WALTHAM, MA – Repligen (NASDAQ:RGEN) Corporation, a bioprocessing company, reported today that on July 9, 2024, it experienced unauthorized access to certain files on its information systems. The company, listed on NASDAQ:RGEN, activated its response protocol upon discovery, including notifying law enforcement and engaging external cybersecurity specialists.
The incident, detailed in a recent 8-K filing with the Securities and Exchange Commission, has not disrupted Repligen's business operations or its ability to serve customers. Systems remain operational, and the company does not expect the event to materially affect its financial health or operational results.
Repligen's immediate actions following the detection of the breach included investigation, containment, and remediation efforts. While the company believes the situation is contained and no malware encryption occurred, it continues to assess the full impact. The extent of the breach and the need for potential regulatory and legal notifications are still under evaluation.
The company's statement included forward-looking remarks about its response and the anticipated non-material impact of the incident. It also cautioned that these projections are based on current assessments and that actual outcomes could differ.
In other recent news, Repligen Corporation announced a major leadership transition with Tony J. Hunt, the CEO since 2015, moving to the role of Executive Chair and Olivier Loeillot, the current President and Chief Commercial Officer, set to become President and CEO from September 1, 2024. Under Hunt's leadership, Repligen experienced substantial growth, with revenue growing from approximately $63 million in 2014 to $639 million in 2023. Loeillot, who joined Repligen in October 2023, will also join the company's Board of Directors.
In financial developments, Repligen reported Q1 revenues of $151 million and anticipates revenues between $300 million to $310 million for the first half of 2024. Despite a 17% year-on-year decline in overall revenues, the company expects stronger growth in 2025. Repligen maintains its full-year revenue guidance of $620-$650 million, with a book-to-bill ratio of 0.99 for Q1 and 1.03 over the past nine months.
Repligen is focusing on recovery and growth, with strategic initiatives such as the integration of Metenova and the launch of new products like the RS10 filtration system. The company's executives discussed the potential impact of the BIOSECURE Act, expressing focus on customer service and process involvement. Despite challenges, particularly in the APAC region, Repligen's executives remain confident in their sales funnel and the company's ability to meet its year-end targets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.