Repligen Corporation (RGEN)

Pretax margin

		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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	64,167	125,910	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	26,151	28,677	33,629	27,377
Revenue (ttm)	US$ in thousands	624,137	668,700	728,189	776,656	800,374	797,146	771,730	724,184	657,807	583,191	499,203	423,845	351,528	312,354	282,284	266,775	258,269	240,737	227,641	204,754
Pretax margin		10.28%	18.83%	22.21%	25.28%	27.38%	25.22%	25.24%	24.77%	23.34%	22.89%	22.03%	19.26%	16.85%	15.62%	11.59%	9.86%	10.13%	11.91%	14.77%	13.37%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $64,167K ÷ $624,137K
= 10.28%

The pretax margin of Repligen Corp. has shown a declining trend over the past two years, starting at 27.34% in Q4 2022 and decreasing to 10.04% in Q4 2023. This decline indicates that the company's profitability before taxes has been under pressure. The highest pretax margin during this period was recorded in Q1 2023 at 25.24%, followed by Q2 2023 at 22.17%.

Overall, the downward trend in pretax margin suggests that Repligen Corp. may be facing challenges in managing its operating expenses and generating sufficient revenues to cover its costs before taxes. This trend should be carefully monitored to assess the company's ability to maintain profitability and make necessary adjustments to improve its financial performance.