Repligen Corporation (RGEN - Free Report) 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 industry’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. (AVIR - Free Report) , Kodiak Sciences Inc. (KOD - Free Report) and 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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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Repligen Corporation (RGEN - Free Report) 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 industry’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. (AVIR - Free Report) , Kodiak Sciences Inc. (KOD - Free Report) and 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.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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