Earnings call transcript: Repligen Q3 2025 earnings beat expectations, stock rises

Repligen Corporation (RGEN) reported its third-quarter 2025 earnings, surpassing market expectations with an adjusted earnings per share (EPS) of $0.46, compared to the forecasted $0.42. The company also reported a revenue of $189 million, outpacing the anticipated $181.78 million. Following these results, Repligen’s stock rose by 2.42% in pre-market trading, reaching $165 per share. According to InvestingPro analysis, the company is currently trading above its Fair Value, with analysts setting price targets between $135 and $220.

Key Takeaways

• Repligen’s Q3 revenue increased by 22% year-over-year, driven by 18% organic growth.
• Adjusted EPS of $0.46 exceeded forecasts by 9.52%.
• The company’s stock price increased by 2.42% in pre-market trading.
• Full-year revenue guidance was raised to $729-$737 million.

Company Performance

Repligen demonstrated strong performance in Q3 2025, with a 22% increase in revenue compared to the same quarter last year. The company’s strategic investments and expansions, particularly in the Asia Pacific region, contributed to significant growth. Repligen’s focus on diversifying its portfolio and expanding its bioprocessing workflow solutions has positioned it well against competitors.

Financial Highlights

• Revenue: $189 million, up 22% year-over-year
• Adjusted EPS: $0.46, up from the forecasted $0.42
• Adjusted gross margin: 53.3%, a 260 basis point increase year-over-year
• Cash position: $749 million

Earnings vs. Forecast

Repligen’s Q3 2025 earnings exceeded expectations with an EPS of $0.46, surpassing the forecast by 9.52%. The company’s revenue also outperformed projections by 3.97%, indicating strong operational execution and market demand.

Market Reaction

Following the earnings announcement, Repligen’s stock rose by 2.42% in pre-market trading, reaching $165. This movement reflects investor confidence in the company’s robust performance and upward revision of its full-year revenue guidance. The stock’s current price is closer to its 52-week high of $182.52, indicating positive market sentiment. InvestingPro analysis shows strong momentum, with the stock delivering an 11.22% return over the past year. However, the RSI indicates overbought conditions, suggesting potential near-term price risks.

Outlook & Guidance

Repligen increased its full-year revenue guidance to a range of $729-$737 million, up from the previous $715-$735 million. The company anticipates 14-15.5% organic non-COVID growth and sees opportunities in onshoring projects to drive future equipment sales.

Executive Commentary

CEO Olivier Loeillot stated, "We had another outstanding quarter in quarter three with 18% organic growth." He emphasized the company’s success in acquiring late-stage commercial customers and its diversified customer base. Loeillot also highlighted the company’s aim to outpace industry growth by 5% over the medium term.

Risks and Challenges

• Supply chain disruptions could impact production and delivery timelines.
• Market saturation in certain regions may limit growth opportunities.
• Macroeconomic pressures, including inflation and currency fluctuations, could affect profitability.
• Increased competition in the bioprocessing sector may pressure margins.

Q&A

During the earnings call, analysts inquired about the company’s outlook on the CDMO market and emerging biotech funding. Repligen expressed optimism, highlighting potential opportunities in onshoring projects and continued focus on digitization and process analytics.

Full transcript - Repligen Corporation (RGEN) Q3 2025:

Kayla, Conference Operator: Thank you for standing by. My name is Kayla and I will be your conference operator today. At this time, I would like to welcome everyone to the Repligen Corporation earnings release third quarter of 2025. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question and answer session. If you’d like to ask a question during this time, simply press STAR followed by the number one on your telephone keypad. If you’d like to withdraw your question, again, press the STAR and one. I would now like to turn the call over to Jacob Johnson, Vice President of Investor Relations. You may begin.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Thank you, Operator, and welcome everyone to our 2025 third quarter report. On this call, we will cover business highlights and financial performance for the three-month period ended September 30, 2025, and we’ll provide financial guidance for the full year 2025. 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, 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 for the fiscal year ended December 31, 2024, 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.

Adjusted non-GAAP figures in today’s report include the non-COVID and 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, tax rate on pre-tax income, net income, diluted earnings per share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: These adjusted financial measures should not be.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: 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.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Thank you, Jacob. Good morning, everyone, and welcome to our 2025 third quarter call. We had another outstanding quarter in quarter three with 18% organic growth. This quarter, every franchise grew double digits, which is a testament to our differentiated growth portfolio and diversified customer base. Our portfolio of products enables us to sell one of the most comprehensive suites of innovative solutions across the bioprocessing workflow. We saw strength across our extensive customer base as both pharma and CDMOs grew over 20%, and all geographies grew double digits. The continued growth from CDMOs is very encouraging as it reflects the health of the ecosystem from a franchise perspective. Process Analytics led the way with over 50% growth, including more than 30% growth at CTECH, while Filtration grew over 20%.

Consumable demand remained very robust with greater than 20% growth in the quarter, while Capital Equipment had another strong quarter with over 20% growth. The better than expected performance in Process Analytics and Proteins this quarter underscores that growth opportunities exist across our entire portfolio driven by our innovation engine. In particular, Process Analytics revenue growth was aided by the launch of SoloVPE® Plus earlier this year. This new generation of atline protein concentration analytics offers customers increased data collection speed and enhanced sensitivity and reproducibility with a streamlined workflow. This has started to drive an upgrade cycle that will last for several years as we have a sizable install base. Transitioning to orders, total company orders grew sequentially for the sixth straight quarter and grew over 20% year over year, including double digit order growth across all of our franchises.

