KeyBanc has reaffirmed an Overweight rating on Repligen Corporation (RGEN) and left its price objective at $220, following the company's stronger-than-expected finish to fiscal 2025. The analyst action follows Repligen's release of fourth-quarter and full-year results that topped guidance and had been revised upward three times during the year.
Repligen closed the fourth quarter with 14% organic growth and reported revenue expansion of 16.36% over the trailing twelve months. The company carries a market capitalization of $7.59 billion.
Guidance and analyst view
For fiscal 2026, Repligen's guidance implies 11% revenue growth at the midpoint; excluding the gene therapy segment, the midpoint equates to 13% growth. KeyBanc described this 2026 outlook as conservative in light of the momentum observed in the fourth quarter.
In response to the quarter and the new outlook, KeyBanc updated its financial model to incorporate fourth-quarter results, the fiscal 2026 guidance, and preliminary estimates for fiscal 2027.
Product and commercial traction
The analyst highlighted several commercial developments that underpin the firm's view: the launch of new products such as SoloVPE and proprietary resin offerings, and notable account wins tied to the OPUS platform with pharmaceutical customers. Despite these developments, KeyBanc noted that SoloVPE remains at single-digit percentage penetration among the relevant installed base, indicating room for commercial expansion.
Earnings and market reaction
Repligen reported adjusted earnings per share of $0.49 for the fourth quarter of 2025, above the $0.44 consensus estimate and representing an 11.36% positive surprise. Quarterly revenue totaled $198 million, outpacing the expected $192.89 million. The results were characterized as a strong finish to the fiscal year.
Despite the upside in results, Repligen's stock traded lower in pre-market sessions; the decline was attributed to broader market headwinds rather than company-specific performance.
Valuation note
Separately, analysis indicates that the stock appears overvalued relative to its Fair Value, trading at a high earnings multiple. This valuation observation sits alongside KeyBanc's optimism about product momentum and the updated financial model.
Overall, the combination of upside to 2025 results, conservative 2026 guidance at the midpoint, product launches and early commercial traction informed KeyBanc's decision to keep an Overweight stance while updating its modeling assumptions for the company.