[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the period ended June 30, 2025, along with disclosures on market risk and internal controls [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Repligen Corporation's unaudited condensed consolidated financial statements, including balance sheets, income statements, equity statements, and cash flow statements, for the periods ended June 30, 2025, along with explanatory notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $708,855 | $757,355 | | Total current assets | $1,056,865 | $1,066,041 | | Goodwill | $1,114,009 | $1,030,995 | | Total assets | $2,901,627 | $2,829,666 | | Total current liabilities | $123,012 | $126,787 | | Total liabilities | $839,886 | $856,948 | | Total stockholders' equity | $2,061,741 | $1,972,718 | - Total assets increased to **$2.90 billion** as of June 30, 2025, from **$2.83 billion** at the end of 2024, primarily driven by an increase in goodwill from acquisitions[9](index=9&type=chunk) - Cash and cash equivalents decreased by **$48.5 million** during the first six months of 2025[9](index=9&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section outlines the company's financial performance, including revenue, income from operations, net income, and diluted EPS for the three and six months ended June 30, 2025 and 2024 Statement of Comprehensive Income Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $182,366 | $158,839 | $351,538 | $312,021 | | Income from operations | $13,896 | $5,469 | $20,474 | $9,219 | | Net income | $14,866 | $5,713 | $20,696 | $9,009 | | Diluted EPS | $0.26 | $0.10 | $0.37 | $0.16 | - Total revenue for Q2 2025 increased by **14.8%** year-over-year to **$182.4 million**[11](index=11&type=chunk) - Net income for Q2 2025 more than doubled to **$14.9 million** compared to **$5.7 million** in Q2 2024, with diluted EPS rising to **$0.26** from **$0.10**[11](index=11&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) This section details changes in stockholders' equity, reflecting net income, foreign currency translation adjustments, and other equity transactions for the period - Total stockholders' equity grew from **$1.97 billion** at the end of 2024 to **$2.06 billion** as of June 30, 2025[13](index=13&type=chunk) - The increase in stockholders' equity during the first six months of 2025 was primarily driven by net income of **$20.7 million** and a significant positive foreign currency translation adjustment of **$50.8 million**[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $43,614 | $86,898 | | Net cash used in investing activities | ($81,947) | ($15,762) | | Net cash used in financing activities | ($15,161) | ($14,747) | | Net (decrease) increase in cash | ($48,500) | $57,823 | - Cash from operating activities decreased significantly to **$43.6 million** in the first half of 2025 from **$86.9 million** in the prior year period[16](index=16&type=chunk) - Investing activities used **$81.9 million** in H1 2025, largely due to **$70.0 million** spent on acquisitions, a substantial increase from **$15.8 million** in H1 2024[16](index=16&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the accounting policies, significant transactions, and specific financial items presented in the condensed consolidated financial statements - On March 4, 2025, the company acquired 908 Devices Inc.'s PAT Portfolio for cash consideration of **$69.9 million**, resulting in provisional goodwill of **$50.1 million**[40](index=40&type=chunk)[42](index=42&type=chunk)[45](index=45&type=chunk) - The company's Restructuring Plan, initiated in July 2023, was completed in Q2 2025. Total pre-tax charges related to the plan amounted to **$83.3 million**, with **$4.1 million** incurred in the first six months of 2025[54](index=54&type=chunk)[55](index=55&type=chunk) - As of June 30, 2025, the company had **$600.0 million** in principal amount of 1.00% Convertible Senior Notes due 2028, with a carrying value of **$533.7 million**[69](index=69&type=chunk) - For the six months ended June 30, 2025, the company's effective tax rate was **20.9%**, a decrease from **29.2%** in the same period of 2024, primarily due to nontaxable contingent consideration and lower non-deductible stock-based compensation[103](index=103&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations for the three and six months ended June 30, 2025, covering revenue growth, acquisition impacts, gross margin, operating expenses, liquidity, and cash flows [Overview](index=28&type=section&id=Overview) This section provides a general description of Repligen Corporation's business, strategic initiatives, and recent acquisitions in the bioprocessing technology sector - Repligen is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems for manufacturing biological drugs[117](index=117&type=chunk) - The company's strategy involves both organic growth initiatives and targeted acquisitions