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Wells Fargo 21st Annual Healthcare Conference September 2026 Repligen Investor Presentation
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2 Safe Harbor Statement Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements in this presentation which are not strictly historical statements including, without limitation, express or implied statements or guidance regarding Repligen’s estimated financial results for full year 2026, future financial performance and other statements identified by words like “estimated,” “anticipated,” "guidance," or “goal,” and similar expressions are forward-looking statements. These statements are subject to risks and uncertainties which may cause our plans to change or actual results to differ materially from those anticipated. In particular, unforeseen events outside of our control may adversely impact future results. Additional information concerning these factors is discussed in our reports filed with the Securities and Exchange Commission including recent Form 8-Ks, our most recent Annual Report on Form 10-K and our most recent Quarterly Reports on Form 10-Q, all of which are available on our website. The forward-looking statements in this presentation reflect management’s current views and may become obsolete as a result of new information, future events or otherwise. We may not update such forward looking statements to reflect a change of events or circumstances that occur after the date hereof, except as required by law. The industry and market data contained in this presentation are based on management’s own estimates, independent publications, government publications, reports by market research firms or other published independent sources, and, in each case, are believed by management to be reasonable estimates. Although we believe these sources are reliable, we have not independently verified the information.
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3 Non-GAAP Measures of Financial Performance This presentation includes certain “non-GAAP measures.” The Company does not provide GAAP financial measures on a forward-looking basis as the Company is unable to provide a quantitative reconciliation of forward -looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort. The Company cannot reasonably predict items including, but not limited to, the timing and amount of future restructuring and cost-savings actions or transformation, acquisition and integration related costs. These items are generally uncertain and are not indicative of ongoing operations of the business, and the impact could be material to our results in accordance with GAAP. Please refer to the Company’s “Non-GAAP Measures of Financial Performance” included within the Company’s current and historical filings on Forms 8-K for more information on the use of non-GAAP measures by the Company.
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4 Who is Repligen: Pure-Play Bioprocessing Company Focused on Innovation Ticker | RGEN (NASDAQ) HQ | Waltham, MA Industry | Bioprocessing pure-play Employees | ~2,000 Footprint | US/EU Dual Mfg. Revenue | $738M (1) (1) FY25 To be the global innovation leader in bioprocessing with an extensive portfolio of differentiated, data-driven solutions across therapeutic modalities Our Vision
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5 Innovative Technology Gives Us Right to Win We play in a large bioprocessing market. Our technology allows us to differentiate against larger competitors. Diversified Portfolio Diversified across customers, modalities, and our unique product portfolio. Multiple Levers to Outpace Industry Growth Growth strategies across each franchise, breakthrough solutions, growing commercial mix, key accounts strategy, APAC, and new modalities. Expanding Margins while Investing in Fit for Growth Committed to margin expansion with a path to ~30% adjusted EBITDA margin (1), while balancing investments to support sustainable future growth. Launched Transformation Office, signed OEM agreement in China, divested non-core filtration business … We remain focused on outpacing industry growth, expanding margins, and adding capabilities via M&A including agreement to acquire BioLife. Delivering on Strategic Priorities Key Takeaways (1) Adjusted EBITDA margin is a non-GAAP measure. See the page 3 of this presentation for further information on non-GAAP measures.