With customer ordering patterns back to historical trends, we believe quarterly orders are a less relevant metric and plan to provide less detail around orders going forward. We will remain transparent around the trends we are seeing in our business and within the industry as we have always been. We think our Q3 results highlight the broad strength we are seeing across our franchises, customers, and geographies, and our 18% organic growth continues to outpace industry growth. In fact, this marks the fourth great quarter of 14% or better organic non-COVID growth. Both our Q3 and year to date overall performance was not based on a single customer product line but rather the totality of our portfolio. We think this is a testament to our commercial execution as our team capitalizes on the growth strategies for each of our franchises.

As a result, we’re again raising the midpoint of our organic growth guidance for 2025, unpacking our performance by end market. Q3 2025 biopharma revenues grew over 20% year over year with broad growth across all biopharma customers. Emerging biotech revenue was at the highest level in nearly three years. While we’re hesitant to call this a trend as growth benefited from some specific opportunities in the quarter, we are encouraged by the recent funding trends we have seen. CDMO revenues also grew over 20% driven by outperformance from our larger CDMO customers in the quarter. From a geographical point of view, we saw particular strength in Asia Pacific with approximately 50% growth, while the Americas grew 20% and EMEA was up low double digit. New modalities revenue were consistent with our expectations for a muted back half.

We saw growth in cell therapy while AAV and mRNA trends were fairly consistent with last quarter. Turning to strategy, we mentioned last quarter that digitization is a key pillar of our strategic plan. Our analytics franchise is the foundation of this strategy, so we wanted to expand on this effort and provide more detail on the very strong performance in Q3. Digitization will be a multi-step and a multi-year journey. Currently, we enable measurements of protein concentration in downstream processes using our innovative solution from C Technologies, then glucose, lactate, and biomass upstream with the acquisition of the 908 Devices bioprocessing assets. With a successful inline integration of CTEX Flow VPX into our downstream TSS systems, we can provide real-time monitoring and process control. These are key enablers of continuous manufacturing, which is still in its early days, particularly in downstream applications.

We’re actively working to develop additional PAT-enabled solutions. Beyond this, we are looking at opportunities to leverage digital twins to utilize this real-time process data with advanced modeling to optimize process development and manufacturing. As a step in this direction, we announced a partnership with Novasign during the third quarter to integrate our system with Novasign’s digital twin capability. Starting with our bench scale CSS, we aim to deliver solutions that significantly reduce process development time and cost and support a more efficient and reliable scale-up for our customers. We also saw strong growth in overall service revenue in quarter three. Services currently represent 5% of our consolidated revenue. We have a particularly high attachment rate in analytics, so we benefit from both new installations and annual maintenance. Commercially, a strong service organization allows us to best serve and delight our customers while bringing us to be closer to them.

There is a sizable opportunity for us to grow this business in coming years as we expand our services offerings across our entire capital equipment portfolio. Our Strategic Account Strategy initiative, launched three years ago, is a real success story. We are now covering 20 large pharma and CDMO accounts. The focus of our Key Accounts team is to engage with key decision makers at our customers to better understand their needs while demonstrating the breadth of our capabilities. We are seeing great traction here with more of these customers buying multiple products from Repligen and as a result many of these strategic accounts are accretive to our growth. In addition to our Strategic Account Strategy, our commercial team is also incentivized to cross sell products across the entire portfolio. As it pertains to tariffs, we continue to evaluate opportunities to better leverage our global footprint.

We are working towards dual manufacturing for the vast majority of our portfolio by the end of next year. This includes a focus on ensuring we have the right footprint to benefit from capital equipment opportunities in coming years, including potential U.S. onshoring projects. Before I turn the call over to Jason, I’ll provide some more detail on our franchise level performance. Filtration revenue grew over 20% in the quarter. Flat Sheet Cassettes, Fluid Management, Flow Path along with ATF all contributed meaningfully to growth this quarter. We continue to see a long runway of growth in ATF, but we think it’s important to highlight that multiple products have been key drivers of year to date filtration growth. This highlights the breadth of our filtration franchise, which is our largest and most diverse.

In addition, we have a strong backlog for Fluid Management, so we continue to expect robust growth from this product line in coming quarters. After a record Q2, chromatography revenue grew mid teens in Q3 as resin mix returned to more normal levels. This was mostly driven by continued strength in large column demand from key CDMO and pharma accounts globally. Protein revenue grew low double digit in the quarter, driven by chromatography resin. This franchise outperformed our expectation in the quarter and is an area where we are making additional investments to drive future growth. We have several innovative solutions for the new modality market with our Habitat Anti assets and for the monoclonal T body market by our Protein A ligand capabilities. We plan to launch additional innovative solutions across this portfolio in coming years.

