Repligen Corporation (RGEN): Business Model Canvas [Dec-2025 Updated]

You're trying to map out exactly how Repligen Corporation is positioning itself to hit that projected full-year revenue between $729 million and $737 million in 2025, and honestly, it's a fascinating mix of high-touch sales and specialized manufacturing. As someone who spent a decade heading up analyst teams, I see their model built on selling essential, sticky single-use bioprocessing tools alongside high-margin Process Analytical Technology (PAT) to big pharma and CDMOs. We're going to dissect the nine building blocks below, showing you how they manage a cost structure that includes significant R&D and integration costs-like that $70 million cash outlay for the 908 Devices portfolio-while sitting on nearly $749 million in cash as of Q3 2025. Dive in to see the precise blueprint.

Repligen Corporation (RGEN) - Canvas Business Model: Key Partnerships

You're looking at how Repligen Corporation (RGEN) builds out its market presence and technology stack through external alliances, which is crucial for a company targeting $729 million to $737 million in revenue for fiscal year 2025. These partnerships are key to hitting that 14% - 15.5% non-COVID organic growth target.

The Key Partnerships block shows a clear strategy of integrating advanced digital capabilities and broadening market access beyond direct sales.

Partner	Focus Area	Date Announced (2025)	Strategic Implication
Novasign	Digital twin integration in Tangential Flow Filtration (TFF) systems using machine learning.	July 31, 2025	Enhances Process Analytical Technology (PAT) portfolio; aims to streamline process development and enable real-time predictive control. Repligen is making an investment in Novasign to scale operations.
Yokogawa	Enhance Process Analytical Technology (PAT) offerings.	September 16, 2025	Strengthens analytical capabilities within bioprocessing platforms.
Univercells Technologies	Real-time viral vector and vaccine biomanufacturing monitoring.	July 10, 2025	Expands offering in critical areas like viral vector production, supporting growth in advanced therapies.

These technology integrations are happening while the core business shows strong execution; for instance, in Q2 2025, biopharma revenue grew 20% year-over-year, and Q3 2025 saw consumables and capital equipment revenues grow greater than 20%.

Market reach relies on a mix of direct sales and established channels:

• Global distributors provide market reach outside of Repligen Corporation's direct sales footprint, supporting growth across all geographies which posted double-digit growth in Q3 2025.
• Primary customers include biopharmaceutical drug developers and Contract Development and Manufacturing Organizations (CDMOs) worldwide.
• CDMOs showed strong year-over-year revenue growth in the first half of 2025.

While specific co-development deals aren't itemized with financial terms, the focus on key biopharma customers is evident through the strong performance in that segment, which contributed to the year-to-date revenue of $540 million as of September 30, 2025. The company maintains a strong balance sheet to support these strategic moves, holding $749 million in cash and cash equivalents as of September 30, 2025.

Repligen Corporation (RGEN) - Canvas Business Model: Key Activities

You're looking at the core engine of Repligen Corporation, the activities that actually turn their strategy into revenue, especially as they navigate the post-COVID normalization in biopharma spending. Here's the breakdown of what they are actively doing, grounded in their late 2025 operational and financial reality.

Manufacturing of single-use bioprocessing consumables and systems

Repligen Corporation's manufacturing activity is centered on producing high-value consumables and systems essential for biological drug production. The company has a significant global footprint to support this, operating across 19 manufacturing sites and assembly centers, with the majority located in the U.S.. The Filtration segment remains the largest revenue driver, accounting for approximately 60% of revenue. This manufacturing output supports their broad product categories, which include filtration systems like cell retention and tangential flow filtration (TFF) systems, chromatography columns, and fluid management components.

Key manufacturing output metrics for the year leading up to Q3 2025 show strong demand:

Metric	Value (as of late 2025)	Context
Full Year 2025 Revenue Guidance	$729 million to $737 million	Reflects expected output volume and pricing
Q3 2025 Reported Revenue	$189 million	Represents 18% organic growth year-over-year
Orders Growth (Q3 2025 YoY)	Greater than 20%	Indicates strong forward demand for manufactured goods
Filtration Segment Revenue Share	Approximately 60%	Primary manufacturing focus area

Continuous R&D investment in advanced bioprocessing technologies

The company maintains a commitment to continuous innovation, which translates directly into their R&D spending. This investment fuels the development of next-generation products, like the recently launched CTech™ SoloVPE® Plus System. You see this investment reflected clearly in the year-to-date spend.

