All right, great. Thank you, everybody, for joining us today. My name is Casey Woodring from the Life Science Tools and Diagnostics team here at J.P. Morgan. I'm pleased to be joined by the management team of Repligen. We'll do the corporate presentation first, and then we have time for Q&A. So with that, Olivier, after you. Thank you so much, Casey. Thanks for coming, and looking forward to telling you a bit more about Repligen. The usual safe harbor statements. So for those of you who are not completely familiar with the company, we are headquartered in Waltham, Massachusetts. We are really a pure bioprocessing play, about 2,000 employees in total. And for the vast majority of our portfolio, we've got dual manufacturing in the U.S. and in Europe. And finally, at the midpoint of our guidance in 2025, we were at $733 million in sales. What's our vision? We want to be the global innovation, and you will hear me mentioning innovation several times today, leader in bioprocessing, with a very extensive portfolio of very differentiated, data-driven solutions across most therapeutic modalities. So there are a couple of takeaways, and I'm going to start with that so that you remember them right at the beginning. The first one, again, is innovation. So we've been really playing on that side for the last 10 years, and we are playing in a pretty large bioprocessing market, as you know, and we play against very big competitors. So for us, really, the way to win is via launching those very breakthrough innovations and really supporting customers in their path towards more yield, better cost structure, and so on. So really, innovation at the core of everything. We have a very diversified portfolio of products. I mean, I'm sure many of you start to understand it. I mean, last year was really a showcase where we had really performance across the entire portfolio, and we want to say we have got one of the broadest portfolios really in the industry today. And the good news is we've got multiple levers to keep on outpacing industry growth. I'll talk about that quite extensively later on, but just to mention a few here. Obviously, those breakthrough solutions we have, but beyond that, also, we are still very much clinical versus commercial, and we also have a very, very solid strategy on the cartridge side that has really enabled us to open doors at multiple big accounts and we're just really at the beginning of the journey. And finally, definitely some great successes with new modalities, and we'll talk about that quite a bit. We want to expand margin. I mean, we are absolutely focused, and Jason and I have been now with the company for about two years. It's really at the core of our soul every day, and we've done a pretty good job last year, but we're on the path to do even better over the next five years and reach 30% EBITDA margin in the next five years, and finally, we are very heavy on delivering on what we say we're going to be doing. We had five strategic priorities in 2025. We've delivered on each of them, and we decided to kind of keep almost the same for 2026 because we think we are in a pretty long-term type of growth journey here, and there is no reason to re-change those priorities, but we've done multiple progress over the last 12 months here, so what is giving us reason right to win, again, is innovation, so when you look at our portfolio, we've got really four main franchises: filtration, chromatography, analytics, and proteins. In each of these different product lines, we've got really very innovative products, and innovative meaning, like we estimate that almost 80% of our portfolio today, we don't really have competition, and this innovation was always focused on enabling better yield, productivity gain for our customers, and also enabling our customer to go faster to market. We've got the advantage of the size. We're not that big, so we're pretty flexible, so we're very nimble, very customer-centric. I mean, that's really part of our DNA in the company, and we are really obsessed to meet our customer needs. The broad portfolio, I'm going to show you in a minute what it's all about. I just want to say a few words to start with on digitization. We know it's at the center of the preoccupation of our customers right now. We seem to have a really good chance with our PAT technologies, but we've got to pass forward to really capitalize on that and really lead the pack in terms of the digitization journey of our customers. So we are a fast-growing company. I mean, we took 2019 because that was just before COVID, and then 2025, which was last year, because as we all know, there was a lot of noise during COVID. So we thought it was quite impressive to see that when you exclude the COVID noise in between, we had a CAGR of about 18% during the last six years. And then when you look at the total addressable market, this is even more stunning in a way that our total addressable market was only $3 billion six years ago, and now we're up to $13 billion. So if you make the calculation, midpoint, $733 million, we are about only 2% of the market. So do we have runway? Yes, we do. We have a lot, a lot