Slides
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January 13, 2026 J.P. Morgan 2026 Healthcare Conference Olivier Loeillot President and Chief Executive Officer
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2 Safe Harbor / Non-GAAP financial measures 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 2025, 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. This presentation discloses certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP. Repligen strongly encourages investors to review our consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used herein may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
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3 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 | $733M1 1midpoint of FY25 guidance 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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4 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% EBITDA margin, while balancing investments to support sustainable future growth. We delivered on our 2025 strategic priorities … In 2026, we remain focused on outpacing industry growth, expanding margins, and adding capabilities via M&A. Delivering on Strategic Priorities Key Takeaways
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5 Innovative Technology Gives Us Right to Win
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6 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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7 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+) $270M $733M1 2019 2025e ~$3B $13B+ 2019 2025 Revenue by Year Repligen Addressable Market 18% CAGR 4X Increase 1 Based on midpoint of FY25 guidance
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8 Our Broad & Diversified Offering
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9 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% Proteins 12% Filtration 56% Chroma 21% Analytics 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 2025e 2015 2025e 2015 2025e Top 3 Customers 67% Other Customers 33%
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10 One of the Broadest Portfolios in Bioprocessing Industry
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11 Multiple Levers to Outpace Industry Growth
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12 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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13 Innovating Solutions that Create New Markets ~12% ~6% ~10% 2023 2024 2025e 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.
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14 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 customer’s PD efficiency. Future Vision We anticipate digitization opportunities (including AI), enabled & driven by more available process data.
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15 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 ✓ Working on differentiated strategy for China 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 (2025e) by geography 2019 2025e 2.5X Increase
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16 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 ✓ Anticipate ~2% headwind in FY26 from GT platform 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 (2025e) by modality Revenue Mix by stage of development Commercial ~30% Commercial >40% Clinical ~70% Clinical <60% 2019 2025e
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17 $733M1 ~2x 2025e 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 1 Midpoint of FY25 revenue guidance
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18 Committed to Margin Expansion
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19 Roadmap to ~30% Adj. EBITDA Margin ✓ 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% EBITDA margin may not be linear … greater leverage in out years Multiple levers to drive margin expansion over the medium term ~19%1 ~30% OpEx Leverage (Rev. growth > OpEx growth) Volume Leverage on Fixed Manufacturing Cost Manufacturing Productivity & Site Optimization Price/Mix 2025e EBITDA% 2030Bridge is for illustrative purposes only 1 FY25 guidance
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20 Selective Investments for Growth and to Continue our Fit for Growth Journey Growth Investments 1 〉 R&D spending to launch innovative products 2 〉 Commercial investments focused on cross-selling 3 〉 Further build out APAC presence 4 〉 Modest investment to support dual-site manufacturing globally Fit for Growth Journey Progress to Date ✓ Continued build out of leadership in 2025 — Key legal, finance, and IT leadership ✓ Key system and AI investments in 2025 — Workday, Ironclad, Palantir ✓ Business Unit cross functional alignment ✓ Services execution 2026+ Priorities • Continue build out of bench • Additional system investments — IT modernization — Financial planning — Lifecycle management • Strategic transformation initiatives, including margin expansion
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21 Delivering on Strategic Priorities
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22 Delivered on Our Key Priorities in 2025 1 Above-market growth Midpoint of guidance calls for ~15% organic non-COVID growth, outpacing market Execute growth algorithm: cross- selling, key accounts, APAC 2 Expand margins Guidance implies ~150 bps of EBIT margin expansion, excl. M&A and FX Continued gross margin expansion & operating leverage by productivity execution and improved product mix 3 Continue to innovate (R&D) Launched SoloVPE PLUS, first single-use mixers, and multiple new catalog and custom resins Launch products across multiple franchises, with differentiated customer value creation 4 Pursue and integrate M&A Acquired 908 bioprocessing assets Integrated Tantti Minority investment in Novasign M&A remains #1 priority for capital allocation including potential minority investments 5 Fit For Growth Made key hires to accelerate and enable future growth Capitalize on prior efforts and further transform our business processes and functional maturity Priorities How We Delivered in 2025 Framework for 2026
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23 Delivered on Our Key Priorities in 2025 … Our Goals for 2026 Remain the Same 1 Above-market growth • Midpoint of guidance calls for ~15% organic non-COVID growth, outpacing market Execute growth algorithm: cross- selling, key accounts, APAC 2 Expand margins • Guidance implies ~150 bps of EBIT margin expansion, excl. M&A and FX Continued gross margin expansion & operating leverage by productivity execution and improved product mix 3 Continue to innovate (R&D) • Launched SoloVPE PLUS, first single-use mixers, and multiple new catalog and custom resins Launch products across multiple franchises, with differentiated customer value creation 4 Pursue and integrate M&A • Acquired 908 bioprocessing assets Integrated Tantti Minority investment in Novasign M&A remains #1 priority for capital allocation including potential minority investments 5 Fit For Growth • Made key hires to accelerate and enable future growth Capitalize on prior efforts and further transform our business processes and functional maturity Priorities How We Delivered in 2025 Framework for 2026
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24 Thank you www.repligen.com
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25 Appendix
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26 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 $749M of cash as of 9/30/25 Flexible on deal size Minority investment Bioprocessing Portfolio
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27 2025 Guidance FY25 Financial Guidance Adjusted (non-GAAP) Current Prior October 28, 2025 July 29, 2025 Revenue $729M to $737M $715M to $735M Reported Growth 15% - 16% 13% - 16% Organic Growth 12% - 13.5% 10.5% - 13.5% Organic, Non-COVID Growth 14% - 15.5% 12.5% - 15.5% Non-COVID Growth 17% - 18% 15% - 18% Gross Margin 52% - 53% 52% - 53% Operating Income $98M to $100M $98M to $103M Operating Margin ~13.5% 13.5% - 14.5% Other Income (Expense) ~$21M $22M to $23M Adj. EBITDA Margin ~19% 19.5% - 20.5% Tax Rate on Pre-Tax Inc. 21% to 22% 22% to 23% Net Income $93.5M - $95M $93.5M - $97M EPS (Fully-Diluted) $1.65 - $1.68 $1.65 - $1.72 Franchise Outlook (Reported) Analytics 30%+ Chromatography ~25% Filtration ~10% Proteins 15%-20%
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28 2025 Guidance Reconciliation – Earnings Per Share