Repligen Corporation Reports Modest Revenue Increase to $634.4 Million for Fiscal Year 2024

Repligen Corporation reported a modest increase in total revenue for the fiscal year ending December 31, 2024, reaching $634.4 million, up from $632.4 million in 2023. This growth was primarily driven by a slight uptick in product revenue, which rose by $2.2 million, or 0.3%, to $634.2 million. The company's filtration products, particularly the XCell ATF systems, contributed significantly to this increase, with filtration revenue climbing by $31.6 million. However, this was partially offset by a $29 million decline in protein product revenue, attributed to reduced demand as a major customer transitioned some production in-house. The overall gross margin for the year was reported at 43.3%, a slight decrease from 44.0% in the previous year, primarily due to restructuring costs.

In terms of operational changes, Repligen has been actively pursuing a strategy of growth through acquisitions and product innovation. In 2024, the company completed the acquisition of Tantti Laboratory Inc. for $54.8 million, enhancing its capabilities in the purification of new modalities, including viral vectors and nucleic acids. This acquisition is part of a broader strategy that has seen Repligen complete 14 acquisitions since 2012, aimed at expanding its product portfolio and market reach. The company has also been focusing on integrating its product offerings into more comprehensive solutions for biopharmaceutical manufacturing, moving from individual product sales to whole system solutions.

Repligen's workforce has seen a slight reduction, with a total of 1,778 employees as of December 31, 2024, down from 1,783 in the previous year. The company has emphasized the importance of retaining skilled personnel to support its growth and innovation efforts. Additionally, the company has expanded its commercial organization significantly, growing from 103 employees in 2018 to 334 by the end of 2024, which includes a strong presence in North America, Europe, and Asia-Pacific.

Looking ahead, Repligen anticipates continued challenges related to macroeconomic conditions, including inflation and supply chain disruptions, which may impact its operations and financial performance. The company has indicated that it will continue to invest in its bioprocessing business and R&D initiatives to drive future growth. Furthermore, Repligen is focused on enhancing its internal controls and addressing previously identified weaknesses in its financial reporting processes, as highlighted in its recent filings. The company remains committed to maintaining its competitive position in the bioprocessing market, which is projected to grow significantly in the coming years.