of runway, and we are very happy to have that huge total addressable market opportunities because with the breadth of the portfolio we have, we know we've got incredible future in front of us. So what is this broad diversified offering? I think this slide is probably the one I like the most. It shows you really how we've been evolving over the last 10 years. Look on the left side, customer-wise. 10 years ago, our top three customers were two-thirds of our business. Last year, our top 10 customers was one-third of our business. So when you talk about diversification, I mean, it's a fact like we've done an amazing job to really reach out to many more customers and probably big pharmas and big CDMOs as well. But from a franchise point of view as well, it's quite stunning to see like 10 years ago, we were almost three-quarters of our business in protein, a little bit in filtration and chromatography. There's a shift toward more filtration with multiple acquisitions and a strengthened chromatography business and now a bigger play into analytics has enabled us to also have a much more diversified portfolio of products today. And then finally, looking at modalities, we went from being heavy, heavy, heavy on monoclonal antibody. We're still heavy, heavy, but a bit less. We're doing about 16% of our sales in new modalities, and we'll talk a little bit about that, of course, later on as well. So really very diversified portfolio of products. And that's on a picture. What's better than a picture? When you think about a full workflow that is being utilized by our customers, we pretty much have the main buckets. If I want to really simplify, we've got three main gaps: bioreactors, cell culture media, and viral filters. But in every other bucket, we do have a play today, a smaller or bigger one, but we are really happy that we absolutely can support customers, particularly if they have specific needs of customer solution in these different buckets today. What about the multiple levers to outpace industry growth? So we like to create solutions. So innovation, again, I mean, and innovation technology really creates new markets. And that's why we like the way we operate in that environment is we're not just coming to compete with the four big guys who are doing amazing things. We're here to just come and try to create new solutions, create new market segments that are going to be add up to what exists already on the market. Digitization, I talked a little bit about already. It's a perfect example where we're coming now with brand new PAT solutions to enable our customers to be faster and more efficient. And we have a real track record in M&A. What I think Tony and the team have done so well in the past via all of this acquisition was really to add technologies that were somewhat next to some of the other technology we had and that we could not only embed within our own portfolio, but create products that were even better or that were even newer than what this company we're bringing to us. And the best example we had is the acquisition of Metenova two years ago, which was stainless steel mixing technology based on magnetic stirring. And now we launch our own single-use mixers, which we think have the best technology in the industry right now. So we like to create solutions. Increasing our positions, of course. I mean, we are playing into that big market. So we're trying to make sure we're opening more doors, and that's where really commercial excellence is of essence. And we've got an incredible commercial organization that has enabled us to really penetrate big pharmas and CDMOs really very largely over the last several years. Here, again, we are really at the beginning of the journey. You'll see in one of the next slides that we're sitting about 2.5 times more products for each of these accounts than we were five years ago, but in many cases, we are just starting to sell those products. Meaning like the runway we have for the next 10 years is going to be really very, very big with all of these customers. We have a sales team that is really now capable to cross-sell this portfolio of products. And if I look from a geographical point of view, we are going to have a big focus on Asia because we're a little bit subpar today in Asia. And finally, leveraging the mix, I mean, we're still very much clinical, even though slowly but surely we're moving towards more commercial products. I mean, the split has changed a little bit last year, but obviously, the more clinical you're supporting, the more tailwind you get because every time a product makes it to the market, you're getting obviously a significant increase of volume demand from your customers. And finally, we've got a portfolio that is really well suited for new modalities. So we all know there has been some headwind in 2025, which is one of the reasons why we are particularly happy about the performance we had because even with those headwinds, and I would never have bet that in 2025, new modality would be potentially diluting our growth, but this did happen. We're still extremely positive about it and know that this is going to come back, probably going