#1R REPLIGEN INSPIRING ADVANCES IN BIOPROCESSING SAF REC ES R REPLIGEN I OPUS 60R 40th Annual J.P. Morgan Healthcare Conference Presentation Tony J. Hunt, President and CEO January 12, 2022#2Safe Harbor / Non-GAAP Measures This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements in this presentation which are not strictly historical statements including, without limitation, express or implied statements or guidance regarding Repligen's estimated financial results for full-year 2021, future financial performance and other statements identified by words like "estimated," "anticipated," "guidance," or "goal," and similar expressions are forward- looking statements. These statements are subject to risks and uncertainties which may cause our plans to change or actual results to differ materially from those anticipated. In particular, unforeseen events outside of our control may adversely impact future results. Additional information concerning these factors is discussed in our reports filed with the Securities and Exchange Commission including recent Form 8-Ks, our most recent Annual Report on Form 10K and our most recent Quarterly Reports on Form 10Q, all of which are available on our website. The forward-looking statements in this presentation reflect management's current views and may become obsolete as a result of new information, future events or otherwise. We may not update such forward looking statements to reflect a change of events or circumstances that occur after the date hereof, except as required by law. The industry and market data contained in this presentation are based on management's own estimates, independent publications, government publications, reports by market research firms or other published independent sources, and, in each case, are believed by management to be reasonable estimates. Although we believe these sources are reliable, we have not independently verified the information. This presentation discloses certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP. Repligen strongly encourages investors to review our consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used herein may differ from similar measures used by other companies, even when similar terms are used to identify such measures. R REPLIGEN 2#3Repligen Snapshot We are enabling efficient, single-use, flexible manufacturing of biological drugs, providing first-to-market solutions for bioprocessing challenges $660M Revenue 2021e (Midpoint 10/28/21 guidance) Bioprocessing solutions provider with differentiated technologies R REPLIGEN +45%* 5-year CAGR *+37% ex-COVID Growing through innovation, acquisitions, market strength ~38% Revenue 2021e from new markets (COVID & GT) ~60% mAbs Diversified customer base, across all biological drug modalities 10 Disruptive technologies since 2014 Drives innovation, first- to-market position, market leadership; accounts for ~25% of our revenue in 2021 2021e figures above are based on 10/28/21 guidance >$8B TAM New applications Capacity expansion ~1,700 employees Taking share in a robust and expanding global biologics market 3#4Robust and Expanding Global Biologics Market COVID Vax and Tx Cell & Gene Therapy Monoclonal Antibodies Exosomes, Oligonucleotides, mRNA (beyond COVID) Global Commercial Market (2020) >$90B (2021) >$5B (Cell & Gene) ~150B (~6% biosimilars) mm Projected Market Growth (2020-2025) N/A >25% 10%-12% (15%+ biosimilars) Commercial and Clinical Activity for Future Growth 6 FDA approved YE 2021 7 FDA approved YE 2021 (3 GT, 4 CAR-T) >120 FDA approved YE 2021 Emerging opportunities >1,000 clinical trials >1,200 clinical trials US (2020) >800 clinical trials (2020) Data sources: Company filings/guidance; U.S. FDA website; clinical trials.gov; Industry articles incl. www.genengnews.com/a-lists/top-11-best-selling-covid-19-vaccines-and-drugs-of-h1-2021/, Antibodies to Watch in 2021 https://pubmed.ncbi.nlm.nih.gov/33459118/; PHrMA report