While it will take some time for these opportunities to grow into more meaningful revenues, we think the investment we are making today will position us well for growth in this higher margin franchise for years to come. Finally, and as already mentioned, process analytics had a standout Q3 with more than 50% growth, including $3 million of revenue from the 908 Devices bioprocessing acquisition and over 30% growth at CTech. This was driven by strength across consumables, equipment, and services with strong orders in the quarter. We are encouraged by the momentum in our analytics franchise. As it relates to the 908 Devices bioprocessing assets, we remain on plan with the integration to wrap up. While the last several years have been a unique period for the bioprocessing market, we believe the dynamics of this year have created additional opportunities for Repligen.

Customers are looking for products that enable them to improve yield and productivity. Our product portfolio and customers on CTech have opened a number of doors in recent years, and we believe the results we are seeing this year are a testament to our strategy. We remain focused on capitalizing on our growing funnel. Given the opportunities we see across our portfolio, we will continue to invest as needed to ensure we have the right foundation to support sustainable future growth. This includes planned investment in application labs to better serve our customers with differentiated solutions, investments in technology to increase productivity, and investment across our business to ensure we have robust processes and tools to continue to delight customers and scale our growing business. We’ll balance these initiatives with a commitment to driving margin expansion over the medium term.

We’re excited about the customer traction across our business as highlighted by our year-to-date performance, which demonstrates the differentiated nature of Repligen. It also reflects the execution of the five strategic priorities we outlined at the beginning of the year. We remain focused on closing out a very strong 2025. Now I turn the call over to Jacob for the financial highlights.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Thank you Olivier and good morning everyone. Today we are reporting our financial results for the third quarter of 2025 and providing an update to our financial guidance for the full year. Unless otherwise noted, all financial measures discussed reflect adjusted non-GAAP measures I shared in our press release this morning. We delivered third quarter revenue of $189 million, a reported year-over-year increase of 22%. This is 18% organic growth excluding the impact of acquisitions and currency. Acquisitions contributed approximately two points of the reported growth, while foreign currency was also a two-point tailwind. As Olivier offered details on our product franchise performance, I’ll provide more color on our regional performance starting with quarterly revenue. North America represented approximately 50% of our total, Europe represented 30%, and Asia Pacific and the rest of the world represented approximately 20%.

Asia Pacific grew nearly 50% year-over-year driven by Filtration and Fluid Management, analytics, and ATF. Americas grew 20% with strength across the portfolio, and EMEA grew low double digits driven by Opus and TangenX® SC Device. After strong orders in Q2, we saw China revenue return to growth in Q3. Though not a key driver for the overall strength in Asia Pacific, it was encouraging to see growth even off a low prior year base. We remain optimistic that China will return to growth in 2026, but we still expect China to be slightly down this year as orders declined in the quarter. After the order acceleration in Q2, transitioning, the profit and margin adjusted gross profit was $101 million, up 28% year-over-year or 25% excluding foreign currency and acquisitions. Adjusted gross margin of 53.3% increased 260 basis points year-over-year and 210 basis points sequentially.

The year-over-year increase was driven by volume, leverage, price, and productivity. The sequential increase benefited primarily from improved mix as Repligen procured resin for Opus columns were at more normal levels and from revenue growth of Proteins in the quarter. This dynamic of gross margin fluctuation being driven by changes in sales mix is to be expected quarter to quarter. We are more focused on full year trends. Year to date, gross margin is 52.7% which shows 230 basis points of margin expansion over the same period in the prior year and is in line with our gross margin outlook of 52% to 53% for 2025. FX was a benefit to margin in the quarter while tariffs remained a slight headwind continuing through the P&L.

Our adjusted income from operations was $27 million in the third quarter, up 16% year over year on a reported basis and up about 20% excluding the impact from foreign currency and M&A. This growth was driven by a $22 million increase in gross profit on higher volume and margin improvement, offset by $18 million higher OpEx. Q3 represented our lowest OpEx quarter last year, and growth this quarter included $3 million from M&A and $1 million from foreign currency. It also includes about $2 million of one-time expenses in SG&A that will not repeat in the fourth quarter. The remaining increase includes strategic investments which we will continue to make to support future growth. Year to date, OpEx has grown 14% excluding the impact of M&A and foreign exchange versus our 16% organic non-COVID revenue growth. This translated to an adjusted operating margin of 14.2%.

Margins declined 70 bps year over year largely due to M&A. Our third quarter adjusted EBITDA margin was 19%, a year over year decline of 160 basis points, which also included a $1 million headwind from foreign currency transaction losses. Adjusted net income was $26 million, a $2 million year over year increase. Higher adjusted operating income was offset by $3 million of lower interest income. Our third quarter adjusted effective tax rate was 17%, which benefited from actions executed within our tax planning strategy. We now expect to see an adjusted effective tax rate between 21% to 22% for the year, about 100 basis points lower than our previous guidance. Adjusted fully diluted earnings per share for the third quarter were $0.46 compared to $0.43 in the same period of 2024.

Finally, our cash position at the end of the third quarter was $749 million, up $40 million sequentially from the second quarter. This was driven by incredibly strong operating cash flow performance in the quarter, driven mostly by improved working capital. We are very happy with our strong year to date results delivering above market revenue growth and margin expansion, which positions us to deliver upon our updated outlook. I’ll speak to adjusted financial guidance, but please note that our GAAP to non-GAAP reconciliations for our 2025 guidance are included in the reconciliation tables in today’s earnings press release. Our guidance includes tariffs and our latest foreign currency assumptions as highlighted earlier by Olivier and on the strength of our portfolio, we are increasing the midpoint of our revenue growth guidance.