to take another year or so, but we're absolutely convinced that's going to be a creative to growth from 2027 onwards. So that's about some of the levers we have to outpace. I just quickly go through that slide. I mean, we estimate about 80% of our portfolio is really very differentiated, just to talk about product line like ATF, product line like OPUS, all of these PAT technologies. But really what's very important is we're extremely focused on our customer needs. There is need for new products that are much more tailored for these newer products that are being launched on the market, and where we probably all of us had the luxury back five, 10 years ago to launch a product that was suiting the vast majority of products on the market. Today, you have to have that agility to be much more customer-focused. And innovation, again, we launched about 50 products in the last five years, so about 10 per year. And last year, they, the ones we launched in the last three years, represented about 10% of our sales. So it's pretty significant innovation again. Digitization. So I'll spend maybe a minute on this one because we talked a little bit about PAT. I like to say we are pretty much where Google was probably 25, 30 years ago or so, which is where the point was the industry is still collecting data right now, and the more data people are going to be collecting, the more intelligent they're going to be, and the more capable they're going to be to become even more intelligent and even more efficient, so what we are doing is we are trying to couple our PAT technologies with our systems so that what was initially an offline analytical solution is becoming slowly but surely an inline analytical solution that enabled customers to track performance of their manufacturing batches' life, which is a huge save of time, but also which is enabling them to definitely stop the batch at the right time and get higher yield for the batches they're manufacturing. And then this is where the next step is going to come, which is going through more advanced analytics. You might have seen we took a minority investment in an Austrian company called Novasign in July of 2025, and this is digital twin that we are going to implement into our next generation small-scale TFF system that is going to enable customers also to run their processes in a much more efficient manner. What is the future vision? Of course, AI. I mean, we all know about that. We are living the AI paradigm right now every day, each of us in our companies. We know our customers are expecting to be able to develop their processes much faster using AI tools, but also manufacturing in a more efficient manner using AI tools. But they can only do that if they collect the data, if they have systems with this data integrated, data collection integrated, and if they have some of these advanced analytics already implemented. So it goes step by step. We think we are in a very strong position because we are leading the pack on step one. We're pretty advanced on step two, and we're going to start to be much more active on three as well. So what about, I mentioned already, the increase we had with our key accounts, about 2.5 times more products per key account between 2019 and 2025? In terms of geographical split, Asia is only 17% of our sales. And we know like probably the second closest to us out of the four big guys got 20% of its sales in Asia, but most of the others are close to 25%. So we really have to speed up our growth in Asia. We onboarded two new leaders beginning of 2025, one leading all of our Asia business, the other one leading China in particular, and we are working on a very specific Asia strategy in China for China and for the rest of Asia as well. The mix, nothing really much to comment here. I mean, again, we like to say we are a 10-year young bioprocessing company. I mean, I used to work in another organization where I had kind of the similar split between commercial and clinical. I don't see a reason why slowly but surely we're not going to move toward more commercial. Last year, we increased by about five points in terms of commercial, and that's very much linked to us being able to get design- ins into commercial drug via ATF, some of our custom resin offering, and fluid management as well, and then in terms of product mix, if you remember last year, new modality were a little bit higher, so you could say, "Wow, what happened with new modality?" I say, "Wow, well done, guys," because even with some of the headwind we had in 2025, we've managed to beat our consensus several times and increase our guidance for the full year, and it means like the rest of the business, which is monoclonal antibody, has been doing extraordinarily well for us in 2025, but still we're very eager and pushy on new modality. As mentioned earlier, we know it's going to come back to being a driver of growth in the near future here. Okay, so what is the story here? $733 million, midpoint of guidance last year. We know the market is growing anywhere between 8%-12%, at least in the past. Bad year was 8%, good year was 12%. We are aiming to be 5 points above that. So we think