https://phrma.org/-/media/Project/PhRMA/PhRMA-Org/PhRMA-Org/PDF/A-C/MID-cell-and-gene-therapy-2020.pdf; Alliance for Regenerative Medicine report H1 2021 "A Year of Firsts and Records"; Repligen internal mAbs tracker; Market research reports (Research and Markets, Allied Market Research, Brandessence Research, Fortune Business Highlights, Qualiket Research. R REPLIGEN Repligen 2021e* Revenue by Biologic Type 26%- 27% ~11% 62%- 63% $175M- $180M ~$70M $410M- $415M TOTAL: $655M-$665M *based on 10/28/21 earnings call 4#5Our Total Addressable Market by Franchise Repligen's TAM has significantly expanded to >$8B; we are taking share in $22B total market and delivering industry-leading revenue growth PROTEINS & AFFINITY RESINS Our Market Share: ~6% Our 3-year CAGR (2018-2021e): >25% PROCESS ANALYTICS Our Market Share: 4%-5% Our 2-year CAGR (2019 PF-2021e): >30% R REPLIGEN $1.9B 24% $1.1B 13% $8.1B $830M 10% CHROMATOGRAPHY Our Market Share: 12% -13% Our 3-Year CAGR (2018-2021e): >30% $4.3B 53% 2021e Overall Market Share = ~8% 2021e Revenue Growth of 79%-82% 2021e figures above are based on 10/28/21 guidance FILTRATION Our Market Share: ~9% Our 3-Year CAGR (2018-2021e): >60% 5#6How is Repligen Winning in the Bioprocessing Market? R REPLIGEN Strategic M&A ● ● Strict M&A criteria Rapid growth of acquired companies R&D Innovation and Partnerships First-to-market product introductions Market-leading technologies. Collaborations with industry leaders in key growth areas ● ● Operational Excellence Capacity expansion, multi-site manufacturing Global commercial footprint 6#7M&A is Accelerating Expansion, Elevating our Presence We continue to pursue strategic acquisitions that meet our strict criteria: ■ Technology leadership ▪ Strengthens, expands Repligen's market position Underinvested in a key area Strong revenue growth, margins in line with or above corporate average Potential to be accretive to adjusted EPS in first full year post-acquisition R REPLIGEN Analytics Areas of Investment to Accelerate Growth Commercial Operations Acquisition C Technologies May 2019 Highly differentiated, in-line, real-time, fast and accurate measurement; analytics entry R&D ARTESYN Biosolutions December 2020 Premier integrated systems for filtration and chromatography Polymem S.A. June 2021 World class hollow-fiber; immediately expands HF capacity 3x-4x Avitide Inc. Sept. 2021 Leading-edge content player; largest most diverse ligand library, gene-therapy affinity resin focus Filtration Chromatography Proteins & Affinity Resins 7#82014-2019 M&A: Built Our Filtration and Analytics Franchises Acquisition year Revenue "First full year" Revenue Growth June 2014 Resulting Franchises R REPLIGEN Refine TECHNOLOGY TANGENX December 2016 ~$10.6 M +48% FY 2015 August 2017 $5.8M +37% FY 2017 FILTRATION ~$400M in 2021e SPECTRUM LABS.COM 2021e figures above are based on 10/28/21 guidance $37M* +37% FY 2018 * Excluding $4M in sales to Repligen 0.000 May 2019 C C TECHNOLOGIES, INC. $25.6 +30% FY 2020 ANALYTICS ~$45M in 2021e FlowVPX Puss 1 8#9New M&As: Building Fluid Management; Strengthening Proteins, Filtration & Chrom ARTeSYN™ Strategic Intent Engineered Molding NMS Technology BIO-PRODUCTION December 2021 June 2020, October 2020 Franchise R REPLIGEN 761 BIOFLEX SOLUTIONS FERR Build integrated flow path assemblies and associated components FLUID MANAGEMENT AVITIDE September 2021 31 July 2021 Add differentiated content polymem PROTEINS December 2020 Strengthen hollow fiber offering FILTRATION J R REPLIGEN Build Systems to complement consumables CHROM FILTRATION PAP. GEN Παναθηνεία έχουν ELS REPLIGEN 9#10R&D Fuels First-to-Market Innovation and Technology Leadership ● ● First-to-Market TFDF® (Tangential Flow Depth Filtration) FlowVPX® In-line process analytics Cal FlowVPX REPLIDEN R REPLIGEN { REPLIGEN Kifle IF Ser REPLIGEN W SELIER ● ● ● Technology Leadership Perfusion and process intensification Harvest/clarification Pre-packed columns Viral vector