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Repligen Corporation (RGEN - Free Report) reported third-quarter 2024 adjusted earnings per share of 43 cents, which beat the Zacks Consensus Estimate of 34 cents. The company recorded adjusted earnings of 23 cents per share in the year-ago quarter.
Total revenues were $154.9 million, up 10% year over year on a reported basis. Excluding the impact of acquisition revenues and currency exchange, revenues rose 7% organically. The reported figure also beat the Zacks Consensus Estimate of $153.1 million.
This increase in total revenues can be attributed to the encouraging uptake in new modalities, CDMO and equipment sales during the quarter.
More on RGEN’s Q3 Earnings
Product revenues (including revenues from base business) were $154.8 million, up 10% from the year-ago level. Royalty and other revenues amounted to $0.04 million, almost flat year over year.
The company’s base business can be categorized under four franchises — filtration, chromatography, protein and process analytics. Revenues from Repligen’s base business rose 7% year over year to $150.8 million, driven by continued uptake in the Filtration business, combined with order recovery in the chromatography segment.
Revenues from the company’s new modalities business, which includes cell and gene therapy and mRNA, were up 20% year over year.
While CDMO sales also rose around 20% year over year, revenues from the company’s equipment business rose about 6%. Per management, CDMO and equipment sales also rose on a sequential basis.
Discussion on RGEN’s Costs, Margins & Cash Position
Adjusted gross margin was 50.7% compared with 42% in the year-ago period.
Adjusted research and development expenses totaled approximately $9.6 million, down 9% from the year-ago quarter’s level. Adjusted selling, general and administrative expenses rose 5% to $45.8 million.
Adjusted operating income totaled $23.1 million compared with $5.2 million in the year-ago period. Adjusted operating margin was 14.9% in the quarter.
As of Sept. 30, 2024, Repligen had cash and cash equivalents worth $784 million compared with $809 million as of June 30, 2024.
RGEN’s 2024 Guidance
Repligen lowered its guidance for 2024 revenues. The company now expects total revenues to be in the range of $630-$639 million compared with the earlier projection of $627-$642 million.
Adjusted EPS is anticipated to be between $1.50 and $1.58 in 2024 compared with the previously issued guidance of $1.42-$1.49.
This raised EPS outlook is likely why Repligen’s stock price was up nearly 8% in pre-market trading today. Year to date, the stock fell 22.4% compared with the industry’s 0.9% decline.
Image Source: Zacks Investment Research
Repligen expects an adjusted gross margin between 49.5% and 50.5% (previously 49-50%).
Adjusted operating income is now expected in the $80-$85 million range compared with the earlier projection of $76-$81 million.
RGEN’s Zacks Rank
Repligen currently carries a Zacks Rank #3 (Hold).
In the past 60 days, estimates for Castle Biosciences’ 2024 loss per share have narrowed from 58 cents to 8 cents. During the same timeframe, loss per share estimates for 2025 have narrowed from $2.13 to $1.88. Year to date, shares of Castle Biosciences have surged 54.3%.
CSTL’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 172.72%.
In the past 60 days, estimates for Amicus Therapeutics’ 2024 earnings per share (EPS) have risen from 20 cents to 22 cents. EPS estimates for 2025 have increased from 49 cents to 53 cents during the same period. Year to date, shares of FOLD have lost 24.7%.
FOLD’s earnings beat estimates in three of the trailing four quarters and missed the mark once, delivering an average surprise of 27.09%.
In the past 60 days, estimates for Biogen’s 2024 EPS have increased from $16.12 to $16.38. EPS estimates for 2025 have improved from $17.09 to $17.16. Year to date, shares of Biogen have lost 33.1%.
Biogen’s earnings beat estimates in three of the trailing four quarters and missed the mark once, delivering an average surprise of 9.99%.
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Repligen Beats on Q3 Earnings & Sales, Narrows '24 Sales View
Repligen Corporation (RGEN - Free Report) reported third-quarter 2024 adjusted earnings per share of 43 cents, which beat the Zacks Consensus Estimate of 34 cents. The company recorded adjusted earnings of 23 cents per share in the year-ago quarter.
