Repligen Reports $209 Million in Third-Quarter Revenue and Raises 2026 Forecast
Key Facts
Repligen reported its third-quarter 2026 results on October 27, posting revenue of $209 million and adjusted earnings per share of $0.53, according to company data and estimates cited by StreetInsider. Revenue exceeded analysts’ estimate of $206.7 million, and earnings per share also beat an estimate of $0.46. Adjusted earnings rose from $0.46 in the third quarter of 2025, according to the company. On a GAAP basis, the company recorded an operating loss of $29.5 million, compared with operating income of $16.8 million a year earlier. Repligen attributed the loss primarily to an impairment of intangible assets.
Results across business lines showed a sharp contrast between filtration and other activities. Filtration revenue fell 11% year over year in the third quarter, while chromatography revenue increased by more than 50%, proteins grew by more than 40%, and analytics revenue rose 20%, according to the company’s earnings call transcript published by Benzinga. Weakness in one activity thus coincided with broad growth across three other lines, while total revenue exceeded analysts’ estimates. Management attributed filtration performance to a decline in a gene therapy program and pressure from two customers in the ATF business, as well as the impact of the Polymem sale. It also said system sales expected in the third and fourth quarters did not materialize in those periods, saying: "These sales will come in 2027, and they will all happen in 2027."
Despite the decline in revenue, capital equipment orders rose at a mid-teens rate year over year, and the quarter recorded the highest order level in five years, according to the call transcript. This comparison points to a gap between the timing of orders and the recording of sales: orders increased while revenue declined, and the company said most system orders were scheduled for delivery in 2027 at customers’ request. Part of this gap is tied to system sales deferred from the third and fourth quarters, which management said would be recorded in 2027. Accordingly, attention turns to delivery timing and the recording of deferred sales within next year’s outlook, for which the company provided a growth forecast. Management said of the deferred sales: "They will all happen in 2027."
Repligen raised its full-year 2026 revenue guidance, according to its official announcement, while quarterly results were mixed, with growth in several business lines alongside a decline in filtration and a GAAP operating loss. In its outlook for the following year, the chief executive said the company was positioned for reported revenue growth of at least 25% in 2027 and expected revenue to exceed $1 billion. The company tied this path to an assumption of high-single-digit market growth and no material change in foreign exchange rates. This places deferred sales and the delivery of most system orders in 2027 within the context of management’s announced outlook and revenue growth target. The guidance reflects the company’s expectations for reported revenue, not a result already achieved.
In the market, RGEN shares closed at $180.17 on October 26, up from $176.93 on October 23, according to EL7 data. After the results were announced on October 27, the shares fell 2.25% in premarket trading to $176.12, compared with the previous close of $180.17, according to Investing.com. The move came despite revenue and adjusted earnings per share beating analysts’ estimates. Premarket trading places the price reaction in the session following the announcement, while the October 26 close preceded the results’ release. The 2027 outlook, including reported revenue growth of at least 25% and revenue exceeding $1 billion, remains tied to the market and foreign exchange assumptions cited by management.