REPLIGEN CORP Goodwill & Intangibles Disclosure
Goodwill
The following table represents the changes in the carrying value of goodwill for the years ended December 31, 2025 and 2024 (amounts in thousands):
Balance at December 31, 2023 |
|
$ |
987,120 |
|
Measurement period adjustment - Metenova |
|
|
(56 |
) |
Acquisition of Tantti |
|
|
47,105 |
|
Cumulative translation adjustment |
|
|
(3,174 |
) |
Balance at December 31, 2024 |
|
$ |
1,030,995 |
|
Acquisition of 908 Devices PAT Portfolio |
|
|
50,177 |
|
Measurement period adjustment - Tantti |
|
|
(162 |
) |
Cumulative translation adjustment |
|
|
33,398 |
|
Balance at December 31, 2025 |
|
$ |
1,114,408 |
|
Intangible Assets
Intangible assets, net consisted of the following for the periods presented:
|
|
December 31, 2025 |
|
|||||||||||||
|
|
Gross |
|
|
Accumulated |
|
|
Net |
|
|
Weighted |
|
||||
|
|
(Amounts in thousands) |
|
|
|
|
||||||||||
Finite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Technology – developed |
|
$ |
301,931 |
|
|
$ |
(82,032 |
) |
|
$ |
219,899 |
|
|
|
15 |
|
Customer relationships |
|
|
277,696 |
|
|
|
(120,205 |
) |
|
|
157,491 |
|
|
|
15 |
|
Trademarks |
|
|
10,564 |
|
|
|
(2,950 |
) |
|
|
7,614 |
|
|
|
18 |
|
Other intangibles |
|
|
4,027 |
|
|
|
(3,584 |
) |
|
|
443 |
|
|
|
3 |
|
Total finite-lived intangible assets |
|
|
594,218 |
|
|
|
(208,771 |
) |
|
|
385,447 |
|
|
|
15 |
|
Indefinite-lived intangible asset: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trademarks |
|
|
700 |
|
|
|
— |
|
|
|
700 |
|
|
|
— |
|
Total intangible assets |
|
$ |
594,918 |
|
|
$ |
(208,771 |
) |
|
$ |
386,147 |
|
|
|
|
|
|
|
December 31, 2024 |
|
|||||||||||||
|
|
Gross |
|
|
Accumulated |
|
|
Net |
|
|
Weighted |
|
||||
|
|
(Amounts in thousands) |
|
|
|
|
||||||||||
Finite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Technology – developed |
|
$ |
283,380 |
|
|
$ |
(60,272 |
) |
|
$ |
223,108 |
|
|
|
16 |
|
Customer relationships |
|
|
267,599 |
|
|
|
(100,646 |
) |
|
|
166,953 |
|
|
|
15 |
|
Trademarks |
|
|
8,641 |
|
|
|
(2,283 |
) |
|
|
6,358 |
|
|
|
19 |
|
Other intangibles |
|
|
3,812 |
|
|
|
(3,034 |
) |
|
|
778 |
|
|
|
3 |
|
Total finite-lived intangible assets |
|
|
563,432 |
|
|
|
(166,235 |
) |
|
|
397,197 |
|
|
|
15 |
|
Indefinite-lived intangible asset: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trademarks |
|
|
700 |
|
|
|
— |
|
|
|
700 |
|
|
|
— |
|
Total intangible assets |
|
$ |
564,132 |
|
|
$ |
(166,235 |
) |
|
$ |
397,897 |
|
|
|
|
|
(1) Excludes the original cost and accumulated amortization of fully amortized intangibles.
Amortization expense for finite-lived intangible assets was $39.1 million, $34.7 million and $31.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company expects to record the following amortization expense in future periods:
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
Amounts in thousands |
|
|
2026 |
|
$ |
39,396 |
|
2027 |
|
|
39,360 |
|
2028 |
|
|
39,327 |
|
2029 |
|
|
39,216 |
|
2030 |
|
|
38,099 |
|
2031 and thereafter |
|
|
190,049 |
|
Total |
|
$ |
385,447 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.