Repligen Corporation (RGEN - Free Report) announced second-quarter 2021 adjusted earnings per share of 79 cents, beating the Zacks Consensus Estimate of 53 cents. Earnings also rose 88.1% year over year.
Total revenues of $163 million also surpassed the Zacks Consensus Estimate of $145.17 million. Sales rose 86% year over year (81% in constant currency) on robust demand across all franchises, especially the filtration franchise, and higher COVID-related sales.
Excluding the impact of currency and acquisitions/divestures, Repligen’s organic revenues grew 69% year over year for second-quarter 2021.
Quarter in Detail
Product sales were up 86.3% year over year to $162.9 million for the second quarter.
Sales of Repligen’s base business (excluding COVID-related business) were up 35% year over year. Acquisitions made by the company during 2020 added 15% to revenue growth while its COVID-19 vaccine-related programs contributed 49%. Revenues from filtration franchises more than doubled in first-half 2021.
Adjusted gross margin was 62% for the second quarter, up 380 basis points (bps) year over year.
For the reported quarter, adjusted research and development expenses were $8.03 million, up 93.6% from the year-ago figure.
Adjusted selling, general and administrative expenses were $36.4 million, surging 71.6% year over year.
Adjusted operating income was $56.6 million, increasing 122% year over year. Adjusted operating margin was 34.7%, up 550 bps year over year.
As of Jun 30, 2021, Repligen had cash and cash equivalents worth $734.3 million compared with $711.3 million on Mar 31, 2021.
Raised 2021 Guidance
Repligen raised its guidance for 2021 revenues, adjusted earnings and certain other items on first-quarter earnings call.
Shares of Repligen were up 9.9% on Jul 27, attributable to strong second-quarter results and increased guidance. The company’s shares have gained 18.2% so far this year against the industry’s decrease of 1.9%.
It now expects revenues in the range of $625-$645 million, up from the previous guidance of $565-$590 million due to expectations for higher COVID-related revenues. The Zacks Consensus Estimates for revenues stands at $585.3 million.
Anticipated revenues for 2021 indicates growth of 71-76% and 68-73% year over year on a reported and constant-currency basis, respectively. Organic growth is estimated in the range of 57-62%, up from the previous expectation of 42-49%.
The company now expects COVID-related programs to generate revenues in the range of $170-$180 million, up from the previous guided range of $140-$160 million.
Adjusted EPS is anticipated within $2.71-$2.78 per share, up from the previous guided range of $2.21-$2.28. The Zacks Consensus Estimates for earnings stands at $2.26 per share.
Adjusted operating income is anticipated within $192-$197 million, which marks an increase from the previous guided range of $156-$162 million. Adjusted net income is projected in the $154-$158 million band, up from the previous expectation of $126-$130 million.
Zacks Rank & Other Stocks to Consider
Currently, Repligen holds a Zacks Rank #2 (Buy).
Other top-ranked stocks from the biotech sector include Arvinas (ARVN - Free Report) , Biomarin (BMRN - Free Report) and Bicycle Therapeutics AG (BCYC - Free Report) . While Biomarin sports a Zacks Rank #1 (Strong Buy), both Arvinas and Bicycle Therapeutics carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arvinas’ bottom-line estimates have significantly improved from a loss of $3.45 to earnings of $0.42 for 2021 and narrowed from a loss of $4.06 to $2.98 for 2022 in the past 30 days. The stock has risen 10.7% in the year so far.
Biomarin’s earnings per share estimates have moved up from $2.33 to $2.35 for 2022 in the past 30 days.
Bicycle Therapeutics’ loss per share estimates have narrowed from $3.18 to $2.79 for 2021 and from $3.63 to $3.29 in the past 30 days. The stock has risen 90.4% in the year so far.
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Repligen Corporation (RGEN - Free Report) announced second-quarter 2021 adjusted earnings per share of 79 cents, beating the Zacks Consensus Estimate of 53 cents. Earnings also rose 88.1% year over year.
Total revenues of $163 million also surpassed the Zacks Consensus Estimate of $145.17 million. Sales rose 86% year over year (81% in constant currency) on robust demand across all franchises, especially the filtration franchise, and higher COVID-related sales.
Excluding the impact of currency and acquisitions/divestures, Repligen’s organic revenues grew 69% year over year for second-quarter 2021.
Quarter in Detail
Product sales were up 86.3% year over year to $162.9 million for the second quarter.
Sales of Repligen’s base business (excluding COVID-related business) were up 35% year over year. Acquisitions made by the company during 2020 added 15% to revenue growth while its COVID-19 vaccine-related programs contributed 49%. Revenues from filtration franchises more than doubled in first-half 2021.
Adjusted gross margin was 62% for the second quarter, up 380 basis points (bps) year over year.
For the reported quarter, adjusted research and development expenses were $8.03 million, up 93.6% from the year-ago figure.
Adjusted selling, general and administrative expenses were $36.4 million, surging 71.6% year over year.
Adjusted operating income was $56.6 million, increasing 122% year over year. Adjusted operating margin was 34.7%, up 550 bps year over year.
As of Jun 30, 2021, Repligen had cash and cash equivalents worth $734.3 million compared with $711.3 million on Mar 31, 2021.
Raised 2021 Guidance
Repligen raised its guidance for 2021 revenues, adjusted earnings and certain other items on first-quarter earnings call.
Shares of Repligen were up 9.9% on Jul 27, attributable to strong second-quarter results and increased guidance. The company’s shares have gained 18.2% so far this year against the industry’s decrease of 1.9%.
It now expects revenues in the range of $625-$645 million, up from the previous guidance of $565-$590 million due to expectations for higher COVID-related revenues. The Zacks Consensus Estimates for revenues stands at $585.3 million.
Anticipated revenues for 2021 indicates growth of 71-76% and 68-73% year over year on a reported and constant-currency basis, respectively. Organic growth is estimated in the range of 57-62%, up from the previous expectation of 42-49%.
The company now expects COVID-related programs to generate revenues in the range of $170-$180 million, up from the previous guided range of $140-$160 million.
Adjusted EPS is anticipated within $2.71-$2.78 per share, up from the previous guided range of $2.21-$2.28. The Zacks Consensus Estimates for earnings stands at $2.26 per share.
Adjusted operating income is anticipated within $192-$197 million, which marks an increase from the previous guided range of $156-$162 million. Adjusted net income is projected in the $154-$158 million band, up from the previous expectation of $126-$130 million.
Zacks Rank & Other Stocks to Consider
Currently, Repligen holds a Zacks Rank #2 (Buy).
Other top-ranked stocks from the biotech sector include Arvinas (ARVN - Free Report) , Biomarin (BMRN - Free Report) and Bicycle Therapeutics AG (BCYC - Free Report) . While Biomarin sports a Zacks Rank #1 (Strong Buy), both Arvinas and Bicycle Therapeutics carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arvinas’ bottom-line estimates have significantly improved from a loss of $3.45 to earnings of $0.42 for 2021 and narrowed from a loss of $4.06 to $2.98 for 2022 in the past 30 days. The stock has risen 10.7% in the year so far.
Biomarin’s earnings per share estimates have moved up from $2.33 to $2.35 for 2022 in the past 30 days.
Bicycle Therapeutics’ loss per share estimates have narrowed from $3.18 to $2.79 for 2021 and from $3.63 to $3.29 in the past 30 days. The stock has risen 90.4% in the year so far.
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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