Repligen (RGEN) Leerink Global Healthcare Conference 2026 summary

Growth outlook and guidance

• Projecting 9%-13% organic growth for 2026, with performance above the bioprocessing market but offset by gene therapy headwinds.

• Strong order book and pipeline momentum from 2025 expected to continue into 2026.

• Macro factors like pharma CapEx timing and FDA approvals could influence results, with CapEx improvement key to reaching the higher end of guidance.

• New modalities represented 16% of 2025 revenue, with cell therapy strong and gene therapy a headwind.

• Shipping disruptions and inflationary pressures are being managed, with minimal impact expected on delivery commitments.

Revenue cadence and order trends

• First quarter 2026 revenue expected to be down low single digits sequentially, implying about 10% organic growth.

• Strong fourth quarter orders provide a solid backlog for early 2026 execution.

• Typical seasonality expected, with 48% of revenue in the first half and 52% in the second half.

• Gene therapy headwinds are more pronounced in the first half, with stronger growth anticipated in the second half.

• Conversion funnel is at its highest probability since 2022, with broad-based opportunity across products.

Capital equipment and product innovation

• Capital equipment was flat in 2025, outperforming industry peers.

• Low double-digit growth expected for capital equipment in 2026, driven by analytics and new product launches.

• SoloVPE installed base is 2,500 units, with a focus on upgrading older units and expanding upgrade cycles.

• Broader portfolio upgrade cycles are being prioritized in long-term strategic planning.