Repligen (RGEN) The 44th Annual William Blair Growth Stock Conference summary

Industry trends and market environment

• Bioprocessing industry faced challenges in 2023, with destocking and a slowdown in pharma, especially in China, but signs of recovery are visible in early 2024.

• Large CDMOs are performing well, while Tier 2 and 3 CDMOs lag due to delayed biotech funding impact.

• Company revenue grew from $270M in 2019 to $639M in 2023, with non-COVID revenue at $607M.

• Addressable bioprocessing market is $12B out of a $20B total, with significant room for market share growth.

• New modalities now represent 20% of revenue in Q1 2024.

Strategic initiatives and innovation

• Focus on single-use technologies, process intensification, and advanced analytics to drive efficiency and yield.

• Launched about 10 products annually, with 12 considered truly disruptive in the past 7-8 years.

• Recent launch of a best-in-class Protein A resin with Purolite, offering high caustic stability and protease resistance.

• Expanded commercial organization with a key account team to deepen relationships at top accounts.

• Ongoing investment in R&D and commercial capabilities to support growth and innovation.

M&A and portfolio development

• Completed 12 acquisitions since 2016, building four main franchises: Filtration, Chromatography, Analytics, and Proteins.

• Filtration franchise grew from $120M to $350M, with 5% market share and 25% CAGR over three years.

• Acquisitions like ARTeSYN and C Technologies enabled entry into systems and advanced analytics.

• Recent deals with Metenova and FlexBiosys expanded fluid management and mixing solutions.

• Integration of acquired technologies has led to proprietary solutions and next-generation product launches.