Here's a look at the financial commitment to Research and Development:

• GAAP R&D Expense for the nine months ended September 30, 2025: $41,057 thousand.
• GAAP R&D Expense for Q1 2025: $12,924 thousand.
• Research and Development Expenses for the twelve months ending September 30, 2025: $0.053B.
• This TTM R&D spend represented a 26.13% increase year-over-year.

They are definitely putting capital to work to keep their technology differentiated.

Integration of acquired Process Analytical Technology (PAT) portfolios

A major Key Activity in early 2025 was the strategic integration of new analytical capabilities. Repligen Corporation closed the acquisition of 908 Devices' bioprocessing desktop portfolio in March 2025. This was a cash transaction with a purchase consideration of $70 million in cash. This move specifically strengthened their Process Analytical Technology (PAT) offering by adding upstream capabilities to complement their existing downstream analytics portfolio.

The integration activity included onboarding the team and commercializing the acquired assets:

• Number of differentiated PAT technologies acquired: Four.
• Acquired devices include MAVERICK and MAVEN for real-time monitoring, REBEL for at-line media analysis, and ZipChip for sample separations.
• The acquisition is intended to enable Repligen Corporation to offer analytics solutions across the entire bioprocess workflow.

Global direct sales and technical support for specialized products

Moving products requires a dedicated commercial structure. Repligen Corporation markets its specialized bioprocessing technologies globally, utilizing a direct sales model in key regions. They serve a global customer base, with significant presence in North America, Europe, and Asia-Pacific. Beyond just selling the equipment and consumables, the Key Activity includes providing specialized services to ensure customer success and product uptime.

The scope of their commercial and support activities includes:

• Geographic coverage: Direct sales teams in the U.S., Europe, and Asia, plus strategic partners in select markets.
• Total global employees supporting operations: Over 1,900 as of 2025.
• Service offerings: Professional installation and qualification, calibration and maintenance service, spare parts, and service plans.

They use a direct sales force in the US, which is a key difference from relying on intermediaries everywhere.

Supply chain management for critical raw materials and components

Managing the flow of goods is critical, especially given the nature of their specialized products. Repligen Corporation actively monitors its value chain, engaging with key suppliers as part of its materiality assessment process. This activity is focused on ensuring the reliable flow of materials needed for their manufacturing sites. The company is also focused on sustainability within this function, which impacts sourcing decisions.

Supply chain focus points as of late 2025 include:

• Manufacturing sites supported: 19 globally.
• Key focus: Monitoring emerging issues material to the business and value chain.
• Forward-looking activity: Performing a double materiality assessment in 2025 to align with evolving regulations.

Finance needs to keep an eye on inventory turns, as supply chain stability directly impacts the ability to meet the raised FY 2025 revenue guidance of up to $737 million.

Repligen Corporation (RGEN) - Canvas Business Model: Key Resources

You're looking at the core assets that power Repligen Corporation's operations as of late 2025. These aren't just line items on a balance sheet; they are the tangible and intangible engines driving their growth in bioprocessing technology.

Proprietary Intellectual Property (IP) in Chromatography and Filtration

Repligen Corporation's competitive moat is heavily supported by its intellectual property, especially in areas like filtration and chromatography unit operations. They hold granted patents that protect their specific designs, which is defintely key for long-term differentiation.

• Filtration system and method patent granted on September 30, 2025 (Patent number: 12427454).
• Valve assembly with directional flow path patent granted on November 4, 2025 (Patent number: 12460731).
• IP supporting Protein A ligands, with manufacturing sites for these ligands in Lund, Sweden, and Waltham, Massachusetts.
• IP covering fluid management systems using encapsulated unreinforced conduit, with a patent granted on July 29, 2025.

Specialized Global Manufacturing Facilities, Majority U.S.-based

The physical footprint supports Repligen Corporation's global reach, with a clear emphasis on domestic production capacity. Their corporate headquarters are in Waltham, Massachusetts. The majority of their manufacturing sites are located within the U.S. to support core operations.

Still, they maintain other key international sites to serve global markets:

• Key international manufacturing sites include locations in Estonia, France, Germany, Ireland, the Netherlands, and Sweden.
• The Estonia site is a world-class, leased facility spanning 80,000 square feet, serving as a Customer Center of Excellence.
• The Waltham headquarters site occupies 182,000 square feet in total.

Process Analytical Technology (PAT) Portfolio, Including CTech™ SoloVPE® Plus

Repligen Corporation significantly bolstered its Process Analytical Technology (PAT) portfolio in 2025, integrating new capabilities across the entire bioprocess workflow. The launch of the SoloVPE PLUS system and the acquisition of assets from 908 Devices are central here.

