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Daniel Markowitz

Research Analyst at Evercore ISI

New York, NY, US

Daniel Markowitz is an Equity Research Associate at Evercore ISI, specializing in healthcare sector analysis with a focus on Life Science Tools, Diagnostics, and Medtech companies. He has covered publicly traded firms including West Pharmaceutical Services and Repligen, issuing investment recommendations and price targets, though recent metrics indicate a modest performance record with an average return of -18.6% and a 0% success rate on TipRanks. Markowitz began his career with a summer analyst role at Bank of America Merrill Lynch, worked as an analyst at a healthcare-focused hedge fund, and then joined Evercore ISI in New York to develop his expertise in healthcare equities before transitioning to Citadel in 2024. He holds a finance degree from the University of Richmond and the CFA charter, and is licensed with FINRA, evidencing rigorous professional standards.

Daniel Markowitz's questions to REPLIGEN (RGEN) leadership

Question · Q3 2025

Daniel Markowitz inquired about the drivers of Repligen's equipment strength, specifically if it's primarily ATF or broad-based, and asked for the Q3 revenue contribution from specific placements. He also questioned the outlook for consumable pull-through and broader ATF momentum in 2026.

Answer

Olivier Loeillot, President and CEO, confirmed strong capital equipment performance with over 20% revenue growth and high-teens order growth in Q3, driven by both ATF and analytical equipment. He emphasized broad-based performance year-to-date, noting Repligen's unique position as a newcomer pairing systems with PAT technologies. He declined to give specific numbers for the ATF project but stated it was a small part of the overall strong hardware growth.

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Question · Q3 2025

Daniel Markowitz asked about the strength in equipment, noting another strong quarter compared to peers, and whether this is primarily due to ATF equipment placements or is more broad-based. He also requested the revenue contribution from these placements in Q3 and insights into consumable pull-through and broader ATF momentum for 2026.

Answer

President and CEO Olivier Loeillot reported that capital equipment revenue grew over 20% and orders grew high teens. He confirmed that ATF and analytical equipment were the main contributors to growth in Q3, but emphasized that year-to-date performance has been broad-based, including downstream hardware. Loeillot highlighted Repligen's differentiation as a newcomer in the hardware field, particularly by pairing systems with PAT technologies (one in four downstream systems are now paired). He noted that the specific ATF project was only a small part of Q3's growth and did not significantly alter the overall strong hardware performance.

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Daniel Markowitz's questions to WEST PHARMACEUTICAL SERVICES (WST) leadership

Question · Q3 2025

Daniel Markowitz asked about the high-level headwinds and tailwinds for high-value components in 2026, including destocking, GLP-1 growth, Annex 1 acceleration, and a unique customer situation. He also inquired about the growth rate and sustainability of GLP-1 elastomer sales.

Answer

CFO Bob McMahon confirmed healthy GLP-1 growth expectations for next year. CEO Eric Green elaborated on GLP-1 market growth (injectables vs. orals), West's strong position, and the multi-year opportunity of Annex 1 conversions. He also noted potential timing uncertainties for new drug molecule approvals as a minor headwind, while emphasizing strong tailwinds from biologics, biosimilars, GLP-1s, and Annex 1.

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Question · Q3 2025

Daniel Markowitz from Evercore ISI asked about the high-level headwinds and tailwinds for high-value components in 2026, including destocking, GLP-1 growth, Annex 1 acceleration, and a one-off customer situation, and specifically inquired about the implied growth rate for GLP-1 elastomers in 2025 and expectations for sustained growth.

Answer

CFO Bob McMahon confirmed strong GLP-1 growth, noting it's largely in line with market trends, and expects healthy growth next year despite the law of large numbers. CEO Eric Green identified GLP-1s, biologics/biosimilars, and Annex 1 as key tailwinds, while potential headwinds include timing variations for Annex 1 project conversions and new drug molecule approvals. He also noted the market for GLP-1s is expected to remain a healthy blend of injectables and orals.

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Question · Q2 2025

Daniel Markowitz of Evercore ISI asked for the specific basis point contribution from Annex One in Q2 and whether the rapidly growing number of projects could serve as a proxy for future revenue.

Answer

CEO Eric Green reiterated the full-year 2025 contribution target of 150 basis points, declining to provide a specific quarterly figure due to timing of revenue recognition. He advised against using project count as a direct proxy for near-term revenue, explaining it's a multi-year process, but emphasized the strong project growth reflects high customer interest and confidence in West's capabilities.

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Question · Q1 2025

Daniel Markowitz asked about the potential upside from Annex 1, given the strong sequential growth in related projects, and requested any customer anecdotes that might suggest further positive developments.

Answer

CEO Eric Green described Annex 1 as a long-term growth driver that aligns perfectly with West's HVP strategy and creates a positive mix shift. He noted that while the number of projects is growing, the revenue impact is not yet significant. The opportunity is currently more concentrated in the pharma and generics space, as biologics often already use high-end components.

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Daniel Markowitz's questions to BIO-TECHNE (TECH) leadership

Question · Q4 2025

Daniel Markowitz from Evercore ISI questioned the fiscal 2026 margin expansion plan, asking if the level of reinvestment from the ExoDx divestiture would be adjusted based on top-line performance. He also asked if the strong 20% growth reported for Wilson Wolf was representative of the entire cell and gene therapy portfolio.

Answer

CFO James Hippel stated the company is currently managing the business for a low single-digit growth environment, using productivity and the ExoDx divestiture to fund reinvestments while expanding margins. He noted that if growth accelerates, they will re-evaluate the balance between further investment and returning more margin to investors. President & CEO Kim Kelderman confirmed that the growth profile across the rest of the cell and gene therapy portfolio was "almost identical" to Wilson Wolf's 20% growth.

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Question · Q3 2025

Daniel Markowitz of Evercore ISI asked if the implied Q4 margin of around 32% is a reasonable baseline for fiscal 2026 and sought color on the potential 10-15% headwind in the U.S. academic market mentioned by peers.

Answer

CFO Jim Hippel declined to provide fiscal 2026 margin guidance but stated the company is well-positioned for any market environment. Regarding academic funding, he noted that current spending is from existing grants and that historically, Congress has increased NIH budgets despite proposed cuts. He also highlighted a potential benefit if funding shifts toward Bio-Techne's core research areas like cancer and neurology.

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