Repligen Corporation (RGEN)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	-32,460	-2,609	10,176	30,154	64,132	125,875	161,705	196,301	219,140	201,002	194,767	179,369	153,543	133,473	109,984	81,646	59,217	48,784	32,712	26,311
Revenue (ttm)	US$ in thousands	627,837	616,033	602,354	607,450	638,764	669,783	729,332	777,796	801,536	801,295	778,770	734,097	670,534	592,661	508,505	433,007	366,260	327,086	302,471	285,701
Pretax margin		-5.17%	-0.42%	1.69%	4.96%	10.04%	18.79%	22.17%	25.24%	27.34%	25.08%	25.01%	24.43%	22.90%	22.52%	21.63%	18.86%	16.17%	14.91%	10.81%	9.21%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-32,460K ÷ $627,837K
= -5.17%

The pretax margin of Repligen Corporation has shown a fluctuating trend over the given period, starting at 9.21% on March 31, 2020, and reaching its peak at 27.34% on December 31, 2022. This upward trend indicates improving profitability before taxes. However, the pretax margin subsequently experienced a decline, dropping to 4.96% on March 31, 2024, and turning negative in the last two quarters of 2024, with -0.42% on September 30, 2024, and -5.17% on December 31, 2024.

The downward trend in the pretax margin in the latter period could be a cause for concern as it indicates a decrease in the company's ability to generate profits before accounting for taxes. Further analysis would be required to understand the factors contributing to this decline and assess the company's financial performance and sustainability.