process optimization Best-in-class affinity ligands In-line process analytics REPLISEN REPLIGEN Chinchpo REPLIGEN REPLIGEN OPUS 45R Key Partnerships Navigo Proteins GmbH High performance affinity ligands Purolite Next-generation Protein A resins Oxford Biomedica Viral vector manufacturing with TFDFⓇ - Ly SPECIFICATIONE Logembant REPLIGEN D r Cur 10#11Setting New Standards in Biological Drug Production Cell Culture TRENDS Process and N-1 intensification single-use technologies REPLIGEN RESPONSE R REPLIGEN Upstream Clarification R OPER TRENDS Fewer steps, smaller footprint single-use solutions REPLIGEN RESPONSE REPLIGEN h Downstream A REPLIGEN Acce Purification TRENDS TRENDS Scalable, flexible, single-use Scalable, flexible, single-use manufacturing manufacturing Process monitoring REPLIGEN RESPONSE FEPA SEN Depa REPLIGEN OPUS 4.5 UF/DF REPLIGEN RESPONSE REPLIGEN +M Ch FlowVPX™ ORT REPLICEN 24- 11#12Capacity Investments and Progress Drive Best-in-Class Lead Times 7X 3X 4X 3X 3X 9X 會會拿拿合售 FERLIGEN XCell ATFⓇ HOPUS® OPUSⓇ Columns ProConnex® Flow Paths Devices Provide best-in-class lead times R REPLIGEN TangenXⓇ cassettes KrosFloⓇ Systems Capacity increases 2020/2021:~$70M investment Drive business continuity through multi-site manufacturing Secure the supply chain Spectrum® HF filters 2021e figures above are based on 10/28/21 guidance Invest in expansion and facility improvements 12#13Growing Global Presence, Scaling to Meet Customer Demand YE 2021e Revenue by Region Europe, 35% Asia Pac, 20% 99, 41% Commercial Team North America, 45% R REPLIGEN 39, 16% 243 people 105, 43% Field Applications, Field Service Sales Team Customer Service Waltham, MA Headquarters S = Sales Offices and Manufacturing Centers of Excellence 13#14Delivering Strong Financial Performance ($s Millions except EPS) Revenue Revenue Growth Gross Margin (GAAP) Gross Margin (Adj.) $366.3 36%, 29% organic 57.2% 57.6% $69.8 $98.1 $59.9 $89.1 $1.11 $1.65 $717.3 53.9 $107.9 For all non-GAAP financial measures, see reconciliation tables in appendix Operating Income (GAAP) Operating Income (Adj.) Net Income (GAAP) Net Income (Adj.) EPS diluted (GAAP) EPS diluted (Adj.) Cash and Cash Equiv. YE Fully diluted shares YE (M) EBITDA (Adj.) 2020 R REPLIGEN 2021 Guidance $655-$665 79%-82%, 65%-68% organic 59%-60% 59%-60% $165-$169 $204-$208 $125-$128 $163-$166 $2.19-$2.24 $2.86-$2.91 $620-$630 57.0 $221-$225 Revenue (in $Ms) $800 $700 $600 $500 $400 $300 $200 $100 $0 2021e figures above are based on 10/28/21 guidance 2018-2021 50% 3-year Revenue CAGR $0.58 $141.1 $0.66 $193.9 4.4x increase in Adj. EPS $1.07 $270.2 $1.65 $366.0 $2.89e ~$660e $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Adj. EPS fully diluted FY 19* FY 20 FY 17* FY 18* FY 21e *Change in accounting for the treatment of tax on certain non-GAAP adjustments 14#15■ Financial Highlights 2021 Total revenue growth: 79%-82% Organic revenue growth: 65%-68% COVID-related revenue gains: O From ~$46M in 2020 to $175M-$180M in 2021 $200M+ COVID-related revenue anticipated for 2022 ■ Strong base business, +37% through Q3 2021, including growing contribution from gene therapy accounts Very strong order book going into 2022 R REPLIGEN 2021e figures above are based on 10/28/21 guidance YE 2021 ESTIMATES Revenue by Source BASE 67% COVID 27% M&A Gene Therapy 6% 15#16Well-Positioned for Future Growth Technology leadership ▪ Expanding total addressable market: $8.1B High impact systems and consumable products for flexible manufacturing ■ ▪ Strong base business with additional gains from Gene Therapy and COVID programs ■ R&D engine for next-generation products ▪ Expanding manufacturing capacity ■ $620M-$630M in cash to support M&A, capital projects R REPLIGEN Growth Rates 2021e by Franchise 2021e figures above are based on 10/28/21 guidance FILTRATION ~125% ANALYTICS ~35% CHROMA 40%-45% PROTEINS 40%-45% 2024 Revenue Goal $1.0 Billion 16#17Thank you! R REPLIGEN 17#18Appendix R REPLIGEN 18#19GAAP