Repligen Corp (RGEN) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Repligen Corporation's first quarter of 2025 earnings conference call. My name is Dovin, and I will be your coordinator. (Operator Instructions) Please note that there will be a question-and-answer session following the company's formal remarks. The company would like to note that there will be a limited time frame for Q&A and as such, management kindly requests that each individual asks one question to try to accommodate all.

女士們、先生們，大家好，歡迎參加 Repligen Corporation 2025 年第一季財報電話會議。我的名字是 Dovin，我將擔任您的協調員。（操作員指示）請注意，在公司正式發言之後將有一個問答環節。公司希望指出，問答的時間有限，因此，管理階層懇請每個人只提出一個問題，以盡量滿足所有要求。

I would like to turn the call over to your host for today's call, Jacob Johnson, Vice President of Investor Relations for Repligen.

我想將電話轉給今天的主持人，Repligen 投資者關係副總裁 Jacob Johnson。

Thank you, operator. And welcome to our first quarter of 2025 report. On this call, we will cover business highlights and financial performance for the three-month period ending March 31, 2025, and we'll provide financial guidance for the full-year 2025. Joining us on the call today are Repligen's President and Chief Executive Officer, Olivier Loeillot; and our Chief Financial Officer, Jason Garland.

謝謝您，接線生。歡迎閱讀我們的 2025 年第一季報告。在本次電話會議上，我們將介紹截至 2025 年 3 月 31 日的三個月的業務亮點和財務業績，並提供 2025 年全年的財務指導。今天參加電話會議的有 Repligen 總裁兼執行長 Olivier Loeillot 和我們的財務長 Jason Garland。

As a reminder, the forward-looking statements that we make during this call, including those regarding our business goals and expectations for the financial performance of the company, are subject to risk and uncertainties that may cause actual events or results to differ. Additional information concerning the risks related to our business is included in our quarterly reports on Form 10-Q, our annual report on Form 10-K for the year ended December 31, 2024, and our current reports, including the Form 8-K that we are filing today, and other filings that we make with the Securities and Exchange Commission. Today's comments reflect management's current views which could change as a result of new information, future events, or otherwise. The company does not obligate or commit itself to update forward-looking statements except as required by law.

提醒一下，我們在本次電話會議中所做的前瞻性陳述，包括有關我們的業務目標和對公司財務表現的預期，都存在風險和不確定性，可能導致實際事件或結果有所不同。有關我們業務風險的其他資訊包含在我們的 10-Q 表季度報告、截至 2024 年 12 月 31 日的 10-K 表年度報告以及我們的當前報告（包括我們今天提交的 8-K 表）和我們向美國證券交易委員會提交的其他文件中。今天的評論反映了管理層當前的觀點，這些觀點可能會因新資訊、未來事件或其他原因而改變。除法律要求外，本公司沒有義務或承諾更新前瞻性聲明。

During this call, we are providing non-GAAP financial results and guidance unless otherwise noted. Reconciliations of GAAP to non-GAAP financial measures are included in the press release that we issued this morning which is posted on Repligen's website and on sec.gov. Adjusted non-GAAP figures in today's report include the following: Non-COVID and organic revenue and/or revenue growth, cost of goods sold, gross profit and gross margin, operating expenses including R&D and SG&A, income from operations and operating margin, tax rate on pretax income, net income, diluted earnings per share, EBITDA, adjusted EBITDA, and adjusted EBITDA margins. These adjusted financial measures should not be viewed as an alternative to GAAP measures but are intended to best reflect the performance of our ongoing operations.

在本次電話會議中，除非另有說明，我們將提供非 GAAP 財務結果和指導。我們今天早上發布的新聞稿中包含了公認會計準則 (GAAP) 與非公認會計準則 (Non-GAAP) 財務指標的對賬，該新聞稿已發佈在 Repligen 網站和 sec.gov 上。今天報告中調整後的非公認會計準則 (Non-GAAP) 數據包括：非新冠疫情期間及有機收入和/或收入增長、銷售成本、毛利潤和毛利率、包括研發和銷售、一般及行政費用 (SG&A) 在內的營運費用、營業利潤及毛利率、稅前收入後額調整、稀釋每股收益、息稅後利潤這些調整後的財務指標不應被視為 GAAP 指標的替代品，而是為了最好地反映我們持續經營的表現。

Now, I'll turn the call over to Olivier.

現在，我將把電話轉給奧利維爾。

Thank you and welcome to Repligen, Jacob. Good morning, everyone, and welcome to our 2025 first quarter call.

謝謝你，歡迎來到 Repligen，Jacob。大家早安，歡迎參加我們 2025 年第一季電話會議。

Before jumping into our overall business performance, I want to spend a few minutes on the current environment. It's obviously a very dynamic macro backdrop with new headlines emerging every day. As you saw in our release, we had a very good first quarter and are encouraged by the underlying trends and opportunities in our business. We acknowledge macro uncertainties exist and are working to adapt to an evolving environment.

在介紹我們的整體業務表現之前，我想花幾分鐘時間介紹當前的環境。這顯然是一個非常動態的宏觀背景，每天都會出現新的頭條新聞。正如您在我們的新聞稿中看到的，我們第一季表現非常好，並且我們業務中的潛在趨勢和機會令我們感到鼓舞。我們承認存在宏觀不確定性，並且正在努力適應不斷變化的環境。

As it pertains to tariffs, at this point in time, we see a limited net impact on our EPS. Given the strengths we have been seeing in orders for the last few quarters and with Q1 '25 orders slightly above Q4'24, our organic full-year '25 guidance remains unchanged. This does not include specific impacts from tariffs.

就關稅而言，目前我們認為其對每股盈餘的淨影響有限。鑑於過去幾季訂單的強勁表現，以及 2025 年第一季的訂單略高於 2024 年第四季度，我們對 2025 年全年有機成長的預期保持不變。這還不包括關稅的具體影響。

As it pertains to tariffs, I would first highlight that the majority of our manufacturing is in the U.S. In fact, more than 90% of our U.S. revenue is manufactured in the U.S. or currently exempt from tariffs. In an effort to frame the potential impact of tariffs, we estimate that approximately 10% of our cost of goods sold are from raw materials directly sourced outside of the manufacturing region. In addition, we estimate a low single-digit percentage of our revenue could be subject to U.S. tariffs.

就關稅而言，我首先要強調的是，我們的大部分製造業都在美國進行。事實上，我們 90% 以上的美國收入是在美國製造的，或目前免關稅。為了確定關稅的潛在影響，我們估計大約 10% 的銷售成本來自製造區域以外直接採購的原材料。此外，我們估計，我們的收入中可能有低於個位數的百分比可能會受到美國關稅的影響。

As it relates to Europe and Asia, ex-China, this is where we could potentially have greater exposure in the case of retaliation as revenue manufactured in the U.S. for these regions represents about a quarter of our total revenue.

就歐洲和亞洲（中國除外）而言，如果遭到報復，我們可能會面臨更大的風險，因為美國為這些地區生產的收入約占我們總收入的四分之一。

So based on the most recent proposal we have seen, tariffs would not apply to a sizeable majority of these revenues. We are working to mitigate tariff impacts by leveraging our global manufacturing network, applying surcharges, and pricing where appropriate. Finally, we will note, China only represented 2% of our revenue in the quarter.

因此，根據我們看到的最新提案，關稅不會適用於這些收入的絕大部分。我們正在努力利用我們的全球製造網絡、徵收附加費以及在適當情況下定價來減輕關稅的影響。最後，我們要注意的是，中國僅占我們本季營收的 2%。

In terms of financial impact, excluding the impact from China, given the unique nature of these tariffs, we believe the net result of these actions could be a tailwind for revenue, a modest headwind for margins, and have minimal impact on adjusted earnings per share.

就財務影響而言，排除來自中國的影響，鑑於這些關稅的獨特性質，我們認為這些行動的最終結果可能是收入的順風，利潤率的適度阻力，對調整後每股收益的影響微乎其微。

Our job as a management team is to navigate through this environment. In the meantime, we remain focused on executing our strategic plan for 2025.

身為管理團隊，我們的工作就是駕馭這種環境。同時，我們仍將專注於執行2025年策略計畫。

Moving on to highlights from the quarter, we had a very strong start to 2025 with 11% organic revenue growth in Q1 '25 which was 14% organic non-COVID. Proteins had the highest growth of all of our franchises, outperforming our expectations, while Chromatography and Analytics both grew double digits. Filtration revenues were slightly up, excluding COVID, due to a tough comp from a large customer sale in the prior year. Consumables were very strong in the quarter. And while we did see some softness in capital equipment due to timing, we have a backlog that supports solid growth in the back half of the year. Orders were up high teens year-on-year with all franchises growing double digits. In addition, our orders increased sequentially from the fourth quarter which is impressive given that first quarter is typically a seasonally slower quarter.

回顧本季的亮點，我們在 2025 年取得了非常強勁的開局，2025 年第一季度有機收入增長了 11%，其中非新冠疫情期間有機收入增長了 14%。蛋白質是我們所有特許經營業務中成長最快的，超出了我們的預期，而色譜和分析業務均實現了兩位數的成長。由於去年大客戶銷售業績不佳，除 COVID 外，過濾業務收入略有上升。本季消耗品表現非常強勁。雖然由於時間原因，我們確實看到資本設備出現一些疲軟，但我們的積壓訂單可以支撐下半年的穩健成長。訂單量去年同期成長了十幾個百分點，所有特許經營店的訂單量都實現了兩位數的成長。此外，我們的訂單量從第四季度開始環比增加，考慮到第一季通常是季節性較慢的季度，這一點令人印象深刻。

So while there are macro uncertainties, we remain focused on delivering on our strategy in 2025 and beyond. We are encouraged by the many opportunities we are seeing across our portfolio as we sell into resilient end markets that have demonstrated healthy growth over the long term. In fact, our 50%-plus probability opportunity funnel was up 30% year-on-year. These opportunities are broad-based and we want to emphasize that we have a diversified customer base. Our largest monocular antibody customer represented 6% of revenue in full-year '24, and our largest new modality customer was no more than 3%, within our top customers who are serving multiple programs.

因此，儘管存在宏觀不確定性，我們仍專注於實現 2025 年及以後的策略。隨著我們向長期表現出健康成長的有彈性的終端市場銷售產品，我們看到了投資組合中存在的許多機會，這讓我們感到鼓舞。事實上，我們的 50% 以上機率機會漏斗較去年同期成長了 30%。這些機會是廣泛的，我們想強調我們擁有多樣化的客戶群。我們最大的單眼抗體客戶佔 24 年全年收入的 6%，而我們最大的新模態客戶不超過 3%，在我們服務多個專案的頂級客戶中。

Finally, we made progress on many of our key strategic initiatives for 2025, including the acquisition of 908 Devices' bioprocessing portfolio, the launch of a new Metenova mixer, and continuing our journey to be fit for growth.

最後，我們在 2025 年的許多關鍵策略舉措上取得了進展，包括收購 908 Devices 的生物加工產品組合、推出新的 Metenova 攪拌器，以及繼續我們的成長之旅。

In short, we are encouraged by the momentum in our business as highlighted by our Q1 results. We are working to navigate through the current environment with a focus on delivering differentiated products for customers which we believe will drive successful performance for the company.

簡而言之，我們對第一季業績所突顯的業務發展動能感到鼓舞。我們正在努力適應當前環境，並專注於為客戶提供差異化產品，我們相信這將推動公司的成功表現。

Moving to performance by end markets. Q1 '25 biopharma revenues were at the highest level ever, excluding COVID, and grew more than 20% year-on-year. This was supported by strong execution from our strategic accounts team which is helping us to accelerate growth at our top 20 customers. Biopharma orders were also up approximately 20% versus Q1 '24 as these key customers are more broadly adopting products across our portfolio. After two very strong quarters, CDMO revenues were down slightly year-on-year, with orders up more than 40% year-on-year. We expect revenue growth to accelerate throughout the rest of the year. Consumable revenues, which exclude Proteins, grew greater than 20% year-on-year, a record quarter on a non-COVID basis driven by ATF consumables, OPUS, and fluid management.

轉向終端市場的表現。2025 年第一季生物製藥收入達到歷史最高水準（不包括 COVID），年增超過 20%。這得歸功於我們策略客戶團隊的強力執行，這有助於我們加速前 20 名客戶的成長。由於這些主要客戶更廣泛地採用我們產品組合中的產品，生物製藥訂單也比 2024 年第一季成長了約 20%。在經歷了兩個非常強勁的季度之後，CDMO 收入同比略有下降，訂單年增超過 40%。我們預計今年剩餘時間內營收成長將會加速。不包括蛋白質的消耗品收入年增超過 20%，在 ATF 消耗品、OPUS 和液體管理的推動下，創下了非 COVID 時期的創紀錄季度。

Our recent design wins in late phase and commercial drugs are becoming a significant tailwind. Consumable orders were also at a recall level and up more than 20% versus quarter one '24. Capital equipment revenues declined year-on-year as we expected. Both our backlog and funnel are strong, so we expect capital equipment revenue to strengthen as the year progresses. So given the current backdrop and normal Q1 seasonality, we have seen some delays in customer orders. New modalities revenues and orders were up in the quarter. While there may be some near term challenges for this end market, we continue to believe this is a strategic and market for Repligen.

我們最近在後期設計和商業藥物方面取得的勝利正成為重要的推動力。消耗品訂單也處於召回水平，與 2024 年第一季相比增長了 20% 以上。正如我們預期的那樣，資本設備收入比去年同期下降。我們的積壓訂單和漏斗都很強勁，因此我們預計隨著時間的推移，資本設備收入將會增強。因此，考慮到當前的背景和正常的第一季季節性，我們看到客戶訂單有所延遲。本季新模式收入和訂單均有所增加。儘管這個終端市場可能在短期內面臨一些挑戰，但我們仍然相信這對 Repligen 來說是一個策略市場。

Finally, from a geographic point of view, the Americas, Europe, APAC, excluding China, had a very strong quoter both for revenues and orders. China, on the other hand, continues to decline and represented about only 2% of our Q1 revenues and orders, a very small share of our total business.

最後，從地理角度來看，美洲、歐洲、亞太地區（不包括中國）的營收和訂單量都非常強勁。另一方面，中國市場持續下滑，僅占我們第一季營收和訂單的 2% 左右，占我們總業務的一小部分。

On our Q4 '24 call, we outlined five key areas of strategic focus this year. I want to provide updates on some of the progress we made during the quarter. First, we stated our ambition to acquire one to two businesses to strengthen our position with a focus on new modalities and PAT. In March, we announced the acquisition of 908 Devices' bioprocessing PAT portfolio. Jason will provide additional details around the financial impact of that transaction. Strategically, this acquisition accelerates our journey to enable the digitization of bioprocessing by key technologies which allow us to bring PAT-integrated upstream solutions to the bioprocessing industry and complement our downstream capabilities.

在我們的 2024 年第四季電話會議上，我們概述了今年的五個關鍵策略重點領域。我想介紹一下我們在本季取得的一些進展。首先，我們表明了收購一到兩家企業以加強我們的地位的雄心，重點關注新模式和 PAT。三月份，我們宣布收購 908 Devices 的生物加工 PAT 產品組合。傑森將提供有關該交易的財務影響的更多細節。從策略上講，此次收購加速了我們透過關鍵技術實現生物加工數位化的進程，使我們能夠將 PAT 整合的上游解決方案帶入生物加工產業並補充我們的下游能力。

Looking ahead, 908 products will benefit from leveraging our commercial infrastructure, and we will continue to invest in product development to launch additional PAT technologies as we try to prepare for the next wave of industry digitization. Operationally, we are working to transition 908 Massachusetts manufacturing into a Repligen facility and continue to assess additional footprint optimization.

展望未來，908 產品將受益於我們的商業基礎設施，我們將繼續投資產品開發，推出更多 PAT 技術，為下一波產業數位化做好準備。在營運方面，我們正在努力將 908 馬薩諸塞州的製造工廠轉變為 Repligen 工廠，並繼續評估額外的佔地面積優化。

Secondly, we are working to capitalize on our best-in-class innovation and continue to invest in R&D. Recently, we launched a ProConnex MixOne, a single-use mixer based on Metenova's mixing technology. This is a great example of the integration of Repligen's R&D and M&A strategy as this product combines components from a number of our fluid management acquisitions into a best-in-class single-use technology. Feedback from the Interphex conference was positive, with multiple demos requested. We expect to receive the initial orders of the MixOne mixers in the second half of 2025.

其次，我們正在努力利用我們一流的創新並繼續投資研發。最近，我們推出了 ProConnex MixOne，這是一款基於 Metenova 混合技術的一次性攪拌器。這是 Repligen 研發與併購策略整合的一個很好的例子，因為該產品將我們多項流體管理收購的組件組合成一流的一次性技術。Interphex 會議的回饋是正面的，並要求提供多個演示。我們預計將在 2025 年下半年收到 MixOne 攪拌機的首批訂單。

Finally, we continue to invest to become further fit for growth, positioning Repligen to be a much larger business in the not too distant future. During the quarter, we made investments in finance and quality which would help increase visibility in our business and improve our customer experience.

最後，我們將繼續投資以進一步適應成長，使 Repligen 在不久的將來成為更大的企業。本季度，我們在財務和品質方面進行了投資，這將有助於提高我們業務的知名度並改善我們的客戶體驗。

Moving now to franchise-level business highlights. Non-COVID filtration revenue was up slightly year-on-year in Q1. The quarter played out largely as we expected. Fluid Management and TangenX flat sheet cassettes led the way. ATF consumable was strong and at a recall level while ATF hardware was down year-on-year due to a tough comparison. We remain positive about the medium term outlook for these product lines as we continue to see new wins and applications for the technology across end markets, even the differentiated performance, including customers' ability to scale up and down on the platform.

現在轉向特許經營級業務亮點。第一季非新冠過濾收入較去年同期略有成長。本季的進展基本上符合我們的預期。流體管理和 TangenX 平板盒處於領先地位。ATF 消耗品表現強勁，處於召回水平，但由於比較困難，ATF 硬體較去年同期下降。我們對這些產品線的中期前景仍然持樂觀態度，因為我們繼續看到該技術在終端市場的新勝利和新應用，甚至差異化性能，包括客戶在平台上擴大和縮小規模的能力。

Our Fluid Management products are getting traction with some significant recent wins with pharma customers. TangenX also has real momentum with multiple designing successes. Filtration orders grew low double-digit year-on-year which sets us up well for double-digit non-COVID growth for the balance of the year.

我們的流體管理產品最近在製藥客戶中贏得了一些重大勝利，並獲得了青睞。TangenX 也憑藉著多項設計上的成功而擁有真正的發展勢頭。過濾訂單同比增長了兩位數，為今年剩餘時間實現非疫情時期的兩位數增長奠定了基礎。

Chromatography grew double-digits driven by growth in large scale columns. Orders increased greater than 50%, the highest quarter order intake in the last three years. OPUS has long been successful with CDMO customers and we are now gaining more traction with large pharma customers which is an encouraging development. We expect Chromatographic growth will be strong for the remainder of the year. Proteins had a great quarter with strong year-on-year growth. This was driven by a record quarter for Chromatography reins as we benefited from the timing of commercial demand.