to maximize its product platform's value[119](index=119&type=chunk) - Recent acquisitions include the 908 Devices PAT Portfolio in March 2025 and Tantti Laboratory Inc. in December 2024, aimed at strengthening the company's portfolio in process analytical technology and new modalities, respectively[122](index=122&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, including revenue trends, gross margin changes, and operating expense fluctuations for the reported periods Revenue Performance (in thousands) | Period | Total Revenue | YoY Growth | Product Revenue | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Q2 2025 | $182,366 | 14.8% | $182,329 | 14.8% | | H1 2025 | $351,538 | 12.7% | $351,466 | 12.7% | - Product revenue growth in H1 2025 was primarily driven by the Proteins, Chromatography, and Analytics franchises. The acquisition of 908 Devices contributed **$4.0 million** to revenue in H1 2025[130](index=130&type=chunk) - Q2 2025 gross margin decreased to **50.0%** from **51.3%** YoY, attributed to a product mix with higher sales of lower-margin procured resin for OPUS columns[134](index=134&type=chunk) - R&D expenses increased by **32.0%** in Q2 2025 and **23.2%** in H1 2025, primarily due to the recent acquisitions of 908 Devices PAT Portfolio and Tantti[137](index=137&type=chunk) - A gain of **$7.9 million** was recognized from the change in fair value of contingent consideration for the three and six months ended June 30, 2025, due to revised revenue forecasts for the Tantti acquisition[33](index=33&type=chunk)[141](index=141&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's cash position, sources and uses of cash, and its ability to meet short-term and long-term financial obligations - The company held cash and cash equivalents of **$708.9 million** at June 30, 2025, down from **$757.4 million** at December 31, 2024[151](index=151&type=chunk) - Cash from operations for H1 2025 was **$43.6 million**, a decrease from **$86.9 million** in H1 2024, driven by unfavorable changes in working capital, including an increase in accounts receivable[154](index=154&type=chunk)[155](index=155&type=chunk) - Cash used in investing activities in H1 2025 was **$81.9 million**, primarily for the **$69.9 million** acquisition of the 908 Devices PAT Portfolio[157](index=157&type=chunk) - Management believes current cash balances are adequate to meet cash needs for at least the next **24 months**, excluding potential acquisitions[164](index=164&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states there were no material changes to its market risk exposure during the three months ended June 30, 2025, from what was disclosed in its 2024 Annual Report on Form 10-K - There were no material changes to the company's market risk exposure during the three months ended June 30, 2025[170](index=170&type=chunk) - The company refers to its Annual Report on Form 10-K for the year ended December 31, 2024, for a full discussion of its exposure to market risks[170](index=170&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were ineffective as of June 30, 2025, due to material weaknesses in internal control over financial reporting, for which a remediation plan is underway - Management concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025[173](index=173&type=chunk) - The ineffectiveness is due to previously disclosed material weaknesses in internal control over financial reporting related to: (1) revenue recognition, (2) IT general controls, and (3) certain business process-level controls[174](index=174&type=chunk)[177](index=177&type=chunk) - A remediation plan is in progress to address the identified deficiencies, including designing new controls, enhancing existing procedures, and hiring additional staff[176](index=176&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) [PART II - OTHER INFORMATION](index=38&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety disclosures, other information, and exhibits [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently aware of any legal proceedings or claims that would have a material adverse effect on its business, financial condition, or results of operations - The company is not currently aware of any legal proceedings or claims that are expected to have a material adverse effect on its business[181](index=181&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The company states there are no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the period ended December 31, 2024 - There are no material changes to the risk factors described in the company's Form 10-K for the period ended December 31, 2024[182](index=182&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None[183](index=183&type=chunk) [Item 3. Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[184](index=184&type=chunk) [Item 4. Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[185](index=185&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) The company reports that none of its directors or officers adopted, modified, or terminated a Rule 10(b)5-1 trading plan during the fiscal quarter - No director or officer adopted, modified, or terminated a Rule 10(b)5-1 trading plan during the fiscal quarter ended June 30, 2025[186](index=186&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act - This section lists all exhibits filed with the report, including corporate governance documents and certifications required under the Sarbanes-Oxley Act[188](index=188&type=chunk)

