Repligen: 2Q26 Review: Broad-Based Order Momentum Highlights Sustainable Bioprocessing Tailwinds Following Beat-and-Raise Quarter

研报英文原文证据摘录

Repligen: 2Q26 Review: Broad-Based Order Momentum Highlights Sustainable Bioprocessing Tailwinds Following Beat-and-Raise Quarter

J P M O R G A N North America Equity Research

28 July 2026

Repligen

2Q26 Review: Broad-Based Order Momentum Overweight

Highlights Sustainable Bioprocessing Tailwinds RGEN, RGEN US

Following Beat-and-Raise Quarter Price (27 Jul 26):$131.06

▲Price Target (Dec-27):$175.00

Prior (Dec-26):$165.00

Repligen (RGEN) reported (press release and preannouncement) strong 2Q

results, with organic revenue growth of +13% in line with the preannouncement Life Science Tools & Diagnostics

and above the Street, while adj. EPS also came in above the Street driven by higher Casey Woodring AC

margins (adj. OPM of 16.7% vs. Street of 14.0%). The strength in the quarter was (1-212) 622-9074

driven by significant Proteins growth (>50%) as well as Process Analytics (>30%). casey.woodring@jpmchase.com

Additionally, consumables revenue grew +high-teens, while equipment revenue Marta Nazarovets Zaremba

was stable q/q and down y/y, although RGEN saw q/q equipment order growth and (1-212) 622-6046

marta.zaremba@jpmchase.com

B2B significantly >1.0. Looking ahead, on the back of increased growth

Jaden Rismay

assumptions for Proteins and Process Analytics, RGEN raised 2026 guidance now

(1-212) 622-8479

calling for organic revenue growth of +10.5–13.5% (vs. Street of +11.2%) and adj jaden.rismay@jpmchase.com

EPS of $2.03-2.09 (vs. Street of $2.00 and prior guide of $1.97-2.05) driven by adj. J.P. Morgan Securities LLC

OPM of 15.7-16.0% (vs. Street of 15.5% and prior guide of 15.4-15.8%). Notably,

management was upbeat on the strong traction seen in ATF orders YTD, which

should translate to 2027 growth and beyond. Lastly, on the margin front, the Key Changes (FYE Dec)