Slide 1: Investor Presentation November 2024
Investor Presentation November 2024 1
Slide 2: Safe Harbor / Non-GAAP Financial Measures
Safe Harbor / Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements in this presentation which are not strictly historical statements including, without limitation, express or implied statements or guidance reg
Slide 3: Repligen Overview
Repligen Overview “Inspiring Advances in Bioprocessing” 3
Slide 4: Bioprocess market: Signs of improvement and known challenges
Bioprocess market: Signs of improvement and known challenges Bioprocessing market challenges Repligen indications of recovery 2023 down market for Bioprocessing • Market-wide • Pharma order strength, esp. consumables • Emerging biotech activity muted • CDMO order strength outside of Top 10 accounts
Slide 5: We are the innovation leader in bioprocessing – 2023 Snapshot
We are the innovation leader in bioprocessing – 2023 Snapshot Enabling efficient, single-use, high-productivity biological drug manufacturing $632M* +27% 12 12 65%/ 2023 Revenue 5-year CAGR 2018-2023 M&A Deals since 2016 Disruptive technology 35% launches Clinical/ Commercial +21% 4 13% revenue mix
Slide 6: Business highlights 2023
Business highlights 2023 2 10 >50% 18% 40% Strategic New Product Opportunity New Modalities Reduction in GHG Acquisitions Launches Funnel Growth % of Total Revenue Emissions Intensity* FlexBiosys XCell® ATF LS Advanced systems Including mRNA, cell Published 2nd Metenova Controllers strategy (integra
Slide 7: Our Markets
a » Our Markets t) REPLIGEN
Slide 8: Antibody market (mAbs/Bispecifics/ADCs and Biosimilars)
Antibody market (mAbs/Bispecifics/ADCs and Biosimilars) Repligen is well positioned Leader in upstream process >$175B >175 >1,000 intensification Addressing downstream Market 2022 U.S. FDA Phase I-III1 challenges with systems, approvals advanced analytics and Monoclonal Antibodies Growing at >10
Slide 9: New modalities market (Cell, Gene Therapy, mRNA)
New modalities market (Cell, Gene Therapy, mRNA) Highest number of U.S. approvals in 2023 7 >$7B 27 >800 C> approvals Market 2022 U.S. FDA Phase I-III2 through 2024 approvals: Cell1, Gene and RNA Revenue growth projections 14 Gene >3,000 6 Therapies >20% 13 Cell (at November 21) 2024-2030 Active c
Slide 10: Expanding addressable market now $12B; $20B total market
Expanding addressable market now $12B; $20B total market PROCESS ANALYTICS Our market share: ~4% Our 3-year CAGR: ~20% FILTRATION incl. FLUID MANAGEMENT $1.4B Our market share: ~5% Our 3-year CAGR: ~25% CHROMATOGRAPHY Our market share ~13% $950M Our 3-year CAGR: >20% $7.6B PROTEINS & RESINS $12B Rep
Slide 11: Strong revenue growth driven by innovation and portfolio expansion
Strong revenue growth driven by innovation and portfolio expansion Analytics Analytics $16M $57M Chroma Chroma Filtration $61M Filtration $127M 2019 2023 incl. Fluid $120M Mgmt $270M $632M $341M Proteins Proteins $103M $69M Base business more than doubled through COVID years Long life-cycle, highly
Slide 12: Our Blueprint for Success
a » Our Blueprint for Success tf REPLIGEN
Slide 13: Our blueprint for value creation
Our blueprint for value creation Strategic M&A Acquire companies with technological differentiation and accretive financials Add & build out new platforms that expand our integrated solutions offering R&D innovation and technology integration Introduce first-to-market, technologically disrupti
Slide 14: Intensifying traditional mAb and recombinant protein processes
Intensifying traditional mAb and recombinant protein processes Innovative, scalable solutions Cell Culture/Seed Train Production/Harvest Upstream Purification Formulation (UF/DF) Downstream SU ATF Device & Controller OPUS Pre-packed Columns TangenX FS TFF FlowVPX Device Integrated PAT-enabled System
Slide 15: Creation of value through strategic acquisitions: M&A through 2023
Creation of value through strategic acquisitions: M&A through 2023 Strict M&A Criteria ~10 years of Acquisitions Value Creation Journey Technology differentiation Platforming in intensification Filtration Expanding into new modalities Strengthens market position Expanding Systems Systems & Integ
Slide 16: Creating value through M&A and innovation
Creating value through M&A and innovation Process Intensification Purification, UF/DF, Process Analytics Fluid Management From individual products for unit operations, to integrated solutions across the workflow 16
Slide 17: Integrated System Example
Integrated System Example Large Scale System 5 1 4 1. 50L Tulip tank (recirculation vessel) 2. FlowVPX (in-line sensor) 3. Clamps for secure connectivity 3 4. Valves for low hold-up 2 5. Tubing for in-house flow path 6 6. Self-contained cassettes for rapid membrane set up and disposal 17
Slide 18: Integrated System Example
Integrated System Example Small Scale System 8 7 6 5 Components 1. Recirculation vessel weigh scale 2. Maglev, Diaphragm or Peristaltic pump (feed) 3. Permeate collection bag weight scale 4. 21” Touch screen and keyboard 5. Hollow Fiber or Cassette-holder 6. Reusable flowmeter (retentate) 7. TMP con
Slide 19: Recent M&A Activity
a » Recent M&A Activity t) REPLIGEN
Slide 20: Recent M&A: Acquisition of Tantti Laboratory, Inc.
