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Repligen Corporation (RGEN - Free Report) reported first-quarter 2024 adjusted earnings per share of 28 cents, which missed the Zacks Consensus Estimate of 29 cents. The company had recorded adjusted earnings of 64 cents per share in the year-ago quarter.
Total revenues were $151.3 million, down 17.2% year over year on a reported basis and 20% organically. Revenues, however, beat the Zacks Consensus Estimate of $150 million.
The year-over-year decrease in total revenues can be attributed to the absence of COVID-related revenues and the expected decrease in revenues from protein franchisees.
Shares of Repligen have declined 11.9% so far this year compared with the industry’s 10.5% decline.
Image Source: Zacks Investment Research
Quarter in Detail
The company reported product revenues of $151.3 million, down 17.1% from the year-ago period. It also reported royalty and other revenues of $0.04 million, almost flat year over year.
Repligen’s base business revenues of $145 million declined 9.4% year over year, owing to the anticipated decline in revenues from proteins business on lower affinity ligands and resin demand.
The company’s base business can be categorized under four franchises — filtration, chromatography, protein and process analytics.
Revenues from the chromatography business improved slightly on a sequential basis. RGEN expects revenues to improve further in the second quarter as the chromatography business continues to recover from the resin shortage challenges.
The filtration franchise’s sales grew more than 10% year over year, while non-COVID filtration revenue grew more than 15% on a sequential basis, driven by the success of ATF.
Revenues in the protein franchise declined both year-on-year and on a sequential basis as demand for Cytiva dropped to almost nil. The decline in protein revenues was in line with the company’s guidance of a 30% to 35% decline in revenues for 2024.
Though the analytics business had a slow start in the first quarter, RGEN continues to see strong demand for FlowVPX and real-time process management or RPM, which is the growth driving factor for this business unit.
Revenues from the company’s new modalities business, which includes cell and gene therapy and mRNA, were up more than 15% year on year in the reported quarter.
Newly acquired, Metenova generated revenues of more than $5 million in the first quarter of 2024, in line with management’s expectations.
Adjusted gross margin was 48.6% in the first quarter, down 60 basis points year over year.
Adjusted research and development expenses totaled approximately $11 million, down almost 9.8% from the year-ago quarter’s level.
Adjusted selling, general and administrative expenses were $50.8 million, up 6.3% year over year.
Adjusted operating income totaled $11.8 million, down almost 71% from the prior year quarter.
As of Mar 31, 2024, Repligen had cash and cash equivalents worth $780.6 million compared with $751.3 million as of Dec 31, 2023.
2024 Guidance
On the first-quarter conference call, management stated that it expects revenues in the first half of 2024 to be better than the second half of 2023.
Repligen reiterated the guidance it had provided earlier this year. The company expects total revenues in the range of $620-$650 million for 2024. Adjusted EPS is anticipated to be between $1.42 and $1.49 in 2024.
The company anticipates base business revenues to be down 1% to up 4% in 2024.
Adjusted net income is estimated in the band of $80-$84 million. Adjusted operating income is anticipated in the $83-$88 million range.
Repligen expects an adjusted gross margin in the 49%-50% range. Adjusted operating margin is anticipated in the band of 13%-14%.
Repligen Corporation Price, Consensus and EPS Surprise
In the past 60 days, estimates for Voyager Therapeutics’ 2024 loss per share have narrowed from $1.89 to $1.64. Year to date, shares of VYGR have decreased 1%.
VYGR’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 545.93%.
In the past 60 days, estimates for Ligand’s 2024 earnings per share have improved from $4.42 to $4.56. Year to date, LGND stock has failed to deliver any returns to investors.
Earnings of LGND beat estimates in each of the trailing four quarters, the average surprise being 84.81%.
In the past 60 days, estimates for ANI Pharmaceuticals’ 2024 earnings per share have improved from $4.25 to $4.44. Year to date, shares of ANIP have jumped 20.7%.
Earnings of ANIP beat estimates in each of the trailing four quarters, the average surprise being 109.06%.
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Repligen (RGEN) Q1 Earnings Miss, Revenues Beat Estimates
Repligen Corporation (RGEN - Free Report) reported first-quarter 2024 adjusted earnings per share of 28 cents, which missed the Zacks Consensus Estimate of 29 cents. The company had recorded adjusted earnings of 64 cents per share in the year-ago quarter.