Core Insights - Repligen Corporation has announced a strategic partnership with Novasign to integrate machine learning and modeling workflows into its filtration systems, with Repligen investing in Novasign to support its operational expansion [1][2][4] Group 1: Partnership Details - The collaboration will integrate Novasign's modeling workflow into Repligen's tangential flow filtration (TFF) systems, enhancing digitalization and process analytical technology (PAT) capabilities [2][4] - The partnership aims to streamline process development, enable real-time predictive control, and reduce development timelines and costs through digital twin technology [2][3] Group 2: Company Profiles - Novasign, founded in 2019, specializes in bioprocessing modeling technology and aims to accelerate bioprocess development through smart workflows and modeling platforms [5] - Repligen Corporation is a global life sciences company focused on innovative bioprocessing technologies, serving biopharmaceutical developers and contract development organizations [6]

Core Viewpoint - Repligen reported quarterly earnings of $0.37 per share, missing the Zacks Consensus Estimate of $0.40 per share, but showing an increase from $0.33 per share a year ago, resulting in an earnings surprise of -7.50% [1][2] Financial Performance - The company posted revenues of $182.37 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 3.56% and up from $154.07 million year-over-year [2] - Over the last four quarters, Repligen has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] Stock Performance - Repligen shares have declined approximately 16.9% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.40 on revenues of $175.08 million, and for the current fiscal year, it is $1.68 on revenues of $710.85 million [7] - The trend of estimate revisions for Repligen was favorable ahead of the earnings release, suggesting potential positive movements in stock price [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Repligen belongs, is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8]

Financial Data and Key Metrics Changes - The company reported second quarter revenue of $182 million, reflecting a 15% increase year-over-year, with an 11% organic growth excluding acquisitions and currency effects, and a 17% organic non-COVID growth [26][27] - Adjusted income from operations was $22 million, up 8% year-over-year, with an adjusted operating margin of 12%, down 80 basis points from the previous year [30][31] - Adjusted fully diluted earnings per share for the second quarter were $0.37, down 6% year-over-year [32] Business Line Data and Key Metrics Changes - Chromatography revenue grew over 40%, driven by large-scale column demand from Pharma and Europe, while filtration revenue grew mid-teens excluding COVID [21][22] - Capital equipment revenue returned to growth in the high teens, with orders growing over 20% [12][22] - Consumable revenue and orders, excluding proteins, grew over 20% year-over-year, marking a record revenue quarter on a non-COVID basis [11][24] Market Data and Key Metrics Changes - North America represented 49% of total revenue, Europe 38%, and Asia Pacific 13%, with all regions growing in the mid-teens [27] - Orders from China rebounded to over 40% year-over-year, indicating a significant recovery [28][58] - Emerging biotech revenue grew in the high teens, although orders remained muted [10][60] Company Strategy and Development Direction - The company aims to be the global innovation leader in bioprocessing, focusing on differentiated data-driven solutions across therapeutic modalities [15][16] - Strategic investments are being made in manufacturing labor to serve customers better and preserve lead times [9] - The company plans to double its size in the medium term with modest M&A assumptions, while maintaining profitability and driving gross margin expansion [17][37] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the business momentum, highlighting strong order trends and broad-based demand across the portfolio [8][10] - The company is focused on customer-centric innovation to enable clients to produce therapies more efficiently [10][16] - Despite macro challenges, the company believes it can deliver differentiated growth and outpace industry growth by 5% [17][73] Other Important