Here's a quick look at the key components of the expanded PAT offering as of late 2025:

Asset/Product	Acquisition/Launch Date	Key Feature/Impact
CTech™ SoloVPE® PLUS System	January 2025 Launch	Reduces process steps by 70%; doubles data acquisition speed.
908 Devices Desktop Portfolio (Acquired)	March 2025 Acquisition	Purchase consideration was $70 million in cash.
MAVERICK & MAVEN	Acquired	Devices for real-time monitoring and control of critical bioprocess parameters.
REBEL	Acquired	At-line cell culture media analyzer.
ZipChip	Acquired	High-resolution sample separations device for product quality characterization.

Cash and Cash Equivalents of Approximately $749 million as of Q3 2025

Liquidity remains a strong resource for Repligen Corporation, providing flexibility for operations, R&D, and potential future strategic moves. You can see this strength reflected in their latest filings.

The balance sheet shows significant financial backing:

• Cash and cash equivalents stood at approximately $749 million as of September 30, 2025.
• This compares to $757 million at the end of 2024.
• Working capital was reported at $965.3 million as of September 30, 2025.
• For the nine months ended September 30, 2025, operating activities generated $91.7 million in cash.

Highly Skilled Bioprocessing Scientists and Technical Sales Force

The human capital at Repligen Corporation is critical, especially given the technical nature of their products, from chromatography resins to advanced analytics. They back their technology with specialized personnel.

The expertise is deployed across several functions:

• Global Field Applications Specialists provide hands-on process and implementation consultation, particularly for chromatography solutions.
• The company onboarded the bioprocessing team from the 908 Devices acquisition, adding expertise in upstream PAT technologies.
• Their focus areas-Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins-require deep scientific knowledge to support customers.

Finance: draft 13-week cash view by Friday.

Repligen Corporation (RGEN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why biopharma manufacturers are choosing Repligen Corporation's tools and technologies as of late 2025. The value they deliver isn't abstract; it shows up in their financial performance, like the $189 million in revenue reported for the third quarter of 2025, which was a 22% year-over-year increase. Honestly, this growth, driven by an 18% organic increase in Q3 2025, suggests their value propositions are hitting the mark with customers.

Enabling process intensification and continuous biomanufacturing

Repligen Corporation's offerings are clearly geared toward helping clients move away from older, batch-style production toward more efficient, intensified processes. This focus is reflected in broad business momentum; for instance, their consumables and capital equipment revenues grew by more than 20% year-over-year in Q3 2025. The company's full-year 2025 revenue guidance was raised to a range of $729 to $737 million, showing management's confidence in the sustained adoption of these advanced solutions.

Providing real-time, in-line process monitoring tools (PAT) for quality control

The focus here is on giving quality control a digital upgrade. The company strengthened its Process Analytical Technology (PAT) offering, for example, by closing the acquisition of 908 Devices' bioprocessing portfolio. Furthermore, they launched the SoloVPE® PLUS system, which enhances data collection speed and sensitivity, leading to a record quarter for Process Analytics equipment placements in Q3 2025. This innovation engine is clearly working.

Offering single-use, pre-packed chromatography columns for efficiency

The value proposition of efficiency through single-use systems is supported by the overall double-digit revenue and order growth seen across all franchises in Q3 2025. While specific column sales figures aren't broken out, the fact that biopharma revenues increased over 20% year-over-year in that quarter points to strong demand for streamlined, pre-packed solutions that reduce turnaround time and cleaning validation.

Delivering high-performance filtration and fluid management solutions

Filtration and fluid management are foundational to bioprocessing, and Repligen Corporation is delivering solutions that customers are buying in volume. Orders across the board grew greater than 20% year-over-year in Q3 2025. They are also integrating new technologies, like announcing a strategic partnership with Novasign to embed digital twin capabilities into their filtration systems, which speaks directly to providing smarter, high-performance fluid management.

Reducing biopharmaceutical development timelines and manufacturing costs

The ultimate value is faster time-to-market and lower operational expenditure for their clients. The company's strong financial health, including $749 million in cash and cash equivalents as of September 30, 2025, allows them to invest in innovations that drive these client benefits. The expansion of their adjusted gross profit to $101 million in Q3 2025, up from $77 million the prior year, suggests that their solutions are helping customers scale efficiently, which translates to lower cost-per-dose.