to non-GAAP Reconciliation R REPLIGEN 19#202020 & 2019 Reconciliation Income from Operations and Net Income Reconciliation of GAAP Income from Operations to Non-GAAP (Adjusted) Income from Operations (Unaudited, amounts in thousands) GAAP Income from Operations Adjustments to Income from Operations Acquisition and integration costs Inventory step-up charges Intangible amortization Adjusted Income from Operations R REPLIGEN Twelve Months Ended December 31, 2020 2019 $ 69,823 $ 36,083 $ 11,465 $ $ 734 $ $ 16,032 $ $ 98,054 $ 12,508 1,483 13,441 63,515 Reconciliation of GAAP Net Income to Non-GAAP (Adjusted) Net Income (Unaudited, amounts in thousands) GAAP Net Income Adjustments to Net Income Acquisition and integration costs Inventory step-up charges Intangible amortization Loss on extinguishment of debt Non-cash interest expense Tax effect of non-GAAP charges Adjusted Net Income $ $ $ $ $ $ $ $ Twelve Months Ended December 31, 2020 59,926 $ 10,479 $ $ 16,032 $ $ 10,970 $ 734 (9,050) $ 89,091 $ 2019 21,411 13,008 1,483 13,441 5,650 7,536 (10,003) 52,526 20#212020 & 2019 Reconciliation Net Income Per Share R REPLIGEN Reconciliation of GAAP Net Income per Share to Non-GAAP (Adjusted) Net Income per Share (Unaudited) GAAP Net Income per Share - DILUTED Adjustments to Net Income per Share - DILUTED Acquisition and integration costs Inventory step-up charges Intangible amortization Loss on extinguishment of debt Non-cash interest expense Tax effect of intangible amortization and acquisition costs Adjusted Net Income per Share - DILUTED Totals may not add due to rounding $ es $ es Ś $ $ $ $ $ Twelve Months Ended December 31, 2020 1.11 0.19 0.01 0.30 0.20 (0.17) $1.65 $ $ $ $ $ $ $ $ 2019 0.44 0.26 0.03 0.27 0.11 0.15 (0.20) 1.07 21#222020 & 2019 Reconciliation EBITDA to Adjusted EBITDA R REPLIGEN Reconciliation of GAAP Net Income to Adjusted EBITDA (Unaudited, amounts in thousands) GAAP Net Income Adjustments Investment Income Interest expense Tax Provision Depreciation Intangible amortization EBITDA Other Adjustments Acquisition and integration costs Loss on extinguishment of debt Inventory step-up charges Adjusted EBITDA $ $ $ $ $ $ $ $ $ $ $ Twelve Months Ended December 31, 2020 59,926 (1,741) 12,133 (709) 10,888 16,143 96,640 10,479 734 107,853 $ $ $ $ $ $ $ $ $ $ $ 2019 21,411 (5,324) 9,292 4,740 7,317 13,551 50,987 13,008 5,650 1,483 71,128 22#232021 Guidance Reconciliation Net Income and Net Income Per Share REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED (NON-GAAP NET INCOME GUIDANCE) (in thousands) GUIDANCE ON NET INCOME ADJUSTMENTS TO GUIDANCE ON NET INCOME: Acquisition and integration costs Inventory Step-Up Costs Anticipated pre-tax amortization of acquisition-related intangible assets Non-cash interest expense Loss on conversion of debt Tax effect of intangible amortization and integration Guidance rounding adjustment GUIDANCE ON ADJUSTED NET INCOME Totals may not add due to rounding. R REPLIGEN $ $ Twelve months ending December 31, 2021 Low End High End 125,000 14,710 1,868 22,087 11,384 6 (11,739) (316) 163,000 $ $ 128,000 14,710 1,868 22,087 11,384 6 (11,739) (316) 166,000 REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE TO ADJUSTED (NON-GAAP) NET INCOME PER SHARE GUIDANCE GUIDANCE ON NET INCOME PER SHARE - DILUTED ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED: Acquisition and integration costs Inventory Step-Up Costs Anticipated pre-tax amortization of acquisition-related intangible assets Non-cash interest expense Loss on conversion of debt Tax effect of intangible amortization and integration Guidance rounding adjustment GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED Totals may not add due to rounding. Twelve months ending December 31, 2021 Low End High End $2.19 $0.26 $0.03 $0.39 $0.20 $0.00 ($0.21) ($0.01) $2.86 $2.24 $0.26 $0.03 $0.39 $0.20 $0.00 ($0.21) ($0.01) $2.91 23#24Questions? 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