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6 Innovative Technology Gives Us Right to Win
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7 Innovative Technologies and Broad Portfolio Gives Us a Right to Win Franchises Spanning the Bioprocessing Workflow How We Win Innovation Our products enable yield gains, cost efficiencies & speed to market Broad Portfolio Our broad offering increasingly enables cross-selling Agility with Scale Nimble, customer- centric culture allows us to meet customer needs Digitization Analytics position us for digitization trend and further differentiate our products ATF SoloVPE® PLUS Resins Filtration Fluid Management MAVERICK® Downstream Systems OPUS® PD OPUS® LS Chromatography Analytics Proteins Growth FactorsLigands Hollow Fiber TangenX®
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8 History of Above Market Growth; Long Runway in Large & Growing Market ✓ Our innovative technology has allowed us to deliver a high-teens revenue CAGR and grow above market since 2019 (pre-COVID) ✓ We have significantly expanded our TAM over the last six years by creating new markets and adding capabilities via M&A A long history of above market growth… …and continued opportunity given sizable bioprocessing market ($20B+) ~$3B $13B+ 2019 2025 Revenue by Year Repligen Addressable Market 18% CAGR 4X Increase $270M $738M 2019 2025
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9 Our Broad & Diversified Offering
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10 FranchiseCustomers Modality Over the Last Decade, We Have Diversified the Business ✓ Diversified customer base ✓ Largest customer represents ~7% of revenue Top 10 Customers 35% Other Customers 65% Proteins 70% Filtration 19% Chroma 11% mAbs 95% New modalities 5% mAbs 84% New modalities 16% ✓ Constant launch of new products ✓ Injected technology through M&A ✓ New modalities continue to be a strategic end-market and long- term growth driver 2015 2025 2015 2025 2015 2025 Top 3 Customers 67% Other Customers 33% Proteins 13% Filtration 55% Chroma 21% Analytics 11%
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11 One of the Broadest Portfolios in Bioprocessing Industry
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12 Multiple Levers to Outpace Industry Growth
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13 Create solutions for unmet needs that expand the overall market Increase our position in existing markets through commercial execution Leverage mix by growing commercial revenues and exposure to new modalities ✓ Technology creates new markets ✓ Digitization strategy ✓ M&A track record ✓ Key account penetration in large pharma & CDMO’s ✓ Cross-selling broad portfolio ✓ Invest in APAC ✓ Grow with customers’ trials ✓ Commercial opportunity with ATF & fluid management ✓ Portfolio well-suited for new modalities Multiple Levers to Continue Outpacing Market Growth Over the Medium-Term
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14 Innovating Solutions that Create New Markets 2021 2022 2023 2024 Trailing 3-year NPI Revenue As a % of total revenue ~80% of portfolio is differentiated Most of our products face limited competition (e.g. ATF, OPUS, PAT) By focusing on customer needs (yield gains, costs), we deliver breakthrough innovations New product introductions drive growth 50+ product launches in past five years Nimble culture allows for rapid product launches 2025 Revenue contribution from products launched in trailing three years. ~12% ~6% ~9% 2023 2024 2025
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15 Creating Solutions with Our Digitization Strategy: A Multi-Year Journey Step 1: Built Out Process Analytical Technologies (PAT) Offering C Technologies and the 908 bioprocessing assets acquisition bring us best-in-class PATsmart portfolio in both downstream and upstream. Step 2: Integrate PAT Into Systems FlowVPX® integrated into our downstream filtration systems. Working to further integrate analytics into our upstream/downstream systems. Step 3: Advanced Analytics Plan to integrate Novasign digital twin capabilities into our downstream systems to increase our customers’ PD efficiency. Future Vision We anticipate digitization opportunities (including AI), enabled & driven by more available process data.
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16 Increasing our Position in Existing Markets Through Commercial Excellence ✓ Key accounts focused on partnering with ~20 large Pharma’s & CDMO’s … significantly accretive to growth since launch ✓ Sales team incentivized to cross-sell full portfolio ✓ APAC represents ~17% of our mix vs. peers ~20%+ ✓ Hired new head of APAC and GM of China in 2025 ✓ Signed OEM agreement in China, first step in our differentiated strategy for the region Commercial execution and cross-selling entire portfolio with a focus on key accounts Under-indexed to APAC, especially China … investing further in the region Average # of product lines purchased by key accounts Asia/ROW 17% Europe 34% N. America 49% Revenue Mix (2025) by geography 2019 2025 2.5X Increase
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17 ✓ Sizable growth in China out-licensing activity ✓ Growing pipeline of China innovator drugs, especially in areas like ADCs, bispecifics, and CGT Making Tangible Progress on Sizable Opportunity in China China Out-licensing Deals(1) $B We believe China will be major player in biopharma for years to come Our APAC Strategy is already delivering results China revenue grew 60% in 1H-26 This is a testament to our differentiated portfolio and the new team we have put in place OEM Partnership advances our strategy in China In April, signed an OEM agreement for China manufacturing … will further our local competitiveness This is multi-phase and multi-product arrangement that we expect to expand over the coming years 15x+ Increase (1) Source: Pharmcube $8 $13 $28 $41 $52 $136 2020 2021 2022 2023 2024 2025
