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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 10K and our most recent Quarterly Reports on Form 10Q. 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.
2
Repligen Snapshot
Bioprocessing innovator with
diversified portfolio
Enabling efficient, single-use,
high productivity manufacturing
Differentiated, disruptive products
with high brand recognition
Accelerating demand from
gene therapy
Supported by a robust and
expanding global biologics market>760
EMPLOYEESfrom ~550 at YE 2018
REVENUE SPLITSFY 2019
44%
24%
24%Filtration
Chroma
Proteins
GeneTherapy
85%
15%
mAbsrProteinsvaccines
GeneTherapy
4
33%Organic Growth
FY 2019
$270.2MTOTAL REVENUE
57%GROSS MARGIN
FY 2019
39%RevenueGrowth
26%ADJ. EBITDA MARGIN
FY 2019
Strong End Markets for Bioprocessing
1. Antibodies to Watch in 2019 MAbs. 2019 Feb/Mar 11(2)219-238 PubMed link, FDA.gov2. Alliance for Regenerative Medicine Q3 2019 report ARM report , FDA.gov; Includes gene therapy and gene-modified cell therapy3. SDI Bioprocessing Market Analysis and Perspectives Sept. 2018
Monoclonal Antibodies (mAbs)1
110FDAapprovedYE 2019 >550
clinical trials
Gene and Cell Therapy
8FDAapprovedYE 2019 >1,000
clinical trials
• Originator and biosimilar mAbs, emerging gene therapy driving growth
• >750 gene therapy clinical trials2;90% in Phase 1 and Phase 2 trials
• 2019-2023 estimates for gene therapy market growth; 20%-30% CAGR
Surging clinical activity driving major capacity expansion
2019 bioprocessing market
8%-10%CAGR thru 20223
~$10B
6
Robust market for bioprocessing technology and expertise
Filtration10%+ share2019 organic growth >30% Leader in upstream clarification Taking share downstream (UF/DF)
Our Total Addressable Market
Proteins~10% market share 2019 organic growth >20%Ligands organic growth ~15%Leader in Protein A ligands
Chromatography20%+ share2019 organic growth >40%Leader in pre-packed columns (PPC)
Winning market share with differentiated technology
Process Analytics5%+ sharePro-forma 2019 growth ~10%Leader in protein concentration measurement
~$500M
~$500M
~$1.4B
~$550M
~$500M ~$325M
~$2.8BTAM
7
24%
44%
24%
6%2%
$60.4
$83.5
$104.4
$141.1
$193.9
$270.2
$0.24
$0.44
$0.49
$0.69
$0.73
$1.07
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
$1.10
$0
$40
$80
$120
$160
$200
$240
$280
$320
FY 14 FY 15 FY 16 FY 17 FY 18 FY 19*
Track Record of Execution and Performance
Disruptive technologies driving diversification … and increased revenue and profitability
*Change in accounting for the treatment of tax on certain intangible amortization in 2019; adj. EPS figures for prior periods do not reflect this change** Non-GAAP financial measure; see reconciliation tables in appendix
Proteins (OEM) Filtration (Direct) Chromatography (Direct)
~35%5-year
Revenue CAGR
72%11%
16%1%
2014
2018
28%
47%
23%
2%
72%DIRECT
2019
9
Rev
enu
e (i
n $
Ms)
Ad
j. EPS fu
lly dilu
ted **
>4xincrease in
Adj. EPS
76%DIRECT
28%DIRECT
Process Analytics) Other
Our Blueprint for Growth
Accelerate growth through disciplined M&A and R&D
Transform bioprocessing through high-impact technology innovation
Enter new markets and expand applications
Scale to meet demand
Position portfolio for future growth in biologics markets; mAbs, recombinant proteins, gene therapy
Deliver results and create value for customers and shareholders
M&A2014-2019
5ACQUISITIONS
~40% CUMULATIVE REVENUE
represented by acquisitions2014-2019
6YEARS
R&D2014-2019
12NEXT-GENERATION
PRODUCTSthru R&D
10
Accelerating Growth through Acquisitions
* Excluding $4M in sales to Repligen** Revenue Growth, first full year of Repligen ownership (proforma)
JUNE 2014 APRIL 2016 DEC. 2016 AUG. 2017
Filtration leadership inperfusion; XCell™ ATF
Key Benefit Entry point for PPC in process development;
OPUS® PD
Downstream single-usefiltration; SIUS™ TFF
Hollow fiber filtration and system portfolio;
