Hello everyone. Thank you for joining us, and welcome to the Repligen Q2 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. If you'd like to ask a question, please press star one to raise your hand. To withdraw your question, please press star one again. I would now like to turn the call over to your host for today's call, Jacob Johnson, Vice President of Investor Relations for Repligen. Thank you, operator. Welcome everyone to our 2026 second quarter report. On this call, we will cover business highlights and financial performance for the three-month period ending June 30th, 2026, and will provide financial guidance for the full year 2026. Joining us on the call today are Repligen's President and Chief Executive Officer, Olivier Loeillot, and our Chief Financial Officer, Jason Garland. As a reminder, the forward-looking statements that we make during this call, including those regarding our business goals and expectations for the financial performance of the company, are subject to risks and uncertainties that may cause actual events or results to differ. Additional information concerning risks related to our business is included in our quarterly reports on Form 10-Q, our annual report on Form 10-K, and our current reports, including the Form 8-K that we are filing today, and other filings that we make with the Securities and Exchange Commission. Today's comments reflect management's current views, which could change as a result of new information, future events, or otherwise. The company does not oblige or commit itself to update forward-looking statements except as required by law. During this call, we are providing non-GAAP financial results and guidance, unless otherwise noted. Reconciliations of GAAP to non-GAAP financial measures are included in the press release that we issued this morning, which is posted to Repligen's website and on sec.gov, along with our earnings supplemental, which is posted to Repligen's website. Adjusted non-GAAP figures in today's report include the following. Organic revenue and/or revenue growth, cost of goods sold, gross profit and gross margin, operating expenses, including R&D and SG&A, income from operations and operating margin, other income or expense, tax rate on pre-tax income, net income, diluted earnings per share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin. These adjusted financial measures should not be viewed as an alternative to GAAP measures but are intended to best reflect the performance of our ongoing operations. With that, I'll turn the call over to Olivier. Thank you, Jacob. Good morning, everyone, and welcome to our 2026 second quarter call. Once again, we delivered excellent results in the second quarter. Our team executed at a high level, driving 12% reported growth, which translated to 13% organic growth and 460 basis points of adjusted operating margin expansion. Reflecting on our strong first-half results and with our increased conviction in the full-year outlook, we are raising our organic revenue growth and adjusted EPS guidance. At the midpoint, this represents a full 1% increase to our organic growth expectations and $0.05 to adjusted EPS. In addition to our excellent first half results, we see several reasons for our increased confidence in our end markets and revenue outlook. First, the positive order momentum that emerged late in the first quarter carried into the second quarter, including an improvement in ATF order trends. Second, while capital equipment revenue remains muted, we saw a sequential step-up in orders and won another important RFP. Year-over-year, our funnel remains very healthy, and we're increasingly convinced the capital equipment tab will open further in the not too distant future. Finally, emerging biotech grew in the high teens, even against a high comparison, a clear sign this customer base is recovering in a sustainable manner, and we are seeing the translation of an improving funding environment. In the second quarter, we delivered $204 million of revenue, driven by healthy recurring revenue growth across our broad portfolio. Proteins led the way with an impressive 50% growth, while analytics demand remained extremely strong with 30%+ growth in the quarter. Consumables, including proteins, grew in the high teens, while services grew over 20%. Capital equipment revenue was stable between Q1 and Q2, and we saw a significant sequential pickup in orders, though revenues declined slightly year-over-year. Still, our capital equipment revenue grew high -single -digits in the first half. Across geographies, APAC led the way with approximately 40% revenue growth, while North America was also strong in the high teens. The growth in APAC highlights the fact our reinvigorated strategy continues to create opportunities across the region, and we are pleased to see strong growth from both biopharma and CDMOs in the region. Our strong first half margin expansion continues to reflect our disciplined operational execution. We continue to be balanced in investing for future growth while managing costs and driving real operational efficiencies in our manufacturing operations. As a result, we remain on track to achieving our target for 30% adjusted EBITDA margin by 2030. In short, our base business remains very strong, as highlighted by 13% organic growth in the second quarter. Our second-quarter growth was in part driven by the multiple new product innovations we launched in Analytics and Proteins in recent years. This is enabling us to outpace market growth. The definitive agreement to acquire BioLife adds an exciting new growth vector. This financially accretive acquisition fast-tracks our cell therapy strategy. I will provide additional thoughts around our strategy shortly, but first, some more details on the quarter. Looking at our performance by end market, CDMO growth remains strong. Biopharma revenue was essentially flat, with strength in North America and Asia, which both grew at least high teens, offset by a difficult prior-year comparison in Europe. OEMs and integrators were accretive to growth, driven by strength in fluid management and proteins. As mentioned earlier, emerging biotech revenues grew high teens, which is important as we are now lapping our return to growth last year. We remain encouraged by growth from this customer base and are optimistic we will see a continued recovery given funding trends remain robust. New modalities grew 9%, excluding the