Repligen Corporation Jefferies 2014 Global Healthcare Conference

June 4, 2014

Safe Harbor

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This presentation contains forward looking statements. These statements are subject to risks and uncertainties which

may cause our plans to change or results to vary. 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 report on Form 10Q. 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, 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.

Building a Best-in-Class Bioprocessing Company

• Repligen is a leading provider of innovative products that

increase efficiency in the manufacture of biologic drugs

• Strong organic growth supplemented by timely strategic

acquisitions has substantially increased our bioprocessing

revenues

• News! Refine Technology acquisition (June 3) provides:

• Profitable, complementary product line

• 15% increase in revenues

• Significant customer overlap and direct sales synergy

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Refine Technology Profile

• Refine manufactures and sells the ATF System, a filtration

device that significantly increases biologic product yields in

fermentation by continuously removing waste materials,

enabling cells to grow to high density

• Technology and market leader for this application

• Used in several FDA-approved manufacturing processes

• ATF products are sold to leading biopharmaceutical

manufacturers worldwide through distributors and direct

sales to several key customers

• Profitable private company with gross margins >50%

• Revenue forecast for 2015 = $8-$9M

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Refine Acquisition: Financial Terms

• Definitive agreement to acquire the business of Refine

Technology for $20.5 million cash and 215,285 shares of

Repligen stock; total upfront = $24.5 million

• Deal includes future contingent payments of up to $8.75

million based on defined revenue targets

• Integration expected to be completed by Q1 2015

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Refine Acquisition: Next Steps

• Multiple opportunities to drive growth:

• Development of applications data to support product adoption

• Integration with Repligen’s quality system

• Development of a single-use, consumable ATF product for

use in facilities designed around disposables

• Increased direct sales to overlapping customer base

• Tony Hunt, COO

• Former President, Bioproduction at Life Technologies

• Leading commercial expansion - to be completed Q4 2014

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• Biologics market growing at 8%-10% per year

• 7 of the 10 best-selling drugs of 2013 were biologics; 6 were

monoclonal antibodies (mAbs)*

• More than 40% of pharmaceutical pipeline products are biologics

• “Sticky products” with barriers to entry

• Risk and costs of changing established biomanufacturing

processes

• Highly concentrated market enables direct sales to end

users with focused field force

• Future growth not dependent on the success or failure of

any single drug candidate

Bioproduction: An attractive market

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1) http://www.fiercepharma.com/special-reports/lantus-best-selling-drugs-2013; http://www.genengnews.com/insight-

and-intelligence/the-top-25-best-selling-drugs-of-2013/77900053/?page=2

6.5 7.9 9.3 10.7

6.5 8.2

8.2 8.9

7.3

7.8 8.4

8.7 6.1

6.5 7.5

7.8 6.2

6.0

6.5 7.0

5.2

5.7

6.2

6.8

1.8

1.9

1.8

1.9

1.0

1.0

1.0

1.9

0.8

1.9

1.2

1.5

1.9

1.9

4.7

7.7

10.8

14.9

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

$55.0

$60.0

$65.0

$70.0

$75.0

2010 2011 2012 2013

Other mAbs

Tysabri

Eylea

Synagis

Erbitux

Herceptin

Avastin

Rituxan

Enbrel

Remicade

Humira

Global Monoclonal Antibody (mAb) Market

$47

$54

$62

8

Re

ve

nu

e, $

Bill

ion

s

$72

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mAb-Based Therapies

Lead Biologics Development

0

50

100

150

200

250

300

350

400

2008 2009 2010 2011 2012

The number of mAb products in clinical

development continues to rise...

…and mAbs are the leading class of

biologics in development.

SOURCE: PhRMA Biologics Report 2013 SOURCE: Reichert J.M.