KrosFlo™ TFFSales force Asia
MAY 2019
Establishes analytics franchise; at-line and
real-time measurement
PF Revenue $10.6M $4.6M $5.8M $37M* ~$24M
48% 26% 37% 24% TBDYear 1 Growth**
1 2 3 4 5
12
131313
Transforming Bioprocessing
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
Advancing Growth through R&DTransformative high-impact “industry firsts”
Filtration
ChromaProcess
AnalyticsProteins
Single-use ATF™ perfusion with multiplex controller
OPUS® pre-packed columnsCustomer choice of resin & bed height;Resin recovery feature
SoloVPE and FlowVPEAt-line and in-line protein concentration measurement
NGL-Impact® AHigh-performance Pr A ligand;Reduces cost and improves process economics
TangenX™ SIUS™ single-use TFF;Incl. gamma-irradiated SIUS™High performance with lower cost
TFDF™ disruptive technology Displaces centrifugation in fed-batch clarification
KrosFlo® systems“Plug and play” functionality in both upstream and downstream
14
Expanding Capacity
Global Commercial
Advancing R&D
Tech Centers of Excellence
FiltrationChromatography
ProteinsUS and EU
Scaling to Meet Customer Demand
Building our Team
Industry-Leading Talent &
Expertise
15
ChromatographyUS, Europe
FiltrationUS
key manufacturing sites
7
95 External
sales, field applications and service
40Internal
customer service,
marketing
84 North America21 Europe
30 Asia
~7% of revenue
Ongoing new product launches
135 (18%)
Our Future is BrightNew Products and Markets Fuel Future Growth
Industry and
Market Trends
16
Increasing capacityflexible facilities
Adoption of single-use
Continuous manufacturingadvances
Greater automationmonitoring and process control
Emerging
Opportunities
New & Future
Products
Gene therapy workflows;Increased investment by industry
TFDF®in fed-batch clarification
Next-generation ligandsfor mAbs and other biologics
Multiplex ATF controllersin perfusion
Flow VPEnext-gen
First Quarter 2020 Financial Highlights
Record Quarterly Revenue
o $76.1M; +16% organic
Strong Gross Margins and Operating Margins
o GM: 58.0% GAAP, 58.5% adjusted
o OM: 15.6% GAAP, 24.1% adjusted
Low Tax Rate
o 8.1% GAAP, 15.1% Adjusted (benefits from stock option excercises)
EPS Expansion
o Fully diluted EPS: $0.18 GAAP, $0.32 Adjusted (from $0.17 and $0.32 1Q19)
$9.5M operating cash flow, $5M Cap Ex investment (capacity, SAP)
18
First Quarter Business Highlights
GeneTherapy
19
Strong Filtration, Chromatography and Proteins Demand
o Strong order load into Q2
Gene Therapy strength consistent with 2019 performance
Proteins headwind less immediate than anticipated
o Slower pace of GE/Cytiva moving to in-house
o Robust demand from other key ligand customers
Minimal impact YTD from COVID-related delays or slow-
downs but we will continue to monitor order trends for H2
New opportunities emerging as CDMOs and biopharma
move to develop COVID vaccines and drugs
Financial Snapshot
20
* FY 2020 Guidance as of May 6, 2020 earnings call 1. Change in accounting for the treatment of tax on certain intangible amortization was made in 20192. Non-GAAP financial measure; see reconciliation tables in appendix
($s Millions except EPS) 2018 2019 2020 Guidance* Long-Term Goals
Revenue $194.0 $270.2 $309-$319 $500M-$600M by 2023
Revenue Growth37%,
17% organic39%,
33% organic14%-18%,
10%-14% organic10%-15% organic CAGR
Gross Margin (GAAP) 55.4% 55.9% 56%-57%
Gross Margin (Adj.) 55.8% 57.0% 56%-57% 60% adj. gross margin
Operating Income (GAAP) $26.0 $36.1 $52-$56
Operating Income (Adj.) $39.4 $63.5 $72-$76 25% adj. operating margin
Net Income (GAAP) $16.6 $21.4 $34.5-$37.5
Net Income (Adj.)1 $30.1 $52.5 $58-$61
EPS diluted (GAAP) $0.37 $0.44 $0.65-$0.70
EPS diluted (Adj.)1 $0.66 $1.07 $1.09-$1.14
Cash and Cash Equiv. YE $193.8 $528.4 $580-$590
Fully diluted shares YE (M) 45.5 49.2 53.4
EBITDA (Adj.)2 $45.0 $71.1 $82-$86
Additional 2020 Guidance*
R&D: 6%-7%
Adj. tax rate: 20%
Cap Ex: $20-$22M
