Repligen (RGEN) UBS Global Healthcare Conference 2025 summary

Quarterly performance and growth drivers

• Achieved 18% organic growth with strength across the portfolio and four consecutive quarters above 14% growth.

• Orders grew over 20%, and gross margin improved by more than 200 basis points year-over-year.

• Growth was broad-based, with notable contributions from pharma, CDMO, and emerging customer segments.

• Biotech funding is increasing, expected to translate into results over the next 6–9 months.

• Equipment growth driven by ATF systems and analytics upgrades, though core equipment demand remains below historical levels.

Forward outlook and market positioning

• Framework targets average growth of five points above market, with a two-point headwind from a discrete new modality program, resulting in a net three points above market.

• Market growth assumptions have shifted to high single digits, placing expected growth in the 11–13% range.

• Margin expansion remains a focus, aiming for 100+ basis points at the gross margin level and further leverage at the operating margin.

• Onshoring and capacity investments in the U.S. present incremental opportunities, with increased RFP activity and a robust capital equipment portfolio.

Product and segment strategy

• New modalities, especially cell therapy, are seen as strong growth drivers, though gene therapy is still recovering.

• 80% of revenue comes from mAbs, with biosimilars offering a significant future opportunity as patent expirations approach.

• Product development remains balanced between core mAbs and new modalities, with ongoing launches and a modality-agnostic portfolio.

• In-house resin development and custom ligand capabilities are being expanded, aiming to make resins a more meaningful part of the business.