Total revenues were $151.3 million, down 17.2% year over year on a reported basis and 20% organically. Revenues, however, beat the Zacks Consensus Estimate of $150 million.
The year-over-year decrease in total revenues can be attributed to the absence of COVID-related revenues and the expected decrease in revenues from protein franchisees.
Shares of Repligen have declined 11.9% so far this year compared with the industry’s 10.5% decline.
Image Source: Zacks Investment Research
Quarter in Detail
The company reported product revenues of $151.3 million, down 17.1% from the year-ago period. It also reported royalty and other revenues of $0.04 million, almost flat year over year.
Repligen’s base business revenues of $145 million declined 9.4% year over year, owing to the anticipated decline in revenues from proteins business on lower affinity ligands and resin demand.
The company’s base business can be categorized under four franchises — filtration, chromatography, protein and process analytics.
Revenues from the chromatography business improved slightly on a sequential basis. RGEN expects revenues to improve further in the second quarter as the chromatography business continues to recover from the resin shortage challenges.
The filtration franchise’s sales grew more than 10% year over year, while non-COVID filtration revenue grew more than 15% on a sequential basis, driven by the success of ATF.
Revenues in the protein franchise declined both year-on-year and on a sequential basis as demand for Cytiva dropped to almost nil. The decline in protein revenues was in line with the company’s guidance of a 30% to 35% decline in revenues for 2024.
Though the analytics business had a slow start in the first quarter, RGEN continues to see strong demand for FlowVPX and real-time process management or RPM, which is the growth driving factor for this business unit.
Revenues from the company’s new modalities business, which includes cell and gene therapy and mRNA, were up more than 15% year on year in the reported quarter.
Newly acquired, Metenova generated revenues of more than $5 million in the first quarter of 2024, in line with management’s expectations.
Adjusted gross margin was 48.6% in the first quarter, down 60 basis points year over year.
Adjusted research and development expenses totaled approximately $11 million, down almost 9.8% from the year-ago quarter’s level.
Adjusted selling, general and administrative expenses were $50.8 million, up 6.3% year over year.
Adjusted operating income totaled $11.8 million, down almost 71% from the prior year quarter.
As of Mar 31, 2024, Repligen had cash and cash equivalents worth $780.6 million compared with $751.3 million as of Dec 31, 2023.
2024 Guidance
On the first-quarter conference call, management stated that it expects revenues in the first half of 2024 to be better than the second half of 2023.
Repligen reiterated the guidance it had provided earlier this year. The company expects total revenues in the range of $620-$650 million for 2024. Adjusted EPS is anticipated to be between $1.42 and $1.49 in 2024.
The company anticipates base business revenues to be down 1% to up 4% in 2024.
Adjusted net income is estimated in the band of $80-$84 million. Adjusted operating income is anticipated in the $83-$88 million range.
Repligen expects an adjusted gross margin in the 49%-50% range. Adjusted operating margin is anticipated in the band of 13%-14%.
Repligen Corporation Price, Consensus and EPS Surprise
Repligen Corporation price-consensus-eps-surprise-chart | Repligen Corporation Quote
Zacks Rank & Stocks to Consider
Repligen currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the healthcare sector are Voyager Therapeutics, Inc. (VYGR - Free Report) , Ligand Pharmaceuticals Incorporated (LGND - Free Report) and ANI Pharmaceuticals, Inc. (ANIP - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Voyager Therapeutics’ 2024 loss per share have narrowed from $1.89 to $1.64. Year to date, shares of VYGR have decreased 1%.
VYGR’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 545.93%.
In the past 60 days, estimates for Ligand’s 2024 earnings per share have improved from $4.42 to $4.56. Year to date, LGND stock has failed to deliver any returns to investors.
Earnings of LGND beat estimates in each of the trailing four quarters, the average surprise being 84.81%.
In the past 60 days, estimates for ANI Pharmaceuticals’ 2024 earnings per share have improved from $4.25 to $4.44. Year to date, shares of ANIP have jumped 20.7%.
Earnings of ANIP beat estimates in each of the trailing four quarters, the average surprise being 109.06%.