As we narrow towards the high end of the guidance range, we now see 14 to 15.5% organic non-Covid growth or 12 to 13.5% organization organic revenue growth with the midpoint of both increasing 75 basis points from our prior guidance. Our new guidance assumes just over a one point tailwind from foreign exchange while our M&A assumptions are unchanged. Putting this together, we are increasing our 2025 revenue guidance to $729 to $737 million, up from $715 to $735 million or an increase of $8 million at the midpoint. To summarize the update clearly, of the $8 million increase, $6 million is due to overall portfolio strength and $2 million is from foreign currency benefits. Our guidance implies fourth quarter revenue will grow low double digits organically at the midpoint while overcoming the headwind from a gene therapy platform mentioned last quarter.

In terms of growth by franchise, we now expect the following reported growth rates: filtration growth of approximately 10% versus our prior expectation of 10 to 12%. This represents approximately 13.5% non-Covid growth. Chromatography growth of approximately 25% versus our prior estimate of 20%. Proteins growth of 15 to 20% versus 10 to 15% previously, and finally, analytics will grow north of 30% versus our prior guidance of 25%. This includes the 908 Devices BioProcessing acquisition. We continue to expect adjusted gross margins in the range of 52 to 53%, which represents 210 basis points of year-over-year margin expansion at the midpoint driven by volume leverage, price, and manufacturing productivity offset primarily by inflation and some 2024 Covid sales drag. We assume a slight headwind from tariff charges offset by benefit from foreign currency.

We expect fourth quarter gross margin to be closer to the second quarter following the impact of sales mix fluctuations discussed earlier. The fourth quarter includes a mix shift to products that are below our corporate average. We now expect our adjusted income from operations to be between $98 to $100 million. This assumes a roughly 13.5% operating margin. As Olivier mentioned earlier, given the strength and traction we are seeing across our portfolio, we continue to make strategic investments today to support tomorrow’s growth. This includes investments in specific product lines and geographies like Asia Pacific. In addition, we continue our fit for growth journey and will invest to ensure we have the right infrastructure to deliver on these opportunities for our customers, stakeholders, and shareholders. These include investments in operations and support functions. They also include investments in digital capabilities that will help drive efficiencies in the future.

We will continue to balance cost efficiency and margin expansion with investments that are critical to support future growth. Continuing through the P&L, we are updating our adjusted other income guidance to $21 million, down from $22 to $23 million due to lower interest income assumptions along with some impact from foreign currency. As we explained earlier, our 2025 adjusted effective tax rate expectation is now 21% to 22%, a point lower than our prior guidance. Given these dynamics, we now expect our adjusted fully diluted earnings per share to be between $1.65 and $1.68. Our balance sheet remains strong as we ended the third quarter with $749 million of cash. As mentioned earlier, we will remain prudent in our spending while maintaining flexible dry powder for potential acquisitions. We still expect CapEx to be down 20% to 25% versus 2024 with our spending below pre-COVID levels.

As we wrap, we are encouraged by our strong year-to-date results, especially considering the headwinds and new modalities that we overcame. We believe this performance reflects solid execution on our growth strategy and broader portfolio. Olivier and I would like to thank our Repligen teammates for helping us to deliver above market growth yet again. With that, I will turn the call back to the operator to open the line for questions.

Kayla, Conference Operator: At this time I’d like to remind everyone in order to ask a question, press star, then the number one on your telephone keypad. Please kindly limit to one question. Your first question comes from the line of Dan Arias with Stifel. Your line is open.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Good morning, guys.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Thank you. Hopefully you can hear me here. Olivier, can you maybe just talk about the cadence of order momentum across the quarter and then out of the quarter? I mean obviously we’ve had some positive industry developments recently. Jason mentioned that China projection is coming in as maybe a bit of an offset. How would you sum up purchasing activity here? To what extent does the all grown at midpoint bump capture what you’re seeing.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: How do you feel like that?

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Positions you into next year just given where expectations. Thanks.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Yeah, I hope I heard you well enough, Dan. I think you were asking about cadencing of orders in quarter three here. You’ve heard orders went really well for us again in quarter three. We grew our orders more than 20%, which is the second quarter in a row our orders are growing more than 20%. In fact, it’s six quarters in a row that we’ve seen sequencing order growth. What I really like, among others, is every single franchise really grew double digit in the quarter. There was no real change between July, August, September. It was pretty much the same type of growth during the entire quarter. I think I heard a question about what’s going on in the industry globally and with the questions basically on China. We think we are back to really operating that business in a very normal environment.

It started with Biopharma maybe a year and a half ago, then the CDMOs maybe three, four quarters. What was really interesting to see for this quarter was a very nice recovery of small biotech. Certainly too early to celebrate, but to see the small biotech business at the highest level for the last three years was very encouraging. Talking about geographies, also very strong across the board. China grew nicely, which was one of the first times for several quarters it grew in terms of sales. Orders were a little bit softer, but as we all know, we’re at the beginning of what we expect to be full recovery, and we do expect to be back to growth in China next year. That’s kind of the overall situation here.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Operator, I think we can go to the next question.