Well Positioned for Sustainable Growth
Four main franchises focused on technology leadership
High impact products for flexible manufacturing; single-use and continuous solutions
Growing total addressable market: ~$2.8B
Expanding manufacturing capacity to stay ahead of increasing demand
R&D engine to launch next-generation products
Strong end market acceleration for biologics, including gene therapies $528.4M
Cash & Equivalents YE 2019
FILTRATION
XCell™ ATFKrosFlo®
TangenX™TFDF™
CHROMATOGRAPHYOPUS®Resins
ELISA Kits
PROTEINSNGL-Impact A®
Protein A Growth Factors
PROCESS ANALYTICSSoloVPE™FlowVPE™
$500M-$600MRevenue Goal
By 2023
21
24
2019 & 2018 ReconciliationGAAP to Non-GAAP Income from Operations and Net Income
Reconciliation of GAAP Income from Operations to Non-GAAP (Adjusted) Income from Operations(Unaudited, amounts in thousands)
Twelve Months Ended December 31,
2019 2018
GAAP Income from Operations $ 36,083 $ 25,988
Adjustments to Income from Operations
Acquisition and integration costs $ 12,508 $ 2,928
Inventory step-up charges $ 1,483 $ -
Intangible amortization $ 13,441 $ 10,518
Adjusted Income from Operations $ 63,515 $ 39,434
Reconciliation of GAAP Net Income toNon-GAAP (Adjusted) Net Income (Unaudited, amounts in thousands)
Twelve Months Ended December 31,
2019 2018
GAAP Net Income $ 21,411 $ 16,617
Adjustments to Net Income
Acquisition and integration costs $ 13,008 $ 2,928
Inventory step-up charges $ 1,483 $ -
Intangible amortization $ 13,441 $ 10,518
Loss on extinguishment of debt $ 5,650 $ -
Non-cash interest expense $ 7,536 $ 4,248
Tax effect of intangible amortization and acquisition costs $ (10,003) $ (4,204)
Adjusted Net Income $ 52,526 $ 30,107
25
2019 & 2018 ReconciliationGAAP to Non-GAAP Net Income Per Share
Reconciliation of GAAP Net Income per Share to Non-GAAP (Adjusted) Net Income per Share (Unaudited)
Twelve Months Ended December 31,
2019 2018
GAAP Net Income per Share – DILUTED $ 0.44 $ 0.37
Adjustments to Net Income per Share – DILUTED
Acquisition and integration costs $ 0.26 $ 0.06
Inventory step-up charges $ 0.03 $ -
Intangible amortization $ 0.27 $ 0.23
Loss on extinguishment of debt $ 0.11 $ -
Non-cash interest expense $ 0.15 $ 0.09
Tax effect of intangible amortization and acquisition costs $ (0.20) $ (0.09)
Adjusted Net Income per Share – DILUTED $ 1.07 $ 0.66
Totals may not add due to rounding
26
2019 & 2018 ReconciliationEBITDA to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA (Unaudited, amounts in thousands)
Twelve Months Ended December 31,
2019 2018
GAAP Net Income $ 21,411 $ 16,617
Adjustments
Investment Income $ (5,324) $ (1,895)
Interest expense $ 9,292 $ 6,709
Tax Provision $ 4,740 $ 4,819
Depreciation $ 7,317 $ 5,213
Amortization $ 13,551 $ 10,565
EBITDA $ 50,987 $ 42,028
Other Adjustments
Acquisition and integration costs $ 13,008 $ 2,928
Loss on extinguishment of debt $ 5,650 $ -
Inventory step-up charges $ 1,483 $ -
Adjusted EBITDA $ 71,128 $ 44,956
27
2020 Guidance Reconciliation GAAP to Non-GAAP Net Income, Net Income Per Share
Reconciliation ofGAAP Net Income per Share Guidance to Adjusted (Non-GAAP) Net Income per Share Guidance (in thousands)
Twelve Months Ending December 31, 2020
Low End High End
Guidance on Net Income per Share – DILUTED $ 0.65 $ 0.70
Adjustments to Guidance on Net Income per Share – DILUTED
Acquisition and integration costs $ 0.09 $ 0.09
Anticipated pre-tax amortization of acquisition-related intangible assets $ 0.29 $ 0.29
Non-cash interest expense $ 0.21 $ 0.21
Tax effect of intangible amortization and integration $ (0.14) $ (0.14)
Guidance rounding adjustment $ - $ -
Guidance on Adjusted Net Income per Share – DILUTED
$ 1.09 $ 1.14
Reconciliation ofGAAP Net Income Guidance to Adjusted (Non-GAAP) Net Income Guidance(in thousands)
Twelve Months Ending December 31, 2020
Low End High End
Guidance on Net Income $ 34,500 $ 37,500
