Repligen : J.P Morgan Healthcare Conference Presentation, links

 J.P. Morgan

January43rd Annual14,Healthcare2025 Investment Conference

Olivier Loeillot

President and Chief Executive Officer

January 14, 2025

Who is Repligen?

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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!

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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

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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

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States Follow Musk's Lead With Bold DOGE-Like Initiatives

 DOGE co-heads Elon Musk and Vivek Ramaswamy are inspiring governors across a handful of states to launch their own ambitious cost-cutting initiatives ahead of President-elect Donald Trump assuming the White House for a second term.

Iowa Gov. Kim Reynolds (R), during her Tuesday evening address before lawmakers, announced the creation of a Department of Government Efficiency (DOGE) for the Hawkeye State aimed at cutting wasteful spending.

“I like to say that we were doing DOGE before DOGE was a thing,” Reynolds stated. “And to build on our success, I’m launching our own state DOGE to find even greater savings and efficiencies in both state and local government.”

Emily Schmitt, general counsel of Sukup Manufacturing, will head the program, the governor said.

Last week, New Hampshire Gov. Kelly Ayotte (R) unveiled in her inauguration address plans to create a DOGE commission to dramatically reduce spending.

“In just a few short years, we’ve turned our state into a national model for bold, get-it-done government. And we’re not stopping,” Ayotte said. “We need to make sure that the government is operating more like the lean process in manufacturing, where waste is eliminated each step in the process for a better result.”

“And to help us do this, because I know there is nothing harder than politicians and asking them not to spend money. So today, I’m announcing the creation of the Commission on Government Efficiency, or I like to call it the COGE,” the governor added.

In December, Louisiana Governor Jeff Landry (R) revealed plans to launch a program aimed at cutting waste and eliminating outdated regulations. He issued an executive order to create a new government efficiency body and appointed oil and gas executive Steve Orlando as the state's first Financial Responsibility Czar.

In the same month, Wisconsin State Assembly Speaker Robin Vos (R) moved to establish a DOGE-like panel called the Governmental, Oversight, Accountability and Transparency Committee (GOAT).

“I think that we can look at a lot of ideas and try to find ways to make the government do a better job than we currently are,” Vos said in an interview with Milwaukee Journal Sentinel.

“I’m super excited that we’re going to now kind of focus on, not just how do we layer more things on, but how do we make the things that we already have work better,” the lawmaker added.

Last November, Trump appointed Musk and Ramaswamy to co-lead DOGE to slash up to $2 trillion off of the federal budget.

"Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies—essential to the 'Save America' Movement," Trump wrote in a statement at the time. "I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans."

While it’s unclear what measures DOGE will take come next week, Musk has expressed his intention to chop 30% of spending from the $6 trillion budget, while Ramaswamy has proposed reducing the federal workforce by half by forcing staff to report for in-office work.

https://www.zerohedge.com/political/several-states-adopt-doge-cost-cutting-initiatives

Pilot describes harrowing flights over LA's Pacific Palisades

A forest fire pilot describes the harrowing experience of flying over the Pacific Palisades fire

"It was like a warzone on the ground with the amount of destruction."

:: Los Angeles, California

:: Timothy Thomas, CalFire Forestry Fire Pilot

:: January 16, 2025

"It was sobering to be in the air and see the destruction from there. How many homes were burning // so we knew that we were going to be busy. And compared to most of the fires we see in the season, this is on a scale of destruction to the urban center that we haven't seen.”

“With fires such as the Palisades fire, you have to make the hard choice of which house you're going to save and which house is lost. That is the hardest thing about these fires, and it's the hardest thing about the decision-making process in the cockpit as a crew that we have to make. And the big difference between wildland and structure protection.”

Thomas described witnessing the scale of destruction from the sky as he flew over the fire zone during his initial orientation flight near Malibu last Wednesday (January 8). He said within the first 24-hour window, the damage was already visible as homes were completely engulfed in flames and he instantly recognized it was not a normal fire.