last year at the midpoint of guidance, we were slightly above the 5% above market. We are aiming to do the same for the next five years. And this year, obviously, as you all know, we have 200 basis points of headwind from a specific gene therapy drug that had some hiccup in 2025. But with this 5% above market growth, we are aiming to be a double-sized company by 2030. We are very committed to margin expansion. So again, at guidance midpoint, we are landing around 19% EBITDA on sales. That's definitely not good enough. I mean, we are absolutely working on it, and we have a very good path forward, Jason and I, to be around 30% by 2030. We're still a younger company that is growing very fast, so we are really making sure like we are combining those huge growth we've been experiencing in the past and that we know we're going to be experiencing in the future as well with getting fuel for growth because that's critical for us. But we're going to get, first of all, a lot of volume leverage by just doubling the size of the business. We're going to get some positive impact from price and product mix. And then we're obviously very focused on productivity. And finally, we are going to get OPEX leverage. I mean, we've invested quite a lot in 2025. We're still going to invest quite a bit in 2026 to really scale the company to be able to operate that double-sized company in five years. So we'll really start to see leverage towards the second half of this five-year cycle here. We're making selective investments, so R&D, innovation again. I mean, we're spending about 6%-7% of our sales every year in R&D, which is quite significant. I mean, I think it's significantly higher than most of our competitors, and that's because it's really part of our DNA. The commercial investment, we've done quite a bit, and we're starting also to look at AI tool not only in commercial but across the board, but partly on the commercial side. And we're going to build out that APAC presence. Last year, we opened three offices in Asia, one in Singapore, one in Japan, one in China. And we are really now in the staffing mode to make sure we are capable to grow much faster over there. And then in terms of dual-site manufacturing, I mentioned the vast majority of our product portfolio, we already have dual-siting. There are a couple of areas where we still have to do some modest investment to move that forward. Fit for growth, 2025, we invested in a lot of really key people. We built a legal team. We really reshaped the finance organization very significantly. Big credit to Jason and then IT leadership as well. I mentioned AI. I mean, we are already using a lot of AI tools. I mean, we're using AI on the legal side with a tool called Ironclad that has been a real game changer for us, but also Palantir. We did a deal with those guys mid of last year to help us on the global supply chain side. We've moved toward more of a business unit cross-functional alignment, meaning as we are becoming a little bit bigger now, we think it's important that each of the business units who have got kind of different needs can refocus on what is their top priorities. We had a huge focus on services and great progress on that side. In 2026, we're going to continue to build out that bench. We have a few further investments to make, still some of the IT modernization, financial planning, and we're going to embed a life cycle management tool. We've got obviously some strategic transformation initiatives that do include the margin expansion projects. Finally, delivering on strategic priorities. We've done a lot in 2025. Again, we think we've grown more than 5% above market at the midpoint of our guidance with 15% organic non-COVID growth. I know I got the question, why do you still talk about COVID? We unfortunately were the last company that had some significant COVID sales in 2024, which is why we still had to call about non-COVID in 2025. Expansion of margin guidance implies a 150 basis points of EBIT margin expansion, including M&A and FX. Continue to innovate. I mean, we had three really important launches in 2025. The new version of our protein concentration tool, Solo, which is becoming a huge success story in the second half of last year. The first single-use mixers, as mentioned already, and then we launched several new catalog and custom resins. We acquired 908 Devices bioprocessing assets, which has been integrated to the organization around mid-year of 2025, and we made that minority investment in Novasign, and finally, getting fit for growth, we made all of these key hires, and we've invested in quite a lot of infrastructure. 