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Repligen Corporation RGEN reported fourth-quarter 2024 adjusted earnings per share of 44 cents, which beat the Zacks Consensus Estimate of 41 cents. The company had recorded adjusted earnings of 48 cents per share in the year-ago quarter.
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Total revenues were $168 million, up 0.6% year over year on a reported basis. Excluding the impact of acquisition revenues and currency exchange, revenues rose 3% organically. The reported figure was in line with the Zacks Consensus Estimate.
In the past year, shares of Repligen have lost 15.9% compared with the industry’s decline of 8.4%.
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More on RGEN's Q4 Earnings
Product revenues (including revenues from base business) were $167.4 million, up 0.7% from the year-ago level. Royalty and other revenues amounted to $0.15 million, down almost 44.4% year over year.
The company’s base business can be categorized under four franchises — filtration, chromatography, protein and process analytics. Revenues from Repligen’s base business exclude COVID-related revenues and acquisition-related revenues, which were nil during the fourth quarter. Hence, revenues from the base business were equivalent to total revenues.
While CDMO sales rose around 40% year over year, revenues from the company’s equipment business rose about 20%. Per management, CDMO and equipment sales also rose on a sequential basis.
RGEN's Costs, Margins & Cash Position
Adjusted gross margin was 50.7%, lower than 52.5% in the year-ago period.
Adjusted research and development expenses totaled approximately $11.4 million, up 11.7% from the year-ago quarter’s level. Adjusted selling, general and administrative expenses rose around 2.1% to $48.5 million.
Adjusted operating income totaled $25 million compared with $30 million in the year-ago period.
Adjusted operating margin was 14.9% in the fourth quarter compared with 17.8% in the year-ago quarter.
As of Dec. 31, 2024, Repligen had cash and cash equivalents worth $757 million compared with $784 million as of Sept. 30, 2024.
RGEN's Full-Year Results
In 2024, Repligen generated revenues of $634.4 million, which reflected around 0.3% growth year over year.
For the same period, the company reported adjusted earnings of $1.58 per share, down from adjusted earnings of $1.65 per share in the year-ago period.
RGEN's 2025 Guidance
The company expects total revenues to be in the range of $685-$710 million in 2025.
Adjusted EPS is anticipated to be between $1.67 and $1.76.