Repligen Corporation

Jefferies Global Healthcare Conference

Investor Presentation

June 6, 2019

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Safe Harbor This presentation contains forward looking statements which are made pursuant to the

safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and

Section 21E of the Securities Exchange Act of 1934, as amended. 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 10-K and our most

recent Quarterly report on form 10-Q. 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.

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Repligen Overview

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Repligen Snapshot

An industry leader in

• Addressing needs for efficient, single-use,

flexible manufacturing

• Differentiated products with increasing

brand recognition

• Disruptive technologies at earlier stages

of adoption

• Rapidly growing through successful

diversification

• Supported by a robust and expanding

global biologics market

• Multiple manufacturing facilities

Bioprocessing innovator

Proteins

Filtration

Chromatography

Other

Consumables

Equipment

2018 REVENUE

$194M TOTAL REVENUE

55% GROSS MARGIN

37% | 17% OVERALL | ORGANIC REVENUE GROWTH

22% EBITDA MARGIN

2018

548 EMPLOYEES / 54 FIELD

5 5 5

Robust, Expanding End Markets

Biologic drug approvals on the rise Monoclonal antibodies

Rapidly emerging classes of biologics Beyond monoclonal antibodies

Major investments in capacity and new facilities

Increasing adoption of single-use and continuous technology

“In the next 4 years, capacity will increase over 40%...

with 48 companies expanding or building new capacity”2

1. SDI Bioprocessing Market Analysis and Perspectives, Sept. 2018 2. BPTC / Repligen Analyst Day, Sept. 2017 3. Allied Market Research Single-use Bioprocessing Market, June 2018

~$9B

85+ marketed

>50% since 2015

>400 in the clinic

$3.9B 2018 SU market1

>15% CAGR thru

20233

2018 bioprocessing market

8.7% CAGR thru 2022

Gene therapy Cell therapy

Nanoparticles

Unmet manufacturing needs = opportunities

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Our Addressable Markets

~$475M

~$180M

~$900M

Filtration ~10% share 2018 organic growth 29% Market leader in perfusion Taking share UF/DF

Chromatography ~25% share 2018 organic growth 25% Market leader in pre-packed columns

Winning market share with differentiated technology

~$1.6B

Proteins ~10% share 2018 organic growth “flat” Market leader in Protein A ligands Developing next-gen products

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Repligen Blueprint for Growth

Deliver results and create value for customers and shareholders

2014-2018

4 ACQUISITIONS

>$200M CUMULATIVE

INCREMENTAL REVENUE

4 YEARS

32% REVENUE CAGR

4-year 2014-2018

14%

4% 8%

14%

60%

Oth

er

Ge

ne

The

rap

y

Vac

cin

es

rPro

tein

s

mA

bs

Percentage revenue by biologic type • Transform bioprocessing

through high-impact technology innovation

• Strengthen market leadership and brand by delivering flexible, single-use solutions

• Accelerate growth through disciplined M&A

• Scale to meet demand

• Position portfolio for future growth; expand on mAb success

Our Focus:

estimates as of 2017, post Spectrum acquisition

8 8 8

Track Record of Performance

Successful Diversification Strategy

Execution on building a direct presence with strong brands…

REV

ENU

E ($

M)

…Is driving increased revenue and profitability

Proteins (OEM) Filtration (Direct) Other Chromatography (Direct)

2018 $193.9M product revenue

2014 $60.4M product revenue

29% DIRECT

72% DIRECT

Revenue figures above exclude non-product “royalty and other” revenue of $3.1M in 2014 and $0.1M in 2018

$0.24

$0.44

$0.49

$0.69

$0.73

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$0

$40

$80

$120

$160

$200

$240

FY 14 FY 15 FY 16 FY 17 FY 18

Ad

j. EPS* (Earn

ings P

er Sh

are, fu

lly dilu

ted

)