2026, similar. We're going to grow outpaced market growth, just taking into account again the headwind we have on the gene therapy drug. We talked about how we're going to do that margin expansion. We'll keep on going. We have a lot of product launch in 2026. One of them that I'm really excited about is I call it the little brother of SoloVPE plus, which is the new generation of our small-scale TFF system. The reason why I call it the little brother is we have a huge installed base like we had on the SoloVPE side, and we know like the success that we had to generate that replacement market is probably going to be duplicated here with the TFF story here. So that's something we are very excited about. M&A, it remains our priority number one. I mean, we do have quite a lot of dry powder, as you know, so we are definitely looking at several opportunities, but we're also considering to do more minority investment because we really enjoy what we've done last year. Finally, fit for growth, it will never stop, for sure, at least not for the next couple of years, but we are really making sure we were getting the right team and the right infrastructure to operate that double-sized company in the next five years or so. Thank you very much. All right. Great. Well, that was a really helpful overview. Maybe to start just on 2026, you know, against the backdrop, you've seen two consecutive quarters here of over 20% order growth. The 2026 top-line framework you've laid out getting to around 11%-12% on the top line, that assumes about 500 basis points of market growth offset by 200 basis points of gene therapy headwinds. Can you just walk us through what's embedded in the 2026 framework and the divergence between what you've seen on the order growth side versus what we're kind of starting on for 2026? Yeah. So as you know, Casey, we are only reporting our Q4 and full-year results at the end of February during our earnings call, and we'll guide as well for 2026. But I mean, you just exactly summarized the framework the way it is. Basically, we are aiming to outpace market growth by five points, and we're going to have this 200 basis point of headwind. What I want just people to understand about the orders, because you're right, we've said both in quarter two and quarter three, our orders grew more than 20%. This is reported order growth. So this does include both the FX impact as well as the acquisition of 908. So if you would retrieve that and then you would compare it to the organic growth we talked about, which is around 15% or so, then the gap would be much lower. So just to help you. And secondly, the comp were for sure easier for us in terms of orders in quarter two and quarter three. And from this year onwards, comp are going to start to become a little bit more difficult. But yeah, we are very happy about how the first three quarters of 2025 played out and the full year as well, and looking forward to a great 2026. And you've laid out a framework for operating leverage over the next few years. You talked about it a little bit in the presentation, where the gap between OPEX growth and top-line growth is wider in the outer years, but the path to get there isn't necessarily linear, right? So can you just walk us through the puts and takes around the margin framework and how we should think about operating leverage in 2026 and then farther out? Yeah, to your point, I'll point us back to the roadmap page that Olivier shared, and we tried to have the key buckets that will get us to that 30% EBITDA in about five years. You'll notice that we didn't quantify them, but the buckets are, I'll say, relatively scaled, meaning the biggest contribution is going to be that ability to get OPEX leverage, which is, to your point, growing sales at a faster rate than OPEX. But the point on it not being linear is that to fuel the fit for growth journey that we're on, we do recognize we probably need to make a bit more of that OPEX investment in 2026 and probably into 2027. And then as we go out later in that time frame, we'll be able to capture more leverage. But again, for us, that's a core foundation to be able to have a sustainable, I'll say, set of a team, an infrastructure, the systems, the processes that we have to be able to have a business that's double in size. The other buckets, again, we outlined is price, of course. We've been able to achieve that and see that as a continuation. The productivity, so we'll be executing productivity in our manufacturing sites, both the, I'll call them the day-to-day manufacturing as well as maybe bigger projects that can take a bigger swing in cost structure. And then, you know, and the last thing I'll comment on is mix. You know, just the dynamic there is that for the last two years, we've had negative, I'll say, a mix or a mixed headwind. We've talked a little bit about some of the procured chromatography resins that we have in our chromatography, a little bit in 2024, a little slower growth on proteins and some dynamics. As we look into 2026 and beyond, it's not that mix becomes a huge, I'll say, profitability growth driver, but it's not the drag anymore. And so we get that, I'll say, still tailwind overall. So I think those are the buckets that we'll be driving, and we'll be able to update the team as we go through each year. How could the reshoring opportunity really impact the timing and degree of reinvestment in 2027 and beyond? Yeah, I don't think reshoring will impact that specifically. I mean, again, as Jason just said, I mean, we are going to keep on investing in our infrastructure, in our people, and so on. So this is going to happen, whatever happened on the offshoring side or