Repligen Corporation · NASDAQ:RGEN

Repligen — 42nd Annual J.P. Morgan Healthcare Conference (January 2024)

26 slides from Repligen's conference presentation, Jan 9, 2024

  1. Slide 1: 42nd Annual J.P. Morgan Healthcare Conference

    42nd Annual J.P. Morgan Healthcare Conference Tony J. Hunt Chief Executive Officer January 9, 2024 1

  2. Slide 2: Bioprocess markets showing signs of improvement

    Bioprocess markets showing signs of improvement Bioprocessing market challenges 2023 down market for Bioprocessing Repligen indications of recovery • CDMO significant destocking • Opportunity funnel has improved 50% 2023 (Q3 YTD) • Pharma destocking, project • Order strength Q3 - Pharma and Filtrati

  3. Slide 3: We are the innovation leader in bioprocessing

    We are the innovation leader in bioprocessing Enabling efficient, single-use, high-productivity biological drug manufacturing $640M +27% 12 12 65%/ Midpoint 2023 Revenue Guide 5-year CAGR 2018-2023E M&A Deals since 2016 Disruptive technology 35% launches Clinical/ Commercial +21% 4 >10% base revenue

  4. Slide 4: Antibody market (mAbs/Bispecifics/ADCs and Biosimilars)

    Antibody market (mAbs/Bispecifics/ADCs and Biosimilars) Repligen is well positioned >$175B 160 >1,000  Leader in upstream process Market 2022 U.S. FDA Phase I-III1 intensification approvals  Addressing downstream Monoclonal Antibodies Growing at >10% annually >2,500 challenges with systems, advanc

  5. Slide 5: New modalities market (Cell, Gene Therapy, mRNA)

    New modalities market (Cell, Gene Therapy, mRNA) Highest number of U.S. approvals in 2023 >$7B 22 >800 7 Market 2022 U.S. FDA Phase I-III2 New C&GT approvals Revenue growth approvals: anticipated through 20243 Cell1, Gene and RNA projections >20% 12 Gene >3,000 >15 Therapies 10 Cell Active clinical

  6. Slide 6: Expanding addressable market now $12B; $20B total market

    Expanding addressable market now $12B; $20B total market PROCESS ANALYTICS Our market share: 4%-5% Our 3-year CAGR: ~20% FILTRATION incl. FLUID MANAGEMENT $1.4B Our market share: ~5% Our 3-year CAGR: ~25% CHROMATOGRAPHY Our market share: ~14% $950M Our 3-year CAGR: >20% $7.6B PROTEINS & RESINS $12B

  7. Slide 7: 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 $270M $639M Mgmt $348M Proteins Proteins $103M $69M Base business has more than doubled through COVID years Long life-cycle, hig

  8. Slide 8: 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

  9. Slide 9: 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 Columns TangenX FS TFF FlowVPX Device Integrated PAT-enabled System 9

  10. Slide 10: Creation of value through strategic acquisitions

    Creation of value through strategic acquisitions 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 and integrating analytics

  11. Slide 11: 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 11

  12. Slide 12: Integrated solutions across the workflow

    Integrated solutions across the workflow Small Systems KrosFlo® KR2i RPM - integrated VPX 12

  13. Slide 13: Integrated solutions across the workflow

    Integrated solutions across the workflow Large Systems 5 1 4 3 2 6 13

  14. Slide 14: Integrated solutions across the workflow

    Integrated solutions across the workflow Consumables, Fluid Management, Filtration 14

  15. Slide 15: Integrated solutions across the workflow

    Integrated solutions across the workflow RS 20 for new modalities 15

  16. Slide 16: Integrated solutions across the workflow

    Integrated solutions across the workflow 16

  17. Slide 17: Advancing our offerings with R&D innovations

    Advancing our offerings with R&D innovations XCell® Large-scale ATF Controller Self-Contained TFF Cassettes KrosFlo® with FlowVPX® Technology o Market leader in upstream process o First-to-market with holder-free self- o First-to-market with advanced GMP intensification contained flat sheet cassette

  18. Slide 18: Operational excellence: driving margin expansion and cost discipline

    Operational excellence: driving margin expansion and cost discipline Managing • Drive productivity with Repligen Performance System Variable • Leverage strategic sourcing Cost • Evaluate “make versus buy” opportunities • Rationalize footprint, balance cost and continuity of supply Optimizing • Optim

  19. Slide 19: Financial Performance and Outlook

    Financial Performance and Outlook 19

  20. Slide 20: Financials highlights

    Financials highlights Revenue Growth Profitability Top Financial Value Creation Levers $635-645M 1. Compelling above-market revenue growth trajectory; 57% 49-50% GM% 21% 5-yr avg. base growth (pre- and post-COVID) +21% $270M Avg base 24% growth OM% 15-16% 2. Historically attractive gross margin ...

  21. Slide 21: Well positioned for future growth

    Well positioned for future growth Key Franchises • 2023: Challenging year for Bioprocessing Filtration / o COVID revenue decline; macro destocking; capital conservatism, China challenges Fluid Management • Order strength for Repligen in Q3 2023, expanding opportunity funnel Chromatography • Capturin

  22. Slide 22: Thank you!

    \\) thank you! t) REPLIGEN

  23. Slide 23: GAAP to Non-GAAP Reconciliation

    GAAP to non-GAAP Reconciliation 23

  24. Slide 24: Reconciliation of 2019 GAAP to Non-GAAP Gross Margin and Operating Margin

    Reconciliation of 2019 GAAP to Non-GAAP Gross Margin and Operating Margin REPLIGEN CORPORATION REPLIGEN CORPORATION RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED) COST OF SALES RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO (Unaudited, amounts in thousands) NON-GAAP (ADJUSTED) INCOME

  25. Slide 25: 2023 Guidance reconciliation

    2023 Guidance reconciliation Net income and net income per share REPLIGEN CORPORATION REPLIGEN CORPORATION RECONCILIATION OF GAAP EARNINGS PER SHARE GUIDANCE TO RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED NET INCOME (NON-GAAP) GUIDANCE ADJUSTED EARNINGS PER SHARE (NON-GAAP) GUIDANCE (in t

  26. Slide 26: Questions?

    Questions? Contact investors@repligen.com 26

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