受大型色譜柱成長的推動，色譜分析業務實現了兩位數成長。訂單量成長超過50%，為近三年來季度訂單量最高。OPUS 長期以來一直與 CDMO 客戶合作並取得成功，現在我們正在與大型製藥客戶建立更多的合作關係，這是一個令人鼓舞的發展。我們預計今年剩餘時間內色譜業務將保持強勁成長。蛋白質本季表現優異，年成長強勁。這是由於我們受益於商業需求的時機，色譜分析部門創下了一個季度的記錄。

During the quarter, we strengthened our collaboration with Purolite through joint customer discussions. Our Chromatography custom resins had strong growth in the quarter which highlights our strategy to develop our own content. While the quarter played out better than we expected, our full-year outlook for the segment is unchanged.

本季度，我們透過聯合客戶討論加強了與 Purolite 的合作。我們的色譜客製化樹脂在本季度實現了強勁成長，這凸顯了我們開發自有內容的策略。儘管本季的表現優於我們的預期，但我們對該部門的全年展望保持不變。

Process Analytics grew 20% with $1 million of revenue from the 908 acquisition in the first quarter and 12% organically. This was mainly driven by consumable and service optic.

Process Analytics 在第一季因收購 908 而獲得了 100 萬美元的收入，成長了 20%，有機成長率為 12%。這主要是由消耗品和服務光學元件推動的。

To summarize our Q1 performance, 14% organic non-COVID revenue growth is a very good start to the year. Our order and funnel trends highlight the momentum in the business. As a result, we are confident in our 2025 outlook and delivering above market growth. We are focused on executing our strategy, delivering differentiated products to customers, while being nimble to adapt to an evolving economic environment to best serve our customers and create value for shareholders.

總結我們第一季的業績，14% 的非 COVID 有機收入成長對於今年來說是一個非常好的開始。我們的訂單和漏斗趨勢凸顯了業務的發展動能。因此，我們對 2025 年的前景充滿信心，並能實現高於市場的成長。我們專注於執行我們的策略，向客戶提供差異化的產品，同時靈活適應不斷變化的經濟環境，以便為客戶提供最好的服務並為股東創造價值。

Before I turn the call over to Jason, I want to thank Sondra Newman, our outgoing vice president of Investor Relations, for her many years of service to Repligen. We wish her the best in retirement.

在我將電話轉給傑森之前，我想感謝即將離任的投資者關係副總裁桑德拉紐曼 (Sondra Newman) 多年來為 Repligen 所做的服務。我們祝福她退休後一切順利。

Thank you, Olivier, And good morning, everyone. Today, we are reporting our financial results for the first quarter of 2025 and providing an update to our financial guidance for the full year. Unless otherwise mentioned, all financial measures discussed reflect adjusted non-GAAP measures.

謝謝你，奧利維爾，大家早安。今天，我們將報告 2025 年第一季的財務業績，並提供全年財務指引的最新資訊。除非另有說明，討論的所有財務指標均反映調整後的非公認會計準則指標。

As shared in our press release this morning, we delivered first quarter revenue of $169 million. This exceeded our expectations of a sequential decline from the fourth quarter despite a $2 million or a 1.5-point headwind from foreign exchange. This is a reported increase of 10% for the first quarter. We were up 11% on an organic basis, which excludes the impact of acquisitions and currency, and up 14% on an organic non-COVID basis, which we believe best reflects our underlying great performance in the quarter. Acquisitions contribute approximately 1 point of the reported growth.

正如我們今天早上的新聞稿所述，我們第一季的收入為 1.69 億美元。儘管外匯帶來了 200 萬美元或 1.5 個百分點的不利影響，但這仍然超出了我們對第四季環比下降的預期。據報道，第一季成長了 10%。剔除收購和貨幣的影響，我們的有機成長了 11%，非 COVID 因素的有機成長了 14%，我們認為這最能反映我們本季的出色表現。收購對報告的成長貢獻了約 1 個百分點。

As Olivier shared color on our product franchise performance, I'll provide more detail on the performance across our global regions. Starting with quarterly revenue, North America represented 50% of our total. Europe represented 35%. And Asia Pacific and the rest of the world represented 15%. North America and Europe were both up 13%. And Asia, excluding China, was equally strong with 12% growth.

正如 Olivier 分享了我們產品特許經營表現的色彩一樣，我將提供有關我們全球地區表現的更多細節。從季度收入開始，北美占我們總收入的 50%。歐洲佔35%。亞太地區和世界其他地區佔15%。北美和歐洲均上漲13%。除中國外的亞洲同樣表現強勁，成長了 12%。

China was down significantly and as Olivier mentioned earlier, now represents about 2% of our total business. China remains a region with unique challenges, but given our relatively small exposure to the region and the strength we are seeing elsewhere, we believe we can largely offset China-related headwinds.

中國業務大幅下滑，正如 Olivier 先前所提到的，目前約占我們總業務的 2%。中國仍然是一個面臨獨特挑戰的地區，但鑑於我們在該地區的業務相對較少，以及我們在其他地方看到的實力，我們相信我們可以在很大程度上抵消與中國相關的阻力。

For orders, North America and Europe were the regions that drove our growth in the quarter.

就訂單而言，北美和歐洲是本季推動我們成長的地區。

Transitioning to profit margins, we are very pleased with our performance in the first quarter with an adjusted gross profit of $91 million and delivering 53.7% adjusted gross margin. This is up nearly 450 basis points versus last year, driven by 150 basis points benefit from higher volume, 100 basis points of benefit from favorable mix associated with the strong Proteins sales in the first quarter Olivier discussed earlier, offset by 60 basis points of COVID-related headwinds. The team delivered 200 basis points of benefit from productivity execution in our supply chain as our momentum from year end carried forward into the first quarter. Given the Proteins mixed benefit in the first quarter is unlikely to repeat, we expect the first quarter gross margin to be the highest of the year.

談到利潤率，我們對第一季的業績非常滿意，調整後的毛利為 9,100 萬美元，調整後的毛利率為 53.7%。與去年相比，這一數字上漲了近 450 個基點，其中 150 個基點受益於銷量增加，100 個基點受益於 Olivier 之前討論的第一季度強勁的蛋白質銷售帶來的有利產品組合，但 60 個基點的 COVID 相關不利因素抵消了這一影響。隨著我們從年底延續的勢頭進入第一季度，團隊透過供應鏈的生產力執行實現了 200 個基點的收益。鑑於第一季蛋白質的混合效益不太可能重現，我們預計第一季的毛利率將是今年最高的。

Continuing through the P&L, our adjusted income from operations was $23 million in the first quarter, up 72% or approximately $10 million versus the first quarter of 2024 on strong volume leverage. This increase is driven by $15 million higher gross profit from higher sales and the gross margin discussed earlier, offset by an increase in operating expenses of approximately $6 million.