not. I mean, we built a lot of capacity, as you know, during COVID. So that capacity, in principle, enabled us to deliver as much as $1.2 billion of sales. So it's not like this onshoring will immediately require to build more space, more capacity, manufacturing capacity. Obviously, we'll need to bring more labor, but beyond that, nothing in particular, and then we're going to continue that fit for growth journey over the next several years, but as Jason mentioned, we're going to start to really be able to leverage it because I'll give you one example. I mean, we built our legal team last year. I mean, we were outsourcing most of our legal services up to the end of last year, and we decided to build our own legal team, so probably for a year, you almost have a little bit of double spending because you still use the external company, and you are building your own team. From this year onward, we're going to start to switch to using our entire team completely. And then we're using also that AI tool, meaning year after year, somehow we're probably going to need less and less spending on the legal side. So that's a perfect example where you have a peak temporarily, and then you're going to slowly but surely going to start to stabilize and probably start to go down after. Okay. Maybe sticking on the reshoring theme, very much in focus for investors here this week, what are Repligen's advantages and disadvantages around competing with larger bioprocessing players to win some of those reshoring-related RFPs? What's Repligen's right to win? And then can you give us an updated view on what you think the potential incremental revenue opportunity looks like for Repligen? Yeah, so more than really what is our competitive advantage, what I think is important for people to understand is we have a seat at the table today, which we just didn't have up to probably a year or maybe a year and a half ago or so. And in fact, even before those big onshoring RFPs are coming to the industry's hands and so on, we received for the first time a lot of different RFPs for what is big hardware ask towards the end of last year. Because if you think, if you look back, since we had ATF controllers first, we've added our downstream system, both TFF and chromatography system. And then last year, we added mixers as well. So when you look at the breadth of a hardware offering, we almost have everything today apart from bioreactors. And what happened as well in the same time is most of these big pharma companies have tried us. They've tried to buy one TFF system, one chromatography system. Obviously, they know ATF for a while, and then they like it because they like the PAT enablement we're also bringing with our system. So we are getting those ask already. So for us, we're going to enter into that reshoring exercise where we have a chance because we have a seat at the table. And one of the advantages we have is obviously we've got manufacturing capabilities in the US. We're probably the only company right now that has got that capability for downstream system. And even though tariff landed at what is an acceptable situation, there is still 15% tariff on imports from Europe. So I mean, when we're going to be competing with the other guys on that side, we will at least have that 15% better pricing because of tariff here. So that's definitely something we're looking forward to. But overall, very exciting. In terms of sizing, it's difficult. Say, Casey, I mean, we're hearing obviously crazy numbers. I've learned over the years to discount those numbers. But so when I love to make a quick calculation, imagine it's only 10% of what has been announced that's going to happen. And imagine that 10% of that 10%, maybe 10%-20% of that 10% is typically going to land into buying hardware, equipment, and so on. That's a huge amount of money. I mean, you're talking about billions of dollars, and then it's not so many companies that are going to be competing to get those. So it's going to be a very nice opportunity for the entire bioprocessing industry here for sure. Maybe touching on new modalities. So Repligen faced headwinds from a specific gene therapy platform in 2025, and that'll continue into 2026. Yet outside of that specific customer, new modalities overall has been pretty strong for you guys, right? So how do you assess the health of the new modality funnel for 2026? And are there certain areas you're more excited about than others? Yeah, no. So being very specific, and you people can make the calculation with the slide we have. Last year, new modality grew high single digit, excluding Sarepta. So it's not bad, but it was still dilutive to our overall growth, which at the midpoint of guidance, again, is 15%. Where it was still positive, it was somewhat not as fast as the growth we see on monoclonal last year, so why is that? Well, first of all, are we still bullish about new modality? Absolutely. I mean, I'm absolutely convinced, again, this is going to become a driver to growth again. Is it this year? Probably not, because obviously we've got that huge headwind on that gene therapy drug. But I want to say probably from 2027 to 2028 