* Non-GAAP financial measures; see reconciliation tables in appendix

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Internal Innovation is Key to our Growth

High Performance

Affinity Ligands

Bringing Industry “Firsts” to Market

OPUS® R Pre-packed Columns

Single-use XCell™ ATF Perfusion Systems

Single-use TangenX™ Flat Sheet TFF

Single-use KrosFlo® Integrated TFF Skids

Establishing Key Partnerships to Expand

Market Position

Next-generation Protein A ligands

Integrated perfusion

bioreactors

Focused on High Impact Technology Innovation

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Disciplined M&A to Accelerate Growth

JUNE 2014 APRIL 2016 DEC. 2016 AUG. 2017 Acquisition Year

Filtration leadership in perfusion - XCell™ ATF

KEY BENEFIT Entry point for PPC in process development – OPUS® PD

Downstream single-use filtration – SIUS™ TFF

Hollow fiber filtration and system portfolio –

KrosFlo™TFF Sales force Asia

Acquisition Criteria

• Technology leadership • Strengthens direct portfolio • Gross margins at corporate target

• Operational/commercial leverage • Potential to be accretive on adj. EPS first full year • Expands addressable markets

Revenue gains of ~24%-40% in first full year of ownership

Acquisition

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Acquisition of C Technologies

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C Technologies Meets All of Repligen’s Acquisition Criteria

5th acquisition since 2014

Technology leadership in bioprocessing

• A gold standard in protein concentration measurement, highly differentiated

Strengthens and expands Repligen portfolio

• Establishes core Process Analytics franchise

Operational and commercial leverage

• Leverages our investments in global market presence, systems

• Planned investment in C Technologies’ commercial organization and R&D

Potential to increase revenue, improve gross margin profile for Repligen

• C Technologies’ 2018 year-over-year revenue growth was 22%

• Gross margin and operating margin above Repligen’s corporate average

Expected to be accretive to adjusted EPS for all periods

~$240M purchase (~$192M cash, $48M shares) = 8x-9x 2019E Revenue

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Customer Call points • Process development analytics • Manufacturing suites • Quality control labs • Formulation labs Headquarters: Bridgewater, NJ Founded: 1985 by Craig Harrison Employees: 70 Certification: ISO 9001:2015 Sales: U.S. direct, EU and Asia distributors

$13.8 $14.9

$19.4

$23.7

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

2015 2016 2017 2018

C Technologies Company Profile

Developer of novel Slope Spectroscopy® for measuring protein concentration

Strong revenue growth, attractive margins Instruments, Software and Consumables

Gross margin: Low-to-mid 60%s

Rev

enu

e ($

Ms)

Industry standard for offline and at-line

concentration measurement

In-line concentration measurement enabling

real-time process monitoring

CAGR 19.7% 2015-2018

SoloVPE Fibrettes™ FlowVPE Fibrette™

and Flow Cells

90%

10%

Process Analytics

Legacy

2018 Sales

Process Analytics

~80% instruments, software, consumables

~20% service, support

Projected 2019 product revenue (pro forma): $27M - $29M

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47%

23%

28%

2%

41%

21%

25%

2%

11%

Process Analytics Further Diversifies our Bioprocessing Portfolio

Adds 4th Franchise – Process Analytics

Repligen Revenue 2018

Combined Revenue Pro Forma 20181

$194M $218M

Filtration Chromatography Proteins Process Analytics

1 Assumes full-year 2018 contribution from C Tech acquisition. Includes pro forma estimated adjustment to decrease assumed deferred revenue obligations to fair value.