impact of a certain gene therapy headwind. Importantly, this was the best quarter since the first quarter of 2025, and we saw a strong sequential increase across all modalities. We continue to see growth in cell therapy and also in gene therapy when excluding that specific headwind. Moving to our strategy update, we recently completed our annual strategic planning process. Looking back on our 2025 strat plan, we made great progress on our strategic initiatives, including but not limited to launching multiple innovative products, adding great talent to our team, and expanding our margin. Our recently launched transformation office is positioned to start delivering promising business improvements. This year's plan focused on refining our same long-term goals, including outpacing market growth, advancing our digital and services capabilities, and accelerating growth in Asia Pacific. We would highlight three areas of heightened focus in this year's strat plan. First, we recently launched our integrated solutions strategy. We believe now is the right time to launch this initiative given the upcoming ensuing opportunities. This team will focus on cross-selling our entire end-to-end offering under a formal integrated solutions team. While our key accounts team has focused on selling our full suite of solutions, our integrated solution initiative will further these proactive efforts to increase speed and professionalism while also engaging more directly with engineering firms. We will initially focus our efforts on ADCs and other new modalities. In particular, with the upcoming acquisition of BioLife, we'll expand the scope of solutions we can offer to the cell therapy market. Second, our team is increasing its focus on product lifecycle management. This effort works to continuously innovate our product portfolio to best address customer needs while ensuring the transition to the upgraded solution is a frictionless process. We've seen sizable benefit from this initiative with our SoloVPE PLUS System upgrade cycle, and we intend to run a similar playbook elsewhere in our portfolio. Third, the definitive agreement to acquire BioLife builds on our strong momentum and commitment to use compelling M&A to drive accretive growth, double down in high-growth markets, and create more robust customer solutions. BioLife fast-tracks our cell therapy leadership by adding a differentiated portfolio of products serving this rapidly growing end market. Following last week's announcement, we received some questions about our interest and view of the cell therapy market. From our analysis of the biotech landscape, it's clear that cell therapy represents a meaningful portion of our customers' focus and investment, with this modality representing nearly a quarter of their clinical pipelines. In our extensive due diligence, we spent time with third-party advisors evaluating the opportunities and risks of this end market. The analysis increased our conviction in the long-term growth of this industry while helping us to gain comfort around potential risks like further development of in vivo therapies. A recent white paper from the Alliance for Regenerative Medicine showcased a 170% increase in U.S. treatment centers and a 740% increase in cell and gene therapy U.S. claims from 2018 to 2025. This highlights a growing volume from these modalities. The acquisition of BioLife will enhance our offering for this end market and provide us with additional opportunities for organic and inorganic growth. It adds a deeply embedded and highly trusted platform to our portfolio, led by its biopreservation media, which supports 18 commercial therapies. We believe the future combination of our companies will bring important benefits to customers by expanding our robust offering of cell therapy workflow solutions. Finally, the transaction is financially compelling. It's accretive to our top-line growth, our adjusted margin, and adjusted EPS. We see at least $20 million in synergies and $0.05 of adjusted EPS accretion in year one, which grows to at least $30 million and $0.25, respectively, in year two. Before I turn the call over to Jason, I'll provide some more detail on our franchise-level performance. I will note that all references to our 2026 expectation are on a reported basis. Starting with filtration, revenue grew slightly on a reported basis in the quarter, driven by consumable demand, including fluid management and flat-sheet cassettes, offset by the sale of Polymem and the previously disclosed gene therapy headwind. Consistent with our expectations, ATF and system demands were muted this quarter. As I previously mentioned, we're encouraged by the recent pickup in orders that will start fueling the 2027 backlog for both of these product categories. We continue to expect filtration growth of roughly mid-single digits. Turning to chromatography, revenue grew low-double digits, lapping our strongest quarter last year. This was again driven by growth in OPUS columns with continued growth from CDMO and biopharma customers. In particular, we continue to see significant traction with large-scale columns, where units have grown 18% in the first half. We continue to expect chromatography growth of +20% for the full year. We had a phenomenal quarter in proteins with 50% growth, again, driven by strengths across our portfolio. We're excited about the portfolio of capabilities we've assembled in our protein franchise. It's encouraging to see how strategy plays out in financial results, and we remain focused on seeing opportunities across our protein offerings. With a strong first-half performance and visibility into continued momentum in the second half, we now expect protein growth in the mid-teens for the year. Our analytics franchise had another strong quarter with +30% growth, including strengths across consumables, services, and capital equipment. The SoloVPE PLUS System upgrade cycle highlights the tangible benefit of our product lifecycle management strategy, but it's important to note we are seeing broad strength in our downstream analytics business. We continue to believe our digitization strategy is well-positioned for where the industry is going. Given momentum in downstream demand and a growing contribution throughout the year from our upstream analytics offering, we now expect analytics growth of at least 25%. Before I hand the call over to Jason, I wanted to reiterate that we are very pleased