REPLIGEN CORPORATION Investor Presentation
May 2024
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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 estimated financial results for full year 2024, future financial performance and other statements identified by words like "estimated," "anticipated," "guidance," or "goal," and similar expressions are forward-looking statements. These statements are subject to risks and uncertainties which may cause our plans to change or actual results to differ materially from those anticipated. In particular, unforeseen events outside of our control may adversely impact future results. Additional information concerning these factors is discussed in our reports filed with the Securities and Exchange Commission including recent Form 8-Ks, our most recent Annual Report on Form 10K and our most recent Quarterly Reports on Form 10Q, all of which are available on our website. The forward-looking statements in this presentation reflect management's current views and may become obsolete as a result of new information, future events or otherwise. We may not update such forward looking statements to reflect a change of events or circumstances that occur after the date hereof, except as required by law. The industry and market data contained in this presentation are based on management's own estimates, independent publications, government publications, reports by market research firms or other published independent sources, and, in each case, are believed by management to be reasonable estimates. Although we believe these sources are reliable, we have not independently verified the information. This presentation discloses certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP. Repligen strongly encourages investors to review our consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used herein may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
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Repligen Overview
"Inspiring Advances in Bioprocessing"
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Bioprocess market: Signs of improvement and known challenges
Bioprocessing market challenges
- Market-wide
- CDMO project volumes muted
- Pharma capital spend conservatism
- Repligen 2024 known headwinds ~$75M
- Proteins: Cytiva fully in-house, partner destocking/discontinuations
- COVID: Wind-down
- China: Decline in demand; uncertainty
Repligen indications of recovery
- Pharma order strength, esp. consumables
- Filtration and new modalities momentum
- Return of biotech funding
- Fluid Management portfolio growth, M&A contribution
- Exciting new products:
- TangenX® SC TFF (self-contained holderless)
- KrosFlo® RPM™ Systems (with integrated FlowVPX®)
- KrosFlo® RS 10 (scale down for new modalities)
- New SU film and bags
Our Lens: 2024 turning point, 2025 return to more robust growth
Base | Confident in markets and ability to | |||||
2019 | 2020 | 2021 | 2022 | 2023 | ||
business | outpace market growth | |||||
+31% | +12% | +38% | +34% | -9% | ||
growth | Expect revenue | |||||
1H24>2H23, 2H24>1H24 |
"Base" business excludes COVID-related & inorganic M&A revenue.
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We are the innovation leader in bioprocessing
Enabling efficient, single-use,high-productivity biological drug manufacturing
$639M | +27% |
2023 | 5-year CAGR |
Revenue | 2018-2023 |
+21% | |
5-year avg. | |
base growth | |
2019-2023 | |
Challenging | Industry-leading |
year in bioprocessing | growth |
12
M&A Deals since 2016
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Distinct
franchises
Selective portfolio
expansion
12
Disruptive technology launches
13%
revenue from new
products*
*2021-2023
65%/
35%
Clinical/
Commercial revenue mix
Tailwind for
future growth
"Base" business excludes COVID-related & inorganic M&A revenue.
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Antibody market (mAbs/Bispecifics/ADCs and Biosimilars)
>$175B | >160 | >1,000 | ||
Market 2022 | U.S. FDA | Phase I-III1 | ||
Monoclonal | Growing at | approvals | >2,500 | |
Antibodies | >10% annually | |||
(originators) | Active clinical trials1 | |||
>$8B | 36 | 5 | ||
Market 2022 | U.S. FDA | Blockbuster mAbs | ||
approvals | coming off-patent | |||
Biosimilars | Growing at | 2024-2026, representing | ||
across 10 | ||||
>20% annually | >$30B | |||
originators | ||||
in 2022 originator | ||||
sales |
Repligen is
well positioned
- Leader in upstream process intensification
- Addressing downstream challenges with systems, advanced analytics and single-use products
Record
FDA approvals in 2023
12 originator +
5 biosimilars
Approvals off to strong
start in 2024
1 originator +
5 biosimilars
1.The Antibody Society: Antibodies to watch in 2023; Company filings/guidance | (at April 30) |
Approvals: Approval numbers as of 5/6/24 U.S. FDA website; Repligen internal tracker | |
Growth: Market research reports (Allied Market Research, etc.) | 6 |
New modalities market (Cell, Gene Therapy, mRNA)
>$7B | 25 | >800 | ||
Market 2022 | U.S. FDA | Phase I-III2 | ||
Cell | , Gene and RNA | Revenue growth | approvals: | >3,000 |
projections | 14 Gene | |||
1 | ||||
Therapies | >20% | 11 Cell | Active clinical trials2 | |
2024-2030 |
Highest number of U.S.
approvals in 2023
7
New C> approvals
anticipated through 20243
>15
(3 approved at April 30)
RGEN New Modalities RevenueNew Modality Revenue Mix 2023
~28% | $116M | 9% |
3-yr. CAGR | ||
14% | ||
$54M | 49% | |
28% | ||
2020 | 2023 | AAV mRNA Lenti/CAR-T Other |
Repligen gaining share
- Upstream process intensification
- Customers scaling; esp. Filtration and Chromatography
- 18% of 2023 revenue
- 25 accounts >$1M each
1Cell therapy excludes non-gene modified cell therapy; 2ASGCT Q3 2023 Quarterly Data Report; 3CVS Health, Gene Therapy report Q42023-Q42027; Company filings/guidance Approvals: | 7 |
Approval numbers as of 5/6/24 U.S. FDA website; Repligen internal tracker; Growth: Market research reports (Grandview, ASCGT); *2023 C> revenue estimate as of Oct. 31, 2023 |
Expanding addressable market now $12B; $20B total market
PROCESS ANALYTICS
Our market share: 4%-5%
Our 3-year CAGR: ~20%
CHROMATOGRAPHY
Our market share: ~14% | $950M |
Our 3-year CAGR: >20% | |
PROTEINS & RESINS | $2.1B |
Our market share: ~5% |
Our 3-year CAGR: ~7%
$1.4B | FILTRATION incl. FLUID MANAGEMENT |
Our market share: ~5% | |
Our 3-year CAGR: ~25% | |
$12B | $7.6B |
Repligen Market Share 2023 | |
TAM | 5%-6% of TAM |
3-Year Revenue CAGR
(2020-2023)
Repligen 20%
Delivering above industry-average growth, creating new markets, taking share
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Strong revenue growth driven by innovation and portfolio expansion
Analytics | Analytics | ||||
$57M | |||||
$16M | |||||
Chroma | Filtration | Chroma | Filtration | ||
$61M | 2019 | $127M | 2023 | ||
incl. Fluid | |||||
$270M | $120M | $639M | Mgmt | ||
$348M |
Proteins | Proteins |
$103M | |
$69M | |
Base business has more than doubled through COVID years
Long life-cycle, highly differentiated portfolio
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Our blueprint for value creation
Strategic M&A
- Acquire companies with technological differentiation and accretive financials
- Add & build out new platforms that expand our integrated solutions offering
R&D innovation and technology integration
- Introduce first-to-market, technologically disruptive products
- Create integrated, platform solutions across bioprocessing workflow
Commercial & Operational Excellence
- Strengthen integrated solutions selling across portfolio
- Drive margin expansion through cost discipline and the optimization of our global network and resource base
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Disclaimer
Repligen Corporation published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 23:17:01 UTC.
