What Was Repligen Telling You Before Its Stock Ran?
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Repligen (RGEN) stock gained 54.4% for anyone who held it from May 11 to November 9, 2026. It had fallen 20.4% in the six months before that. Between May and November, Repligen, which makes equipment and supplies for manufacturing biological drugs, reported what management called a record sales quarter and said its market kept improving. That record was $209 million of revenue in the quarter ended in September 2026. How early could an investor have seen that recovery coming?
Repligen Was Reporting Rising Orders By July 2025
As early as its July 29, 2025 earnings call, more than nine months before May 11, 2026, management said orders had grown from the prior quarter for a fifth consecutive quarter. Management added that underlying growth, excluding COVID-related sales, was the fastest since 2022. The filed figures agreed: revenue in the quarter ended in June 2025 rose 14.8% from a year earlier, following a 10.4% increase in the quarter ended in March 2025.
The October 28, 2025 call added a sixth straight quarter of rising orders, and management said customer ordering patterns were “back to historical trends.” Revenue in the quarter ended in September 2025 rose 21.9% from a year earlier, the fastest of the five latest quarters Repligen filed before May 11, 2026.
The signs were mixed by spring 2026, though. Revenue growth slowed to 18.1% in the quarter ended in December 2025, and then to 14.8% in the quarter ended in March 2026. Profitability improved, reaching an operating margin of 8.9% in that March quarter compared with 5.1% a year earlier. So the rising orders could be read well ahead of time, but sales growth was still cooling when the six months measured here began. Anyone who bought on the October 2025 signs would then have sat through the stock’s 20.4% fall from November 2025 to May 2026.
Repligen And Its Peers Beat The S&P 500
The S&P 500 returned only 2.4% over the same six months. Repligen’s peers did about as well, though: Thermo Fisher Scientific gained 59.7% and Bio-Techne 54.0%, so investors marked up the whole group, not Repligen alone. A third peer, Danaher, gained 41.7%.
Repligen’s own sales had recovered by then. Revenue over the twelve months to September 2026 reached $806 million, up 13.8% from a year earlier. That put Repligen back above the $801 million recorded in the twelve months to September 2022, its previous high before sales fell over the following two years.
Are Repligen’s Orders Still Rising Today?
Management says they are. On the October 27, 2026 call, management said order activity continued to strengthen, especially for capital equipment. Capital equipment orders rose by a mid-teens percentage from a year earlier, their best quarter for orders in five years, while revenue from that equipment fell.
Management also said customers are still slow to make decisions, and that the equipment orders won so far will all be recognized as revenue in 2027. So the orders are still building, but sales growth has slowed in each quarter of 2026. Repligen’s revenue growth, 10.9% in the quarter ended in September 2026 after 11.9% in June, is the figure to watch when the company next reports, expected in February 2027. That figure will include BioLife Solutions, which Repligen bought in October 2026. Management expects about $24 million of revenue from BioLife in 2026.
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