with our second quarter results and our continued momentum in the business. We delivered 13% organic growth in the second quarter. Our team continued to execute effectively on our strategic priorities, outpacing market growth while expanding margin, which enabled us to increase our full-year outlook. These are incredibly exciting times at Repligen, and we look forward to welcoming the BioLife team upon the close. Now, I'll turn the call over to Jason for the financial highlights. Thank you, Olivier, and good morning, everyone. Today, we are happy to share our excellent financial results for the second quarter of 2026. These results in an improving environment have increased our conviction in our 2026 outlook. With that, we are raising our full-year guide. I look forward to sharing the details shortly. Before we discuss the quarter, let me highlight that unless otherwise noted, all financial measures discussed reflect adjusted non-GAAP measures. As shared in our press release this morning, we delivered strong second-quarter revenue of $204 million. This is a reported year-over-year growth of 12% or 13% growth on an organic basis, which excludes the impact of acquisitions, divestitures, and foreign exchange. The previously announced sale of Polymem was a one-point headwind to reported growth, while foreign currency was also a slight headwind. For clarity, we did receive tariff refunds in the quarter that were a slight headwind to both reported and organic growth. As Olivier provided details on our product franchise performance, I will share more color on our regional performance. Starting with quarterly revenue mix, North America represented approximately 51% of our total, EMEA represented 32%, and Asia Pacific and the rest of the world represented approximately 17%. North America grew in high teens, driven by strength across our franchises and customer base. EMEA declined mid-single digits with strength in analytics, offset by a difficult prior year comparison. Asia-Pacific grew a standout 40%, driven by strong growth in pharma and CDMOs, supported by continued strength in China. Transitioning to profit and margins, our strong first-half margin expansion continues to reflect our disciplined operational execution. The second quarter adjusted gross profit was $110 million, and the adjusted gross margin was 53.9%. This was 280 basis points of margin expansion versus last year. The year-over-year increase was driven primarily by volume leverage, pricing execution, and favorable product mix, all of which more than offset inflation. Tariffs were a modest benefit to our margins in the second quarter. Our full-year guidance now assumes minimal impact from tariffs. Continuing through the P&L, our adjusted income from operations was $34 million in the second quarter, up 55% year-over-year on a reported basis. This translated to an adjusted operating margin of 16.7% in the second quarter, which was an increase of 460 basis points year-over-year on a reported basis, including a 40 basis point benefit from the sale of Polymem. Adjusted EBITDA was $43.8 million in the quarter, or 21.4% adjusted EBITDA margin. Underlying our adjusted operating income margin expansion in the quarter was strong operating leverage, achieved with a modest adjusted OpEx growth of 6% on a reported basis and 8% excluding the impact from the Polymem sale and foreign currency. We have remained prudent in our spending and have taken a measured approach to headcount additions in the first half. To help explain the sequential decline in OpEx and lower year-over-year growth, the quarter was also helped by a transient benefit related to employment compensation costs that were favorable relative to our expectations. We do not expect this benefit to recur in the second half, and therefore, we anticipate OpEx to step up sequentially in the third quarter, driven by spending levels more consistent with the first quarter. In addition, given recent trends, we do plan to make some investments in the second half of the year to support growth in 2027. We will remain thoughtful about balancing investments in the business and expanding margin. Moving to the bottom line, adjusted net income was $31 million, a 45% year-over-year increase. Our second quarter adjusted effective tax rate was 21.5%, and we now expect it to trend towards the lower end of our prior guidance of 22%-23%. Adjusted fully diluted earnings per share for the second quarter was $0.54, compared to $0.37 in the same period in 2025, or an increase of 46%. We continued to see strong earnings conversion from our robust revenue growth. Finally, our cash equivalents and marketable securities position at the end of the second quarter was $810 million, up $25 million sequentially from the first quarter. This was driven by $33 million of strong cash flow from operations, primarily offset by $5 million of CapEx in the quarter. We remain focused on optimizing our working capital to drive improved free cash flow. I will now outline the improved outlook in our adjusted financial guidance. For clarity, our guidance does not include any assumed impact from BioLife, as the transaction is expected to close in the fourth quarter following necessary and customary approvals. As Olivier mentioned, we are raising the midpoint of our revenue guidance. We are now guiding $813 million-$834 million of revenue, or $824 million at the midpoint. This represents 10%-13% reported growth, or 10.5%-13.5% organic, which is an increase of a full percentage point of organic growth at the midpoint versus our prior guidance. This assumes a couple million dollars of foreign currency tailwind offset by approximately one point of headwind from the sale of our Polymem operations, which we announced last quarter. From a franchise perspective, our reported growth of 10%-13% assumes roughly mid-single-digit growth in filtration, greater than 20% growth in chromatography, protein growth of mid-teens, and +25% growth in analytics. We continue to expect 110-160 basis points of gross margin expansion for the year. That said, with our strong first-half results, we are raising our adjusted operating income guidance to a range of $128 million-$134 million and our adjusted operating margin guidance of 15.7%-16%. This implies 190-220 basis points of operating margin expansion. Moving through the income statement, we continue to assume $19 million of adjusted other income, while we now assume a tax rate