Repligen Corporation (NASDAQ: RGEN) today reported financial results for its third quarter and year-to-date period ended September 30, 2012. The Company reported net income for the three-month period ended September 30, 2012 of $1,806,000 or $0.06 per diluted share, compared to $605,000 or $0.02 per diluted share for the same period in 2011, an increase of 199%. Total revenue for the three-month period ended September 30, 2012 was $15,104,000 compared to $8,631,000 for the same period in 2011, an increase of 75%. Revenue growth for the third quarter of 2012 was driven by the Company’s expanded bioprocessing business, which generated $11,123,000 in product revenue compared to $5,742,000 for the same period in 2011, an increase of 94%. Royalty and research revenue for the three-month period ended September 30, 2012, consisting primarily of royalty payments from Bristol-Myers Squibb on its U.S. sales of Orencia ®, was $3,981,000 compared to $2,889,000 for the same period in 2011. September 30, 2012 marks the end of the third fiscal quarter for which the Company is reporting consolidated financial results since its acquisition of its subsidiary Repligen Sweden AB in December 2011.
“We continued to deliver strong financial performance during the third quarter and year-to-date, driven by increased revenue from our expanded bioprocessing business,” said Walter C. Herlihy, Ph.D., President and CEO of Repligen. “In August, we announced our decision to focus corporate strategy and resources on the growth of our profitable bioprocessing business. Our efforts are now directed toward achieving operational and financial excellence as a life sciences company providing high-value consumables to the global biomanufacturing market.”
Operating expenses for the three-month period ended September 30, 2012 were $12,917,000 compared to $8,079,000 for the same period in 2011, an increase of $4,838,000 or 60%. These operating expenses included an increase in cost of product revenue of $4,326,000 due to higher product sales, and an increase in selling, general and administrative expenses of $633,000 compared to the same three-month period in 2011. These increases were primarily due to the expansion of our business with the addition of Repligen Sweden AB. Research and development expenses decreased by $642,000 during the three-month period ended September 30, 2012 compared to the same period in 2011. This decrease was primarily due to lower spending on our clinical development programs as a result of our decision to focus on the growth of our core bioprocessing business. Cash and investments as of September 30, 2012 were $42,725,000 compared to $36,025,000 as of December 31, 2011.
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