繼續查看損益表，我們第一季的調整後營業收入為 2,300 萬美元，由於強勁的銷售槓桿，比 2024 年第一季成長 72% 或約 1,000 萬美元。這一增長是由銷售額增加帶來的 1500 萬美元的毛利和前面討論過的毛利率增加所推動的，但被約 600 萬美元的營運費用增加所抵消。

OpEx grew by about 9% on a reported basis, including some one-time operating expenses in the quarter, but up about 6% on an organic basis, excluding the impact of acquisitions. This is less than half of the equivalent organic non-COVID revenue growth rate of 14%. This translated to an adjusted operating income margin of 13.8%, also driven mostly by strong volume leverage. This was up 490 basis points from the first quarter of 2024. Adjusted operating margin improvement also included the aforementioned mixed benefit for Proteins volume, offset by COVID non-repeating, and one month of 908 Devices bioprocessing portfolio and the previously mentioned one-time operating expenses. Our first quarter adjusted EBITDA margin rate was 19.3%.

營運支出按報告基礎增長約 9%，其中包括本季的一些一次性營運費用，但按有機基礎增長約 6%，不包括收購的影響。這還不到非新冠疫情期間有機收入成長率 14% 的一半。這意味著調整後的營業利潤率為 13.8%，這也主要得益於強勁的銷售槓桿。這比 2024 年第一季上漲了 490 個基點。調整後的營業利潤率改善還包括前述蛋白質產量的混合收益（被 COVID 非重複性收益所抵消），以及 908 設備生物加工產品組合的一個月以及前面提到的一次性營運費用。我們第一季調整後的 EBITDA 利潤率為 19.3%。

Adjusted net income was $22 million, up about $5 million or 29% from the first quarter of 2024. Higher adjusted operating income was offset by lower interest income and higher tax provisions. Our first quarter adjusted effective tax rate was 23.1%, in line with the high end of our total year guidance, but about 4 points higher than last year due to less stock compensation windfall benefits. There's no change in our total year adjusted effective tax rate guide. Adjusted fully diluted earnings per share for the first quarter were $0.39, compared to $0.30 in the same period of 2024, up 29%.

調整後淨收入為 2,200 萬美元，較 2024 年第一季增加約 500 萬美元，增幅為 29%。調整後的營業收入增加被利息收入減少和稅收準備金增加所抵消。我們第一季的調整後有效稅率為 23.1%，與全年預期的高點一致，但由於股票薪酬意外收益減少，比去年高出約 4 個百分點。我們的全年調整後有效稅率指南沒有變更。第一季調整後每股完全攤薄收益為 0.39 美元，而 2024 年同期為 0.30 美元，成長 29%。

Finally, our cash position at the end of the first quarter of 2025 was $697 million, down $60 million sequentially from year end after using $70 million for the settlement of our acquisition. This was partially offset by a cash flow from operations generation of $15 million in the quarter.

最後，我們在 2025 年第一季末的現金狀況為 6.97 億美元，在使用 7,000 萬美元結算收購後，比年底下降 6,000 萬美元。這被本季 1500 萬美元的營運現金流部分抵銷。

We are very happy with the strong first quarter results delivering above-market revenue growth and strong margin expansion which positions us well to deliver on our 2025 outlook.

我們對第一季的強勁業績感到非常高興，其營收成長高於市場水平，利潤率也大幅提升，這為我們實現 2025 年的願景奠定了良好的基礎。

I will now provide an update on our guidance for the full year of 2025. I'll speak to adjusted financial guidance, but please note that our GAAP to non-GAAP reconciliations for our '25 guidance are included in the reconciliation tables in today's earnings press release. And for further clarity, our guidance includes the impact of the December 2024 acquisition of Tantti and now includes the March acquisition of the 908 bioprocessing portfolio. We'll report revenue related to the 908 bioprocessing portfolio, but we do not expect to report acquisition-related revenue to Tantti as its products will be used as a component in our Avitide resin sales.

我現在將提供有關 2025 年全年指導的最新資訊。我將談論調整後的財務指引，但請注意，我們 25 年指引的 GAAP 與非 GAAP 對帳已包含在今天的收益新聞稿中的對帳表中。為了進一步明確，我們的指導包括 2024 年 12 月收購 Tantti 的影響，現在包括 3 月收購 908 生物加工組合的影響。我們將報告與 908 生物加工產品組合相關的收入，但我們預計不會向 Tantti 報告收購相關收入，因為其產品將作為我們 Avitide 樹脂銷售的組成部分。

As highlighted earlier by Olivier, our organic 2025 guidance is unchanged at 9.5% to 13.5% growth and 11.5% to 15.5% growth for our organic non-COVID business. That said, we are increasing our reported revenue guidance from $685 million to $710 million, to $695 million to $720 million solely to incorporate the expected additional revenue from the 908 bioprocessing portfolio acquisition.

正如 Olivier 先前所強調的那樣，我們對 2025 年有機成長的預期保持不變，為 9.5% 至 13.5%，非 COVID 業務有機成長為 11.5% 至 15.5%。也就是說，我們將報告的收入預期從 6.85 億美元至 7.1 億美元提高到 6.95 億美元至 7.2 億美元，僅是為了計入 908 生物加工組合收購預期的額外收入。

As it relates to the macro level volatility, we have decided not to incorporate any specific changes in this guide. That said, we'll provide as much context on potential impacts as we can. For currency, we have still assumed about 150 basis points of year-over-year FX headwind in this guide. Any additional fluctuations, higher or lower, could change that view. For example, at last Friday's exchange rates, we could see almost a full point of tailwind on our revenue growth rate for the year.

由於它與宏觀層面的波動有關，我們決定不在本指南中納入任何具體變化。話雖如此，我們會盡可能提供有關潛在影響的背景資訊。對於貨幣，我們在本指南中仍然假設外匯逆風年減約 150 個基點。任何額外的波動，無論是更高或更低，都可能改變這種觀點。例如，根據上週五的匯率，我們可以看到今年的營收成長率幾乎完全順風。

Given the volatility of the trade environment, we have not included any impact from tariffs in the guide. To frame the possible financial impact, we could see a net increase in sales from potential surcharges that Olivier mentioned earlier, and we will leverage our global manufacturing network and pricing where appropriate to minimize the impact on gross profit. We will quantify these impacts as much as possible as reported results in the future.