of approximately 22% as mentioned earlier. Putting this together, we expect adjusted fully diluted earnings per share to be between $2.03 and $2.09. This is up $0.32-$0.38 versus 2025, or up 20% at the midpoint. The midpoint reflects a $0.05 increase from our prior guidance. For visibility to the remaining quarterly cadence, we expect Q3 revenue dollars to increase slightly sequentially. As we highlighted last quarter, we continue to expect Q3 to be the lowest adjusted gross margin quarter for the year. We expect adjusted gross margins to decline sequentially and year-over-year, as mix can have an impact in a given quarter. Subsequently, fourth quarter margin will benefit from volume leverage. As I mentioned, we expect underlying third quarter OpEx to return to levels more consistent with Q1, though it will be higher in total as we expect to make modest investments in the back half of the year to support future growth. The investments will be focused in sales and R&D and continuing to support our Fit for Growth journey, particularly in IT. As a result, we see the third-quarter operating margin fairly consistent with the third quarter of the prior year. As a quick update, we have seen continued progress in our dedicated transformation office. We continue to develop and implement plans to drive incremental margin expansion and will soon be leveraging the detailed integration playbook developed by the transformation team for BioLife following the transaction closing. As it relates to cash, we expect CapEx spend to continue being approximately 3%-4% of 2026 revenue. As we wrap up the call, Olivier and I want to thank our Repligen teammates for delivering an exceptional first half of 2026. Last week's announcement of our definitive agreement to acquire BioLife marks an important step forward in our journey. It fast-tracks our cell therapy strategy and opens a compelling new growth vector for Repligen. We are energized by the momentum across our business and remain firmly focused on executing our strategic priorities. With that, I will turn the call back to the operator to open the line for questions. We will now begin the question- and -answer session. Please limit yourself to one question. If you'd like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Matt Larew with William Blair. Matt, your line is open. Please go ahead. Hi, good morning, everyone. A strong quarter that you previewed last week. The growth wasn't a surprise, but the composition of that growth was perhaps a bit different than we expected, both in terms of the segments, the strength in proteins in particular, and customer class, the strength in emerging biotech. I would just be curious how order trends progress throughout Q2 and into the first month of the third quarter across segments and customers and what that means in terms of your visibility to the guidance range at this point based on those order trends and backlog that you're building. Thanks. Good morning, Matt. Olivier here. No, absolutely good question, and thanks for asking it. We are obviously very happy about how orders developed over the last several months. You probably remember we said we saw a really nice order improvement over the end of quarter one, and this has kept on going for all of quarter two, which was really great and really strong pretty much across the board in terms of orders, in terms of our different franchises. That's why we came to the conclusion it's really the right time to increase our guidance for the full year, knowing we are now at the end of July and we've got much better visibility for the full year. That's why we decided to move to 10.5% to 13.5%, with a midpoint at 12% growth, which happens to be exactly what we had during the first half. Organic growth of 12%, meaning in order to deliver the midpoint of the new guidance, we don't need any acceleration at all. Just quickly going through the franchises. Obviously, you mentioned incredible performance on proteins but also on process analytics and chromatography. I want to say the only one that has not been doing fantastic this year is Filtration, and that was just totally expected because all of the headwinds we talked about are all happening in Filtration. Okay, thanks. Your next question comes from the line of Dan Arias with Stifel. Dan, your line is open. Please go ahead. Good morning, guys. Thank you. Olivier or Jason, on capital equipment, high single digits for the first half of the year. Q1 was the better growth quarter, but I think you mentioned that order activity improved sequentially. How do you think second-half equipment growth sets up as a comparison to the first half? Within that, can you maybe just sort of take a shot at a view on how you think you exit the year on equipment as we start to think about some of the moving parts here for 2027? Good morning, Dan. Honestly, it was really expected that capital equipment sales would be muted for us in Q2. I want to say for the first half, our sales of capital equipment are up high single digits. What was really more important for us was to see order really picking up very significantly sequentially. Book-to-bill in Q2 was really significantly above one. What's important is we won a second RFP. Remember we said we will start to have a seat at the table end of last year. That is the second one. Number three is on its way. We should get confirmation within the next few weeks probably. We are starting to build a really nice backlog for 2027; we were really excited about that. Some of it might come toward the end of this year, probably mostly toward the beginning of next year, which is going to set us up for a really stronger 2027 on the equipment side. Your next question comes from the line of Casey Woodring with J.P. Morgan. Casey, your line is open. Please go ahead. Great. Thank you for taking my questions and congrats on the quarter. First one, on the 50% protein growth, can you just elaborate on what you saw in the quarter there? Was there a big order or something else that drove the outside strength? Second question here, on the margin front, you talked a little bit about Q3 margin expectations, but maybe if you could just walk us through the cadence and what's implied as the exit rate for Q4 on the operating line. I'm curious how much gross margin steps up from Q3 levels that you talked a little bit about and then on OpEx stepping up in the back half. You had the favorable employment