Repligen (RGEN) investor relations material

Third quarter performance and growth drivers

• Achieved 18% organic growth in Q3, with double-digit growth across all franchises and notable strength in proteins and analytics segments.

• Emerging biotech showed its highest growth in three years, attributed to both macro funding improvements and company-specific share gains.

• Analytics business benefited from an upgrade cycle, with only 3% of the installed base upgraded so far, indicating further growth potential.

• Equipment sales outpaced peers, driven by ATF hardware, analytics, and downstream filtration, with ATF providing unique CapEx advantages.

• Orders grew over 20% year-over-year, with a typical sales conversion pattern from backlog and new orders.

Outlook and guidance

• Fourth quarter outlook implies low double-digit organic growth, with headwinds from a gene therapy customer and timing of large ATF hardware deliveries affecting comparisons.

• Long-term framework targets outgrowing the market by 500 basis points, driven by technology differentiation, market creation, and commercial execution.

• New modalities remain a growth pillar, with gene therapy, mRNA, and cell therapy contributing; cell therapy is showing strong momentum.

• The impact from a major AAV customer is expected to be a headwind through 2026, reducing growth by about two points.

• No significant franchise expected to deviate materially from the overall company growth average.

Strategic opportunities and margin expansion

• Onshoring in the U.S. presents future opportunities, with participation in new capacity builds expected to begin in 2026–2027.

• Margin expansion to 30% EBITDA by 2030 is targeted, driven by gross margin improvements, OpEx leverage, pricing, and manufacturing productivity.

• Current capacity could support doubling the business without major facility expansion in the next 4–5 years.