鑑於貿易環境的波動性，我們沒有在指南中納入關稅的任何影響。為了界定可能的財務影響，我們可以看到 Olivier 先前提到的潛在附加費帶來的銷售淨增長，我們將在適當的情況下利用我們的全球製造網絡和定價來最大限度地減少對毛利潤的影響。我們將在未來的報告結果中盡可能量化這些影響。

Regarding our revenue cadence, we still expect revenues in the second half of 2025 to be higher than the first half. We expect our year-over-year organic non-COVID growth to accelerate in 2Q, and revenues to be up sequentially from the first quarter.

關於我們的收入節奏，我們仍然預計 2025 年下半年的收入將高於上半年。我們預計，第二季非新冠疫情期間的有機年成長將加速，營收也將較第一季季增。

In terms of growth by franchise, our outlook for our Filtration, Chromatography, and Proteins franchises are unchanged versus our previous guidance, while we now expect 20% to 25% growth in Analytics as we integrate the 908 bioprocessing portfolio.

就特許經營權的成長而言，我們對過濾、色譜和蛋白質特許經營權的展望與先前的指導相比沒有變化，而隨著我們整合 908 個生物加工產品組合，我們現在預計分析業務將增長 20% 至 25%。

We now expect to deliver adjusted gross margins in the range of 52% to 53%, which represents 160 to 260 basis points of year-over-year margin expansion. This is a 100-basis-point increase versus our prior guidance. This primarily relates to a shifting cost to operating expenses, from cost of goods sold where they had been assumed in our previous guide. There's no change in operating income related to this change. The 908 bioprocessing portfolio is also slightly accretive to gross margin.

我們現在預計調整後的毛利率將在 52% 至 53% 之間，這意味著利潤率將年增 160 至 260 個基點。這比我們先前的預測增加了 100 個基點。這主要涉及將成本從我們先前的指南中假設的銷售成本轉移到營運費用。此變更不會導致營業收入變更。908 生物加工產品組合也略微增加了毛利率。

We still expect underlying year-over-year margin expansion to be driven by volume leverage, pricing, manufacturing productivity, and strategic sourcing savings, primarily offsetting by inflation and some 2024 COVID sales drag.

我們仍然預計，基礎利潤率同比擴張將受到銷售槓桿、定價、製造生產力和策略採購成本節約的推動，主要受通貨膨脹和 2024 年 COVID 銷售拖累的影響。

Manufacturing productivity will be driven by our Repligen performance system across all categories of cost of goods sold. We have not changed our assumption that the guide includes roughly 50 basis points of headwind from foreign currency. However, it does not yet include any impacts from potential tariffs being discussed in the current global trade environment.

製造生產力將由我們的 Repligen 績效系統驅動，涵蓋所有銷售成本類別。我們沒有改變我們的假設，即該指南包括大約 50 個基點的外匯逆風。然而，它尚未包括當前全球貿易環境下正在討論的潛在關稅的任何影響。

We now expect our adjusted income from operations to be between $95 million to $102 million or 13.5% to 14.5% adjusted operating income margin. The $4 million revision versus prior guidance is due to the acquisition of the 908 bioprocessing portfolio. Inflation, recent acquisitions, and investments in operating expenses will be the key headwinds. We expect to more than make up for that with gross margin improvements just outlined. Overall, we continue to manage our organic investments and operating expenses at a lower rate than sales growth as we balance cost efficiency with investments that are critical to support future growth.

我們現在預計調整後的營業收入將在 9,500 萬美元至 1.02 億美元之間，或調整後的營業收入利潤率為 13.5% 至 14.5%。與先前的指導相比，400 萬美元的修訂是由於收購了 908 生物加工組合。通貨膨脹、近期收購以及營運費用投資將成為主要阻力。我們期望透過剛才概述的毛利率提高來彌補這一損失。總體而言，我們繼續以低於銷售成長率的速度管理我們的有機投資和營運費用，因為我們在成本效率和支持未來成長至關重要的投資之間取得平衡。

That said, our implied operating expenses will increase versus the prior guide primarily due to the acquisition and from the cost change described above.

也就是說，我們的隱含營運費用將比先前的指南增加，這主要是由於收購和上述成本變化。

Continuing through the P&L, we have not changed our expectations on adjusted other income. We are now factoring in fewer interest rate cuts, which offsets our lower cash balance as a result of the acquisition. Our 2025 adjusted effective tax rate expectations are also unchanged at 22% to 23%. The increase versus 2024's ending rate of 20.4% is driven primarily by the absence of stock-based compensation windfall benefit that we have seen for the last several years. We will continue to evaluate tax planning options to improve from here.

繼續通過損益表，我們沒有改變對調整後其他收入的預期。我們現在考慮到降息幅度減少，這抵消了收購導致的現金餘額減少。我們對 2025 年調整後有效稅率的預期也保持不變，為 22% 至 23%。與 2024 年 20.4% 的最終利率相比，這一增長主要是由於過去幾年我們看到的基於股票的薪酬意外收益的缺失。我們將繼續評估稅務規劃方案，以便從現在開始改進。

Incorporating the 908 bioprocessing portfolio acquisition impact, we now expect our adjusted fully diluted earnings per share to be between $1.63 and $1.72 down $0.04 from our prior range of $1.67 to $1.76 which represents 3% to 9% growth versus last year.

結合 908 生物加工組合收購的影響，我們現在預計調整後的每股完全稀釋收益將在 1.63 美元至 1.72 美元之間，較之前的 1.67 美元至 1.76 美元區間下降 0.04 美元，與去年相比增長 3% 至 9%。

Our balance sheet remains incredibly strong and well-positioned to manage the volatile environment. We will remain prudent in our spending while maintaining flexible dry powder for potential acquisitions. We still expect CapEx to be down 20% to 25% versus 2024 with our spending back to pre-COVID levels.

我們的資產負債表依然非常強勁，能夠很好地應對動盪的環境。我們將在支出方面保持謹慎，同時為潛在的收購保留靈活的資金。我們仍預期資本支出將比 2024 年下降 20% 至 25%，我們的支出將恢復到疫情前的水準。

As we wrap, we are encouraged by the very strong start to 2025. We made good progress on our strategic priorities in the first quarter with the acquisition of 908 bioprocessing portfolio, new product launches, and continue our journey to be fit for growth. We will continue to manage the uncertain environment and expect to maintain above market growth.

總結一下，我們對 2025 年強勁的開局感到鼓舞。我們在第一季透過收購 908 個生物加工產品組合、推出新產品等方式在策略重點方面取得了良好進展，並繼續努力實現成長。我們將繼續應對不確定的環境，並期望保持高於市場的成長。

With that, I will turn the call back to the operator to open the lines for questions.

