Repligen
RGEN · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Repligen reported revenue of $738M in the fiscal year ended Dec 2025, up 16.4% from the year before. Operating income was $55M, an operating margin of 7.5%, and net income was $49M. Operating cash flow of $117M less capital expenditure of $24M left free cash flow of $94M. It held more cash than debt (net cash $24M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $671M | $802M | $632M | $634M | $738M |
| Cost of revenue | $279M | $346M | $354M | $360M | $352M |
| Gross profit | $391M | $456M | $278M | $275M | $386M |
| Research & development | $34M | $44M | $43M | $43M | $54M |
| Selling, general & admin | $184M | $216M | $219M | $263M | $291M |
| Operating income | $167M | $225M | $48M | −$35M | $55M |
| Interest expense | $11M | $1M | $2M | $21M | $22M |
| Pre-tax income | $154M | $219M | $57M | −$27M | $62M |
| Income tax | $25M | $33M | $21M | −$2M | $13M |
| Net income | $128M | $186M | $36M | −$26M | $49M |
| Diluted EPS | 2.24 | 3.24 | 0.63 | −0.46 | 0.86 |
| Diluted shares | 0M | 0M | 0M | 0M | 0M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $604M | $523M | $751M | $757M | $566M |
| Receivables | $117M | $116M | $124M | $134M | $159M |
| Inventory | $184M | $238M | $202M | $143M | $170M |
| Current assets | $932M | $998M | $1.1B | $1.1B | $1.1B |
| Net PP&E | $125M | $191M | $207M | $198M | $187M |
| Goodwill | $860M | $856M | $987M | $1B | $1.1B |
| Total assets | $2.4B | $2.5B | $2.8B | $2.8B | $2.9B |
| Payables | $36M | $28M | $20M | $32M | $30M |
| Deferred revenue | $14M | $13M | $19M | $16M | $15M |
| Current liabilities | $375M | $404M | $165M | $127M | $136M |
| Long-term debt | – | – | – | $526M | $542M |
| Total liabilities | $608M | $621M | $866M | $857M | $844M |
| Shareholders' equity | $1.8B | $1.9B | $2B | $2B | $2.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $119M | $172M | $114M | $175M | $117M |
| Capital expenditure | $67M | $85M | $36M | $26M | $24M |
| Free cash flow | $52M | $87M | $78M | $150M | $94M |
| Depreciation & amortisation | $38M | $51M | $69M | $70M | $79M |
| Stock-based compensation | $28M | $27M | $26M | $48M | $33M |
| Acquisitions | $150M | $0 | $187M | $55M | $70M |
| Share buybacks | $0 | $0 | $14M | $0 | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.5% | −21.1% | 0.3% | 16.4% |
| Operating income growth (YoY) | – | 34.3% | −78.8% | −173.6% | – |
| EPS growth (YoY) | – | 44.6% | −80.6% | −173.0% | – |
| Gross margin | 58.3% | 56.9% | 44.0% | 43.3% | 52.3% |
| Operating margin | 24.9% | 28.0% | 7.5% | −5.5% | 7.5% |
| Net margin | 19.1% | 23.2% | 5.6% | −4.0% | 6.6% |
| Return on equityBlank when equity is negative | 7.3% | 9.7% | 1.8% | −1.3% | 2.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.4% | 10.6% | 1.8% | −1.3% | 2.0% |
| Free cash flow margin | 7.7% | 10.9% | 12.3% | 23.6% | 12.7% |
| Cash conversion (CFO ÷ net income) | 0.93x | 0.93x | 3.20x | −6.87x | 2.40x |
| Receivable days | 64 | 53 | 72 | 77 | 78 |
| Inventory days | 241 | 251 | 209 | 145 | 177 |
| Payable days | 47 | 29 | 20 | 33 | 31 |
| Interest cover | 14.8x | 193x | 24.5x | −1.69x | 2.56x |
| Debt ÷ equity | – | – | – | 0.27x | 0.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −$232M | −$24M |
| Current ratio | 2.48x | 2.47x | 6.74x | 8.41x | 8.37x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.