Thomas told Reuters the dangerously high wind speeds and rapid rate of spread were two critical factors that made the fight from the sky more difficult, as the crew targeted water drops from above. And he said with urban firs, tough decisions have to be made.

Thomas is among dozens of pilots from around the United States and Canada who rushed to Los Angeles to drop fire retardant and water on fires encircling the city, in a disaster that has claimed at least 25 lives and destroyed thousands of homes and entire neighborhoods.

https://www.yahoo.com/news/pilot-describes-harrowing-flights-over-154727537.html

Trump's return to Washington before inauguration features fireworks, Elvis impersonator

 President-elect Donald Trump is set to arrive in Washington on Saturday evening for an inauguration celebration marking his return to power that has been upended by record cold temperatures.

Trump will land in the area with his wife Melania in the early evening from his home base in Palm Beach, Florida, where the Republican had worked on his transition to power after winning the Nov. 5 election over Democratic Vice President Kamala Harris.

Trump is expected to head immediately to his golf club in Sterling, Virginia, on the outskirts of Washington, where a crowd of some 500 guests will view a fireworks display and musical performances that include Leo Days, an Elvis impersonator and Christopher Macchio, a tenor whom Mr. Trump has previously featured at political events.

The 78-year-old Trump is due to hold a rally with supporters inside the Capital One Arena in downtown Washington on Sunday, the eve of his inauguration, as well as a post-inauguration event Monday afternoon. Trump will be sworn in at 12 p.m. ET.

A blast of frigid weather forecast for Monday prompted Trump to move the inaugural ceremonies from the iconic west front of the U.S. Capitol building to indoors in the Capitol Rotunda, and the parade down Pennsylvania Avenue to the Capital One Arena.

Most of the more than 220,000 ticketed guests who had been due to watch from the U.S. Capitol grounds will be unable to view the swearing-in inside the building. Just a fraction will be able to fit inside the 20,000-seat Capital One Arena where the U.S. Inauguration will be broadcast and parade entertainers and participants are expected to perform.

Trump will deliver his inaugural address, a speech that is typically intended to set the tone for the president's new four-year term, from the rotunda inside the U.S. Capitol.

It will be the first time since Ronald Reagan's second inauguration in January 1985 that the big event has been moved indoors.

Once he returns to the White House on Monday afternoon, Trump is expected to begin signing some of the dozens of executive orders and directives that he has planned to crack down on migration, boost U.S. energy production and other priorities.

Trump, whose first term was 2017-2021, had refused to attend the inauguration of the man who defeated him in 2020, Democrat Joe Biden. He left Washington for Florida ahead of the ceremony, vowing "we will be back in some form."

Two weeks earlier, his supporters had attacked the U.S. Capitol on Jan. 6, 2021, seeking to delay lawmakers from certifying Biden's victory.

https://www.aol.com/news/trumps-return-washington-inauguration-features-171617072.html

Trump immigration forces to target multiple cities, border czar says

 President-elect Donald Trump's incoming "border czar" Tom Homan said on Saturday that targeted operations to detain migrants who are in the U.S. illegally will begin next week, and indicated they would involve several cities.

Asked on Fox News if deportation raids would be launched in multiple cities, including Chicago, Homan said, "I wouldn’t categorize them as raids. There are going to be targeted enforcement operations."

Asked how these operations would be received in so-called sanctuary cities, which have pledged not to use city resources for federal immigration raids, Homan suggested the incoming Trump administration would target city jails.

"We want to arrest a bad guy in the safety and security of a county jail.”

A source told Reuters on Friday that New York and Miami would be targeted. The Wall Street Journal reported earlier that Immigration and Customs Enforcement would stage a week-long operation in Chicago with potentially hundreds of agents.

Homan, a former acting director of ICE, said the agency was planning its operations carefully.

"They (ICE agents) will know who is possibly in the household, including children ... Every target for this operation is well-planned, and the whole team will be out there for officers’ safety reasons."

Asked when the flights of Trump's promised mass deportations would begin next week, Homan was not specific.