說完這些，我將把電話轉回給接線生，以便開通問答熱線。

(Operator Instructions)

（操作員指示）

Rachel Vatnsdal, J.P. Morgan.

摩根大通的 Rachel Vatnsdal。

Good morning. Thanks so much for taking the questions. And quickly, just wanted to say, Sondra, congratulations on the retirement, it's been great working with you. And Jacob, looking forward to working with you on this side as well. So maybe just digging into it. First question, I wanted to ask on the CDMO order trends that you guys saw in the quarter. You mentioned that CDMO orders grew 40%. One question we're just getting right now is on the tariff dynamic. Did the tariffs impact any element of pull forward in your order book this quarter, especially with some of those large CDMO customers? And then just given how solid that order number was, can you walk us through what were some of the key products that drove that solid order and remind us where are you guys at in terms of ATF adoption within those CDMO customers as well?

早安.非常感謝您回答這些問題。我只想快速說一聲，桑德拉，祝賀你退休，和你一起工作很愉快。雅各布，我也期待在這方面與您合作。所以也許只是深入研究它。第一個問題，我想問一下你們在本季看到的 CDMO 訂單趨勢。您提到 CDMO 訂單增加了 40%。我們現在遇到的一個問題是關於關稅動態。關稅是否影響了本季訂單的提前交付，尤其是一些大型 CDMO 客戶？那麼，鑑於該訂單號碼的穩定，您能否向我們介紹一下推動該穩定訂單的一些關鍵產品，並提醒我們您在這些 CDMO 客戶中採用 ATF 方面處於什麼位置？

Good morning, Rachel. Great questions. I'll start by saying we've not seen really any customers trying to accelerate orders in the quarter. I mean, not a single one, in fact. And that does include all CDMOs. You're right, we had a really great order intake growth from CDMO in quarter one. The good news is it was really across the board. It was not only the large one, but it was also the smaller one. And also in terms of product line, it was very much across the entire portfolio. I mean, you've heard we had a very strong performance on the OPUS side, particularly, with orders up more than 50%. As you know, CDMOs are primary customers on the OPUS side, and we've seen really big orders coming from those guys in the first quarter. So no real trend of accelerating anything. I don't think I've seen a single example here.

早安，Rachel。很好的問題。首先我要說的是，我們並沒有看到任何客戶在本季試圖加速訂單。我的意思是，事實上，一個也沒有。這確實包括所有 CDMO。您說得對，第一季我們的 CDMO 訂單量成長確實非常可觀。好消息是，它確實是全面的。不隻大的，還有小的。而且就產品線而言，它涵蓋了整個產品組合。我的意思是，您已經聽說我們在 OPUS 方面表現非常強勁，尤其是訂單增長了 50% 以上。如您所知，CDMO 是 OPUS 的主要客戶，我們在第一季看到這些公司的大額訂單。因此，沒有任何真正加速的趨勢。我認為我在這裡沒有看到一個例子。

And as far as ATF is concerned we mentioned previously that 9 of the top 10 CDMOs are already using ATF, and the number 10 is just in the process of implementing it as well. So obviously, that's another big driver of of the CDMO, the growth we've seen in quarter one, which is on the ATF consumable, which otherwise did very well in quarter one as well.

就 ATF 而言，我們之前提到過，排名前 10 名的 CDMO 中有 9 家已經在使用 ATF，而第 10 家也正在實施中。因此，顯然，這是 CDMO 的另一個重要驅動力，我們在第一季看到的成長是 ATF 消耗品的成長，而 ATF 消耗品在第一季的表現也非常好。

Great. And then on my follow-up, I just wanted to dig in to the tariff dynamics. You mentioned really minimal impact to EPS. But just on the top line, you said that you could have up to low single-digit percent of revenue exposure. So can you walk us through the various buckets of offsets that you guys are seeing on that? How much of this is just going to be incremental pricing passed through? And how much price do you really think that you can pass through in this environment? And then things like some of the manufacturing offsets as well, help us bucket those different ways that you're mitigating the impact there. Thanks.

偉大的。然後在我的後續行動中，我只是想深入了解關稅動態。您提到對 EPS 的影響確實很小。但就頂線而言，您說您的收入風險可能高達個位數百分比。那麼，您能否向我們介紹您所看到的各種抵銷情況呢？其中有多少只是增量定價？您認為在這種環境下您真正能夠負擔的價格是多少？然後，一些製造業抵銷措施也可以幫助我們採用不同的方式來減輕其影響。謝謝。

Rachel, so just to address that, I do think we believe that it's probably less than 1% sales increase that we would have from tariffs. And that would come through surcharges, right? Surcharges mostly that we would pass a one for one in terms of whenever we were incurring those costs to the customer. The other point there, there could be price increases. That's going to be more of how do we offset the inflation that we see on raw materials that we're purchasing. And so that ends up on the top line as well. But overall, between those two, we think that it's probably around that 1% of sales increase. But that then would translate to probably less than 50 bps of gross margin pressure because effectively, you're taking that sales without any cost and that's a full pass-through. But on a dollar basis, we're seeing kind of flat and that's why we said there was minimal EPS expenses.

瑞秋，為了解決這個問題，我確實認為，關稅可能只會為我們帶來不到 1% 的銷售成長。這需要透過附加費來實現，對嗎？附加費主要是我們向客戶收取的一對一費用。另一點是價格可能會上漲。這更多的是關於我們如何抵消我們購買的原材料所造成的通貨膨脹。所以這也最終出現在了頂線上。但總體而言，我們認為這兩者之間的銷售額增幅大概在 1% 左右。但這可能會轉化為不到 50 個基點的毛利率壓力，因為實際上，你是在不產生任何成本的情況下獲得這些銷售額，而且這是一種完全的轉嫁。但以美元計算，我們看到的是持平的，這就是為什麼我們說每股盈餘支出很少。

We absolutely are looking at our manufacturing footprint. Like Olivier mentioned, 90% of what we sell in the U.S. is either manufactured or exempt from duties. And so we've got really strong coverage within there. We've also been very clear that our bigger exposure would be if there's retaliatory duties put in place, primarily in Europe, that's where we would have a bigger exposure. Right now, that's not the case, right? The far majority of what we're selling into Europe is not subject to that. So that's the one that we would watch and take other actions on.