Other

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Financial Snapshot

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First Quarter 2019

• Record quarterly revenue of $60.6 million

• Revenue growth 35% year-over-year, 37% organic

• Gross margin 55.7%

• Operating margin expansion of 500 bps (GAAP and Adjusted)

• Earnings per FD share increased to $0.17 GAAP and $0.28 adjusted

• Increased from $0.08 GAAP and $0.17 adjusted EPS in Q1 2018

• All 3 franchises grew 25%+

• XCell™ ATF up 75% year-over-year

• Hollow fiber single-use flow path assemblies up >50%

• OPUS® pre-packed columns up >40%

• Gene therapy account expansion for SIUS™ TFF, OPUS®

Strong Q1 Performance and Guidance Raise

Q1 Financial Highlights

Q2 Business Highlights

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Financial Snapshot ($s Millions except EPS) 2017 2018

2019 Guidance*

Revenue $141.2 $194.0 $235-$241

Revenue Growth (overall) 35% 37% 21%-24%

Gross Margin (GAAP) 52.5% 55.4% 56%-57%

Operating Income (GAAP) $14.0 $26.0 $39-$42

Operating Income (Adj.) $31.6 $39.4 $52-$55

Net Income (GAAP) $28.4 $16.6 $24.5-$27.5

Net Income (Adj) $27.2 $33.3 $41-$44

EPS diluted (GAAP) $0.72 $0.37 $0.50-$0.56

EPS diluted (Adj.) $0.69 $0.73 $0.84-$0.90

Cash & cash equivalents YE $173.8 $193.8 $190-$195

Fully diluted shares YE (M) 39.2 45.5 48.7M

EBITDA (Adj.) $35.1 $45.0 $60-$63

R&D: ~7%

Adj. operating margin: 22%-23%

GAAP tax: ~25%

Adj. tax: ~20%

Cap Ex: ~$18-$20M

* Excludes C Technologies

Additional 2019 Guidance

See Appendix for GAAP to non-GAAP reconciliation tables

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Well Positioned for Future Growth

• Four franchises focused on technology leadership

• Broad portfolio of high impact products for flexible manufacturing; single-use and continuous solutions

• Large total addressable market: ~$2.1B

• Estimated two years of investment in C Technologies’ commercial and R&D organizations

• R&D engine supporting all franchises to accelerate global growth and launch next-generation, disruptive products

• Healthy end market acceleration for biologics, including gene therapies

• Increased visibility to long-term revenue and profitability goals

FILTRATION KrosFlo®,

Pro-Connex®, XCell™,TangenX™

CHROMATOGRAPHY OPUS®

NGL® Impact-A, Resins

PROTEINS Ligands, cell

culture growth factors

PROCESS ANALYTICS SoloVPE FlowVPE ELISA Kits

Revenue goal of $400-$500M by 2023

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Thank you!

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Appendix A: C Technologies

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C Technologies Slope Spectroscopy®

• C Technologies’ instruments dynamically vary the pathlength of light traveling through the sample and take multiple measurements of protein concentration

• Embedded software accurately calculates the concentration of the sample in under 1 minute without sample dilution

Slope Spectroscopy™ Overview

Background

• Protein concentration measurements are typically measured using a fixed pathlength UV-Vis spectrophotometer

• Traditional spectrophotometers require samples to be manually diluted to estimate protein concentration

• Sample dilutions can introduce large sources of measurement errors

C Technologies developed and patented a simple, robust method for measuring protein concentration

Key process benefits for biopharma customers:

• Direct measurement of a sample

• Eliminates time-consuming sample dilutions

• Simple and more accurate concentration measurements

• Eliminates errors inherent with sample prep and dilution

• Improves process efficiency

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Appendix B: GAAP to non-GAAP Reconciliations

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2018 & 2017 Reconciliation of GAAP to Non-GAAP Income from Operations and Net Income

2018 2017

GAAP INCOME FROM OPERATIONS 25,988$ 14,005$

Acquisition and integration costs 2,928$ 7,519

Inventory step-up charges -$ 3,816

Intangible amortization 10,518$ 6,215

ADJUSTED INCOME FROM OPERATIONS 39,434$ 31,555$

2018 2017

GAAP NET INCOME 16,617$ 28,353$

Acquisition and integration costs 2,928 7,519

Inventory step-up charges - 3,816

Intangible amortization 10,518 6,215

Non-cash interest expense 4,248 3,977

Tax effect of intangible amortization and acquisition costs (979) (882)

