Repligen (RGEN) Beats on Q1 Earnings & Sales, Raises 2021 View

Repligen Corporation


delivered first-quarter 2021 adjusted earnings per share of 68 cents, beating the Zacks Consensus Estimate of 43 cents. The bottom line also came in higher than the year-ago earnings of 32 cents.

Moreover, total revenues of $142.8 million exceeded the Zacks Consensus Estimate of $116.22 million. Additionally, the top line improved 88% year over year (83% in constant currency) on robust demand across all franchises, especially from COVID-19 vaccine and therapeutic related programs.

Excluding the impact of currency and acquisitions/divestures, Repligen’s revenues grew 69% organically year over year in the first quarter of 2021.

Shares of Repligen were up 4% on May 4, following the strong first-quarter results. In fact, the company’s shares have gained 8.6% so far this year against the


’s decrease of 3%.

Quarter in Detail

Product sales were up 87.7% year over year to $142.7 million in the first quarter.

Sales of Repligen’s base business (excluding COVID-19 related business) were up 31% year over year. Acquisitions made by the company during 2020 contributed 16% of revenue growth while COVID-related programs contributed 53% of revenue growth.

Adjusted gross margin was 59.3% in the first quarter, up 80 basis points year over year.

In the reported quarter, adjusted research and development expenses were $7.4 million, up 67.2% from the year-ago figure.

Adjusted selling, general and administrative expenses were $31.7 million, surging 45.6% year over year.

Adjusted operating income was $45.7 million, increasing 149% year over year.

As of Mar 31, 2021, Repligen had cash and cash equivalents worth $711.3 million compared with $717.3 million on Sep 30, 2020.

Raises 2021 Guidance

Repligen raised its guidance for 2021 revenues, adjusted earnings and certain other items on its first-quarter earnings call.

It expects revenues to be in the range of $565-$590 million, up from the previous guidance of $500-$525 million. The Zacks Consensus Estimates for revenues stand at $514.3 million.

Anticipated revenues for 2021 indicates growth of 54%-61% and 52%-59% year over year on a reported and constant currency basis, respectively. Organic growth is estimated to be in the range of 42%-49%, up from the previous expectation of 26%-33%.

The company expects COVID-related programs to generate revenues in the range of $140-$160 million, up from the previous guidance of $90-$100 million. It maintained anticipated revenues from acquisitions made in 2020 in the range of $37-$40 million.

Adjusted operating income is anticipated within $156-$162 million, an increase from the previous guidance of $134-$140 million. Adjusted net income is projected in the $126-$130 million band, up from the previous guided band of $106-$111 million.

Adjusted EPS is anticipated within $2.21-$2.28 per share, increased up from the previous guidance of $1.86-$1.94 per share. The Zacks Consensus Estimates for earnings stands at $1.91 per share.

Zacks Rank & Stocks to Consider

Currently, Repligen is a Zacks Rank #3 (Hold) stock.

Some other top-ranked stocks from the biotech sector include

Atea Pharmaceuticals, Inc.



Kodiak Sciences Inc.



Nabriva Therapeutics AG


, all carrying a Zacks Rank #2 (Buy). You can see

the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here


Atea’s earnings per share estimates have moved up from $3.79 to $8.34 for 2021 and from $16.76 to $17.25 for 2022 in the past 30 days.

Kodiak’s loss per share estimates narrowed from $4.50 to $4.29 for 2021 and from $6.13 to $5.88 for 2022 in the past 30 days.

Nabriva’s loss per share estimates have narrowed from $2.03 to $1.95 for 2021 and from $1.35 to $1.23 per share in the past 30 days.

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