onwards, it's going to start to be a driver again. And then you need to really deep dive into the different new modalities because they all have very different patterns lately. And I took advantage of the break over Christmas to read quite a lot of articles. And in fact, the industry is very bullish still on new modalities, but they are more bullish on some new modalities than some others. And if you think about it, cell therapy seems to be today really the one that everybody is very positive about. Interestingly enough, gene therapy is not that far behind, and ADC almost at the same level. The only one that seems to be a little bit more of a concern at this stage for people is mRNA. We've seen some studies saying people are a little bit more careful on that side. But most of our big pharma accounts still have a lot of new modality products in their funnel, and we know we are the right partner for them. So we are continuing to launch new products. We just launched three resins at the end of last year, and we're absolutely very optimistic about it. Yep. Maybe turning to your product portfolio here. Chromatography has shown strong momentum in 2025. I think heading into 2025, a strategic priority was focusing more on big pharma customers, including converting customers to the OPUS prepacked columns. And you've called out at least two wins in 2025 driving strength in that franchise. With ongoing commercial efforts focusing on pharma for prepacked columns, can you discuss the drivers behind this shift in customer preference towards those prepacked columns or prepacked solutions, I should say, and really what's driving momentum here into 2026? Yeah, so you're right. We won really two big pharma accounts, and that was really a lot of work from our sales organization. Again, the key account management team is doing a great job on these two because it's not easy to convince a big pharma to convert and convince them to switch from packing their own columns to doing it with somebody outside. What's definitely playing in our favor, Casey, is that I am old enough that I remember 30 years ago when people were entering into a company and starting packing columns, they would very often do that their entire career. It's fair to say the new generation loves to do different things, and it's very difficult now to get somebody willing to pack columns for more than two to three years, and it's a real art to pack a column, so what has happened really more and more is that those pharma companies realize they lost a lot of expertise. And on the other side, they have a provider like us with packing more than 3,000 columns every year and who is obviously very good at doing that. So slowly but surely, I think some of these companies realize there is a good reason to go more and outsource more of that. And I think that should be a real tailwind for us in the next few years. And within process analytics, you've recently described the SoloVPE plus upgrade cycle as being in the early innings with only a low single-digit percentage of SoloVPE installed base having been upgraded. What's driving customers to upgrade? Can you lay out the timeline for that sales cycle? And do you expect this replacement cycle to be a material revenue tailwind in 2026, or is this more of a driver in 2027 and beyond? In our business, when you sell hardware, it's absolutely critical to launch a new version of your hardware every, I would say, minimum five years. Sometimes people do even less than that because you want beyond the inherent growth of the market, you want to make sure you're generating a few extra points of growth because of a replacement market opportunity. We didn't do a lot of that in the past, and on the Solo, Solo was a really good example where we had the same product on the market for quite a while. So when we launched it, we said, hey, well, first of all, we had to bring something different, and we did bring a lot of upgrades to the new version, speed 30 seconds instead of two minutes accuracy of the protein concentration measurement. But also people, particularly people who don't know how to spend their budget, so very often they just say, hey, let's upgrade our equipment and so on. So this is just starting. I mean, we have a very significant installed base, which is north of 2,500. We're just at the beginning. We've probably hit the 100 range of replacements. So that should definitely be a nice tailwind for the next several quarters, if not two to three years for sure. Got it. That's helpful. Let's talk ATF. So it seems like 2026 is gearing up to be a big year for ATF, just given that you delivered equipment for a blockbuster in 3Q and expect consumables pulled through to really start in the second half of 2026. Repligen has continued to win late-stage commercial customers with ATF specced into more than 50 late-stage and commercial drugs at this point. Beyond the two blockbuster drugs, what's Repligen's pipeline visibility for additional consumables opportunities in 2026 and beyond? And how should we think about the number of programs that are currently in late-stage development that could contribute to revenue? Yeah, so