Here's a quick look at how the reported performance reflects the success of these value drivers:

Metric Reflecting Value Proposition Success	Latest Reported Figure (Q3 2025)	Comparison/Context
Overall Revenue Growth (YoY)	22%	Reflects broad market adoption of their portfolio.
Organic Growth	18%	Indicates strong underlying demand for core products.
Biopharma Revenue Growth (YoY)	Increasing over 20%	Directly ties to demand for advanced biomanufacturing tools.
Order Growth (YoY)	Greater than 20%	Strong indicator of future revenue stability and client commitment.
Full Year 2025 Revenue Guidance Midpoint	Approximately $733 million	Management confidence in sustained demand throughout the year.

The success of these integrated solutions is evident in the consistent growth across their business units. You can see the momentum in the fact that:

• All franchises posted double-digit year-over-year revenue and order growth in Q3 2025.
• Consumables and capital equipment revenues grew by more than 20% in Q3 2025.
• The company's adjusted income from operations increased to $27 million in Q3 2025 from $23 million in Q3 2024.
• The full-year 2025 non-COVID organic growth guidance is set between 14% to 15.5%.
• The launch of ProConnex® MixOne combines technologies for a best-in-class single-use mixer.

Finance: draft 13-week cash view by Friday.

Repligen Corporation (RGEN) - Canvas Business Model: Customer Relationships

Dedicated technical support and application specialists for complex systems

Repligen Corporation serves global pharmaceutical and biopharmaceutical companies, as well as Contract Development and Manufacturing Organizations (CDMOs) worldwide. The company's focus areas include Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins. Revenues for both biopharma and consumables increased greater than 20% year-over-year in Q1 2025. In Q3 2025, both CDMO and biopharma revenues increased over 20% year-over-year. The company emphasizes providing integrated solutions across the bioproduction workflow. Support is part of the Repligen DNA, including Field Application Support, Customer Service, and Field Service Engineers. The company launched the CTech™ SoloVPE® Plus System earlier in 2025, which provides customers with enhanced sensitivity. This system is part of the Analytics franchise. The company's Real-time Process Management (RPM™) Systems integrate the CTech™ FlowVPX® in-line UV-Vis spectrophotometer into KrosFlo® TFF Systems. The REBEL XT System delivers at-line cell culture media analysis. The MAVEN® Online Glucose and Lactate Monitoring System delivers continuous, sample-free glucose data every 2 minutes.

High-touch, consultative sales model for bioprocess optimization

Repligen utilizes a dedicated sales force and technical specialists across key global regions for direct client interaction. The company's strategy emphasizes offering complete system solutions. This approach is supported by strong order momentum. Total orders grew nearly 20% in Q1 2025. In Q3 2025, orders increased sequentially and were greater than 20% year-over-year. All geographies grew double-digits in Q3 2025, led by Asia Pacific. The company's full-year 2025 revenue guidance was increased to a range of $729 to $737 million, representing 14% - 15.5% year-over-year non-COVID organic growth. The GAAP gross profit for Q3 2025 was $101 million.

Metric	Q3 2025 Value	Comparison Period/Target
Reported Revenue	$189 million	Year-over-year increase of 22%
Organic Non-COVID Growth	18%	Year-over-year
Orders Growth	Greater than 20%	Year-over-year
Cash and Equivalents	$749 million	As of September 30, 2025
GAAP Gross Margin	51.5% - 52.5%	Full Year 2025 Guidance

Long-term, sticky relationships with large biopharma accounts

Sustained customer confidence is evidenced by consistent order performance relative to sales. Orders growth has been a key indicator of this stickiness. Orders grew sequentially by greater than 20% year-over-year in Q2 2025. This marked the eighth consecutive quarter where orders surpassed non-COVID revenue. In Q3 2025, orders again increased sequentially and were greater than 20% year-over-year. The company's focus areas are designed to address critical steps in the production of biologic drugs. The company is positioned to succeed in areas like cell and gene therapy, which saw a record number of U.S. FDA approvals in 2023, with more slated for 2024. The company's book-to-bill ratio averaged 1.05 in the second half of 2023. The opportunity funnel increased by 50% since the start of 2023. The company's strategy aims to increase customer lifetime value by addressing multiple stages of the bioprocessing continuum.

Digital engagement for product education and technical documentation

Repligen Corporation provides digital resources to support product adoption and education. The company maintains a Support Center online. This center includes a Knowledge Base, Publications, Webinars, and Configurators. The company announced a strategic partnership with Novasign in Q3 2025 to integrate digital twin capabilities into Repligen filtration systems. The CTech™ SoloVPE® Plus System, launched in 2025, offers unparalleled accuracy, speed, and ease-of-use. The company's Real-time Process Management (RPM™) Systems offer real-time process control. The REBEL XT System is designed for faster, real-time insights into media composition. The MAVEN® Online Glucose and Lactate Monitoring System automates feeding strategies. The company is working to elevate its Scope 3 emissions reporting for 2025 and beyond. The company's corporate headquarters are in Waltham, Massachusetts, with the majority of manufacturing sites in the U.S. and additional sites in Estonia, France, Germany, Ireland, the Netherlands, and Sweden.

• The company's Q2 2025 revenue was $182 million.
• The company's Q1 2025 revenue was $169 million.
• The company's Q3 2025 revenue was $189 million.
• The company's full-year 2025 revenue guidance midpoint is approximately $733 million.

Repligen Corporation (RGEN) - Canvas Business Model: Channels

You're looking at how Repligen Corporation gets its specialized bioprocessing technologies and systems into the hands of drug developers and manufacturers as of late 2025. The channel strategy clearly supports a high-touch, global sales model, evidenced by the strong financial performance coming from their core customer base.

Direct sales force targeting major biopharmaceutical companies and CDMOs is the primary engine for securing large, strategic business. This approach is necessary for complex capital equipment and high-value consumables that require deep technical engagement. The success of this channel is reflected in the Q3 2025 results where both CDMO and biopharma revenues increased by over 20% year-over-year. This direct engagement supports the company's focus areas: Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins.

The global network of distributors for smaller accounts and specific regions provides necessary market penetration where a dedicated direct presence isn't cost-effective or established. This network helps ensure that the entire spectrum of bioprocessing customers can access Repligen Corporation's offerings. The overall geographic reach appears strong, as all regions experienced double-digit growth in Q3 2025, led by the Asia Pacific region.

Repligen Corporation supports these sales channels with a significant manufacturing footprint across the U.S. and Europe. This physical presence is critical for supply chain reliability, which is paramount for bioprocessing customers. The corporate headquarters are in Waltham, Massachusetts. The majority of manufacturing sites are in the U.S., supplemented by additional key sites in:

• Estonia
• France
• Germany
• Ireland
• The Netherlands
• Sweden

The e-commerce platform for consumables and standard products serves as a crucial, lower-friction channel for recurring revenue streams. While specific e-commerce revenue figures aren't public, the overall strength in the Consumables franchise suggests this digital channel is effective. In Q3 2025, Consumables and capital equipment revenues grew by greater than 20% year-over-year.

Here's a quick look at the revenue performance that these channels collectively drove through the first nine months of 2025:

Metric	Value (as of Q3 2025)
Year-to-Date 2025 Revenue	$540 million
Q3 2025 Reported Revenue	$189 million
Q3 2025 Year-over-Year Revenue Increase	22%
Year-to-Date 2024 Revenue (for comparison)	$467 million
FY 2025 Revenue Guidance Range (Updated)	$729 to $737 million

The momentum is clear; orders grew sequentially and were greater than 20% year-over-year in Q3 2025. This indicates strong pull-through across all sales mechanisms. Finance: draft 13-week cash view by Friday.

Repligen Corporation (RGEN) - Canvas Business Model: Customer Segments

Global biopharmaceutical drug developers (large pharma)

The segment serving large biopharmaceutical drug developers showed strong performance through the third quarter of 2025.

• Biopharma revenues increased over 20% year-over-year in Q3 2025.
• Biopharma revenue grew 20% in the second quarter of 2025.

Contract Development and Manufacturing Organizations (CDMOs)

CDMOs represented a significant portion of Repligen Corporation's growth drivers.

Metric	Q2 2025 Performance	Q3 2025 Performance
Revenue Growth (Year-over-Year)	Strong growth reported.	Increased over 20%.
Order Growth (Year-over-Year)	Orders grew greater than 20% in the first half of 2025.	Orders increased greater than 20% year-over-year in Q3 2025.

Emerging biotech companies focused on new modalities (e.g., cell/gene therapy)

Specific data points highlight revenue generated from newer therapeutic areas.

• The gene therapy platform generated $10 million in revenue for the first half of 2025.
• An additional $3 million in revenue from the gene therapy platform was recognized in July 2025.

Academic and industrial life science research laboratories

While specific revenue breakdowns for this segment are not detailed, performance is implied through franchise growth.

• All four franchises, which serve this broad base, posted double-digit year-over-year revenue growth in Q3 2025.
• Process Analytics franchise grew over 50% in Q3 2025.
• Chromatography franchise growth was guided at greater than 20% for Q2 2025.

Repligen Corporation (RGEN) - Canvas Business Model: Cost Structure

The cost structure for Repligen Corporation is heavily influenced by the specialized nature of its bioprocessing products, requiring substantial investment in both production and innovation.

High Cost of Goods Sold (COGS) due to specialized manufacturing and raw materials is a primary driver, reflected in the company's gross margin targets. Repligen Corporation expects to deliver adjusted gross margins in the range of 52% to 53% for the full year 2025. This implies that COGS represents approximately 47% to 48% of revenue, consistent with the costs associated with specialized raw materials and complex manufacturing processes for life science tools.

Operating Expenses (OpEx) capture the significant investment in Research and Development (R&D) and the costs associated with Selling, General, and Administrative (SG&A) functions necessary for global commercial expansion. The company manages organic OpEx investments at a lower rate than sales growth, balancing cost efficiency with critical support for future growth.

The following table shows the latest reported quarterly operating expense data for Repligen Corporation, which includes R&D and SG&A:

Metric (in thousands)	Q3 2025	Q3 2024
Total Costs and Operating Expenses	171,980	162,703
Income (loss) from Operations	16,825	(7,832)

The company's commitment to innovation means R&D spending remains a key component of OpEx. For example, in the first quarter of 2025, operating expenses grew by about 6% on an organic basis, excluding the impact of acquisitions. This growth rate was less than half of the equivalent organic non-COVID revenue growth rate of 14% reported in that quarter.

Acquisition and integration costs represent lumpy, strategic expenditures. A notable recent example is the $70 million cash payment made by Repligen Corporation to acquire the desktop portfolio from 908 Devices Inc. in March 2025. This transaction was fully funded from the company's strong cash position.

Regarding the overall OpEx trajectory, the organic growth rate for operating expenses shows the pace of internal investment. While the requested figure was 14%, the actual reported organic OpEx growth rates for 2025 were:

• Organic OpEx growth in Q1 2025 was approximately 6% (excluding acquisitions).
• Adjusted OpEx grew 9% on an organic basis in Q2 2025.
• The company's updated full-year revenue guidance implies an organic non-COVID revenue growth of 14% to 15.5% for 2025.

The cost structure also involves managing the integration of acquired assets, which can temporarily impact margins due to the inclusion of new cost bases and upfront integration expenses. Finance: draft 13-week cash view by Friday.

Repligen Corporation (RGEN) - Canvas Business Model: Revenue Streams

You're looking at how Repligen Corporation brings in the money, which is key for understanding their valuation, especially as they raise guidance late in the year. Honestly, the revenue streams are pretty straightforward, centered on supplying the tools and consumables biopharma manufacturing needs.

The primary sources of Repligen Corporation's revenue fall into two main buckets, which are also tied to their four core franchises. You see sales coming from:

• Sales of single-use bioprocessing consumables, think pre-packed columns and filters that get used up and need replacing.
• Sales of capital equipment, like their KrosFlo® TFF systems and PAT (Process Analytics Technology) devices, which are larger, less frequent purchases.

For the full fiscal year 2025, Repligen Corporation has guided its total revenue to a range of $729 million to $737 million. This updated guidance reflects strong momentum, especially considering the year-to-date revenue through the third quarter was $540 million. To be fair, the revenue mix shows strength across the board, as all four core franchises delivered double-digit year-over-year revenue growth in the third quarter of 2025.

Here's a quick look at how the two main product categories performed in the third quarter of 2025, which gives you a flavor of the underlying revenue drivers:

Revenue Component	Q3 2025 Performance Metric	Reported Number
Consumables and Capital Equipment	Year-over-year Revenue and Order Growth	More than 20% growth
Total Reported Revenue	Q3 2025 Actual	$189 million
Full-Year 2025 Guidance	Expected Revenue Range	$729 million to $737 million

The revenue generation is structurally supported by the four key franchises that make up the portfolio. These are the areas where you see the demand translating into dollars:

• Filtration
• Chromatography
• Analytics
• Proteins

Finally, on the profitability side related to these sales, Repligen Corporation expects the Adjusted Gross Margin for the full year 2025 to fall between 52% and 53%. This margin expectation is important because it shows how efficiently they are converting that top-line revenue from consumables and equipment into gross profit. Finance: draft 13-week cash view by Friday.