瑞普利金公司（RGEN）：即将到来的价格上涨……对订单的潜在影响？

Equity ResearchJune 2, 2025Matthew Stanton * | Equity Analyst(615) 963-8397 | mstanton@jefferies.comTycho Peterson * | Equity Analyst+1 (212) 738-5583 | tpeterson2@jefferies.comJack Melick, CPA * | Equity Associate+1 (617) 345-8671 | jmelick@jefferies.comPriya Patel * | Equity Associate+1 (332) 204-0140 | ppatel5@jefferies.comNoah Kava * | Equity Associate+1 (212) 323-3939 | nkava@jefferies.comLauren Timmins, Ph.D. * | Equity Associate+1 (929) 237-2038 (mobile) | ltimmins@jefferies.com$118.57^$160.00 | +35%$182.52 - $102.97FLOAT (%) | ADV MM (USD)93.7% | 97.40^Prior trading day's closing price unless otherwise Company DescriptionRepligen CorporationRepligen Corporation is a life sciences company focused on the development, production, and commercialization of high-value consumable productsused in the process of manufacturing biological drugs.Company Valuation/RisksRepligen CorporationOur $160 PT represents a 10-year horizon in our DCF and implies an EV of ~12x our 2025E revenues. Risks include new mAb approvals, M&A integration,competition from larger peers, faster uptake of new product launches, better pricing, and synergy capture from recent deals.Analyst Certification:I, Matthew Stanton, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Tycho Peterson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Jack Melick, CPA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Priya Patel, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Noah Kava, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Lauren Timmins, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation p