Repligen Corporation Q4 FY2025 earnings call

• 2025 had $198M Q4 revenue, 14% organic growth, $738M full year revenue, exceeded October guidance. Portfolio diversity shown with Proteins, Process Analytics, Chromatography growth. - 2026 initial guidance $810M - $840M revenue, 9% - 13% organic growth (2-point gene therapy headwind). - 2025 delivered on 5 strategic priorities: accelerated growth, Asia Pacific strategy investment, services investment, new product launches, M&A road map execution. - 2025 expanded adjusted operating margin by 90 basis points to 13.8%, excluding M&A and foreign currency expanded 240 basis points. - 2025 had active new product launches: Analytics' SoloVPE PLUS, Filtration's ProConnex MixOne, Proteins' new resins. - 2025 integrated 908 Devices' portfolio, partnered with Novasign, made leadership hires and IT investments.

Fourth quarter revenue was $198 million, full year 2025 revenue was $738 million. Proteins and Process Analytics grew over 30% in Q4, Chromatography over 25% in Q4. Protein grew >30% full year, Analytics grew 37% reported or 21% excluding M&A. Filtration grew high single digits Q4 and year. Consumables had >20% growth in Q4. Capital equipment was essentially flat YOY but up 10% QoQ. North America ~47% of Q4 revenue, EMEA 34%, APAC and rest 19%.

• 2026 revenue guidance $810M - $840M, 9% - 13% organic growth (2-point gene therapy headwind). - Adjusted gross margins expected 53.6% - 54.1%, up ~125 basis points YOY. - Adjusted income from operations expected $122M - $130M. - Adjusted fully diluted earnings per share expected $1.93 - $2.01. - Q1 revenue expected to decline low single digits sequentially from Q4.

• Tariff surcharges could impact margin, approximately 50 basis points headwind. - Macro environment uncertainty, including potential delays in large pharma CapEx decisions and FDA approval rates affecting growth. - Gene therapy platform creates headwind for certain segments.

Q: Matthew Larew asked about customer confidence and funnel opportunities.

A: Jason Garland said tariff surcharges have little impact, Olivier Loeillot said high probability funnel exists.

Q: Dan Arias asked about op margin expansion vs M&A.

A: Jason Garland said margin expansion is top priority but M&A strategic benefits considered.

Q: Douglas Schenkel asked about pacing.

A: Olivier Loeillot said macro factors and funnel translation impact pacing.

Q: Philip asked about guidance softening.

A: Olivier Loeillot said 9% - 13% guidance is appropriate.

Q: Justin Bowers asked about organic margin expansion moving parts.

A: Jason Garland said volume leverage, price, productivity drive margin expansion.

Q: Daniel Leonard asked about Analytics growth.

A: Olivier Loeillot said SoloVPE PLUS upgrade cycle, 908 acquisition, FlowVPX traction drive growth.

Q: Matthew Hewitt asked about new product pipeline.

A: Olivier Loeillot said Protein, Filtration, PAT portfolio have new product opportunities.

Q: Brandon Couillard asked about China investment.

A: Olivier Loeillot said China has growth potential with new office and partnerships.

Q: Matthew Stanton asked about service opportunity.

A: Olivier Loeillot said high attachment rate in analytics, working to replicate in capital equipment.

Q: Brendan Smith asked about MAVERICK integration.

A: Olivier Loeillot said integration in development.

Q: Subhalaxmi Nambi asked about downstream demand and capital equipment.

A: Olivier Loeillot said muted downstream demand, 2026 capital equipment expected low double-digit growth with Analytics driving.