compensation costs in the first half, and you talked a little bit about growth investments. Maybe just any way to quantify how should we think about that stepping up in Q3 and then again in Q4. Thank you. Good morning, Casey. I'll start by answering the question on proteins, and then I'll let Jason comment on the margin side. You said it rightly. It was an incredible quarter for us on the protein side, with growth around 50%. It's really what was driven by strengths across the entire portfolio. Remember, a couple of years ago or so, we said we had to pivot our Proteins strategy completely after losing two of our big OEM deals at that point. The strategy we've put in place is just playing out in a marvelous manner. Being a little bit more detailed, we've had recent strength from three different sides on the protein side. First of all, our OEM partnering with Purolite is doing extremely well. They had a very strong performance in Q2, and we're so happy to partner with them. Also on our own ligand/resin custom development, the Avitide portfolio, we had a tremendous quarter as well. Finally, on growth factors as well, it was a very strong quarter. It's really pretty much across the entire protein portfolio that we've experienced a very nice growth, which is why we decided to increase the guide to mid-teens for the full year versus low double digits before. On margin, I let Jason answer. Good morning, Casey. First, let me just highlight and thank the team for such strong execution that we've been delivering on margin expansion. We've had a really strong first half, both at the gross margin level and at the operating margin level. When I take a step back, I think we've improved our visibility, and we can make faster, smarter decisions. The manufacturing team is delivering. We're achieving net price, getting volume leverage, and we've been very balanced in our overall OpEx management in terms of making sure that we're investing in the future for growth and our Fit for Growth journey, as well as, again, driving that margin expansion. You saw that we raised our operating margin guide by another 25 basis points. That was after 25 basis points in the first quarter. Now we're guiding for a full just north of 200 basis points of margin expansion year-over-year. Really excited to see that momentum going. Again, there is a dynamic first half to second half that you called out. The op margin will be slightly lower in the second half. Some of that's driven by the OpEx that you referenced. Frankly, again, we didn't change the OpEx guide and raise the top line, and we see that operating leverage following through. The second half OpEx that we've called out is going to be a step up from a run rate. The third quarter will step up a couple million from Q2, and the fourth quarter will step up similarly again. As I highlighted on the call, we'll be really doubling down a little bit on our investments in sales. We've talked about certainly our investments in Asia, some of the technical selling resources we have, the integrated solutions team that we're building, and also R&D. Again, I would put in context that even with that growth in the quarters, OpEx will still be up really only high single digits year-over-year and, again, be less than our top-line growth. That's how we achieve that leverage. Gross margin, just to address that quickly. No change in the guide. Still up 135 basis points year-over-year. Again, continuing to see that traction. There is, though; I'll say more of a change from the first half versus the second half at the gross margin line than we see at operating margin. That's primarily driven by the mix, right? We probably had about a full point of expansion in the first half on the mix we saw. We're still calling to about a neutral mix impact for the year. That, of course, implies that the second half is going to be the other direction. Again, we've been really happy with what the team has been executing, and we'll continue our journey on margin expansion. Great. Thank you so much. Thank you. Your next question comes from the line of Dan Leonard from RBC. Dan, your line is open. Please go ahead. Thank you very much. I'd like to talk a bit more about the topic of order conversion, specifically in light of that comment, Olivier, that you made that Q2 order strength and filtration fuels your 2027 growth outlook. Did that comment apply to both consumables and equipment? What are the factors limiting faster conversion? Yeah. Good morning, Dan. Thanks for your question. Yeah, it's very much dependent on customer preparedness. That's, as you can imagine, particularly the case for capital equipment, where when you get orders for specific capital equipment investments, you have to make sure that the plant is ready to accommodate delivery of that equipment. It's mostly the case for capital equipment. It can be the case sometimes for consumables as well. It's a little bit more rare, but that's definitely also sometimes the case where some people like to order their consumables six to 12 months in advance. It's mostly applicable for capital equipment, for sure. Thank you. Your next question comes from the line of Brendan Smith with TD Cowen. Brendan, your line is open. Please go ahead. Great. Thanks for taking the questions, guys, and I appreciate all the color. Maybe just another follow-up, actually, on the filtration commentary a bit. I know you mentioned in your prepared remarks these were some of the headwinds you had previously acknowledged and were expected. I guess I'm just wondering, as we look at filtration in the second half, should we maybe expect some of these dynamics to be similarly spread between Q3 and Q4? Is this mostly kind of a Q2 and Q3 story, but maybe behind you by Q4? Any updates on the Metenova tuck-in with ATF that could impact some of that this year? Really just trying to understand some of the cadence of that over the next couple of quarters. Any color there would be great. Thanks. Thanks for your question, Brendan. Good morning. As you heard, we had only a slight revenue growth for Filtration in Q2, which, by the way, was driven by pretty strong flat sheet and flat sheet cassette business. What was really encouraging for us was the pickup we’ve seen in ATF and equipment orders toward the end of the quarter. You just said it very rightly; all of our 2026 headwinds happened to be in Filtration, unfortunately. It started obviously with the gene therapy