"We've got over 700,000 illegal aliens in the United States with final order removals. President Trump has been clear from day one ... he's going to secure the border and he's going to have the deportation operation."

https://www.aol.com/news/trump-immigration-forces-target-multiple-175817531.html

Trump will 'most likely' give TikTok a 90-day reprieve from potential ban

 President-elect Donald Trump told NBC News' "Meet the Press" moderator Kristen Welker in a phone interview Saturday that he will "most likely" give TikTok a 90-day reprieve from a potential ban in the U.S. after he takes office Monday.

Trump said he hadn't made a final decision but was considering a 90-day extension of the Sunday deadline for TikTok's China-based parent company to sell to a non-Chinese-buyer or face a U.S. ban.

"I think that would be, certainly, an option that we look at. The 90-day extension is something that will be most likely done, because it's appropriate. You know, it's appropriate. We have to look at it carefully. It's a very big situation," Trump said in the phone interview.

"If I decide to do that, I'll probably announce it on Monday," he said.

A 90-day extension is explicitly allowed for in a bipartisan law made last year under specific conditions. But an extension Monday may not be enough to avoid the app going dark for at least a day, because the current deadline for compliance is Sunday.

The fate of TikTok is one of the subjects that has consumed the final days of the Biden administration, and many of the app's millions of U.S. users are eagerly awaiting a resolution.

The Biden administration has repeatedly said that it does not plan to enforce the law, punting that responsibility to Trump, but TikTok said Friday that the White House's assurances may not be enough to prevent the app from shutting down. TikTok has said it plans to “go dark” Sunday unless it receives greater “clarity and assurance” about potential legal fallout including against third-party service providers.

White House Press Secretary Karine Jean-Pierre called TikTok’s plans to go dark “a stunt” in a statement Saturday morning.

“We have seen the most recent statement from TikTok. It is a stunt, and we see no reason for TikTok or other companies to take actions in the next few days before the Trump Administration takes office on Monday,” she said.

“We have laid out our position clearly and straightforwardly: actions to implement this law will fall to the next administration. So TikTok and other companies should take up any concerns with them,” she said.

President Joe Biden signed the law last April requiring the app's Beijing-based parent company, ByteDance, to sell it to a non-Chinese-buyer or face a nationwide prohibition in the United States, but in recent days his aides have been looking for ways to keep TikTok available when that law takes effect Sunday. 

Under the law, the president can grant a one-time extension of 90 days if he certifies to Congress that three things are true: There's a path to divestiture, there's "significant progress" toward executing it and "there are in place the relevant binding legal agreements to enable execution of such qualified divestiture during the period of such extension."

No such binding legal agreements have been made public. If a last-minute buyer came forward, they would likely need to spend tens of billions of dollars for TikTok's U.S. operations.

Trump did not say whether he was aware of any recent progress toward a sale.

Trump’s support for TikTok is a sharp reversal from his stance during his first term, when Trump signed executive orders to ban not only TikTok but also the Chinese messaging app WeChat. Trump’s attempt then was blocked by the courts. His reversal came after he met briefly with one of the app's billionaire American investors last year.

Lawmakers who have supported a sale or ban say some action is necessary because of ByteDance's ties to the Chinese government, which they say shouldn't have control of a major media property that could be used for propaganda purposes. They also cite the app's collection of personal data from American citizens.

TikTok's fans have protested the possible sale or ban, including by downloading other Chinese apps such as RedNote despite potential security concerns about those apps, too.

On Friday, the Supreme Court upheld the law, rejecting the app's free speech arguments in an unsigned opinion with no dissents.

Ahead of the Supreme Court's ruling, Trump asked the court to hit pause on the law, asking for some time for his administration to work to find alternative solutions to banning the app.

In the wake of the ruling Friday, Trump wrote on TruthSocial, "The Supreme Court decision was expected, and everyone must respect it. My decision on TikTok will be made in the not too distant future, but I must have time to review the situation. Stay tuned!”

In the past, he's signaled his support for letting the app remain available to users in the U.S., citing the high number of views his TikTok accounts receive.

