Repligen shares are lower today as the market continues to re-price the name around its 2026 framework, which calls for $810 million to $840 million of revenue and includes a “two-point gene therapy headwind.” That language has kept investors cautious on near-term acceleration and margin leverage, particularly after the stock’s recent bounce into March.

The most recent company update (Q4/FY2025 results released February 24, 2026) showed Q4 revenue of $198 million (18% year-over-year as reported; 14% organic) and full-year 2025 revenue of $738 million, alongside 2026 guidance that also targets adjusted operating margin expansion of 150 bps at the midpoint. While the print beat expectations, the market focus has shifted to how quickly growth normalizes across bioprocessing and how much gene-therapy demand remains a drag versus other franchises like Analytics and Proteins.

With no clear fresh company-specific headline surfacing today, the move looks consistent with incremental de-risking and multiple compression: investors are leaning into “good results, but not enough to justify a premium” positioning when the forward outlook is framed as solid but not aggressive. The gene-therapy headwind and valuation sensitivity have been recurring talking points in post-earnings coverage, making the stock prone to down days when risk appetite cools or sector flows turn defensive.