What happened
Shares of Repligen (RGEN 8.76%) were up by 14.8% this week as of the market close on Thursday. Those gains came after the company reported its second-quarter results on Tuesday and increased its full-year revenue and earnings guidance.
So what
Repligen announced Q2 revenue of $163 million, up 86% year over year, and well above the consensus Wall Street estimate of $144.1 million. Its base business generated 66% of total revenue, and those sales increased by 35%. The company said that COVID-related sales made up 27% of total revenue, while acquisitions completed in 2020 accounted for 7%.
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The company reported adjusted earnings per share of $0.79, up from $0.42 in the prior-year period. Analysts' average estimate had been for adjusted earnings of just $0.52 per share.
Repligen increased its full-year revenue guidance to a range of $625 million to $645 million, up from its previously forecast range of $565 million to $590 million. The company also is anticipating adjusted earnings per share of between $2.71 and $2.78 compared to its previous forecast range of $2.21 to $2.28.
Now what
The near-term fortunes of this life sciences company are tied in large part to COVID-19. Nearly 28% of Repligen's projected full-year revenue is expected to come from its COVID-19 programs. However, its core bioprocessing business should remain strong as well.
