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Repligen (RGEN) Q4 Earnings and Revenues Surpass Estimates
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Repligen Corporation (RGEN - Free Report) announced fourth-quarter 2021 adjusted earnings per share of 81 cents, beating the Zacks Consensus Estimate of 65 cents. Earnings also rose 55.8% year over year.
Total revenues of $186.5 million also surpassed the Zacks Consensus Estimate of $179.7 million. Sales rose 72% year over year (73% 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/divestitures, Repligen’s organic revenues grew 69% year over year for fourth-quarter 2021.
Shares of Repligen have declined 15.4% in the trailing 12 months in comparison with the industry’s 38.4% decline.
Image Source: Zacks Investment Research
Quarter in Detail
During the quarter, Repligen’s base business accounted for 64% of revenues while COVID-related sales constituted 33%. The remaining growth was on account of inorganic revenues from acquisitions made during 2020 and 2021.
We note that Repligen’s base business can be categorized mainly under four franchises, namely filtration, chromatography, protein and process analytics.
Sales of the company’s overall base business registered growth of 42% year over year. Revenues from the filtration franchise more than doubled for the quarter from the year-ago period. Growth in the process analytics business was more than 50% year over year. Revenue growth from sales of the chromatography and proteins franchises was also strong.
RGEN noted that the gene-therapy business rose 85% for the quarter.
Adjusted gross margin was 56.4% for the fourth quarter, up 10 basis points (bps) year over year.
For the reported quarter, adjusted research and development expenses were $8.7 million, up 30.3% from the year-ago figure.
Adjusted selling, general and administrative expenses were $40.6 million, surging 49.7% year over year.
Adjusted operating income was $55.9 million, increasing 105% year over year. Adjusted operating margin was 30%, up 490 bps year over year.
As of Dec 31, 2021, Repligen had cash and cash equivalents worth $603.8 million compared with $621.1 million on Sep 30, 2021.
Full-Year Results
Repligen reported revenues of $670.5 million for 2021, up 83% year over year on a reported basis. Revenues were up 81% at constant currency and 71% organically. The company’s adjusted earnings for 2021 were $3.06 per share compared with $1.65 in the year-ago period.
2022 Guidance
Repligen issued its financial guidance for 2022. The company expects the three acquisitions it completed in 2021 and expectations from its business segments to accelerate growth in 2022.
RGEN expects revenues in the range of $800-$830 million, indicating overall revenue growth of 19-24% year over year on a reported basis while 21-26% growth on a constant-currency basis. Organic growth will likely be in the range of 18-22%. The Zacks Consensus Estimate for revenues stands at $801.7 million.
Repligen expects base business revenues in the $578-$587 million range. The company expects COVID-related programs to generate revenues in the range of $200-$220 million, indicating growth of 5-16% year over year. It expects acquisitions to add $22-$23 million to total revenues in 2022.
Adjusted net income is projected in the $185-$190 million band. Adjusted operating income is anticipated within $234-$240 million.
Adjusted EPS is anticipated within $3.21-$3.30. The Zacks Consensus Estimate for earnings stands at $3.23 per share.
Adaptimmune Therapeutics’ loss per share estimates for 2022 have narrowed from 99 cents to 91 cents in the past 30 days.
Earnings of Adaptimmune Therapeutics beat estimates in three of the last four quarters and missed the mark on one occasion, with the average surprise being 0.9%.
Theravance Biopharma’s earnings per share estimates for 2022 have increased from 47 cents to 48 cents in the past 30 days.
Earnings of Theravance Biopharma beat estimates in three of the last four quarters and missed the mark on one occasion, with the average surprise being 7.3%.
Vertex Pharmaceuticals’ earnings per share estimates for 2022 have increased from $13.39 to $14.33 in the past 30 days. The same for 2023 has risen from $14.10 to $15.31 in the past 30 days. VRTX has risen 10.9% in the past year.
Earnings of Vertex Pharmaceuticals beat estimates in each of the last four quarters, delivering a surprise of 10%, on average.
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Repligen (RGEN) Q4 Earnings and Revenues Surpass Estimates
Repligen Corporation (RGEN - Free Report) announced fourth-quarter 2021 adjusted earnings per share of 81 cents, beating the Zacks Consensus Estimate of 65 cents. Earnings also rose 55.8% year over year.
