RGEN // Repligen Corporation

DES <GO> NASDAQ CIK 0000730272 ↗

Health Care • Biotechnology: Biological Products (No Diagnostic Substances)

$188.64 ▲ +3.95 (+2.14%)

MKT CAP: $10.69B • VOL: 890.3K

52W L $101 52W H $199

ALTMAN Z

9.31 SAFE

PIOTROSKI

8 / 9

RGEN // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▼ DOWNGRADE // C+ (RQD 66) -> C (RQD 65) AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

65 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

10 / 20

NEUTRAL

FCF -37.3% vs NI +200% • ROIC-WACC -7.1% • Z 9.31

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON RGEN)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.71σ

RGEN Accounting Gap: Net Income (+220%) Outpaced OCF (-33.1%) With +0% Working-Capital Build

CASH CONVERSION GAP

+253.1% (NI vs OCF)

RECEIVABLES / WC BLOAT

+0.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Repligen Corporation (RGEN) exposes a +253.1% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (-33.1%). Non-cash current assets and receivables expanded +0.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

RGEN // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +49.56%▲ ASCENDING CHANNEL

2026-10-30O $177.4H $180.5L $171.2C $176.9VOL 4.47M

RES: $208.2SUP: $166.6SMA50: $178.1SMA200: $144.8

RGEN // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

Repligen Corporation (RGEN) exhibits 88.2% gross margins and 2.3% return on invested capital within Health Care (Biotechnology: Biological Products (No Diagnostic Substances)), balanced against a 95.0x enterprise multiple and 7.0% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 88.2% gross profitability converts into 1.8% operating margin and 2.3% ROIC, outpacing sector cost of capital.

ROIC: 2.3% // GM: 88.2%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -3.3% paired with 0.88% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -3.3% // FCF YLD: 0.88%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 9.31 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 9.31 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 185.0x trailing P/E (140.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 185.0x // EV/EBITDA: 95.0x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.0% implied move with a 0.72 put/call ratio around $185.00 max pain.

IMPL MOVE: ±7.0% // P/C: 0.72

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Biological Products (No Diagnostic Substances) require continuous execution to defend 1.6% net margins.

NET MARGIN: 1.6% // D/E: 0.17x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 140.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.04).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 185.0x

FORWARD P/E 140.0x

EV / EBITDA 95.0x

FCF YIELD 0.88%

GROSS MARGIN 88.2%

OPERATING MARGIN 1.8%

NET MARGIN 1.6%

ROIC % 2.3%

REV GROWTH YOY -3.3%

DILUTED EPS TTM $0.86

DEBT / EQUITY 0.17x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 48.7

5Y EQUITY BETA 1.04

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // RGENPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $172.61

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for RGEN & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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