$RGEN

REPLIGEN CORP

CIK:0000730272|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Revenue	$ 204,128	$ 182,366	$ 398,383	$ 351,538
Costs and operating expenses:
Cost of goods sold	94,091	89,371	180,062	167,172
Research and development	14,417	13,970	28,875	26,084
Selling, general and administrative	76,618	70,906	153,154	141,612
Restructuring activities and other charges	2,718	2,162	4,214	4,135
Change in fair value of contingent consideration	2,308	(7,939)	2,162	(7,939)
Total costs and operating expenses	190,152	168,470	368,467	331,064
Income from operations	13,976	13,896	29,916	20,474
Other income (expense), net:
Investment income	6,431	6,585	12,773	13,899
Interest expense	(5,663)	(5,354)	(11,241)	(10,604)
Amortization of debt issuance costs	(421)	(414)	(840)	(827)
Loss on sale of business	103	0	(13,660)	0
Other (expense) income, net	(273)	3,502	(1,023)	3,216
Other income (expense), net	177	4,319	(13,991)	5,684
Income before income taxes	14,153	18,215	15,925	26,158
Income tax provision	9,145	3,349	2,584	5,462
Net income	$ 5,008	$ 14,866	$ 13,341	$ 20,696
Earnings per share
Basic	$ 0.09	$ 0.26	$ 0.24	$ 0.37
Diluted	$ 0.09	$ 0.26	$ 0.24	$ 0.37
Weighted average common shares outstanding:
Basic	56,418	56,234	56,387	56,179
Diluted	56,638	56,510	56,661	56,509
Net income	$ 5,008	$ 14,866	$ 13,341	$ 20,696
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities, net of tax	(68)	0	(181)	0
Foreign currency translation adjustment	(5,409)	46,125	(17,074)	50,817
Comprehensive (loss) income	(469)	60,991	(3,914)	71,513
Product
Revenue:
Revenue	204,085	182,329	398,296	351,466
Royalty and Other Revenue
Revenue:
Revenue	$ 43	$ 37	$ 87	$ 72

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 13,341	$ 20,696
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38,824	38,785
Amortization of debt discount and issuance costs	8,833	8,158
Loss on sale of business	13,660	0
Stock-based compensation	16,335	15,648
Deferred income taxes, net	(4,775)	(2,569)
Change in fair value of contingent consideration	2,162	(7,939)
Net unrealized foreign exchange gain	(119)	(12,253)
Operating lease right of use asset amortization	9,486	9,169
Other adjustments and non-cash items	(1,815)	12,444
Changes in operating assets and liabilities, excluding impact of acquisitions:
Accounts receivable	(4,362)	(15,158)
Inventories	(20,158)	(824)
Prepaid expenses and other current assets	(5,962)	(176)
Other noncurrent assets	1,894	(1,547)
Accounts payable	6,112	(8,277)
Accrued liabilities	(527)	(2,995)
Operating lease liabilities	(13,358)	(9,804)
Noncurrent liabilities	1,490	256
Total cash provided by operating activities	61,061	43,614
Cash flows for investing activities
Acquisitions, net of cash acquired	0	(69,954)
Divestiture proceeds, net of cash divested	3,637	0
Purchases of marketable securities	(130,698)	0
Maturities of marketable securities	132,000	0
Additions to capitalized software costs	(972)	(1,371)
Purchases of property, plant and equipment	(10,044)	(10,664)
Sale of property, plant and equipment	0	42
Total cash used in investing activities	(6,077)	(81,947)
Cash flows for financing activities
Proceeds from exercise of stock options	94	1,464
Payment of tax withholding obligation on vesting of restricted stock	(6,612)	(7,170)
Payment of earnout consideration	(5,225)	(9,455)
Total cash used in financing activities	(11,743)	(15,161)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(456)	4,994
Net increase (decrease) in cash, cash equivalents and restricted cash	42,785	(48,500)
Cash, cash equivalents and restricted cash, beginning of period	566,021	757,355
Cash, cash equivalents and restricted cash, end of period	608,806	708,855
Supplemental disclosure of cash flow information:
Assets acquired under operating leases	2,476	4,044
Purchases of property, plant and equipment included in accounts payable	1,274	0
Fair value of shares of common stock issued for contingent consideration earnouts	0	7,568
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets
Cash and cash equivalents	606,783	708,855
Restricted cash included within other noncurrent assets	2,023	0
Total cash, cash equivalents and restricted cash	$ 608,806	$ 708,855

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 606,783	$ 566,021
Marketable securities	203,666	201,607
Accounts receivable, net of allowances of $3,099 and $2,767 at June 30, 2026 and December 31, 2025, respectively	157,710	158,587
Inventories, net	186,604	170,458
Prepaid expenses and other current assets	45,791	40,712
Total current assets	1,200,554	1,137,385
Property, plant and equipment, net	167,513	186,614
Intangible assets, net	357,622	386,147
Goodwill	1,104,183	1,114,408
Deferred tax assets	700	694
Operating lease right of use assets	115,559	119,538
Other noncurrent assets	4,049	4,913
Total assets	2,950,180	2,949,699
Current liabilities:
Accounts payable	33,233	30,010
Operating lease liabilities	19,318	21,559
Contingent consideration	3,025	5,049
Accrued liabilities	77,080	79,208
Total current liabilities	132,656	135,826
Convertible Senior Notes due 2028, net	551,046	542,213
Deferred tax liabilities	16,778	22,496
Noncurrent operating lease liabilities	120,578	126,176
Noncurrent contingent consideration	0	1,304
Other noncurrent liabilities	17,090	15,555
Total liabilities	838,148	843,570
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value; 80,000,000 shares authorized; 56,427,067 shares at June 30, 2026 and 56,325,429 shares at December 31, 2025 issued and outstanding	564	563
Additional paid-in capital	1,661,665	1,651,849
Accumulated other comprehensive loss	(19,786)	(2,531)
Retained earnings	469,589	456,248
Total stockholders' equity	2,112,032	2,106,129
Total liabilities and stockholders' equity	$ 2,950,180	$ 2,949,699