Information - The company published its 2024 corporate sustainability report, highlighting a 25% reduction in waste generation [20] - The company has taken price actions to offset inflation, resulting in a slight benefit to 2025 revenue [19] Q&A Session Summary Question: Can you elaborate on the growth seen on the clinical trial side versus commercial campaigns? - Management noted very little pull forward in orders, except for a couple of million in China due to tariff uncertainties, and emphasized that the business is still more clinical than commercial [44][45] Question: Can you size your exposure to gene therapy? - Management indicated minimal incremental revenue expected from the gene therapy platform for the remainder of 2025, representing a 1% headwind versus prior guidance [48][49] Question: What are the trends in capital equipment and China? - Management expressed optimism about capital equipment performance, attributing it to differentiated systems and a strong funnel, while also noting a significant rebound in orders from China [56][58] Question: What is the outlook for new modalities? - Management acknowledged a muted outlook for new modalities in the second half but emphasized strong growth in other areas, compensating for the headwind from gene therapy [66][68] Question: What is the expected market growth? - Management estimates market growth to be between 8% to 12%, with confidence in achieving growth above market levels [72][74]

Financial Data and Key Metrics Changes - The company reported second quarter revenue of $182 million, reflecting a 15% increase year-over-year, with an 11% organic growth excluding acquisitions and currency effects, and a 17% organic non-COVID growth [25][26][29] - Adjusted net income was $21 million, a decline of $1 million year-over-year, impacted by lower interest income and higher tax provisions [31] - Adjusted fully diluted earnings per share for the second quarter were $0.37, down 6% from $0.40 in the same period in 2024 [32] Business Line Data and Key Metrics Changes - Chromatography revenue grew over 40%, driven by large-scale column demand from Pharma and Europe [21] - Filtration revenue grew mid-teens, with strong orders and a record quarter for ATF order intake [20] - Capital Equipment revenue returned to growth in the high teens, with orders growing over 20% [10][11] Market Data and Key Metrics Changes - BioPharma revenues grew 20% year-over-year, with strong performance from large pharma accounts [9][10] - Orders from China rebounded significantly, growing over 40% year-over-year, indicating a potential recovery in the region [26][60] - Emerging Biotechs saw revenue growth in the high teens, although orders remained muted [10][62] Company Strategy and Development Direction - The company aims to be a global innovation leader in bioprocessing, focusing on differentiated data-driven solutions across therapeutic modalities [14][15] - Strategic investments are being made in manufacturing labor to meet customer demand and preserve lead times [7] - The company plans to double its size in the medium term with modest M&A assumptions, while maintaining profitability and driving gross margin expansion [16][37] Management Comments on Operating Environment and Future Outlook - Management remains optimistic about the momentum in business, highlighting strong order trends and broad-based demand across the portfolio [6][9] - The company is focused on delivering on its strategy despite macroeconomic challenges, emphasizing customer-centricity and innovation [8][15] - Future growth opportunities are seen in Asia, new modalities like ADCs and cell therapy, and trends like digitization [15][16] Other Important Information - The company published its 2024 corporate sustainability report, highlighting a 25% reduction in waste generation [19] - The company has taken price actions to offset inflation, resulting in a slight benefit to 2025 revenue [18] Q&A Session Summary Question: Can you elaborate on the growth seen on the clinical trial side versus commercial campaigns? - Management noted very little pull forward in orders, except possibly a couple of million in China due to tariff uncertainties [45][46] Question: What is the exposure to gene therapy platforms? - Management indicated minimal incremental revenue expected from the gene therapy platform for the remainder of 2025, representing a 1% headwind versus prior guidance [50][51] Question: Can you discuss the strength in capital equipment and the situation in China? - Management expressed optimism about capital equipment performance and noted a significant rebound in orders from China, attributing it to new leadership and innovation [58][60] Question: What is the outlook for new modalities? - Management expects muted demand in the second half for new modalities but remains confident in overall portfolio strength compensating for this headwind [70][71] Question: What is the expected market growth and the company's growth strategy? - Management estimates market growth at 8-12% and believes the company can outpace this by 5% through a diversified approach across multiple modalities and customers [74][76]

