Maravai LifeSciences (MRVI) Goldman Sachs 45th Annual Global Healthcare Conference summary

Leadership transition and strategic direction

• CEO transition in 2023 brought focus on leveraging a strong team, new facilities, and a diversified market approach.

• Four new buildings and two acquisitions during the pandemic have positioned the organization for future growth.

• Strategy centers on supporting customers from discovery through clinical and commercial phases, aiming for stickier, long-term relationships.

• Emphasis on being a product and technology company, with services enabling broader adoption of proprietary chemistry.

Facility expansion, utilization, and capacity

• Flanders I and II facilities are in certification, with significant capacity for 5–10 years of growth.

• Utilization is currently low but expected to ramp up as new programs and customers are onboarded.

• Early customer commitments to new facilities are seen as a competitive win, with upside for further growth.

• Facility investments are winding down, and current infrastructure can support tripling the business without further expansion.

Customer engagement and market positioning

• Long history in nucleic acid chemistry and mRNA supports strong customer trust and high win rates, especially as programs move to clinical phases.

• Ability to support customers through all clinical phases is a key differentiator, enhanced by facility upgrades.

• Focus remains on winning discovery business and retaining customers through to GMP services, with barriers to switching increasing in later phases.

• Partnerships with top-tier CDMOs like Lonza and Fuji expand reach and reinforce product leadership.