -4.29M | -5.32M | -7.06M | -3.57M | -1.2M | -600K | -300K | -6.4M |
| EBITDA Margin % | 20.37% | 18.74% | 8.11% | 21.16% | 35.14% | 30.68% | 29.58% | 22.55% | 21.53% | 17.32% | 20.38% | 21.98% | 23.15% | 38.12% | 23.43% | 4.77% | -20.92% | 16.88% | 190.28% | -9.14% | -6.36% | -36.38% | -130.95% | -55.23% | -123.68% | -300.67% | -103.34% | -46.15% | -25% | -7.89% | -58.72% |
| EBITDA Growth % | 132.55% | 168.86% | -61.55% | -52.49% | 36.94% | 89.84% | 77.77% | 45.93% | 70.77% | 14.78% | 16.07% | 24.8% | -43.39% | 78.1% | 1022.04% | 129.64% | -188.51% | -86.5% | 2954.43% | -56.59% | 75.88% | 62.39% | -110.95% | 19.32% | 24.6% | -97.86% | -197.16% | -100% | -100% | 95.31% | 63.84% |
| D&A (Non-Cash Add-back) | 88.89M | 78.75M | 86.56M | 86.11M | 57.01M | 38.45M | 27.07M | 20.87M | 15.78M | 10.45M | 5.33M | 4.59M | 4.02M | 3.11M | 3.51M | 1.67M | 1.38M | 1.08M | 824.63K | 539.03K | 398.43K | 756.26K | 886.71K | 802.23K | 257.54K | 276.85K | 324.41K | 300K | 200K | 200K | 1.4M |
| EBIT | 88.41M | 85.56M | -6.3M | 59.21M | 220.3M | 164.82M | 71.35M | 35.44M | 25.99M | 13.69M | 19.22M | 13.46M | 11.14M | 23.01M | 11.33M | -1.71M | -17.34K | -4.9M | 5.78M | 35.89M | -1.83M | -1.22M | -4.16M | -9.94M | -5.09M | -5.58M | -7.33M | -4.36M | -2.76M | -815.02K | 0 |
| Net Interest Income | -5.55M | 4.4M | -22.57M | -10.03M | 4M | -12.54M | -10.39M | -9.29M | -6.71M | -6.44M | -3.77M | -32K | -50K | -50K | -56.71K | 0 | -26.17K | -1.97K | -2.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 27.24M | 27.57M | 0 | 0 | 6.98M | 176K | 1.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 33.55M | 23.17M | 22.57M | 10.03M | 2.98M | 12.71M | 12.13M | 9.29M | 6.71M | 6.44M | 3.77M | 32K | 49.96K | 49.85K | 56.71K | 26.17K | 1.97K | 2.96K | 2.96K | 0 | 696.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -9.01M | 2.81M | 8.08M | 9M | -5.53M | -13.71M | -22.07M | -13.93M | -4.55M | -6.76M | -4.28M | -341K | 447.58K | 140.82K | -108.34K | -2.35M | 5.72M | 868.07K | 1.89M | 39.76M | 936.07K | 1.92M | 1.18B | 5.4M | 1.12M | 2.05M | 3.52M | 1.86M | 1.96M | 315.02K | 500K |
| Pretax Income | 56.21M | 62.38M | -27.04M | 56.71M | 219.14M | 153.54M | 59.22M | 26.15M | 21.44M | 7.25M | 11.69M | 13.42M | 11.14M | 23.01M | 11.27M | -43.51K | -4.9M | 5.77M | 37.93M | -889.26K | 696.86K | -2.98M | -9.55M | -4.54M | -4.46M | -5.28M | -3.82M | -2.5M | -800K | -500K | -11.5M |
| Pretax Margin % | 7.36% | 8.45% | -4.26% | 8.97% | 27.34% | 22.9% | 16.17% | 9.68% | 11.05% | 5.13% | 11.18% | 16.07% | 17.53% | 33.76% | 18.1% | -0.16% | -23.36% | 19.66% | 196.59% | -6.32% | 5.4% | -31.87% | -138.13% | -58.38% | -103.7% | -224.95% | -110.6% | -96.15% | -33.33% | -13.16% | -105.5% |
| Income Tax | 4.82M | 13.49M | -1.52M | 21.11M | 33.18M | 25.25M | -709K | 4.74M | 4.82M | -21.11M | 11K | 4.08M | 2.97M | 6.92M | -2.88M | -330.56K | -834.77K | 26.7K | 827.47K | 889.26K | -696.86K | 2.98M | 9.55M | 4.54M | 4.46M | 5.28M | 3.82M | 2.5M | 800K | 500K | 11.5M |