Adjustments to Guidance on Net Income
Acquisition and integration costs $ 4,659 $ 4,659
Anticipated pre-tax amortization of acquisition-related intangible assets $ 15,251 $ 15,251
Non-cash interest expense $ 10,960 $ 10,960
Tax effect of intangible amortization and integration $ (7,630) $ (7,630)
Guidance rounding adjustment $ (10) $ (10)
Guidance on Adjusted Net Income $ 58,000 $ 61,000
Totals may not add due to rounding
Therapeutic Protein Bioprocessing Workflow
29
NGL™ Impact A®
XCell™ ATF
KrosFlo® TFF
XCell™ ATF
KrosFlo® TFDF
OPUS® PPC OPUS® PPC
VPE Devices
KrosFlo® TFF
TangenX® TFF
VPE Devices VPE Devices
KrosFlo® TFDF
VPE Devices
Gene Therapy Bioprocessing Workflow
OPUS® PPC
OPUS® PP
KrosFlo® TFDF
ProConnex
HF Filters
KrosFlo® TFF
TangenX® TFF
XCell™ ATF
ProConnex
VPE Devices
TangenX® TFF
VPE Devices
HF Filters HF Filters
XCell™ ATFXCell™ ATF
KrosFlo® TFF
OPUS® PPC
VPE Devices
OPUS® PPC
HF Filters
Revenue Splits by Biologic, Customer and Product Type
81%
19%
86%
14%
20192018
32
Biopharma developers
CDMOs
$0
$50
$100
$150
$200
$250
$300
2017 2019
mAbs, rProteins, Vaccines
Gene therapies
~15%
~85%
~96%
~4%
Rev
enu
e ($
Mill
ion
s)
77%
23%
Single-use accounts for 40%+ of total revenue
Consumables and SU
Equipment
2019
*The above charts represent revenue estimates
Revenue Splits by Geography, Commercial/Clinical
33
57%
27%
16%51%
37%
12%
Direct Only(excludes Proteins)
Overall(includes Proteins,
partial year C-Technologies)
North America
Europe
APAC
North America
Europe
APAC
Commercial35%
Clinical65%
Commercial30%
Clinical70%
Overall(includes Proteins)
Direct Only(excludes Proteins)
2019 2019
$13.8$14.9
$19.4
$23.7$25.5
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2015 2016 2017 2018 2019
Our Latest Acquisition (May 2019): C Technologies
Revolutionizing Protein Concentration Measurement
Strong Revenue Growth, Attractive Margins
Gross margin: Low-to-mid 60%’s
17%
Revenue CAGR 2015-2019
Process Analytics Revenue
Offline and at-lineExpanding the customer base
Quality ControlProcess DevelopmentFormulationManufacturing
~20%service,
consumables
~80%instruments,
software
Novel Slope Spectroscopy® Technology
First and only in-line
We are investing inC Technologies
Direct SalesR&D
35
Solo
VP
E™
Flo
w V
PE™
Rev
en
ue
($M
s)
Adds Process AnalyticsBusiness
• Rapid, accurate protein concentration measurement that eliminates manual sample dilutions
• Flexible, easy to use
Met Repligen’s strictacquisition criteria
Moves up and down in sample
Process Analytics: Solo VPE and Flow VPESlope Spectroscopy®
L
VPE Slope Spectroscopy® plots
vary “L” (pathlength) rather than “c”Key Process Benefits for Biopharma CustomersVPE Slope Spectroscopy® vs. Traditional UV
Removes or automates multiple steps
• At-line measurement, adaptable to in-line analytics
• Eliminates manual dilution, lowers dilution error
• No sample transfer from PD/manufacturing to labs
Rapid time to results, robustness
• Faster reporting and validation
• Built-in data quality
• Encapsulation improves workflow and validation
Ease of use
• Simple training
VPE
TraditionalUV-Vis
Filtration: XCell™ ATF
39
Links• How It Works Library• How It Works: Alternating Tangential Flow filtration (ATF)• https://www.repligen.com/applications/perfusion
Filtration: TFDF Benchtop System, SIUS™ Flat Sheet TFF
Links• How It Works Library• How It Works: TFDF™ System for fed-batch clarification• https://www.repligen.com/applications/perfusion
Links• How It Works Library• How It Works: Flat Sheet TFF• https://www.repligen.com/applications/perfusion
Filtration: KrosFlo® KR2i TFF System
41
Links• How It Works Library• Technologies: KrosFlo® KR2i TFF System• https://www.repligen.com/applications/perfusion
Chromatography: Inside OPUS 80R
42
Links• How It Works Library• How It Works: Downstream Chromatography• https://www.repligen.com/applications/chromatography• OPUS® 5–80R Pre-packed Columns Technology