Release of valuation allowance on deferred tax assets - (12,236)

Net impact of tax reform legislation - (9,586)

ADJUSTED NET INCOME 33,332$ 27,176$

REPLIGEN CORPORATION

RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO NON-GAAP (ADJUSTED) INCOME FROM OPERATIONS

(Unaudited, amounts in thousands)

Twelve Months Ended

December 31,

ADJUSTMENTS TO INCOME FROM OPERATIONS:

REPLIGEN CORPORATION

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) NET INCOME

(Unaudited, amounts in thousands)

Twelve Months Ended

December 31,

ADJUSTMENTS TO NET INCOME:

24

2018 & 2017 Reconciliation of GAAP to Non-GAAP Net Income per Share

2018 2017

GAAP NET INCOME PER SHARE - DILUTED 0.37$ 0.72$

Acquisition and integration costs 0.06 0.19

Inventory step-up charges - 0.10

Intangible amortization 0.23 0.16

Non-cash interest expense 0.09 0.10

Tax effect of intangible amortization and acquisition costs (0.02) (0.02)

Release of valuation allowance on deferred tax assets - (0.31)

Net impact of tax reform legislation - (0.24)

ADJUSTED NET INCOME PER SHARE - DILUTED 0.73 0.69$

Totals may not add due to rounding.

ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED:

REPLIGEN CORPORATION

RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP (ADJUSTED) NET INCOME PER SHARE

(Unaudited)

Twelve Months Ended

December 31,

25

2018 & 2017 Reconciliation of EBITDA to Adjusted EBITDA

2018 2017

GAAP NET INCOME 16,617$ 28,353$

Investment Income (1,895) (371)

Interest Expense 6,709 6,441

Tax Provision 4,819 (21,105)

Depreciation 5,213 4,237

Amortization 10,565 6,215

EBITDA 42,028 23,770

OTHER ADJUSTMENTS:

Acquisition and integration costs 2,928 7,519

Inventory step-up charges - 3,816

ADJUSTED EBITDA 44,956$ 35,105$

REPLIGEN CORPORATION

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(Unaudited, amounts in thousands)

Twelve Months Ended

December 31,

ADJUSTMENTS:

26

2019 Guidance Reconciliation GAAP to Non-GAAP Net Income and Net Income per Share

(in thousands)Low End High End

GUIDANCE ON NET INCOME 24,500$ 27,500$

ADJUSTMENTS TO GUIDANCE ON NET INCOME:

Acquisition and integration costs 2,665 2,665

Anticipated pre-tax amortization of

acquisition-related intangible assets 10,355 10,355

Non-cash interest expense 4,538 4,538

Tax effect of intangible amortization and integration (1,085) (1,085)

Guidance rounding adjustment 27 27

GUIDANCE ON ADJUSTED NET INCOME 41,000$ 44,000$

Low End High End

GUIDANCE ON NET INCOME PER SHARE - DILUTED $0.50 $0.56

ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED:

Acquisition and integration costs $0.05 $0.05

Anticipated pre-tax amortization of

acquisition-related intangible assets $0.21 $0.21

Non-cash interest expense $0.09 $0.09

Tax effect of intangible amortization and integration ($0.02) ($0.02)

Guidance rounding adjustment $0.00 $0.00

GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED $0.84 $0.90

Totals may not add due to rounding.

Twelve months ending December 31, 2019

REPLIGEN CORPORATIONRECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED (NON-GAAP NET INCOME GUIDANCE)

Twelve months ending December 31, 2019

REPLIGEN CORPORATIONRECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE TO

ADJUSTED (NON-GAAP) NET INCOME PER SHARE GUIDANCE