Key Takeaways
- Repligen shares rose 5% after RBC Capital raised its price target to $200, a day after the company beat estimates and raised its full-year revenue outlook.
- Repligen’s 12.5% organic growth points to a bioprocessing recovery with room to run into 2027.
- Avantor, Thermo Fisher and Danaher are growing too, but at half Repligen’s pace or less.
- Repligen trades below its five-year average forward P/E, with earnings expected to rise nearly 30% a year in 2027 and 2028.
Repligen (RGEN) is up 5% today after RBC Capital analyst Dan Leonard raised his price target to $200 from $185 and kept his Outperform rating.
The raise follows Tuesday’s results, and the rest of the group shows investors paying for Repligen’s growth in particular: Avantor (AVTR) is down 3% despite its own beat-and-raise, while Thermo Fisher Scientific (TMO) and Danaher (DHR) are each up 2%.
A record quarter, and another raise
Third-quarter revenue rose 11% to a record $209.3 million (12.5% organically) and beat estimates. CEO Olivier Loeillot credited “healthy trends in consumables and services complemented by a growing capital equipment order book.”
Repligen also closed its BioLife cell therapy acquisition in October. It raised its 2026 revenue guidance to $844-$852 million, from $813-$835 million, with organic growth of 12%-13%.
The recovery has legs
Revenue stalled in 2023 and 2024 before rebounding in 2025, and analysts expect it to top $1 billion in 2027:
Part of 2027’s 26% jump is BioLife’s first full year.
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The rest of the group is growing more slowly
Avantor also raised its 2026 organic growth outlook today, to 0.75%-1.25% from -0.5% to 0.5%. But its Bioscience & Medtech Products segment, home to its bioprocessing materials, grew just 3.6% organically in the third quarter. Repligen is growing more than three times as fast.
Danaher, which owns Cytiva, and Thermo Fisher both reported last week. Danaher’s core revenue excluding respiratory grew 5.5%, and it raised its 2026 adjusted EPS guidance to $8.57-$8.62. Thermo Fisher grew 6% organically.
So the recovery reaches the whole group, and Repligen is growing about twice as fast. Neither broke out bioprocessing, though, so their next reports will show whether it’s closing the gap.
Does $200 add up?
Repligen traded at 71x forward earnings at Tuesday’s close, and at about 75x after today’s jump. That’s below its five-year average of 78x, and far below its 137x peak in March 2024:
Repligen did post a GAAP net loss in the third quarter, partly because of a $41.2 million impairment, and BioLife still has to be integrated.
My take: $200 looks reasonable. With normalized EPS expected to climb from $2.07 this year to $3.45 in 2028, Repligen can grow into RBC’s target within a year without needing a higher multiple.
The next test comes when Repligen reports fourth-quarter results early next year. That report will include BioLife’s first quarter and a first look at 2027 guidance.
So what is Repligen stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
