Repligen
RGEN on Nasdaq. Repligen sells filters, pumps and chemicals that drugmakers use to make biologic medicines. Market value $10.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.13 of spare cash in the past 12 months. A savings account pays about $4.
You pay 151.9 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 8 of 100. Our list needs 70 on quality and 60 on price.
$174.86 a share, 73% above its 1-year low
Over the past year the price has ranged from $100.99 to $198.87.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $671m | $802m | $632m | $634m | $738m |
| Operating margin | |||||
| Operating margin | 24.9% | 28.0% | 7.5% | -5.5% | 7.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | 0.27 | 0.26 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.26× equity
- Revenue growth, five yearsStrong, 15.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $204 million last quarter, up 12% on a year ago.
- Profit: $5 million, down 66% on a year ago.
- It keeps 8 cents of each $1 of sales as operating profit, after losing 4 cents a year earlier.
- Spare cash over the past 12 months: $112 million, up from $109 million.
- About the same number of shares as a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $155m |
| December 2024 | Not reported |
| March 2025 | $169m |
| June 2025 | $182m |
| September 2025 | $189m |
| December 2025 | $198m |
| March 2026 | $194m |
| June 2026 | $204m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$654,000 |
| December 2024 | Not reported |
| March 2025 | $6m |
| June 2025 | $15m |
| September 2025 | $15m |
| December 2025 | $13m |
| March 2026 | $8m |
| June 2026 | $5m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 480 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $24m | 0.2% | Added |
| Gotham Asset ManagementJoel Greenblatt | $19m | <0.1% | Added |
| Weitz Investment ManagementWally Weitz | $6m | 0.4% | Added |
| First Manhattan Co.First Manhattan partners | $732,001 | <0.1% | Cut |
Largest holders overall
- BlackRock$735mCut
- FMR$454mAdded
- United Capital Financial Advisors$381m
- Vanguard Capital Management$329m
- Vanguard Portfolio Management$316m
- Maverick Capital$271mAdded
- State Street$246m
- Price T Rowe Associates$239mCut
- Massachusetts Financial Services$221mAdded
- Wasatch Advisors LP$217mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor9.3%Since 31 March 2025
- FMR LLCPassive investorat least 5.1%(filed with 1 related holder)Since 31 December 2025
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- Roy T. Eddleman Living TrustPassive investorSold down below 5%Since 31 December 2024
- Roy T. Eddleman Living TrustPassive investorSold down below 5%Since 31 December 2025
- T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.3% | 31 March 2025 | |
FMR LLC Passive investor | at least 5.1% (filed with 1 related holder) | 31 December 2025 | |
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
Roy T. Eddleman Living Trust Passive investor | Sold down below 5% | 31 December 2024 | |
Roy T. Eddleman Living Trust Passive investor | Sold down below 5% | 31 December 2025 | |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $15m, $12m of it under preset trading plans.
- Loeillot OlivierChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 5,535
- Price
- $187.29
- Value
- $1m
- Loeillot OlivierChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 24 September 2026
- Shares
- 12,946
- Price
- $190.00
- Value
- $2m
- Loeillot OlivierChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 5,426
- Price
- $180.00
- Value
- $976,680
- Loeillot OlivierChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 4 September 2026
- Shares
- 3,035
- Price
- $165.90
- Value
- $503,507
- Loeillot OlivierChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 20 August 2026
- Shares
- 5,426
- Price
- $180.00
- Value
- $976,680
- Garland Jason KCFOSoldunder a preset trading plan
- Date
- 16 July 2026
- Shares
- 530
- Price
- $150.00
- Value
- $79,500
- Garland Jason KCFOSoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 733
- Price
- $145.00
- Value
- $106,285
- Loeillot OlivierChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 21 April 2026
- Shares
- 3,832
- Price
- $140.00
- Value
- $536,480
- DAWES KAREN ADirectorSold
- Date
- 17 December 2025
- Shares
- 275
- Price
- $161.00
- Value
- $44,275
- Loeillot OlivierChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 25 November 2025
- Shares
- 7,041
- Price
- $170.00
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Loeillot Olivier Chief Executive Officer, Director | Sold under a preset trading plan | 5,535 | $187.29 | $1m |
| 24 September 2026 | Loeillot Olivier Chief Executive Officer, Director | Sold under a preset trading plan | 12,946 | $190.00 | $2m |
| 21 September 2026 | Loeillot Olivier Chief Executive Officer, Director | Sold under a preset trading plan | 5,426 | $180.00 | $976,680 |
| 4 September 2026 | Loeillot Olivier Chief Executive Officer, Director | Sold under a preset trading plan | 3,035 | $165.90 | $503,507 |
| 20 August 2026 | Loeillot Olivier Chief Executive Officer, Director | Sold under a preset trading plan | 5,426 | $180.00 | $976,680 |
| 16 July 2026 | Garland Jason K CFO | Sold under a preset trading plan | 530 | $150.00 | $79,500 |
| 25 June 2026 | Garland Jason K CFO | Sold under a preset trading plan | 733 | $145.00 | $106,285 |
| 21 April 2026 | Loeillot Olivier Chief Executive Officer, Director | Sold under a preset trading plan | 3,832 | $140.00 | $536,480 |
| 17 December 2025 | DAWES KAREN A Director | Sold | 275 | $161.00 | $44,275 |
| 25 November 2025 | Loeillot Olivier Chief Executive Officer, Director | Sold under a preset trading plan | 7,041 | $170.00 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 151.9× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.