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18 Leveraging Mix by Growing Commercial Revenues & Exposure to New Modalities ✓ 40%+ commercial mix vs. 35% in FY23 ✓ Expect commercial mix to increase as customers advance through clinical trials ✓ Demonstrated ability to win late-stage volumes with ATF, proteins, fluid management ✓ Growing opportunities in cell therapy and ADCs ✓ Customers have sizable new modality pipelines … remains a strategic end-market for Repligen ✓ Continue to assume ~2% GT headwind in FY26 Increasing commercial mix as programs advance and as we capture late-stage opportunity Product portfolio well-suited for ADCs, mRNA, cell and gene therapy mAbs (including ADCs/bispecifics), 84% New Modalities (mRNA, CGT, other), 16% Revenue Mix (2025) by modality Revenue Mix by stage of development Commercial ~30% Commercial >40% Clinical ~70% Clinical <60% 2019 2025
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19 $738M ~2x 2025 2030 RGEN Target: +5% Above Market + Innovative solutions + Increase position + Mix benefits 8%-12% Bioprocessing Market Growth + mAb’s high-single digit growth + Accretive new modalities growth Market Growth + Multiple Levers to Outpace Market = Doubling the Business Expected mid-teens revenue CAGR, driven mostly by organic growth (similar across franchises), only assuming modest M&A
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20 BioLife Acquisition Will Build on Our Momentum
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21 Acquisition Highlights ✓ Signed agreement to acquire BioLife Solutions for $31/share … targeted to close in Q4-26 (1) ✓ Excited to welcome ~160 associates to the RGEN team at closing … shared culture of innovation ✓ BioLife is a scaled, highly-differentiated cell processing tools leader for the cell therapy industry ✓ Strategic one-step adjacency in the high-growth bioprocessing ecosystem ✓ Accretive to both revenue growth & margins and year 1 adj. EPS … stock/cash mix preserves flexibility ✓ Straightforward integration plan with clear synergies ✓ Meets all acquisition criteria: differentiated technology, strategic fit, financially compelling Headquartered in Bothell, WA Revenue (M)(2) Top Product: CryoStor® Revenue Mix(2) Repligen to Acquire BioLife Solutions … Combining Two Growth Engines CPT(3) (1) Directors of each company unanimously approved the transaction. Subject to customary regulatory approvals and by BioLife Solutions shareholders. No shareholder vote required for Repligen. (2) Source: BioLife Investor Presentation, Revenue reflects a pro forma view for recent divestitures. (3) CPT (Cell Processing Tools), includes: hPL Solutions, CellSeal®, Signata, and ThawSTAR®; BPM also includes HypoThermosol. 98% Consumable 46% Commercial Bio- preservation media $75 $96 2024 2025 +29%
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22 Fast-tracks Cell Therapy (CT) Leadership ✓ Adds a differentiated platform in a rapidly growing market ✓ Enhances cell therapy capabilities Creates Expected Long-term Value for Shareholders ✓ Accelerates profitable growth ✓ Adds new vertical for accretive M&A Expands Robust Customer Solutions Offering ✓ Creates new cross- selling opportunities ✓ Enables launch of integrated solution offering for CT Brings Deeply Embedded, Trusted Platform ✓ Adds high-margin recurring revenue ✓ Extends commercial - stage exposure A strategic one-step adjacency in the high-growth bioprocessing ecosystem Strong Strategic Rationale with Immediate Value Creation Opportunity
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23 Sizable Piece of Biologics Pipeline • 1,100+ global cell therapies in pipeline • Following proteins, cell therapy is the #2 modality in biologics Healthy Commercial Demand Multiple Drivers of Future Growth ✓ Strong efficacy driving adoption and approvals ✓ Robust commercial outlook ✓ Three blockbuster therapies ✓ Sizable clinical pipeline ✓ Global approvals and expanded indications ✓ Allogeneic therapies drives potential upside ✓ Favorable regulatory momentum 23% CAGR Cell therapy revenue expected to grow >20% through 2030 (1) Repligen analysis of GlobalData (Phase 1 to Phase 3 pipeline), RNA includes other new modalities (2) Source: BLFS June 2026 Investor Deck, Evaluate Pharma mAbs & proteins Cell Therapy ~22% GT ADC RNA Global Commercial Cell-Based Therapy Revenue ($B) (2) $7 $19 2025 2030 F BioLife Increases Our Presence in Cell Therapy, an Attractive & Rapidly Growing Market Pharma drug pipeline by modality (1) With BioLife, our pro forma new modalities mix will be ~25% … tailwind for above-market growth potential … while we remain highly-indexed to mAbs
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24 Committed to Margin Expansion
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25 19% ~30% Roadmap to ~30% Adj. EBITDA Margin (1) ✓ Targeting 100+ bps of annual GM expansion … path to mid to high 50%’s From: (1) Volume leverage, (2) Price and improved mix (mix can vary quarterly), and (3) Manufacturing productivity ✓ OpEx growth less than revenue growth … selective investments for growth & fit for growth ✓ Path to ~30% adjusted EBITDA margin may not be linear … with Transformation Office, margin expansion is less back-end weighted than prior expectations Multiple levers to drive margin expansion over the medium term OpEx Leverage (Rev. growth > OpEx growth) Volume Leverage on Fixed Manufacturing Cost Manufacturing Productivity & Site Optimization Price/Mix 2025 EBITDA% 2030Bridge is for illustrative purposes only Transformation Office (1) Adjusted EBITDA margin is a non-GAAP measure. See the page 3 of this presentation for further information on non-GAAP measures.