Kayla, Conference Operator: Sounds great. Your next question comes from the line of Dan Leonard with UBS. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Thank you very much. A lot of moving parts on the margin side. Jason, I was hoping you could better help me reconcile the sales guidance increase versus narrowing your EBIT margin to the bottom end of prior guide. I am wondering also if you can make a comment on what’s the right level of operating margin expansion for a high teens revenue growth rate in the Repligen model. Thank you. Yeah, look, I mean first I’d say we’re overall happy with our margin performance in the quarter. To your point as well, seeing the trends in margin expansion, gross margin as we highlighted is going to move a little bit with the mix of business that we have in the quarter. We are quite favorable in 3Q and when you look more importantly at the year to date, we’re up 230 basis points.

Kind of rolling that down to operating income, in the quarter we were up about 20%. If you exclude the impact of M&A and currency, that’s the dollars of operating income versus about 18% of non-organic. Again, continuing to get some of that leverage. I know for operating margin overall for the year, I put in that same context. If you look at our overall guide, operating income will be up about 25% if you exclude M&A and FX impact on again about a 16% non-COVID organic revenue growth. A lot of good leverage there. If you look specifically, why didn’t some of the same sales or that sales drop all the way through? We highlighted about $2 million of one-time operating expenses that we saw in the quarter, primarily driven by some leadership changes that we’ve been making in our fit for growth journey.

That is a hit there, a little bit of FX pressure as well. Finally, we will continue to make investments in infrastructure and lead, as well as in operations, to make sure that we have the right way to support future growth. We’re taking really a long view here, Dan. At the total guide, we dropped our EPS by about a penny. When you look at the midpoint and when we’re thinking about that versus the investments we can make today to keep driving future growth, we’re taking a really balanced view. Understood, thank you. Great, thanks.

Kayla, Conference Operator: Your next question comes from the line of Matt LaRue with William Blair. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Hi, good morning Olivier. Maybe following up on Dan, here’s this question relative to potential onshoring activity or certainly a pickup in the equipment opportunity over the next couple of years. Obviously it’s still recent since some of the pharma tariff and MFN has come out. What do you make of any change in cadence or nature of customer conversations? How would you evaluate Repligen’s ability today to potentially participate in larger scale projects relative to, you know, certainly before you joined but, you know, maybe five years ago when there was a resurgence in capital equipment related to Covid. Thanks.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Good morning Matt. Yeah, no, really good question. Obviously we’re all very encouraged to see the couple of recent announcements that were taking place, agreement between those two pharma company and the administration. You nailed it down very well. I mean the big difference for Repligen today versus where we were two to three years ago is we have become a real broad actor in the field of hardware solutions and we are now receiving RFPs for a lot of these big hardware investment that are happening around the world. Obviously these onshoring projects are going to represent a huge opportunity for all of us in the industry and for us in particular with our very differentiated hardware portfolio that is, as you know, very well combined with our technology which is a huge differentiator. Yeah, we’re starting to hear more about it.

We would expect probably first orders to come toward the second half of 2026 and probably sales from 2027-2028 onwards. We’re definitely going to be playing a big role in that exercise here for sure.

Kayla, Conference Operator: Your next question comes from the line of Doug Schinkel with Wolfe Research. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Good morning everybody and thank you for taking my questions. Really just a couple on guidance. First, as I look back over the past four years, recognizing it’s been a weird period, if I just average things, revenue has been I think about 9% higher in Q4 versus Q3 on average. I think guidance implies revenue is only about 2 to 3% higher in Q4 this year versus Q3. I’m guessing this is just conservatism given the environment we continue to be in. There is a lot of positive commentary here. You’re coming off a good quarter. It’s been a series of good quarters. I just want to make sure there’s no timing dynamics that we should be contemplating. That’s the first question. The second is in your prepared remarks, I think you noted that we should expect filtration revenue growth at the lower end of the range.

I just want to make sure I heard that right. If so, one, can you delineate between ATF and non-ATF? Two, what does that mean about product mix more broadly, specifically, are resins tracking stronger than expected? Again, I may have just heard it wrong. Thank you.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Okay, yeah, so I think your two questions are somewhat linked to each other, which is going to make it an easier answer here. If you look at seasonality this year, you’re absolutely right. We’re seeing much less of it than we were seeing before COVID, and partly with that very strong quarter three, which is very unusual because we’ve hardly ever seen a Q3 higher than a Q2 in the last 10 to 15 years. This means, obviously, there will be less seasonality also between Q3 and Q4. Our guidance now implies 8 to 13% organic growth in Q4. Keep in mind, we have about 3% headwind coming from that gene therapy customer that was representing really high sales for us in quarter four of last year. That’s really one of the main explanations.

By the way, this is purely filtration, which is why I was saying this is kind of also linked to the second part of your question here. The other two things to take into consideration here as well are the comp was much, much tougher, is much tougher in quarter four than it was in quarter three because comp is nine points more difficult sequentially than it was in quarter three. That’s another reason you would imagine indeed that organic growth in Q4 would probably be more toward the 8 to 13% that we just talked about here. Back to filtration, more specifically, we mentioned that blockbuster ETF project we signed about a year ago. We delivered the hardware towards end of quarter three. This does play a little bit as well of a role in why there is a little bit less seasonality between Q3 and Q4 here.