program that we faced issues with a year ago now, exactly. We mentioned at the beginning of the year we had two headwinds on the ATF customer side, one managing its inventory and the other one being delayed implementing the new sites. Now on top of it, we sold the Polymem business, which also impacts the reported growth. We probably will see some impact from those headwinds in quarter three, and we expect it should start to normalize somewhere in quarter four. What I’m trying really to say here is we remain very excited about 2027, the growth opportunity that exists across that entire portfolio. Just to be very specific on ATF, in the first half of 2026, we’ve won more new programs/customers than we did in the first half of 2025. In fact, by the middle of May already, we had reached the level we reached by the end of June of 2025. It’s really a much higher number, which we know is going to set us up for being back to growth very nicely on the ATF side from 2027 onwards and for the next several years. That’s where we are. We kept the guidance roughly in the mid-single digits. If you look at all of these headwinds we have, they are piling to almost a high single digit. That’s a big game changer, obviously, for us this year, and most of these are temporary, as already mentioned. Got it. Thanks, guys. Your next question comes from the line of Puneet Souda with Leerink Partners. Puneet, your line is open. Please go ahead. Hi, Olivier and team. Thanks for taking my questions here. First one really on APAC, with 40% growth, which is really strong there. Could you unpack that a bit more? I know China was a big focus for you. How are products, and what products are gaining traction there in a fairly competitive market? Maybe just elaborate a bit on that. On the onshoring piece, Olivier, how are you thinking about the timing and magnitude of that? Just wanted to get a sense of if you're willing to share anything on 2027 organic growth ex-BioLife. Thank you. Morning, Puneet. I think I heard three questions. I will answer probably the first two, anyway; I wouldn't comment too much on 2027 at this point. Really, as far as APAC is concerned, it was a fantastic quarter. I mean, the 40% growth in the quarter. What was really good was across all of Asia. It was not only China, as you say very rightly; we have a huge focus on China. China is a great turnaround for us this year. In fact, in the first half, China grew more than 60%, which we are very delighted about. The rest of Asia did very well. As far as what franchises, it's pretty much across the board, really. I would say maybe out of the four, the one that might be a little bit less important right now in Asia is Proteins, really Filtration, Chromatography, and Process Analytics are really the three critical franchises for us in Asia. As far as China is concerned, we are very ambitious about the country. As you know, our OEM partnership is advancing as expected. We're hoping to be up and running by the beginning of next year to start manufacturing a lot of our filters in China for China. The reason why we are so bullish about China is that about 30% of any clinical trial in the world now are happening in China, and they are leading the pack on product lines like bispecifics, antibody-drug conjugates, and cell therapy. Believe it or not, 40% of the funnel of cell therapy worldwide is taking place in China. Really that's about the Asia piece. As far as onshoring is concerned, I would say I mentioned we won a second RFP and are probably on the way to winning a third one very soon. We see a lot of opportunities that are coming to our desk, and we're really obviously very optimistic we'll see some 2027 revenues coming out of this. What I think is really important, you want to hear from me, is the reason why we're putting in place that integrated solution team right now is to enable us to tackle those opportunities better and better. You don't answer a big RFP, a big ongoing opportunity, the same way you're answering small bits and pieces of equipment here and there. That's something our team has got some good past experience with, and that we are really building right now to really make sure we're capable of turning around those types of offerings in a very professional manner and then adding as many services and potentially as much consumable as possible into those big opportunities. I think we are going to be extremely well set for those opportunities that we see coming more and more, and that should really benefit us strongly from 2027 onwards here. Okay, great. Thank you. Your next question comes from the line of Anna Snopkowski with KeyBanc Capital Markets. Anna, your line is open. Please go ahead. Hi. This is Anna Snopkowski on for Paul Knight. Congrats on the great quarter and the raising guide. I was just wondering if you could walk us through some of the drivers and maybe macro assumptions that will get you to the low end versus the high end of the guide, whether this is equipment versus consumables or different end market assumptions. That would be great. Thank you. Good morning, Anna. Obviously, we see a lot of reason why we decided to increase our guidance for the full year. First of all, our incredible execution in the first half. Again, we delivered 12% organic growth in the first half. The midpoint of our new guidance is 12%. As I mentioned earlier, no need for any specific acceleration to deliver the midpoint of the new guidance here. We have increasing expectations for proteins and Process Analytics in particular, which is why we increased guidance for those two specific businesses. Anna, coming to your question about what could make it go to the upper hand or to the lower hand. Let me start with the lower-hand stuff, which would really imply softness in the industry, which we are absolutely not seeing today. In fact, you heard me saying what has been really interesting for us to watch in quarter two is to see, first of all, the emerging biotech business growing again in the high teens for the fifth quarter in a row of tremendous growth on the emerging biotech side, which now means it is a real pattern because comps were much higher, and it means indeed the money is starting to really reach those people, and everybody in the bioprocessing industry starts to benefit from it. The other stuff that I was really happy about was the new modality because we all knew beyond obviously the headwind we had on that specific