Repligen (RGEN) Wells Fargo 21st Annual Healthcare Conference summary

Growth performance and guidance

• Achieved 14% organic growth in Q2 and 12% in H1, raising full-year guidance to 10.5%-13.5% for 2026, with projected 2026 revenue of $813M–$835M and 10–13% growth.

• Protein and analytics franchises saw strong growth, with protein up over 50% and analytics over 30%, and franchise outlooks of over 20% growth in analytics, chromatography, and filtration.

• Growth was balanced by lower filtration performance, but market segment rebounds in emerging biotech and new modalities were noted.

• Despite headwinds from a gene therapy program and ATF customer delays, underlying business growth is estimated at 16%.

• Strategy focuses on outpacing market growth by 5 points through portfolio diversification and innovation.

Strategic acquisitions and portfolio expansion

• Pending acquisition of BioLife Solutions is expected to be accretive to top-line growth, gross margin, and EBITDA margin, expanding cell therapy capabilities and raising new modalities mix to ~25%.

• BioLife brings a differentiated portfolio, strong biopreservation media presence, and access to 18 commercial cell therapy drugs.

• Acquisition will balance exposure across cell therapy, mRNA, and gene therapy, supporting a $1 billion revenue milestone by 2027.

• Synergies estimated at $20 million in year one, mainly from OpEx and cost of goods sold improvements.

• Integration expected to open new customer relationships and cross-selling opportunities.

Technology and innovation focus

• AI integration is a multi-step journey: starting with PAT technologies, moving to digital twin, and culminating in AI-driven process optimization.

• PAT adoption has surged, with 80% of systems sold in the last three months including PAT, up from 20-25% last year.

• Digital twin and AI are expected to enable faster process development and predictive batch quality, especially for CDMOs.

• Ongoing development of next-generation ATF systems and expansion of in-line PAT technologies.

• Focus on innovation in bioprocessing, with a diversified portfolio spanning fluid management, filtration, chromatography, analytics, and proteins.