| Effective Tax Rate % | 8.57% | 21.62% | 5.63% | 37.23% | 15.14% | 16.45% | -1.2% | 18.13% | 22.48% | -291.18% | 0.09% | 30.38% | 26.65% | 30.07% | -25.59% | 759.76% | 17.04% | 0.46% | 2.18% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | 51.4M | 48.89M | -25.51M | 35.6M | 185.96M | 128.29M | 59.93M | 21.41M | 16.62M | 28.35M | 11.68M | 9.35M | 8.17M | 16.09M | 14.16M | -43.51K | -4.06M | 5.75M | 37.11M | -889.26K | 696.86K | -2.98M | -9.55M | -4.54M | -4.46M | -5.28M | -3.82M | -2.5M | -800K | -500K | -11.5M |
| Net Margin % | 6.73% | 6.62% | -4.02% | 5.63% | 23.2% | 19.13% | 16.36% | 7.92% | 8.56% | 20.07% | 11.17% | 11.19% | 12.86% | 23.61% | 22.73% | -0.16% | -19.38% | 19.57% | 192.3% | -6.32% | 5.4% | -31.87% | -138.13% | -58.38% | -103.7% | -224.95% | -110.6% | -96.15% | -33.33% | -13.16% | -105.5% |
| Net Income Growth % | 323.66% | 291.64% | -171.68% | -80.86% | 44.95% | 114.08% | 179.88% | 28.85% | -41.39% | 142.73% | 25% | 14.38% | -49.23% | 13.68% | 32635.88% | 98.93% | -170.72% | -84.51% | 4272.73% | -227.61% | 123.36% | 68.76% | -110.51% | -1.71% | 15.5% | -38.32% | -52.66% | -212.5% | -60% | 95.65% | 64.06% |
| Net Income (Continuing) | 51.4M | 48.89M | -25.51M | 35.6M | 185.96M | 128.29M | 59.93M | 21.41M | 16.62M | 28.35M | 11.68M | 9.35M | 8.17M | 16.09M | 14.16M | -2.15M | -43.51K | -4.06M | 5.75M | 37.11M | -889.26K | 696.86K | -2.98M | -9.55M | -4.54M | -4.46M | -5.28M | -3.82M | -2.54M | -800K | -500K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.91 | 0.86 | -0.46 | 0.63 | 3.24 | 2.24 | 1.11 | 0.44 | 0.37 | 0.72 | 0.34 | 0.28 | 0.25 | 0.50 | 0.45 | -0.00 | -0.13 | 0.18 | 1.18 | -0.03 | 0.02 | -0.10 | -0.32 | -0.17 | -0.17 | -0.20 | -0.18 | -0.14 | -0.05 | -0.03 | -0.74 |
| EPS Growth % | 842.57% | 286.96% | -173.02% | -80.56% | 44.64% | 101.8% | 152.27% | 18.92% | -48.61% | 111.76% | 21.43% | 12% | -50% | 11.11% | - | 98.92% | -172.22% | -84.75% | 4127.3% | -229.07% | 122.88% | 69% | -88.24% | 0% | 15% | -11.11% | -28.57% | -188.66% | -61.67% | 95.95% | 64.42% |
| EPS (Basic) | - | 0.87 | -0.46 | 0.64 | 3.35 | 2.33 | 1.14 | 0.44 | 0.38 | 0.74 | 0.35 | 0.28 | 0.25 | 0.51 | 0.46 | -0.00 | -0.13 | 0.19 | 1.20 | -0.03 | 0.02 | -0.10 | -0.32 | -0.17 | -0.17 | -0.20 | -0.18 | -0.14 | -0.05 | -0.03 | -0.75 |
| Diluted Shares Outstanding | 56.67M | 56.56M | 55.94M | 56.38M | 57.45M | 57.26M | 53.89M | 49.21M | 45.47M | 39.15M | 34.1M | 33.58M | 33.26M | 32.41M | 31.25M | 30.78M | 30.75M | 31.29M | 31.32M | 30.38M | 30.69M | 30.06M | 29.69M | 26.81M | 26.64M | 26.55M | 21.54M | 18.02M | 16.5M | 16.67M | 15.53M |
| Basic Shares Outstanding | 56.35M | 56.23M | 55.94M | 55.72M | 55.46M | 55.02M | 52.55M | 48.34M | 43.77M | 38.23M | 33.57M | 32.88M | 32.5M | 31.67M | 30.91M | 30.78M | 30.75M | 30.96M | 30.83M | 30.38M | 30.13M | 30.06M | 29.69M | 26.81M | 26.64M | 26.55M | 21.54M | 18.02M | 16.5M | 16.67M | 15.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Bioprocessing inventory destocking cycles
According to the most recent quarterly filings, Repligen has successfully navigated a period of inventory recalibration, with revenue growth accelerating to 14.8% in 2026Q1, marking a significant recovery from the negative growth rates observed in early 2024 as the company moved past pandemic-era demand distortions.