gene therapy program. It was a little bit of a soft environment for the new modality as well. To see a new modality growing close to 10% year-over-year and having a very strong book-to-bill ratio as well makes us feel like we are starting to see a real rebound on that side, which, as you know, is something we have a huge potential tailwind coming out of. In terms of market segment, there is great improvement both in the emerging biotech and also on the new modality side. In terms of our product line, obviously, we have big hopes to see protein process analytics enabling us to deliver even more than what we have seen so far. To talk about what could bring us to the upper hand of the bracket we have, which is what we are hoping to achieve. Obviously, ATF could really be a big swing factor. We have seen a nice rebound toward the end of quarter two. If this is being confirmed with early orders in quarter three, that could be really helping us to be more toward the upper hand of the bracket than the midpoint of so on. That's kind of the overall situation. We are very optimistic about this promising year for us. Great. Thank you. Your next question comes from the line of Matt Hewitt with Craig-Hallum Capital Group. Matt, your line is open. Please go ahead. Good morning. Congratulations on the strong quarter. I was hoping that you could give us some details on the competitive landscape or environment. The second RFP that you noted that you recently won, the third that you could potentially win here soon. Are those competitive displacements? What are you seeing in the competitive environment? Have you seen any changes there? How are you stacking up? Thank you. Yeah. Good morning, Matt. Yeah, great question. I think I mentioned a few times already; we did not really have a seat at the table earlier. Very simple because we've built that portfolio of equipment over the years. It's literally only a year ago that we started to have not only our ATF equipment, but also our downstream TFF, downstream chromatography, and more recently, our mixing offering as well. Now we would say we've got almost 80% of whatever large-scale hardware requirements a customer has when they go for expansion. Not only do we now have a seat at the table, but at the same time, as you know, we started to pair some of our hardware with our PAT technologies to give our customers a real chance to run their processes, their manufacturing, with much more intelligence than before. That's definitely a big game changer and a big advantage we have, that big benefit we are providing to our customers. You can call it a potential market share shift, or you can call it people looking for different solutions than they were looking for before because we are the only ones really capable of offering those inline technologies. Mostly one today, but we're working on adding two more that will be available probably sometime in 2027 or 2028. That's really us having a seat at the table, us bringing new solutions for customers and us professionalizing the way we answer those answers with the integrated solution team we're putting in place right now. Got it. Thank you. Your next question comes from the line of Mac Etoch with Stephens Inc. Mac, your line is open. Please go ahead. Hey, good morning, and thank you for taking my questions. Maybe Jason, just one for you, and maybe just a little bit of cleanup. I think you mentioned that tariffs were maybe a headwind to 2Q. I'd just like to get a sense of how much of an influence that was in the quarter and how that's impacted the guide so far. Thank you. Yeah. We actually had a tariff refund in the quarter. It actually ended up being a good guide to margin, to your point, or to pressure on revenue. It was about a $1 million revenue headwind. We literally got the refunds in what was the last day of the quarter. Now, I will note that even with that $1 million revenue headwind, we did not adjust that from our organic growth rate. Again, if that hadn't happened, we would've been about, call it, 50 basis points higher growth rate, both on an organic and on a reported basis. In terms of the cost of goods sold, I'll say it's associated with the refund. That was a marginally good guy in the quarter. When I think about the total year, I think when we were in February, we shared that we thought tariffs would be about a 50-point headwind for us. With some of this refund, that will certainly be lower. It'll still be a slight headwind for us overall, but not as quite as much as the 50 basis points. That won't repeat as either a pressure point in the second half for revenue or a good guy in the second half for margin. I think we've got it sort of dialed in with what we know. Now you see the news as well. Tariffs get headlines weekly; we'll continue to monitor that, but we've built all that into our guide right now. Appreciate you taking my questions. Thanks. Your next question comes from the line of Michael Polark with Wolfe Research. Michael, your line is open. Please go ahead. Hey, good morning. Thank you for taking the questions. I'm going to ask for a little bit of speculation, perhaps. Last week, one of the dust-ups in bioprocessing was a resin shipment pushout from one of your large peers. Repligen has been clear in ATF. This is a subdued year for growth due to a couple customer timing dynamics reaffirmed here: inventory and, it sounds like, site readiness. My question for you, team, is, do you think these items are all related? Similar. I know these are different points in the stack but similar sites and similar customers. I'm asking in the spirit of the extent to which these large kinds of order timing and shipment timing variances are from similar sources. I think maybe we can all develop confidence; it comes back in 2027 and sets up 2027 for maybe a super normal growth year. That's the topic, and I'm curious for your two cents if you think these things are largely related. Thank you. Hey, good morning, Mike. Appreciate your question. We've always been very transparent about the trend we are seeing in our business, which is the reason why as soon as we heard about the potential headwind we had on the ATF side, we talked about it. We had two of them; in one of them was a customer that told us, Hey, we have a pretty significant inventory, and you're probably not going to see the quarter of any order in the whole of 2025. Sorry, in the whole of 2026. You're going to see it probably