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Here are 1-3 brief analogies to describe Repligen (RGEN):

• Intel for biotech drug production: Repligen provides essential components and technologies that power the manufacturing of biological drugs, much like Intel provides the critical processors for computers.
• Bosch for biotech manufacturing equipment: Similar to how Bosch supplies specialized, high-quality components and industrial technology for various complex products, Repligen provides crucial equipment and consumables for the biopharmaceutical industry.

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• Filtration Systems and Devices: Repligen provides hollow fiber filters, flat sheet cassettes, and integrated systems for Tangential Flow Filtration (TFF) used in the concentration and purification of biologics.
• Chromatography Products: The company offers pre-packed chromatography columns and bulk chromatography resins, including advanced Protein A ligands, essential for purifying therapeutic proteins.
• Process Analytics: Repligen develops and supplies systems and consumables for real-time or at-line monitoring of critical parameters during biomanufacturing processes.
• Growth Factors and Cell Culture Reagents: The company provides recombinant proteins and growth factors that serve as supplements in cell culture media to enhance cell growth and productivity for biologic drug production.

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Repligen (RGEN) primarily sells its bioprocessing technologies, tools, and services to other companies (B2B) within the global life sciences and biopharmaceutical industries.

Based on Repligen's public filings (such as its annual 10-K report), the company's customer base is diversified, and no single customer has accounted for 10% or more of its total revenue in recent years. As such, Repligen does not identify individually named "major customers" in its financial disclosures that would meet typical reporting thresholds.

However, Repligen's customer base broadly comprises the following categories of companies:

• Biopharmaceutical Companies: This includes large pharmaceutical corporations and numerous biotechnology companies involved in the research, development, and commercial-scale manufacturing of biologics (e.g., monoclonal antibodies, recombinant proteins), gene therapies, cell therapies, and vaccines. These companies use Repligen's products across various stages of their biomanufacturing workflows.
• Contract Development and Manufacturing Organizations (CDMOs): These companies provide outsourced services for drug development and manufacturing to the biopharmaceutical sector. CDMOs are significant customers as they utilize Repligen's products and technologies to support their diverse client projects in biomanufacturing.

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Olivier Loeillot, President and Chief Executive Officer

Olivier Loeillot assumed the role of President and Chief Executive Officer of Repligen on September 1, 2024. He initially joined Repligen in October 2023 as Chief Commercial Officer. Prior to his tenure at Repligen, Mr. Loeillot served as Chief Executive Officer at Ascensus Specialties, a specialty chemicals manufacturer for life sciences and pharmaceutical markets. He also brings nearly 30 years of industry experience, including leadership roles at Cytiva (formerly GE Healthcare Life Sciences), where he managed a multi-billion dollar bioprocess portfolio, and 12 years with Lonza, where he advanced to Vice President Sales, Lonza Custom Manufacturing, and led the Microbial Biopharmaceuticals group. Life Technologies, where he previously held leadership roles, was acquired by Thermo Fisher Scientific.

Jason K. Garland, Chief Financial Officer

Jason K. Garland was appointed Chief Financial Officer of Repligen, effective September 25, 2023. In this role, he oversees all corporate finance and audit functions, capital markets, M&A transactions, financial planning and analysis, budgeting, and risk management. With over 25 years of relevant experience at large, multi-site organizations, Mr. Garland joined Repligen from Integer Holdings Corp., where he served for nearly five years as Executive Vice President and CFO.

Tony J. Hunt, Executive Chairman of the Board

Tony J. Hunt became the Executive Chairman of the Board at Repligen on September 1, 2024, after serving as the company's President and Chief Executive Officer from May 2015 to September 2024. He joined Repligen in May 2014 as Chief Operating Officer. Under his leadership as CEO, Repligen experienced substantial growth, with revenues increasing from approximately $63 million in 2014 to $639 million in 2023, driven by strategic acquisitions, internal product development, and operational excellence. Before joining Repligen, Mr. Hunt was President of Bioproduction at Life Technologies, which was acquired by Thermo Fisher Scientific in 2014. He also worked at Applied Biosystems, where he launched the pharma analytics business. Mr. Hunt serves on the board of directors of 908 Devices Inc. and BioLife Solutions, Inc.

James R. Bylund, Chief Operating Officer

James R. Bylund has served as Chief Operating Officer of Repligen since January 2022. He joined the company in March 2020, initially as Senior Vice President, Global Operations and Information Technology. Prior to his tenure at Repligen, Mr. Bylund worked in real estate at Inspire Development in Austin, Texas.

Ralf Kuriyel, Senior Vice President, Research and Development

Ralf Kuriyel holds the position of Senior Vice President, Research and Development at Repligen. He possesses a Ph.D.

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Key Business Risks for Repligen (RGEN)

1. Reliance on the Biopharmaceutical Industry and Funding Volatility: Repligen's business is heavily dependent on the overall health and investment trends within the biopharmaceutical industry. This exposure includes risks such as regulatory changes, pricing pressures, shifts in healthcare policies, and the significant impact of fluctuating biotech funding, which can directly affect customer demand and revenue predictability. For instance, a notable decline in biopharma venture funding has been identified as a persistent risk to Repligen's revenue.
2. Intense Market Competition and Rapid Technological Advancements: The bioprocessing market in which Repligen operates is highly competitive and characterized by rapid technological innovation. The emergence of new competitors, including some of Repligen's own customers, developing superior products could render Repligen's offerings obsolete or lead to a loss of market share and revenue.
3. Supply Chain Disruptions and Dependence on Limited Suppliers: Repligen faces operational risks due to its reliance on a limited number of suppliers for certain critical products and components. Any disruptions in this supply chain could hinder the company's ability to manufacture products in sufficient quantities and in a timely manner, which would adversely affect its operating results, revenue generation, and gross margins.