The recent acceleration suggests that the primary destocking headwinds impacting the bioprocessing sector are beginning to subside. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary replenishment of depleted customer inventories rather than a fundamental increase in underlying biologic production volumes.
As reported in financial statements, Repligen's gross margin profile has exhibited significant instability, fluctuating from a low of 23.2% in 2024Q4 to 55.7% in 2026Q1, reflecting the ongoing challenges of managing product mix and capacity utilization in a post-pandemic environment that warrants further investigation.
The wide variance in gross margins suggests that the company's cost structure remains highly sensitive to production volume fluctuations and potential inventory write-downs. While the recent expansion to 55.7% is encouraging, it remains unclear if this level represents a new structural baseline or a transient benefit from favorable product mix shifts.
Based on the company's reported figures, operating income has struggled to scale proportionally with revenue, with operating margins reaching only 8.9% in 2026Q1, indicating that the firm's fixed cost base and recent acquisition-related expenses continue to exert significant pressure on overall profitability metrics.
The inability to consistently expand operating margins despite double-digit revenue growth suggests that the company's current SG&A and R&D spending levels may be misaligned with its current revenue scale. This warrants close scrutiny of management's ability to drive operational efficiencies as the business moves beyond the integration phase of its recent acquisitions.
Analysis of the income statement reveals that net income remains highly inconsistent, with quarterly figures swinging from a $33.9 million loss in 2024Q4 to an $8.3 million profit in 2026Q1, largely driven by non-operating items and the impact of periodic stock-based compensation charges.
The erratic nature of the bottom line suggests that GAAP earnings may not currently serve as a reliable indicator of the company's core operational health. Investors should focus on the underlying drivers of cash generation rather than reported net income, which appears heavily influenced by accounting adjustments and integration-related costs.
Quick answers to the most common questions about buying RGEN stock.
For fiscal year 2025, Repligen Corporation (RGEN) reported total revenue of $738.3M. This represents a 6673.0% increase compared to $10.9M in 1996.
Repligen Corporation (RGEN) is profitable, generating $48.9M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Repligen Corporation (RGEN) reported an operating income of $59.6M, resulting in an operating profit margin of 8.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Repligen Corporation (RGEN) generated $347.6M in gross profit for the year, representing a gross profit margin of 47.1%. This demonstrates the company's core pricing power and production efficiency.