News

Repligen Corp. Reports Surprising Profit in Q3

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Andrew R. Michaud

• October 31, 2023

Repligen Corp., a life sciences company based in Waltham, Mass., saw a boost in its stock after unexpectedly posting a profit in the third quarter.

Stock Performance

During Tuesday trading, shares of Repligen Corp. increased by 19% to reach $135.64. However, it is worth noting that shares have experienced a 19% decline over the course of this year.

Q3 Financial Results

Repligen reported a third-quarter profit of $18.2 million, equivalent to 32 cents per share. This is in contrast to the $40.4 million, or 71 cents per share, recorded in the same period last year. Analysts surveyed by FactSet had predicted a loss of three cents per share for the quarter, making this unexpected profit a pleasant surprise.

Despite exceeding analysts' predictions, the company experienced a 30% decline in revenue, totaling $141.2 million. This still outperformed the forecast of $140.7 million provided by analysts.

Positive Signs and Recovery

Repligen's CEO, Tony Hunt, expressed optimism for the future, stating that the company observed signs of recovery in its third-quarter business operations. He emphasized the presence of a stronger order book during this time.

Furthermore, it is noteworthy that Repligen did not generate any Covid-19-related revenue in the third quarter, compared to the $29 million earned in the same period last year.

Revised Full-Year Outlook

Repligen revised its full-year profit projection, expecting to achieve a range of $1.26 to $1.32 per share. This adjustment surpasses its previous guidance of $1 to $1.08 per share. According to analysts surveyed by FactSet, they anticipate a profit of $1.08 per share for the full year.