Kayla, Conference Operator: Your next question comes from the line of Puneet Sudha with Lee Rink Partners. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Yeah. Hi Olivier and team. Thanks for taking my questions. I appreciate the momentum you’re seeing here. It seems like six quarters of continued order growth even sequentially.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Momentum you have here.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Just trying to capture that for 2026, I think the street is close to about 13% organic growth here. Given what you’re seeing, is that a sort of right number to think about? On the gene therapy side, you pointed out the headwinds for the second half this year. There was some more news on that yesterday. Not necessarily. This is an in vivo product, so maybe it doesn’t affect you from CRISPR products. Just trying to understand, how are you thinking about that piece of the modality overall for you and how should we expect that to trend in 2026. Thank you.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Yeah, thanks, Puneet. Starting with the first question, as usual, we’ll provide 2026 guidance on our Q4 call as we typically do, meaning towards the end of February. What we said, and obviously with the order growth we’ve seen now sequentially indeed for the last six quarters and being again growing more than 20% year over year, we were obviously very pleased with the situation. We’re expanding this year and we are still aiming to outpace industry growth by 5% over the medium term. This year we’re probably going to be a bit higher than that 5%. We know that next year indeed we’ll have a 200 basis point headwind from that specific gene therapy customer. That’s where we are. We’re going to give guidance really end of February. In terms of new modality, it’s really playing out pretty much as we expected so far this year.

This is where the beauty of having a very diversified portfolio with more than 80% of our product going into monoclonal antibodies is a perfect sign of us being able to grow somewhere if for whatever reason we’ve got headwind somewhere else. Outside of that specific gene therapy project, we’ve been experiencing a pretty good year. Sometimes you get some bad news on one specific program, but then you’re getting a couple of great news on some other programs. Even on the gene therapy side, beyond that specific program, there have been several announcements made over the last few months of significant funding of some of these programs and we are enjoying great opportunities with those different programs. What we’ve been doing really well this year, among others, is to diversify our focus on other types of new modalities.

Indeed, we’ve been a bit heavier on cell therapy and also on antibody drug conjugate since the beginning of this year. We’ve had numerous successes on both sides, which is something we’re also very happy about here.

Kayla, Conference Operator: Your next question comes from the line of Mac, with Stephens Inc. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Hey, good morning. I appreciate you taking the questions, maybe just a few for me. As you look at your geographical performance, specifically Asia Pacific, up 50% this quarter, I’d like to get a sense of how your recent investments in the region are trending. What variables are driving that performance, and given the long term strategic focus here, do you intend on investing additional resources in the region? Thank you. Yep.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Good morning, Mac. Yeah, great question. I mean, Asia Pacific is representing approximately 15% of our sales on a full year basis, which is definitely too low. I mean, we know if you look, the benchmark from competition is anywhere between 20% and 25%. Beginning of this year, we already realized we have to start investing much more into the region. I like to separate China from the rest of Asia Pacific because China has been a very specific market. We decided to onboard a global leader for all of Asia, but also a new leader for China. We are really in the middle of implementing a pretty new and unique strategy on both sides. Without entering into detail for China, really it’s about rebuilding our team and also making sure we now tackle the much stronger local competition that exists today versus what was the situation before COVID.

On the other side, on the rest of Asia, it’s really about building infrastructure. Let’s say infrastructure is from the different part of our business organization, but also adding more people on the field to be able to deal more directly with customers in some of these geographies where we were mostly going through distributors. The two strategies we’re developing are pretty different. We are enjoying very nice growth for already several quarters outside of China. It’s pretty good to see China being back to growth in terms of sales this quarter. We still have a lot of homework to do down there, and yes, you’re right, investment is on the list. We just literally opened our first office in Singapore yesterday.

We’re opening a new office in Japan in the next couple of weeks, and we are looking at some further investments across all of Asia over the next few quarters.

Kayla, Conference Operator: Your next question comes from the line of Casey Woodring with J.P. Morgan. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Great, thank you for taking my questions.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Wanted to follow up on some of the ATF comments.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: You said you delivered hardware for this second blockbuster towards the end of 3Q. I just wanted to understand if you would expect revenue to fall in 4Q or in 1Q 26 there, and then my second question would just be, you called out emerging biotech revenue was the highest level you’ve seen in three years. Just talk towards trends there in terms of orders. You said you didn’t really want to call out a trend there, but obviously significant improvements. Just any further color there? Thank you.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Yeah, no, on ETF I start with the blockbuster first. Yeah. The answer is we don’t know yet for sure here, Casey. I mean we have now delivered the equipment. It’s going to be about how long it takes them to really commission the line and have it up and running. Then depending from one customer to the other, they might decide to buy consumable earlier or later. At this stage we just don’t know. I wouldn’t think it’s going to come as early as quarter four, but maybe sometime mid of next year or so would sound like a reasonable time frame. Just before I move to new to small biotech, maybe just to add about ETF because I know everybody’s very focused on that specific blockbuster. We continue to win a lot of late stage commercial customers and we have a really very diversified customer base on ETF.

I mean we were probably designing in more than 50 late stage and commercial drugs today and every quarter we are winning more. We’ve got a really long runway for growth on ETF, which is very well supported by the other trends we’ve seen in the last few quarters. Going to small biotech, that was really the great surprise of the quarter. Obviously it’s not a big part of our sales, it’s less than 10%. To see it rebounding as much as we have seen it rebounding in quarter three was a really good surprise. We obviously connect the dots immediately with biotech funding where biotech funding went from €9 billion in quarter two to €13 billion in quarter three. We’ve seen finally some turnaround in terms of biotech funding. I would like to parry as well to a lot of M&A activities.