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26 Transformation Office Accelerates Fit for Growth Investments and Margin Expansion Customer Service and Value Realization ✓ Continuously improve customer service and capture value across our portfolio ✓ Investing in planning and forecasting to better deliver for customers IT and AI investments ✓ Acceleration of IT modernization and AI implementation across all functions Product line margin optimization ✓ Improving the profitability of certain product lines through targeted productivity and rationalization … Example: fluid management Site rationalization ✓ Efforts to optimize our manufacturing footprint for increased cost efficiency Transformation Office will help enable our goal of doubling the business while expanding margins … expect at least one point of annualized margin benefit by the end of 2027 Fit-for-Growth Initiatives Margin Expansion Initiatives
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27 Delivering on Strategic Priorities
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28 Key Priorities for 2026 1 Above market growth Execute growth algorithm: cross-selling, key accounts, APAC 2 Expand margins Continued gross margin expansion & operating leverage by productivity execution and improved product mix 3 Continue to innovate (R&D) Launch products across multiple franchises, with differentiated customer value creation 4 Pursue and integrate M&A M&A remains #1 priority for capital allocation including potential minority investments 5 Fit For Growth Capitalize on prior efforts and further transform our business processes and functional maturity Priorities Framework for 2026
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29 Thank you www.repligen.com
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30 Appendix
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31 Analytics Creating Solutions with Technology & Company Acquisitions ... Key Capital Allocation Priority M&A Criteria Select Acquisitions & Investments Filtration Proteins Fluid Management Digital Technology First Differentiated, flexible, scalable Complementary or adjacency Strategic relevance Adds to or leverages capabilities Expands presence across customer workflows and modalities Financial Hurdles Accretive to growth or margins Five-year return Strong Balance Sheet Balance Sheet well positioned with $810M of cash and marketable securities as of 6/30/26 Flexible on deal size Minority investment Bioprocessing Portfolio Note: BioLife is not included as the acquisition is expected to close in the fourth quarter of 2026
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32 2026 Guidance FY26 Financial Guidance Adjusted (non-GAAP) FY26 Financial Guidance Adjusted (non-GAAP) Current Prior July 28, 2026 May 5, 2026 Revenue $813M to $835M $803M to $833M Reported Growth 10% - 13% 9% - 13% Organic Growth 10.5% - 13.5% 9% - 13% Gross Margin 53.7% to 54.2% 53.7% to 54.2% Operating Income $128M to $134M $124M to $132M Operating Margin 15.7% to 16.0% 15.4% to 15.8% Other Income (Expense) ~$19M ~$19M Adj. EBITDA Margin 20.6% to 21.0% 20.3% to 20.8% Tax Rate on Pre-Tax Inc. ~22% 22% to 23% Net Income $115.5M to $118.5M $111.5M to $116.5M EPS (Fully-Diluted) $2.03 to $2.09 $1.97 to $2.05 Franchise Outlook (Reported) Franchise Outlook (Reported) Analytics >25% >20% Chromatography >20% Low double-digits Filtration ~MSDs Low double-digits Proteins ~Mid-teens Low double-digits