coming back in 2027. The other one just told us, Hey, unfortunately our site will not be ready before the end of 2026. From that point of view, you're not going to see the quarter of consumable orders this year. As soon as we've seen it, we just mention it. I like to do what we say, and that's why we've delivered those 12 quarters in a row of meeting or beating expectations. This being said, it's very difficult for me to say if what others have mentioned is connected to ours. I don't know. All I can say is, if anything from our side, we've seen improvement in our business since we heard about those headwinds being of the year. Thank you. Your next question comes from Matt Stanton with Jefferies. Matt, your line is open. Please go ahead. Hey, thanks. Olivier, maybe to go back to proteins. You raised the guide here for the mid-teens year. I would just be curious to get your thoughts on what market growth there is. If we go back pre-COVID, I think you've been pretty consistently high singles over a long period of time, but not without bouts of pretty lumpy quarter-to-quarter fluctuation. Would love to just get your view on kind of what market growth is for proteins for 2026 and then also just the durability of some of the growth drivers you have with Tantti, Avitide, some of the innovation there, and the partnership with Purolite. How durable is this outgrowth to the market that you're seeing here on the protein side? Thank you. Good morning, Matt. Let me start with the first question on market growth for proteins. Here it's a great question, by the way. I think you need to look at different sub-segments of the proteins market because when you think about products like ligand resins on the one side and probably, to a certain extent, some of the growth factors on the other side, you would say growth has been. Let me start maybe first with resin and ligand. I think here we've always said market growth is anywhere between 8% and 10%. It's fair to assume people are starting to get better and better at using those products. Probably, slowly but surely, that market has been going more towards the lower end of that bracket than the higher end. On the other side for upstream, you've got proteins, like growth factors and cytokines, where they are definitely benefiting a lot lately from these very high cell density processes that are becoming more and more common. I think you need to really split that market between those two sub-markets, resin on one side and then probably upstream growth factors and cytokines on the other side. I think growth factor cytokines have the potential to really grow more towards the low -teens, if not mid-teens, over the next several years. If we look at our own business, we are a bit of a newcomer in the field. We have incredible traction right now. Between a year ago and this year, I have to say what we've seen changing a lot is, a year ago, people were mostly coming to us for new modalities, custom ligands, and custom resins in that field of new modalities. In the last 12 months, we've seen a lot of customers coming to us for a much broader range of products that might have been on the market for several decades, and they realize, Hey, we never got a chance to really get a state-of-the-art product to really purify our product in a much more productive manner. I think we have very sustainable growth in front of us on the protein side. In fact, I think the best is still to come because we are still mostly in a clinical early phase, or let's say, switching from an existing commercial product to a new one, and where people are still running those validation batches and so on. I really do believe we have an incredible way forward, a tailwind on the protein side. Great. Thank you. Your next question comes from the line of Subbu Nambi with Guggenheim. Subbu, your line is open. Please go ahead. Hey, guys. Thank you for taking my question. One clarifying question, Olivier. Thank you for sharing all the details on proteins. Is this driven by new modality or biosimilars? Secondly, if our model is right, the partial offset was chromatography. Is there anything interesting to unpack in chromatography? Any changes in order patterns or customer behavior? Yeah. Good morning, Subbu. As I just said earlier, really on the protein side, we are really becoming broader than just focusing on new modalities. Yes, we've had numerous successes with the new modality. We launched an AVIPure-AAV8 or an AVIPure-AAV9 resin that has got incredible traction right now. We hear from customers that they are the best on the market right now. Beyond the new modality, we are working on multiple products that are going into more established products that have been on the market for a long time. Obviously, excluding monoclonal antibody, where we work exclusively with our friend from Purolite. In terms of Chromatography, yeah, you're right. Somehow Analytics and Proteins have been doing so well in Q2, we don't even talk so much about chromatography. Chromatography grew again in the low double digits in the quarter. Quarter two of last year was our highest quarter of the year, and we had incredible growth in quarter two of last year. Comp were very high. We keep on winning a lot of new customers, both pharma and CDMOs, and I feel like today, compared to a couple or even three years ago when I joined the company, it sounds like people are really realizing they want to switch towards using pre-packed columns more and more in the future. The good news is it's only a small fraction of the entire market that is using pre-packed columns. We seem to have a lot of traction behind us for the next several years here on that side. Thank you so much, guys. We have reached the end of the Q&A session. I will now turn the call back to Olivier Loeillot for closing remarks. Thank you so much. Thanks again for joining us today for that earnings quarter two session. We're obviously very pleased with our performance that quarter and our continuing momentum in the business. Our teams continue to execute very efficiently on all of our strategic priorities, which is why we continue to outpace market growth and expand margin at the same time. Last week at Repligen was incredibly exciting with the announcement on the BioLife side. Our team is very energized, and we look forward to catching up with many of you very soon. Thanks. This concludes today's call. Thank you for attending. You may now disconnect.