[Q2 2025 Performance Overview](index=1&type=section&id=Repligen%20Reports%20Second%20Quarter%202025%20Financial%20Results) The company reported strong Q2 2025 organic non-COVID growth, robust order momentum, and strategic product launches [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO highlighted an outstanding Q2 with 17% organic non-COVID growth, driven by strong momentum in both consumables and capital equipment. Order growth exceeded 20% year-over-year, marking the eighth consecutive quarter of orders surpassing non-COVID revenue. This performance led to an increase in the midpoint of the full-year 2025 organic growth guidance - Key performance drivers in Q2 2025 included: - **Organic Growth:** 17% organic non-COVID growth. - **Order Momentum:** Orders grew over 20% YoY, the fifth consecutive quarter of sequential order growth and the eighth straight quarter of orders exceeding non-COVID revenue. - **Guidance:** The company raised its full-year 2025 organic growth guidance midpoint due to strong performance and second-half visibility.[3](index=3&type=chunk)[4](index=4&type=chunk) [Q2 2025 Business Highlights](index=1&type=section&id=Q2%202025%20Business%20Highlights) Repligen reported strong, broad-based revenue growth across all franchises and geographies. Consumables grew over 20% and capital equipment grew in the high-teens. The company also launched a new single-use mixer, ProConnex® MixOne, and published its 2024 Sustainability report - Operational and strategic achievements in Q2 2025 include: - **Broad-Based Strength:** All franchises and geographies posted year-over-year growth, with consumables up >20% and biopharma revenue up 20%. - **New Product Launch:** Introduced ProConnex® MixOne, a single-use mixer integrating technology from several fluid management acquisitions. - **Sustainability:** Published the 2024 Sustainability report, "Perspectives on Progress", detailing ESG initiatives.[7](index=7&type=chunk) [Detailed Financial Results](index=1&type=section&id=Detailed%20Financial%20Results) Repligen achieved strong Q2 2025 revenue growth and improved GAAP profitability, with a solid cash and working capital position [Q2 2025 Financial Performance](index=1&type=section&id=Q2%202025%20Financial%20Performance) In the second quarter of 2025, Repligen achieved total revenue of $182 million, a 15% increase as reported and 17% on an organic non-COVID basis. GAAP EPS was $0.26, up from $0.10 in the prior year, while adjusted EPS was $0.37, compared to $0.40 in Q2 2024 Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | Growth Type | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $182M | $159M | +15% | As Reported | | **Organic Growth** | - | - | +11% | Organic | | **Organic Non-COVID Growth** | - | - | +17% | Organic Non-COVID | | **GAAP Income from Operations** | $14M | $5M | +180% | - | | **Adjusted Income from Operations** | $22M | $20M | +10% | - | | **GAAP EPS (Diluted)** | $0.26 | $0.10 | +160% | - | | **Adjusted EPS (Diluted)** | $0.37 | $0.40 | -7.5% | - | [Margin Summary](index=2&type=section&id=Margin%20Summary) For Q2 2025, GAAP gross margin was 50.0% and operating margin was 7.6%. On an adjusted basis, gross margin was flat year-over-year at 51.1%, while adjusted operating margin contracted to 12.0% from 12.8%. Adjusted EBITDA margin was stable at 17.6% Margin Performance: Q2 & 1H 2025 vs. 2024 | Margin Type | Q2 2025 | Q2 2024 | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | :--- | :--- | | **GAAP Gross Margin** | 50.0% | 51.3% | 51.7% | 50.7% | | **GAAP Operating Margin** | 7.6% | 3.4% | 5.8% | 3.0% | | **Adjusted Gross Margin** | 51.1% | 51.1% | 52.3% | 50.2% | | **Adjusted Operating Margin** | 12.0% | 12.8% | 12.9% | 10.9% | | **Adjusted EBITDA Margin** | 17.6% | 17.6% | 18.5% | 16.0% | [Balance Sheet and Cash Position](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Position) As of June 30, 2025, the company held $709 million in cash, cash equivalents, and short-term investments, a decrease from $757 million at the end of 2024. Working capital remained stable at approximately $934 million Key Balance Sheet Data (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $708,855 | $757,355 | | Working capital | $933,853 | $939,254 | [Full Year 2025 Financial Guidance](index=2&type=section&id=FINANCIAL%20GUIDANCE%20FOR%20FISCAL%20YEAR%202025) The company raised its full-year 2025 revenue and EPS guidance, reflecting strong performance and favorable currency trends [Updated Guidance Metrics](index=2&type=section&id=Updated%20Guidance%20Metrics) Repligen raised its full-year 2025 revenue guidance to a range of $715-$735 million, representing 