Total revenues were $154.9 million, up 10% year over year on a reported basis. Excluding the impact of acquisition revenues and currency exchange, revenues rose 7% organically. The reported figure also beat the Zacks Consensus Estimate of $153.1 million.
This increase in total revenues can be attributed to the encouraging uptake in new modalities, CDMO and equipment sales during the quarter.
More on RGEN’s Q3 Earnings
Product revenues (including revenues from base business) were $154.8 million, up 10% from the year-ago level. Royalty and other revenues amounted to $0.04 million, almost flat year over year.
The company’s base business can be categorized under four franchises — filtration, chromatography, protein and process analytics. Revenues from Repligen’s base business rose 7% year over year to $150.8 million, driven by continued uptake in the Filtration business, combined with order recovery in the chromatography segment.
Revenues from the company’s new modalities business, which includes cell and gene therapy and mRNA, were up 20% year over year.
While CDMO sales also rose around 20% year over year, revenues from the company’s equipment business rose about 6%. Per management, CDMO and equipment sales also rose on a sequential basis.
Discussion on RGEN’s Costs, Margins & Cash Position
Adjusted gross margin was 50.7% compared with 42% in the year-ago period.
Adjusted research and development expenses totaled approximately $9.6 million, down 9% from the year-ago quarter’s level. Adjusted selling, general and administrative expenses rose 5% to $45.8 million.
Adjusted operating income totaled $23.1 million compared with $5.2 million in the year-ago period. Adjusted operating margin was 14.9% in the quarter.
As of Sept. 30, 2024, Repligen had cash and cash equivalents worth $784 million compared with $809 million as of June 30, 2024.
RGEN’s 2024 Guidance
Repligen lowered its guidance for 2024 revenues. The company now expects total revenues to be in the range of $630-$639 million compared with the earlier projection of $627-$642 million.
Adjusted EPS is anticipated to be between $1.50 and $1.58 in 2024 compared with the previously issued guidance of $1.42-$1.49.
This raised EPS outlook is likely why Repligen’s stock price was up nearly 8% in pre-market trading today. Year to date, the stock fell 22.4% compared with the industry’s 0.9% decline.
Image Source: Zacks Investment Research
Repligen expects an adjusted gross margin between 49.5% and 50.5% (previously 49-50%).
Adjusted operating income is now expected in the $80-$85 million range compared with the earlier projection of $76-$81 million.
RGEN’s Zacks Rank
Repligen currently carries a Zacks Rank #3 (Hold).
Repligen Corporation Price
Repligen Corporation price | Repligen Corporation Quote
Key Picks Among Biotech Stocks
Some better-ranked stocks from the sector are Castle Biosciences (CSTL - Free Report) , Amicus Therapeutics (FOLD - Free Report) and Biogen (BIIB - Free Report) . While CSTL currently sports a Zacks Rank #1 (Strong Buy), FOLD and BIIB carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Castle Biosciences’ 2024 loss per share have narrowed from 58 cents to 8 cents. During the same timeframe, loss per share estimates for 2025 have narrowed from $2.13 to $1.88. Year to date, shares of Castle Biosciences have surged 54.3%.
CSTL’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 172.72%.
In the past 60 days, estimates for Amicus Therapeutics’ 2024 earnings per share (EPS) have risen from 20 cents to 22 cents. EPS estimates for 2025 have increased from 49 cents to 53 cents during the same period. Year to date, shares of FOLD have lost 24.7%.
FOLD’s earnings beat estimates in three of the trailing four quarters and missed the mark once, delivering an average surprise of 27.09%.
In the past 60 days, estimates for Biogen’s 2024 EPS have increased from $16.12 to $16.38. EPS estimates for 2025 have improved from $17.09 to $17.16. Year to date, shares of Biogen have lost 33.1%.
Biogen’s earnings beat estimates in three of the trailing four quarters and missed the mark once, delivering an average surprise of 9.99%.