Philip Boyd

Philip Boyd, on behalf of Puneet Souda, asked if anything had changed to soften Repligen's previously hinted 11%-12% growth for 2026, referencing MFN and potential CapEx delays, or if the 9%-13% range was primarily due to prudence, seeking details on organic growth puts and takes.

Answer

President and CEO Olivier Loeillot affirmed the 9%-13% guidance as an appropriate starting point for 2026, aligning with the framework of outpacing the market by at least 5% despite a 200 basis point headwind. He cited a strong opportunity funnel but acknowledged macro uncertainties like MFN and CapEx spending decisions, as well as FDA approval rates, as potential swing factors.

Philip Boyd asked if anything has softened Repligen's previously hinted 11%-12% growth view for 2026, referencing potential CapEx delays from large pharma due to MFN agreements. He questioned if the 9%-13% guidance range is mostly prudence and sought details on other puts and takes for organic growth and levers for reaching the higher versus lower end.

Answer

Olivier Loeillot, President and CEO, reiterated that the 9%-13% guidance is an appropriate starting point for 2026, well-aligned with their framework of outpacing the market by at least 5% despite a 200 basis points headwind. He emphasized a strong opportunity funnel and broad portfolio performance, while acknowledging macro uncertainties like MFN agreements, slow CapEx spending, and FDA approval rates as potential swing factors for the guidance range.