12.5%-15.5% organic non-COVID growth. The company projects adjusted EPS to be between $1.65 and $1.72, with an adjusted operating margin of 13.5%-14.5% FY 2025 Guidance (as of July 29, 2025) | Metric | GAAP Guidance | Adjusted (non-GAAP) Guidance | | :--- | :--- | :--- | | **Total Reported Revenue** | $715M - $735M | $715M - $735M | | **Organic, Non-COVID Growth** | 12.5% - 15.5% | - | | **Gross Margin** | 51.5% - 52.5% | 52% - 53% | | **Operating Margin** | 7% - 8% | 13.5% - 14.5% | | **Adjusted EBITDA Margin** | - | 19.5% - 20.5% | | **Net Income** | $48M - $51.5M | $93.5M - $97M | | **EPS - Diluted** | $0.85 - $0.92 | $1.65 - $1.72 | [Guidance Assumptions](index=2&type=section&id=Guidance%20Assumptions) The updated guidance incorporates a 1% tailwind from foreign currency, a shift from a previously assumed 1.5% headwind. It also accounts for a ~1% headwind from new modalities, which is offset by strength in other portfolio areas, and a modest impact from tariff surcharges - Key assumptions underpinning the FY2025 guidance include: - **Foreign Currency:** A 1% tailwind, revised from a prior 1.5% headwind assumption. - **New Modalities:** An approximate 1% headwind, which is more than offset by strength elsewhere in the business. - **Tariffs:** A modest impact from tariff surcharges is included.[10](index=10&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=3&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Non-GAAP adjustments clarify core business performance by excluding non-recurring or non-operational items from GAAP results [Overview of Non-GAAP Measures](index=3&type=section&id=Overview%20of%20Non-GAAP%20Measures) The company provides non-GAAP financial measures to supplement its GAAP results. These adjustments exclude items such as acquisition and integration costs, restructuring charges, intangible amortization, non-cash interest expense, and other costs that management believes do not reflect the performance of ongoing operations - Non-GAAP results exclude various items to provide a clearer view of core business performance. Key exclusions include: - Acquisition and integration costs - Restructuring charges - Inventory step-up costs - Intangible amortization costs - Non-cash interest expense[15](index=15&type=chunk) [Revenue Growth Reconciliation](index=6&type=section&id=Revenue%20Growth%20Reconciliation) For Q2 2025, the 15% reported revenue growth was adjusted for a 2% negative impact from acquisitions and a 2% negative impact from currency exchange, resulting in 11% organic growth. A further adjustment for a 6% positive impact from COVID-related revenue led to 17% organic non-COVID revenue growth Q2 2025 Revenue Growth Reconciliation | Description | Growth Rate | | :--- | :--- | | **Total Reported Revenue Growth (GAAP)** | **15%** | | Less: Acquisition revenue | (2)% | | Less: Currency exchange | (2)% | | **Organic Revenue Growth (Non-GAAP)** | **11%** | | Plus: COVID revenue impact | 6% | | **Organic Non-COVID Revenue Growth (Non-GAAP)** | **17%** | [Profitability Reconciliations](index=6&type=section&id=Profitability%20Reconciliations) In Q2 2025, GAAP income from operations of $13.9 million was adjusted to $21.9 million on a non-GAAP basis, primarily by excluding $10.2 million in intangible amortization and adding back a $7.9 million gain from contingent consideration. Similarly, GAAP Net Income of $14.9 million was adjusted to $21.2 million, with major adjustments for intangible amortization, contingent consideration, and non-cash interest expense - Key adjustments to reconcile GAAP to Non-GAAP profitability for Q2 2025 include: - **Intangible Amortization:** +$10.2 million adjustment to operating income. - **Contingent Consideration:** -$7.9 million adjustment to operating income due to a change in fair value. - **Acquisition and Integration Costs:** +$4.3 million adjustment to operating income. - **Non-cash Interest Expense:** +$3.8 million adjustment to net income.[24](index=24&type=chunk)[25](index=25&type=chunk) [Guidance Reconciliations](index=9&type=section&id=Guidance%20Reconciliations) The company's full-year 2025 GAAP net income guidance of $48.0-$51.5 million is reconciled to adjusted net income of $93.5-$97.0 million. The primary adjustments include excluding anticipated pre-tax amortization of intangibles ($38.8M), non-cash interest expense ($14.8M), and acquisition costs ($12.7M), while also factoring in a gain on contingent consideration (-$11.1M) FY 2025 Net Income Guidance Reconciliation (Low End) | Description | Amount (in thousands) | | :--- | :--- | | **Guidance on Net Income (GAAP)** | **$48,000** | | Anticipated amortization of intangibles | $38,808 | | Non-cash interest expense | $14,826 | | Acquisition and integration costs | $12,677 | | Contingent Consideration | ($11,053) | | Other adjustments & tax effects | ($11,359) | | **Guidance on Adjusted Net Income (Non-GAAP)** | **$93,500** |