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Repligen (RGEN) operates within the global bioprocessing market, which was estimated to be approximately $20 billion at year-end 2023. Repligen's addressable market within this sector is estimated to be approximately $12 billion globally.

The addressable market sizes for Repligen's main product categories globally are as follows:

• Filtration and Fluid Management: $7.6 billion (as of 2023). This market includes technologies such as tangential flow filtration (TFF), which is projected to reach USD 3.20 billion by 2030 from an estimated value of USD 1.86 billion in 2025. The sterile bioprocess filtration market alone was estimated at USD 5.43 billion in 2024 and is anticipated to grow significantly through 2030.
• Chromatography: $2.1 billion (as of 2023). This category includes chromatography resins and pre-packed columns used in downstream purification.
• Proteins & Resins: $1.4 billion (as of 2023). This primarily involves Protein A ligands and cell culture growth factors essential for biopharmaceutical manufacturing.
• Process Analytics: $950 million (as of 2023). These products complement and support Repligen's other franchises by providing analytical capabilities across the bioproduction workflow.

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Repligen (RGEN) is expected to drive future revenue growth over the next two to three years through a combination of product innovation, geographic expansion, increased demand from key customer segments, and strategic investments in digitization and services.

1. New Product Launches and Portfolio Expansion: Repligen's commitment to innovation and expanding its product portfolio is a key growth driver. The analytics franchise, for example, experienced over 50% growth in Q3 2025, significantly boosted by the successful launch of SoloVPE PLUS. The company also has plans to introduce new products in 2025, such as single-use mixers. Furthermore, strategic acquisitions, like that of Tantti Laboratory Inc., have enhanced Repligen's offerings in proteins and chromatography with new modalities, expanding its comprehensive suite of solutions across the bioprocessing workflow.
2. Geographic Expansion, particularly in Asia Pacific: Expanding its market presence globally, especially in high-growth regions, is another significant driver. The Asia Pacific region demonstrated robust growth of approximately 50% in Q3 2025, underscoring the success of Repligen's recent investments in the area. This region now accounts for about 20% of the company's total revenue. While challenges exist, Repligen is actively exploring opportunities in China, anticipating market improvement by 2027 and investing in local leadership and infrastructure to support this growth.
3. Increased Demand from Biopharma and CDMOs: Strong and sustained demand from biopharmaceutical companies and Contract Development and Manufacturing Organizations (CDMOs) for Repligen's consumables and capital equipment is a crucial revenue driver. Both consumables and capital equipment saw more than 20% growth in Q3 2025. Biopharma and CDMO revenues also each increased by over 20% in the same quarter. Repligen's strategic focus and partnerships within these sectors position it to capitalize on the sustained demand in biomanufacturing.
4. Digitization and Services Growth: Repligen is strategically investing in digitization and expanding its service offerings. The company views digitization as a multi-step and multi-year journey, with its analytics franchise serving as a foundational element. A new partnership with Novasign to integrate digital twin capabilities further highlights this focus. Additionally, the services segment has been growing, now representing 5% of Repligen's consolidated revenue.
5. Overall Bioprocessing Market Recovery: The broader bioprocessing market is showing signs of recovery and returning to growth, providing a favorable environment for Repligen. The company's leadership has noted the overall bioprocessing market is improving, giving confidence in achieving its 2025 guidance. Analysts are predicting a decent 17% improvement in Repligen's revenue in 2026, and the company aims to grow five points above the market average, indicating strong positioning within a recovering industry.

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Share Repurchases

• Repligen announced an equity buyback plan on December 7, 2023.
• As of June 30, 2025, the company repurchased 92,090 shares for $14.4 million under the buyback plan announced in December 2023.

Share Issuance

• On December 10, 2020, Repligen closed a public offering of 1.725 million shares of common stock, generating approximately $312.2 million in gross proceeds and approximately $298 million in net proceeds.
• On December 6, 2023, Repligen issued $290.1 million aggregate principal amount of 1.00% Convertible Senior Notes due 2028 for cash, with anticipated cash proceeds of approximately $276.2 million after fees.

Outbound Investments

• In 2020, Repligen acquired ARTeSYN Biosolutions for approximately $200 million, comprised of $130 million in cash and $70 million in Repligen common stock.
• In 2024, Repligen acquired Tantti Laboratory Inc., an acquisition expected to be breakeven on adjusted margins and EPS in 2025 and accretive in 2026.
• In March 2025, Repligen acquired four process analytics technologies assets from 908 Devices for $70 million in cash.

Capital Expenditures

• Repligen's historical capital expenditures were $39 million in 2023 and $30 million in 2024.
• Projected capital expenditures are $57 million for 2025 and $65 million for 2026.
• Capital expenditures are primarily focused on expanding manufacturing capabilities and investing in technologies, including for digitization, regional expansion, and product innovation to support bioprocessing.