You’ve seen a lot of pharma company acquiring some of these small mid sized biotech companies over the last few quarters. I think that’s also going to be a tailwind for the industry because that might mean probably more cash to be able to accelerate on some of these very promising early phase projects which we are very, very eager to see progressing. That’s another factor that we are very happy to see happening right now here.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Thank you.

Kayla, Conference Operator: Your next question comes from the line of Daniel Markowitz with Evercore ISI. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Hey, good morning and thanks for taking my questions. I had a quick two-parter. First, I wanted to ask on the equipment strength. It was another quarter of really strong results, especially when you compare versus peers. I know there were some ATF equipment placements. Is that what explains the better equipment trends versus peers, or would you say it’s more broad based across different product lines as well? The second part related, can you just remind us roughly the revenue contribution from these placements in 3Q? As we look forward to 2026, how should we think about the consumable pull through and what this means for broader momentum in the ATF product line? Thank you.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Yeah, I will spend more time on the first question because I won’t answer the second one. Just seriously, I mean our capital equipment performance was obviously very encouraging. Our revenue grew more than 20% but our orders also grew high teens in the quarter. We were very happy about that. You’re right, the main contributors of growth in quarter three were both ETF but also our analytical equipment. Honestly, the performance so far this year is really across the board. Maybe in quarter three downstream hardware was a little bit lower than both ETF and analytics, but year to date, it’s really across the board that our orders have been doing really well, including downstream hardware as well. I like to repeat, we’re seeing that hardware market from a very different angle than others. First of all, we are very small. We’re one of the newcomers in the field.

Almost nowhere where we are today, two years, three years ago or so. We are seeing it definitely from a different angle. Also, keep in mind where we are differentiating ourselves a lot is that now we are also pairing our system with our PAT technologies. So far this year for downstream, one system out of four is now being paired with our PAT technologies. Customers who bought hardware from competitors in the last few years are coming to us asking us to enable them to get access to our technologies as well. It’s fair to say, we haven’t seen capital equipment spending return to historical level yet globally.

That’s why I think all of us are very excited to see those onshoring projects coming in the next couple of years because that should accelerate overall market growth and for us be an extra opportunity to even grow further and faster than we do right now. As far as this specific ETF project is concerned, I won’t give any specific numbers, but it’s only really a small part of the reason why we saw that very nice growth in the quarter. It wouldn’t have changed the overall picture. Hardware performed very well for us in quarter three for you.

Kayla, Conference Operator: Your next question comes from the line of Brendan Smith with TD Cowen. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Great. Thanks, guys. Congrats on the print. Good to see. Thanks for taking the questions.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: I wanted to just follow up quickly on some of the process.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Analytics commentary and specifically what you’ve actually said recently about integrating the Maverick device from 908 Devices into ATF, for example.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Can you maybe just give us a

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Little bit more color on where some of that stands?

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Maybe just thoughts on timing to that and to what extent that may be.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Playing into how you’re thinking about growth opportunities across the franchises, whether or not that kind of works out as expected. Thanks.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Yeah, good morning Brendan. Obviously you heard us talking a lot about analytics. I mean again, because it’s a perfect showcase of the breadth of the portfolio we have. I have to say this year one of the most important launches we had was the SoloVPE® Plus, which is a real new generation of our online protein concentration piece of hardware. In Q3 this has just enabled us to sell the highest amount of units we’ve ever sold in the history of CTech. What’s very encouraging is we have a very, very important install base and it’s probably only less than a couple of portions of that install base that has been upgraded to the new SoloVPE® Plus. You would think this is going to be a real big tailwind for us for the next several years here, which we are very excited about.

The only other stuff I would add on the CTech side is the first two quarters where we saw huge rebound on both consumables and services as well. We will start to have a lot of focus on services with the successes we’re seeing here. It was great to see hardware now being back to these very high growth that we are experiencing and with a very strong funnel. As far as 908 Devices is concerned, the integration is running as expected. We’ve merged now the two sales organizations and we start to see a really nice growing funnel for the 908 Devices part of the portfolio. We are progressing on the R&D side to combine ETF with Maverick. You’ll hear us talking more about it in a quarter from now, but at this stage it looks absolutely promising.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Great, thank you.

Kayla, Conference Operator: Your next question comes from the line of Anna Snapkowski with KeyBanc Capital Markets. Your line is open. Good morning and congrats on the quarter. This is Anna on for Paul Knight and I have two questions. First, I think at recent conferences and your last quarter you mentioned strength in CDMO and maybe more muted activity with those mid-sized CDMOs. I was wondering if we could get an update around mid-sized CDMOs and if you’re seeing activity progressing there. My second question is on the protein side. I was wondering how the recent launches have been for your own resins. I think you mentioned some launching in the second half of this year, so maybe an update there.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Thanks.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Good morning, Anna. Yeah, no, I mean on CDMOs again a really great quarter for us and both from a sales and order point of view. We did mention the strength was particularly visible on the large scale CDMO. I have to tell you openly, I didn’t really specifically look at the mid sized one, so I can’t answer you very specifically, but I know this quarter, really large scale CDMO was the one driving that more than 20% growth we had on the CDMO side as far as proteins are concerned. That was really one of the great surprises in the quarter because we expected protein growth to be pretty muted in quarter three and in fact it grew double digits.