Recent M&A: Acquisition of Tantti Laboratory, Inc. Closed Dec. 2, 2024 - Disruptive chromatography bead technology for bioprocessing separations and purification Primary product focus area: o Convection flow resins: DuloCore® for large molecules, Key Stats: adjustable pore size, mechanically strong,
Slide 21: Strategic acquisition highly synergistic with Avitide and OPUS assets
Strategic acquisition highly synergistic with Avitide and OPUS assets Adds differentiated affinity Further expands Repligen offering into Enables Repligen to solve critical chromatography to Repligen portfolio new modalities customer pain points o High performance affinity resins when o Tantti allow
Slide 22: Tantti expands our market position in new modality chromatography
Tantti expands our market position in new modality chromatography Partnerships Goals / Focus Actions and development plans Leadership in • Expanded and extended strategic partnership through 2032 • Expand market leadership 1 Protein A affinity via partnerships • Launched Praesto® Protein A, Praesto®
Slide 23: Tantti meets Repligen's acquisition criteria
Tantti meets Repligen’s acquisition criteria Technology leadership in new modality chromatography • Combination of high throughput, yield, resolution and scalability supports efficient manufacturing (cost & yield) for customers • Brings a team of highly skilled materials scientists and engineers to
Slide 24: R&D
)) R&D t) REPLIGEN
Slide 25: Advancing our offerings with R&D innovations
Advancing our offerings with R&D innovations Large-scale ATF Controller Self-Contained TFF Cassettes KrosFlo® RPM KrosFlo® RS 10 o Market leader in upstream o First-to-market with holder- o First-to-market with integrated o First-to-market TFF system process intensification free self-contained flat
Slide 26: Business and Financial Performance
Business and Financial Performance 26
Slide 27: Financials highlights 2023
Financials highlights 2023 Revenue Growth Profitability Top Financial Value Creation Levers $632M* 57% 1. Compelling above-market revenue growth trajectory 49% GM% +21% $270M Avg base 24% 2. Historically attractive gross margin ... driving a return growth OM% 14% to 55%+ (pre-COVID levels) 2019 2023
Slide 28: Q3 Financial highlights
Q3 Financial highlights: Financial Highlights: Q3 Revenue Composition ($MM) • Q3 revenue momentum despite seasonality • Revenue +10%, Orders +6% Y/Y • Order $’s outpaced revenue by 4% • Margin improvements $155 • Adj. GM: 50.7% (up 8.7 pts Y/Y) $141 • Adj. OM: 14.9% (up 11 pts Y/Y) • Cash balance: $
Slide 29: Financial guidance and focus areas for 2024
Financial guidance and focus areas for 2024 Financial Guidance Adjusted (non-GAAP) Revenue $630M to $639M • Expanding our opportunity funnel Total Reported Growth 0% to +1% 2024 FOCUS • Strengthening our presence at key accounts Base Growth -1% to 0% • Building on new modality markets Non-COVID Grow
Slide 30: Operational excellence: Driving margin expansion and cost discipline
Operational excellence: Driving margin expansion and cost discipline Managing • Driving productivity with Repligen Performance System (RPS) Variable • Leveraging strategic sourcing Cost • Evaluating “make versus buy” opportunities • Rationalizing footprint, balance cost and continuity of supply Opti
Slide 31: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation 31
Slide 32: 2023 and 2022 reconciliation tables
2023 and 2022 reconciliation tables For all Non-GAAP reconciliation tables, please refer to the Company’s SEC filing on November 12, “Supplemental – Restatement Profit & Loss – GAAP to Non-GAAP Reconciliations” which can be found here 32
Slide 33: Thank you!
Thank you! For questions, contact investors@repligen.com 33