Repligen Corporation RGEN reported in-line earnings for its second quarter on Tuesday.
The company posted second-quarter sales of $154.1 million, almost in line with the consensus estimate of $154.12 million. The company reported an adjusted EPS of 33 cents, which is in line with the consensus but below $0.53 reported a year ago.
Tony J. Hunt, CEO of Repligen, said, "We delivered solid second-quarter revenue of $154 million and first-half revenue of $305 million, achieving our year-to-date sales target. We are very encouraged by orders in the quarter, with continued strength in Pharma demand and a pickup in CDMO activity. New modalities continued to show strong year-over-year momentum in both revenue and orders."
Repligen expects 2024 revenues of $620 million—$635 million, compared to prior guidance of $620 million—$650 million and the consensus of $636.6 million.
Repligen shares gained 5.3% to trade at $169.16 on Wednesday.
These analysts made changes to their price targets on Repligen following earnings announcement.
- JP Morgan analyst Rachel Vatnsdal maintained Repligen with an Overweight and raised the price target from $190 to $200.
- UBS analyst Elizabeth Garcia maintained Repligen with a Buy rating, while cutting the price target from $205 to $185.
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