Phase 3

Phase 1 & 2

0 100 200 300 400

Other

Antisense

rProteins

Gene Therapy

Cell Therapy

Vaccines

Fusion Proteins

ADCs

mAbs

mAb

platform

Follow monoclonal antibody news @mAntibodyNews

Monoclonal Antibody (mAb) Production

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0

See video at www.repligen.com

Protein A

• Protein A is essential for purification of monoclonal antibodies

• Used in the production of nearly all mAb therapeutics on the market

(~40) or in development (>350)

• Market Leader

• Leading manufacturer of Protein A affinity ligands since 1985

• Currently produce 7 forms of Protein A

• Over 15 years of technical expertise; partner of choice

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• Sales Channel

• Long-term supply agreements with major life

sciences companies create barriers to entry

• Partners carry expense of sales

Growth Factors

• Growth factors increase cell growth and productivity during

fermentation resulting in higher yields of desired product

• Current market leader is insulin

• Industrial cell culture market opportunity of $50-$75M

• Lead product is LONG® R3 IGF-1

• 100x more biologically potent than insulin

• Used in several commercial processes

• Forecast sustained growth as clinical stage products are approved

• Sales channel

• Long-term distribution agreement with Sigma-Aldrich

• Co-promote to end users

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• Trend to ready-to-use, disposable components for small

scale manufacturing of biologics

• OPUS® is the ready-to-use technology leader for clinical

mfg.

• Most scalable column sizing and broadest media offering

• Rapid campaign turnaround; speed to clinic

• Current clinical stage market opportunity ~$100M

• Commercial stage market opportunities

• Lower CAPEX, cost of goods

• Niche biologic drugs, high potency biologics

• Rest-of-world manufacturing (in market, in country)

• Direct sales to biopharmaceutical end users

OPUS® Pre-packed Columns

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Multiple Products to Drive Growth

Protein A Affinity Ligands

Expansion of market for

monoclonal antibodies

Sell through

partners

Pu

rifica

tio

n Chromatography

OPUS®

Market expansion

Line extensions

Sell directly

to end users

Conversion of clinical

candidates

to commercial

Growth Factors LONG® R3 IGF-1 F

erm

enta

tion

Distributor

co-promote

to end users

Critical mass

of products to

support

expanded

commercial

organization

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Increased promotion

Applications data

Line extensions

ATF Systems Sell directly

to end users*

* Supplemented by distributors in specific geographies

Financial Highlights

($ millions) 2012 2013 2014 (e)**

Product Revenue $41.8 $47.5 $56-$59

Royalty & Other Revenue* $20.4 $20.7 $2

Total Revenue $62.3 $68.2 $58-$61

Product Gross Profit 40.3% 52.7% 51%-53%

Operating Income $11.1 $22.9 $10-$12

Net Income (Loss) $14.2 $16.1 $8-$10

Cash $50 $73.8 $62-$66

Debt $0 $0 $0

* Orencia® royalty expiry 12/31/13

** As of June 3, 2014 acquisition news and conference call

“Bolt-On” Acquisition Profile

Financial Goals for Bioprocessing

2014 (e) GOAL

Product Revenue ($M) $56-$59 +10%-15%

organic growth

Supplement with

acquisitions

Product Gross Margin 51%-53% 55% Capacity utilization,

Yield improvement

R&D % of product revenue

9%-10% 8%-10%

New media,

OPUS line extensions,

ATF single-use

SG&A % of product revenue

26%-28% < 25%

Sales expansion,

G&A decreasing as

a % of revenue

Operating Margin % of product revenue

13%-16% 20%-25%

25% = top quartile (Jefferies life sci universe)

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2014 expectations as of June 3, 2014 acquisition news and conference call

Repligen Investment Highlights

• Growing market for biologic drugs drives demand

for bioprocessing products

• Protein A is embedded in most monoclonal

antibody manufacturing processes

• Expanding commercial presence to drive 3 high-

growth potential product lines: GFs, OPUS®, ATF

• Improving profit margins and cash flow; solid

financial base

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Questions?

Breakout Room: URIS