Maravai LifeSciences (MRVI) Investor presentation summary

Business overview and strategy

• Provides critical technologies and services for mRNA, gene editing, cell and gene therapy, vaccines, and biologics manufacturing, supporting programs from discovery to commercialization.

• Operates through two segments: TriLink (genetic medicine platform, ~65% of revenue) and Cygnus (bioprocessing tools & analytics, ~35% of revenue).

• TriLink offers proprietary mRNA technologies (CleanCap®, ModTail™), CDMO services, and specialty chemistry, while Cygnus delivers assays and analytical services for biotherapeutic manufacturing.

• Engages at every stage of mRNA drug development, earning revenue as customer programs advance through clinical phases.

• 96% of the top 25 global biopharma R&D spenders are customers, reflecting deep market penetration.

Financial performance and transformation

• Achieved 1H 2026 revenue of $117.3M (+24% YoY), with adjusted gross margin at 62.5% and adjusted EBITDA of $29.0M.

• TriLink base revenue grew 13% YoY, Cygnus grew 2% YoY, and overall base revenue increased 9% YoY.

• Exceeded cost reduction targets, removing over $65M in costs and returning to positive adjusted EBITDA after a period of COVID-driven volatility.

• Transitioned from COVID-dependent revenue to a streamlined, diversified growth platform with a focus on sustainable profitability.

Growth drivers and pipeline

• Revenue per program increases as clinical programs advance, with commercial peak revenue per program estimated at $5M–$50M+ per year.

• Majority of clinical pipeline is focused on higher-value modalities outside of prophylactic vaccines, with ~50 GMP customers averaging 2–3 programs each.

• New clinical entrants are expected to generate more revenue per program by layering ModTail and GMP Enzymes on top of CleanCap.

• Strategic priorities include commercial execution, operational excellence, and R&D focus, with expanded product portfolios and automation initiatives.