J.P. Morgan
January43rd Annual14,Healthcare2025 Investment Conference
Olivier Loeillot
President and Chief Executive Officer
January 14, 2025
Who is Repligen?
3
Repligen Snapshot: Innovation Leader in Bioprocessing
- Supporting Pharma and CDMO's with a broad and differentiated portfolio of hardware & consumables used in their biological drug production
- Innovation engine … disrupting norms with fast-to-market products that enable yield gains and cost efficiencies
- Global manufacturing presence with
security of supply | >1,700 |
employees |
- ~65% clinical, 35% commercial
- Revenue majority mAb-based (~80%); strong and growing presence in new modalities (~20%)
Performing Above Market
- 14 disruptive product launches … organic
R&D and 14 acquisitions since 2014 - 19% 5-year revenue CAGR
$630 - 639M | |||
Analytics +2x | |||
Proteins steady | |||
Chrom +2x | |||
$270M | Filtration +3x | ||
2019 2024e
We are 10 Years "Young" … And Fit for Growth!
4
2024 Business Highlights
2-3% | ~80% |
Revenue Growth | 2024e Revenue from Highly |
ex-COVID | Differentiated Products |
Filtration, Chrom & | Examples: |
Analytics 6-7% | XCell® ATF |
New Modalities up 10% | OPUS® Pre-Packed Columns |
RPM-enabled RS TFF | |
50%+ probability funnel | Launched 3 key new |
up >15% at YE24 | products in 2024 |
~ +100 bps | M&A | 68% |
Gross Margin | Executing with Strict | Reduction in Scope 2 |
Expansion | Criteria | Emissions |
Net price realization | Tantti acquisition … | 88% global electricity |
base matrix enables | usage powered by | |
Strong execution of | full resin capabilities | 100% renewable |
manufacturing RPS | ||
Operating expense | Successful integration | 3rd Sustainability |
management | of Metenova | report published |
*Sustainability Data is | ||
for year 2023 | ||
Solid performance in a challenging year
5
Strong End Markets with Positive Trends Entering 2025
mAb-based
Therapeutics ~$250B
Most mature,
largest, steady Market 2024e
~$15B
Biosimilar mAbs
Rapidly expanding | ~$15B |
subset | |
New | |
Modalities | ~$16B |
Youngest, | |
fastest growing |
8-10% Projected CAGR
184 US FDA approvals ~2K Ph 1-3 clinical pipeline
>20% Projected CAGR
43 US FDA approvals >150 Ph 1-3 clinical pipeline
>30% Projected CAGR
29 US FDA approvals
>3K in development pipeline
Market Trends
- Biopharma market growing HSD with aging population
- Majority of R&D pipeline in new modalities
- Development and manufacturing costs under more scrutiny
- Local governments pushing for localization
- U.S. biggest region for sales, APAC for trials
- Generative AI already playing a key role in drug discovery and beyond
US FDA approval data as of Jan. 6, 2025 Projected CAGR is for 4-year period from proprietary research reports
6
Broad Portfolio Across the Bioproduction Workflow; Addressing Pain Points
Broad Portfolio Across the Bioproduction Workflow; Addressing Pain Points
How are we Different?
Our approach to winning through differentiation
9
Repligen's Value Creation Equation
StrategyCapabilities
Results: 2014 to 2024e
- 100% Bioprocessing including Analytics
- Disruptive technology launches
to generate productivity gains
- Extensive portfolio across mAbs and new modalities workflows
- Disciplined M&A with strong return creates differentiation
- Innovation enabling customer efficiency
- Our culture … nimble,
collaborative, transparent
- Commercial & Operations excellence
- Fit for Growth … talent, expertise, process rigor
- 10-foldincrease in revenue
- Adj. EPS $0.24 to $1.54
- 3-foldincrease in TAM
- Market cap ~$600M to ~$9B
Confidence in our ability to grow above market and expand margin over the next 5 years
Adj. EPS 2024e reflects midpoint of guidance provided Nov. 12, 2024
10
Attachments
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.