it's a long question. So I'll try to summarize it. So if you look at what we've said during our quarter three earnings and so on, the franchise out of the four that's not going to be growing at the mid-teen pace is filtration. We said 10%. And somehow, as you all know, ATF is a significant part of it. It's not a majority, but it's a significant part of it. So just to rephrase a little bit what you said, we had an incredible year for ATF in 2024. So obviously, we grew more than 50% ATF in 2024. So we enter a year with very high comp on the ATF side. So the performance was still positive. We still had growth in 2025, but comp was so high, like you probably need to look at the CAGR in the last two years, which was very, very high and much higher than the overall growth of the company. But as far as what I want to say, I talked about the breadth of the portfolio we have. I mean, last year was a showcase for us because I remember a lot of people ask us, oh, there is a competitor on ATF, what's going on, and so on. We've overdelivered every single quarter because there was no competitor. But beyond that, and even though filtration was probably the slowest growing franchise we had last year, the three other franchises grew extremely fast. So we have a very diversified product portfolio, and last year was a showcase of that. In terms of the future of ATF, we are absolutely delighted, very optimistic. I mean, we've had a lot of great wins in 2025. Yeah, I know I talked about that blockbuster. I mean, maybe I should not, but that was my first earnings call as a new CEO. I think what's more important is we're in 50 drugs that are late-stage or that are really commercial already, and we see this volume increasing for the next several years. But beyond that, we've got customers who have been using it for only one product, who are starting to use it for a second, if not the entire portfolio of mAbs they have. But also people are using at the N minus one level, who are starting to use it at the N level as well. So on the scale from one to 10, I'm saying we're at anywhere between two and three right now in terms of the runway we have for ATF. So we're at the beginning of the story still. What opportunities are there to expand the strategic accounts initiative to add additional accounts? Are there any specific franchises that are serving as like a tip of the spear type of initiative for broader account entry? And on a similar note, is there anything missing from Repligen's portfolio that customers would ask for that you think you could fill in organically? Yeah, no. So I don't think it's so much about adding more key accounts. I mean, we are covering 20 here. I think it's a sweet spot. About 16-17 pharma for three to four CDMOs. The reason why I'm hesitating is we are changing sometime. I mean, every year with Greg, who is leading our key account management team, we're sitting together and figuring out, hey, does this customer really deserve a key account, or do we bring somebody else into the program because we might see somebody else starting to generate a lot of opportunity? So for me, it's more about making sure we really tackle the 20 we are focused on. I mentioned the fact we are selling them 2.5 times more products than we were five years ago in average. We just need to make sure we are capitalizing on that. We are delighting them with the best service they can get in the industry, very high level of quality. And again, with the right level of innovation, we need to bring them so that they feel we are the partner of choice for them. So if we continue to do that, and we've executed on that extremely well over the last three years, I think we're going to be up to further successes. One thing I didn't mention is the growth we had with key accounts over the last two years has been very critical to the overall growth we had in the company. So we are delighted, and we are going to keep on pushing on that side for sure. Maybe last minute, just can you provide an update on the 908 integration and the funnel for 2026? Yeah, no. I mean, everything went pretty much on plan. I mean, the first priority for us was we had to move manufacturing from 908 in their Boston site to our own site in Marlborough, Massachusetts, which has happened very smoothly, and then secondly, we've merged the two sales organizations, which has happened to work extremely well, and we are really delighted to see the progression we've had on the funnel side, and yeah, we are very optimistic again. We said it's a mid to long-term play. I mean, it's nothing like we are going to see fantastic stuff in the next one or two years, but really we are now having the best PAT technologies that we're going to be able to couple either with our ATF system or anything else in the future, which will be a big differentiator. Okay. Maybe last one quickly, what are you most excited for for 2026? Everything. Everything, all right. Enough said. So many opportunities. I'm really excited for sure about the future. Okay. We'll leave it at that. Thank you, Repligen, for joining us today. Thank you, everybody, for joining us. Have a great rest of your time.