Total revenues of $186.5 million also surpassed the Zacks Consensus Estimate of $179.7 million. Sales rose 72% year over year (73% 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/divestitures, Repligen’s organic revenues grew 69% year over year for fourth-quarter 2021.
Shares of Repligen have declined 15.4% in the trailing 12 months in comparison with the industry’s 38.4% decline.
Image Source: Zacks Investment Research
Quarter in Detail
During the quarter, Repligen’s base business accounted for 64% of revenues while COVID-related sales constituted 33%. The remaining growth was on account of inorganic revenues from acquisitions made during 2020 and 2021.
We note that Repligen’s base business can be categorized mainly under four franchises, namely filtration, chromatography, protein and process analytics.
Sales of the company’s overall base business registered growth of 42% year over year. Revenues from the filtration franchise more than doubled for the quarter from the year-ago period. Growth in the process analytics business was more than 50% year over year. Revenue growth from sales of the chromatography and proteins franchises was also strong.
RGEN noted that the gene-therapy business rose 85% for the quarter.
Adjusted gross margin was 56.4% for the fourth quarter, up 10 basis points (bps) year over year.
For the reported quarter, adjusted research and development expenses were $8.7 million, up 30.3% from the year-ago figure.
Adjusted selling, general and administrative expenses were $40.6 million, surging 49.7% year over year.
Adjusted operating income was $55.9 million, increasing 105% year over year. Adjusted operating margin was 30%, up 490 bps year over year.
As of Dec 31, 2021, Repligen had cash and cash equivalents worth $603.8 million compared with $621.1 million on Sep 30, 2021.
Full-Year Results
Repligen reported revenues of $670.5 million for 2021, up 83% year over year on a reported basis. Revenues were up 81% at constant currency and 71% organically. The company’s adjusted earnings for 2021 were $3.06 per share compared with $1.65 in the year-ago period.
2022 Guidance
Repligen issued its financial guidance for 2022. The company expects the three acquisitions it completed in 2021 and expectations from its business segments to accelerate growth in 2022.
RGEN expects revenues in the range of $800-$830 million, indicating overall revenue growth of 19-24% year over year on a reported basis while 21-26% growth on a constant-currency basis. Organic growth will likely be in the range of 18-22%. The Zacks Consensus Estimate for revenues stands at $801.7 million.
Repligen expects base business revenues in the $578-$587 million range. The company expects COVID-related programs to generate revenues in the range of $200-$220 million, indicating growth of 5-16% year over year. It expects acquisitions to add $22-$23 million to total revenues in 2022.
Adjusted net income is projected in the $185-$190 million band. Adjusted operating income is anticipated within $234-$240 million.
Adjusted EPS is anticipated within $3.21-$3.30. The Zacks Consensus Estimate for earnings stands at $3.23 per share.
Repligen Corporation Price
Repligen Corporation price | Repligen Corporation Quote
Zacks Rank & Other Stocks to Consider
Currently, Repligen holds a Zacks Rank #2 (Buy). Other top-ranked stocks in the drug/biotech sector include Adaptimmune Therapeutics , Theravance Biopharma (TBPH - Free Report) and Vertex Pharmaceuticals (VRTX - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Adaptimmune Therapeutics’ loss per share estimates for 2022 have narrowed from 99 cents to 91 cents in the past 30 days.
Earnings of Adaptimmune Therapeutics beat estimates in three of the last four quarters and missed the mark on one occasion, with the average surprise being 0.9%.
Theravance Biopharma’s earnings per share estimates for 2022 have increased from 47 cents to 48 cents in the past 30 days.
Earnings of Theravance Biopharma beat estimates in three of the last four quarters and missed the mark on one occasion, with the average surprise being 7.3%.
Vertex Pharmaceuticals’ earnings per share estimates for 2022 have increased from $13.39 to $14.33 in the past 30 days. The same for 2023 has risen from $14.10 to $15.31 in the past 30 days. VRTX has risen 10.9% in the past year.
Earnings of Vertex Pharmaceuticals beat estimates in each of the last four quarters, delivering a surprise of 10%, on average.