TikTok CEO Shou Chew is expected to attend Trump’s inauguration ceremony Monday, along with other tech executives.

On Friday, TikTok's future remained uncertain, as Chew thanked Trump for his efforts to keep the app running in the U.S.

Even before the Supreme Court’s ruling, Biden administration officials signaled that they would not enforce the law on Sunday, the last day of Biden’s term.

“Given the sheer fact of timing, this Administration recognizes that actions to implement the law simply must fall to the next Administration, which takes office on Monday,” White House Press Secretary Karine Jean-Pierre said in a statement after the ruling.

TikTok CEO Shou Zi Chew in Washington, D.C., in 2023.© Nathan Posner

“The statements issued today by both the Biden White House and the Department of Justice have failed to provide the necessary clarity and assurance to the service providers that are integral to maintaining TikTok’s availability to over 170 million Americans,” TikTok said in a post on X.

“Unless the Biden Administration immediately provides a definitive statement to satisfy the most critical service providers assuring non-enforcement, unfortunately TikTok will be forced to go dark on January 19,” the statement added.

https://www.msn.com/en-us/news/politics/trump-says-he-will-most-likely-give-tiktok-a-90-day-extension-to-avoid-a-ban/ar-AA1xqRyq

Illegal Immigrants Have Begun Deporting Themselves

 by Steve Watson via Modernity.news,

Illegals in the US have started self-deporting ahead of Trump taking office according to an immigration attorney.

Rolando Vasquez told NewsNation that there has been a surge in immigrant voluntarily leaving with Trump’s promised mass deportations on the horizon and with Mexico agreeing to take non-Mexican deportees.

Another driving factor is that Cuba and Venezuela generally do not accept deportation flights from the United States but may accept them from Mexico.

“This is causing many migrants to leave on their own, knowing that they’re either going to be deported to their home country or be deported to Mexico,” Vasquez said, adding “The overwhelming majority of them do not want to be in Mexico.”

NewsNation reporter Jorge Ventura also warned sources have told him that newly deported migrants are targets for extortion or even abduction by Mexican cartels and human smugglers.

Watch:

Illegals are now self-deporting out of fear of Trump’s mass deportations.

The Trump effect.

Trump has done more good for our country than Biden has in 4 years, and he isn’t even in office yet! pic.twitter.com/NgtuRAleca

— Libs of TikTok (@libsoftiktok) January 17, 2025

When they stop getting all the free stuff they will either leave or there will be a crime wave the likes of which no one has seen before

— Dismayed American (@Airborne82ndVet) January 17, 2025

The news comes amid rumours that the Trump administration will carry out its first large-scale deportation operation in the ‘sanctuary city’ of Chicago next Tuesday, according to The Wall Street Journal.

Trump plans a large-scale immigration raid in Chicago on Tuesday, the first move in his promised mass deportation campaign https://t.co/IiML7QXFGe

— The Wall Street Journal (@WSJ) January 18, 2025

The smart ones are leaving now… they get to chose their destination. Tom wont be giving them choices

— #CTID 🇺🇸 (@D_Clark19) January 17, 2025

This is definitely the Trump effect! Illegals don’t want to be thrown out by ICE and rather self deport so they have a little dignity left and can do so on their own terms !

— Angry Trumper (@AngryTrumper) January 17, 2025

Art of the deal 🫲 pic.twitter.com/66NTQAPEy8

— Anti Left Memes (@AntiLeftMemes) January 17, 2025

Trump’s border czar Tom Homan noted Friday “We’re going to concentrate on public safety threats and national security threats right out of the gate. That’s our priority. We’re going to go for the worst first. And I find it hard to believe any elected official doesn’t want public safety threat out of their communities.”

Homan warned governors and mayors in so called ‘sanctuary’ areas not to impede the process, asserting “Just stay out of the way and we will do it. You can sit back and let us do the job. It’s going to be less efficient, it will be more dangerous without their assistance, but we’re going to do the job regardless.”

https://www.zerohedge.com/geopolitical/illegal-immigrants-have-begun-deporting-themselves-report