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Repligen Reports Third Quarter 2012 Financial Results

Stocks in this article: RGEN

For the nine-month period ended September 30, 2012, total revenue was $43,453,000 compared to total revenue of $22,191,000 for the same period in 2011, an increase of 96%. During the nine-month period ended September 30, 2012, product revenue increased by 142% and royalty and other revenue increased by 27%, compared to the same period in 2011.

Operating expenses for the nine-month period ended September 30, 2012 were $38,780,000 compared to $23,847,000 for the same period in 2011. Operating expenses for the nine-month period ended September 30, 2012 included an increase in cost of product revenue of $13,998,000 due to higher product sales, and an increase in selling, general and administrative expenses of $2,752,000 compared to the same 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 $2,229,000 during the nine-month period ended September 30, 2012 compared to the same period in 2011. Net income for the nine-month period ended September 30, 2012 was $4,603,000 or $0.15 per diluted share compared to a net loss of $1,482,000 or $0.05 per diluted share for the same period in 2011.

Based on current projections, the Company is reiterating its revenue and net income guidance for fiscal year 2012. The Company is estimating total revenue in the range of $55 million to $57 million, including bioprocessing product revenue in the range of $41 million to $43 million, for fiscal year 2012. The Company is also confirming its expectations for net profit in the range of $5 million to $7 million for fiscal year 2012.

Corporate Update

  • On August 2, we announced our corporate decision to focus the Company’s efforts on our profitable bioprocessing business, considering its performance and opportunities for growth, and given the additional costs and resources necessary to achieve potential regulatory approval of our Phase 3 clinical product candidate RG1068. We are currently seeking development and commercialization partners for this pancreatic imaging agent, as well as our earlier stage central nervous system rare disease product candidates.
  • On September 21, we announced the appointment of Jonathan I. Lieber to the position of Chief Financial Officer and Treasurer of Repligen, to lead Repligen’s financial activities, including its long-term financial strategy and risk management, as the Company has become a larger and more complex organization since the acquisition of Repligen Sweden AB. Mr. Lieber most recently held the position of CFO and Treasurer at Xcellerex, Inc., a supplier of bioprocessing products and disposable manufacturing technologies that was acquired by GE Healthcare in May 2012. In conjunction with this appointment, William J. Kelly was named Chief Accounting Officer of the Company.

Repligen’s Bioprocessing Business

Our acquisition of Novozymes Biopharma Sweden AB (now Repligen Sweden AB) in December 2011 positioned Repligen as a world-leading manufacturer of high-value consumable bioprocessing products. We currently manufacture and sell Protein A, growth factors and chromatography products, all of which are used in the production of biologic drugs (monoclonal antibodies, vaccines and other protein therapeutics). Demand for these bioprocessing products is driven by the continued expansion of the global market for biologics, particularly monoclonal antibodies.

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