Core Insights - Repligen Corporation reported a strong second quarter in 2025 with a 17% organic non-COVID growth and a 15% increase in revenue year-over-year, reaching $182 million [2][6][19] - The company raised its full-year revenue guidance to a range of $715 million to $735 million, reflecting a 12.5% to 15.5% year-over-year non-COVID organic growth [6][10] - The company experienced broad-based revenue strength across all franchises, with consumables up over 20% and capital equipment growing in the high teens [7][19] Financial Performance - Q2 2025 revenue was $182 million, a 15% increase from the previous year, with orders growing over 20% year-over-year [6][19] - GAAP net income for Q2 2025 was $15 million, compared to $6 million in Q2 2024, while adjusted net income was $21 million compared to $22 million [6][19][23] - Gross margin for Q2 2025 was 50.0%, down from 51.3% in Q2 2024, while operating margin improved to 7.6% from 3.4% [5][22] Business Highlights - The company launched a new product, ProConnex MixOne, enhancing its portfolio in fluid management technology [7] - Repligen published its 2024 Sustainability report, showcasing progress in environmental, social, and governance (ESG) initiatives [7] - The company reported cash and cash equivalents of $709 million as of June 30, 2025, down from $757 million at the end of 2024 [8][19] Financial Guidance - The updated guidance for FY 2025 includes total reported revenue of $715 million to $735 million, with adjusted net income projected between $93.5 million and $97 million [10][31] - The company anticipates a gross margin of 51.5% to 52.5% and an operating margin of 7% to 8% for the full year [10][30] - Adjusted earnings per share for FY 2025 is expected to be between $1.65 and $1.72 [31]

Core Insights - Zacks Premium provides various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score identifies undervalued stocks using financial ratios [3] - Growth Score emphasizes companies with strong financial health and growth potential [4] - Momentum Score targets stocks with favorable price trends [5] - VGM Score combines all three styles to provide a comprehensive assessment of stocks [6] Zacks Rank and Style Scores Interaction - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investment decisions, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.62% since 1988 [7] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [9] - Stocks with lower ranks, even with good Style Scores, may still face downward price pressure due to negative earnings forecasts [10] Company Spotlight: Repligen Corporation - Repligen Corporation, based in Waltham, MA, specializes in advanced bioprocessing technologies for biopharmaceutical manufacturing [11] - The company holds a Zacks Rank of 2 (Buy) and a VGM Score of B, indicating strong potential [11] - Repligen is projected to achieve year-over-year earnings growth of 6.3% for the current fiscal year, with an upward revision in earnings estimates [12] - The Zacks Consensus Estimate for Repligen's earnings is $1.68 per share, with an average earnings surprise of +11.3% [12]

Core Viewpoint - Repligen Corporation will report its second quarter 2025 financial results on July 29, 2025, and will host a conference call to discuss these results and business updates [1] Group 1: Financial Reporting - The financial results for the three- and six-month periods ended June 30, 2025, will be discussed during the conference call [1] - A press release will be issued before the market opens on the same day [1] Group 2: Conference Call Details - The conference call can be accessed by dialing toll-free (800) 715-9871 for domestic callers and (646) 307-1963 for international callers, with no passcode required [2] - A webcast will also be available via the Investor Relations section of the Company's website, and both the call and webcast will be archived for later access [2] Group 3: Company Overview - Repligen Corporation is a global life sciences company focused on developing and commercializing innovative bioprocessing technologies for the manufacturing of biological drugs [3] - The company serves biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide, with a focus on areas such as Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins [3] - The corporate headquarters is located in Waltham, Massachusetts, with manufacturing sites primarily in the U.S. and additional key locations in Europe [3]

Investor Presentation May 2025 1 January 14, 2025 Safe Harbor / Non-GAAP financial measures This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements in this presentation which are not strictly historical statements including, without limitation, express or implied statements or guidance regarding Repligen's financial results for full year 2025, future financial performance and other statements identified by words like "estimated," "anticipated," "gu ...