For me that was a great testimony of a very successful strategy that we started developing now two to three years ago where we had to switch from being a pure OEM partner delivering protein elegance, to start developing custom ligand and custom resin with the acquisition of Tantinar. The traction we’re having on that side is absolutely great. The reason why we did even more than expected in quarter three on the protein side was because of chromatography resins. We know that the business can still be lumpy from quarter to quarter, but we’re working on so many custom projects right now. We know that’s going to become a huge tailwind for us over the next several years.

Just to close on product launches, we are still aiming to launch two to three new resins before the end of this year and then we’re going to make this announcement probably in the next couple of months now. We are also having a pretty ambitious plan to launch several new resins in 2026. We really want to have both a broader catalog of products for new modalities, but also working more and more on custom projects on different types of application for big pharma customers as well here.

Kayla, Conference Operator: Great, thank.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: You.

Kayla, Conference Operator: Your next question comes from the line of Tom DeBorcey with Niffron Research. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Hey guys, thanks for taking the question. You mentioned the Strategic Account Strategy and 20, you know, key CDMO and pharma accounts and just was wondering what trends in particular you’re seeing at those accounts. Are you seeing similar strong equipment growth and anything that I guess maybe differentiates those larger strategic accounts versus, I guess, the portfolio as a whole.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Yeah, good morning Tomi, great question. Strategic accounts have been an incredible success story for us, I have to say. It has really enabled us to really cross sell our portfolio better and better. Equipment that you just mentioned is a perfect example. These accounts didn’t really have a clue about what our capabilities were in terms of hardware. Probably a couple of years ago they knew us for ATF, they knew us for pre-packed column. Now the vast majority of these people now have either bought a couple of pieces of equipment, if not more than that, or at least had a chance to get trained on how to use our equipment and now sending us RFPs for the big expansion they are working on.

Across the board the strategic accounts have been really accretive to growth both from the top line and from point of view as well on the quarter. We are really delighted by the successes we’ve had. I know we mentioned several times for a company like ours which is very focused on innovation, we absolutely need to get access to the key decision makers. This is what this team of care and management has brought us over the last couple of years. Really delighted about the progress here.

Kayla, Conference Operator: Your next question comes from the line of Luke Surgot with Barclays. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Hey guys, thanks for the questions.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: I wanted to talk about the.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Order between the new modalities versus the mAbs, especially as we’re thinking into next year. From a second question I wanted to think about, if you guys are doing about 13% core and given all the moving pieces from investments and M&A and FX and tariffs, should we think about margin expansion opportunity next year, something like between 100 and 150 basis points versus something north of that, a more normalized environment.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: What was the first question?

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Orders for new modalities versus maps.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Yeah, no, I mean new modalities, I think we mentioned earlier, new modality really played out pretty much as expected in quarter three, meaning we expected muted demand and that’s more or less what we experienced. Obviously, we’ve got now significant headwind in the second half of this year because of that gene therapy program. Outside of that one, we’ve been doing pretty well. Year to date, sales are growing mid single digit and year to date revenue of new modality is about 17% of our total portfolio. It’s down a little bit versus last year but still pretty much on par. In terms of margin, I’ll let Jason comment here.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Yeah, again, we’ll provide more guidance in our 4Q call as we normally do. Again, I’d expect our gross margin to continue to expand at the rate that we’ve been talking about, and then we’ll drive to get additional operating leverage.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: At the EBIT level as well.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Again, with this constant balance of driving margin expansion while investing for the growth that we see ahead of us, I think a well-rounded view on that. Great, thanks.

Kayla, Conference Operator: Your next question comes from the line of Brandon Coulard with Wells Fargo. Your line is open.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Hey, thanks. Good morning Jason, just real quick, would you quantify what’s embedded in the guide for net pricing this year and to quantify the tariffs, surcharges and whether or not those may or may not recur in 2026? Thanks. Yeah, price is, it’s been pretty consistent at this low single digit. We’ve seen that through the year and expect that to wrap up in 4Q as well. Embedded in the overall guide, you know, and really kind of see that as we move forward for tariffs. Again, minimal impact in 2025, couple million or so from a surcharge side in terms of hey, I see the sales but I’m going to have an equal amount of cost. From what we see today, you know, I don’t think that changes much next year. Every day, every day we see new headlines. We’ll continue to watch that, but.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Still see a little bit of, I’ll.

Jacob Johnson, Vice President of Investor Relations, Repligen Corporation: Say marginal dilution at the profit level with tariff surcharges will remain. Thanks, Brandon.

Kayla, Conference Operator: I would now like to turn the call back over to Olivier Loeillot.

Olivier Loeillot, President and Chief Executive Officer, Repligen Corporation: Hey, many thanks for joining our call today. I really want to congratulate our Repligen team for executing brilliantly in quarter three. We are really looking forward to meeting you all at Atomic Conference. Have a great day today.

Kayla, Conference Operator: This concludes today’s conference call. You may now disconnect.

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