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Repligen Reports Fourth Quarter And Full Year 2012 Financial Results And Provides Financial Guidance For 2013

Stocks in this article: RGEN

"During 2012 we delivered strong financial performance and built on the momentum from our acquisition of Repligen Sweden in December 2011. We concluded the year with strength in our core bioprocessing business and success in out-licensing our spinal muscular atrophy drug development program to Pfizer," said Walter C. Herlihy, Ph.D., President and CEO of Repligen. "We continue to direct our efforts toward achieving operational and financial excellence as a dedicated life sciences company providing high-value biomanufacturing products that enable pharmaceutical companies worldwide to deliver on the promise of biologic drugs."

Due to a change in our fiscal year effective January 1, 2012, our Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (to be filed with the Securities and Exchange Commission) and the Consolidated Statements of Operations and Comprehensive Income (loss) (included in this release) report financial data for the twelve-month period ended December 31, 2012, and the nine-month period ended December 31, 2011. To assist investors in comparing year-over-year financial results, the full-year figures provided in the narrative below compare the twelve-month period ending December 31, 2012 with the pro forma (unaudited) twelve-month period ended December 31, 2011.

For the twelve-month period ended December 31, 2012, total revenue was $62,267,000 compared to total revenue of $29,357,000 for the same period in 2011, an increase of 112%. Bioprocessing revenue was $41,834,000 for the 2012 period as compared to $16,366,000 for the same period in 2011, an increase of 156%. Royalty and other revenue reached $20,432,000 for the twelve-month period in 2012, compared to $12,991,000 for the same period in 2011, an increase of 57%. Net income for the 2012 period was $14,156,000, an increase of $17,799,000 as compared to a net loss of $3,643,000 for the same period in 2011. Earnings per diluted share for the twelve-month period ended December 31, 2012 were $0.45 as compared to a loss per share of $0.12 for the same period in 2011.

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