我們絕對在關注我們的製造足跡。正如奧利維爾所提到的，我們在美國銷售的 90% 的產品都是國產的或免稅的。因此我們在那裡擁有非常強大的覆蓋範圍。我們也非常清楚，如果實施報復性關稅，我們面臨的風險會更大，主要是在歐洲，我們面臨的風險會更大。現在情況還不是這樣，對吧？我們銷往歐洲的絕大多數產品都不受此限制。因此，我們會關注這一點並採取其他行動。

I know there's some questions of why we didn't put it in the guide. Maybe I'd just address that now. I think for us, there's just tariffs as well as FXs really are moving targets. And so that's why we didn't specifically put them in the guide. But also, we've been trying to be very clear and transparent about some sensitivities around that and try to put a framework through this dialogue. So certainly, if things stabilize, we will and we'll move forward from there.

我知道有些人會問為什麼我們沒有把它放到指南中。也許我現在就應該解決這個問題。我認為對我們來說，關稅和外匯確實都是不斷變化的目標。這就是我們沒有專門將它們放入指南中的原因。但同時，我們也一直在努力對一些敏感問題保持清晰透明的態度，並試圖透過這種對話建立一個框架。因此，如果情況穩定下來，我們就會繼續前進。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Good morning, guys. Thanks for the question. Olivier, I wanted to ask about emerging modalities and just how you feel about things there. Obviously, some high profile news on certain drugs and then certain folks at the FDA, which has been less good. But it feels like the industry activity is still in a good place just when you think about active trials, et cetera. You mentioned new modalities were up. You alluded to some of the challenges. When you combine all that high level and ground level stuff, the puts and the takes there, do you see cell and gene therapy on a trajectory that's accelerating, decelerating, or flat this year? And when you think about the things taking place at the FDA and you talk to your partner companies, are you sensing any disruption from some of the changes that are taking place there that would rise to the level of being an issue for you guys? Thanks.

大家早安。謝謝你的提問。奧利維爾，我想問新興模式以及您對那裡的情況有何感受。顯然，有關某些藥物和 FDA 某些人的某些高調新聞不太好。但當你想到積極的試驗等等時，感覺行業活動仍然處於良好狀態。您提到了新模式的出現。您提到了一些挑戰。當你把所有高層和基層的東西、投入和產出結合起來時，你是否認為今年細胞和基因治療的發展軌跡是加速、減速還是持平？當您考慮 FDA 正在發生的事情並與您的合作公司交談時，您是否感覺到那裡正在發生的一些變化會給您帶來問題？謝謝。

Good morning, Dan. A lot of good questions. First of all, you're right, new modalities played out really well for us in quarter one. Our sales were up mid-single digit. Our orders were up more than 20% again, which was very encouraging. But we're obviously monitoring all of the headlines.

早上好，丹。有很多好問題。首先，您說得對，新模式在第一季對我們來說確實發揮了很好的作用。我們的銷售額成長了中個位數。我們的訂單再次增加了20％以上，這非常令人鼓舞。但我們顯然在關注所有的頭條新聞。

Maybe one thing to mention here is our biggest new modality customer represent less than 3% of our total revenue in 2024. And so I know we get asked a lot of questions about that, so that's probably something very important to mention. So as far as the overall environment is concerned, while there could be some short-term challenges, we remain very optimistic about the mid to long term.

也許這裡要提的一件事是，我們最大的新模態客戶占我們 2024 年總收入的不到 3%。我知道我們被問到了很多關於這個問題的問題，所以這可能是一件非常重要的事情。因此就整體環境而言，雖然短期內可能會存在一些挑戰，但我們對中長期前景仍然非常樂觀。

And so far, talking about changes with the FDA, we've not really heard any of our customers telling us at this stage they are slowing down or they are even canceling some specific trials that they were running on new modalities. So we remain very optimistic. Again, we are watching the news like anybody else. But so far, we don't see any reason to be worried about the future of new modalities at all, Daniel.

到目前為止，談到 FDA 的變化，我們還沒有聽到任何客戶告訴我們，他們正在放慢速度，甚至取消他們正在進行的一些新模式的特定試驗。因此我們仍然非常樂觀。再說一次，我們和其他人一樣關注新聞。但到目前為止，我們還沒有發現任何理由擔心新模式的未來，丹尼爾。

Okay. Thanks so much.

好的。非常感謝。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

H, Olivier, Jason, and thanks for the questions. Jacob, I'm really looking forward to working with you. On the growth side, if I could ask, I mean, obviously, the strong growth in the quarter, orders also strong across different markets and customers and modalities. But could you elaborate if your mix of clinical versus commercial is changing as a result? As you're getting back into the commercial, maybe things are moving from Phase 2 to Phase 3 and maybe into commercial? Could you elaborate a bit on that because the growth -- I think the question here is, how sustainable is this growth given the questions we are getting on the clinical trials and the momentum on clinical trials versus what we're seeing in the commercial side of the business?

H、Olivier、Jason，謝謝你們的提問。雅各布，我非常期待與您合作。在成長方面，如果我可以問的話，我的意思是，顯然本季的強勁成長，不同市場、客戶和模式的訂單也表現強勁。但是，您能否詳細說明您的臨床與商業組合是否因此而改變？當您重新回到商業領域時，也許事情正在從第 2 階段進入第 3 階段，甚至可能進入商業領域？您能否詳細說明這一點，因為增長——我認為這裡的問題是，考慮到我們在臨床試驗中遇到的問題以及臨床試驗的發展勢頭與我們在商業方面看到的情況相比，這種增長的可持續性如何？

Good morning, Puneet. Great questions. We are still at 65/35, a year later. So in principle, you would say nothing has changed. But in fact a lot has changed between 2024 and 2025 because as you know, last year, we had this $30 million-plus of headwind coming from Proteins. And all of this was considered to be going into commercial drugs because that was mostly the OEM business we had with the two big guys.

早上好，Puneet。很好的問題。一年後，我們的比例仍然是 65/35。所以原則上，你會說什麼都沒改變。但事實上，2024 年至 2025 年間發生了許多變化，因為如你所知，去年我們面臨來自蛋白質領域的 3,000 多萬美元的逆風。所有這些都被認為將進入商業藥物領域，因為這主要是我們與兩大公司開展的 OEM 業務。

So considering 65/35, it means that we have onboarded another $30 million-plus of business going into commercial drugs. So if nothing would have changed on the Proteins side, our split would be today 60/40. So yeah, I think I mentioned in previous call that's the direction we're going to be going to, anywhere between 3 to 5 points of increase of commercial versus clinical, probably, during the next several years. So it's fair to say like, probably, four to five years down the road, we should be around 50/50, something like that.

因此，考慮到 65/35，這意味著我們又獲得了價值 3,000 多萬美元的商業藥品業務。因此，如果蛋白質方面沒有任何變化，我們的分配比例今天將是 60/40。是的，我想我在之前的電話會議中提到過，這就是我們要走的方向，在未來幾年內，商業化與臨床化可能會增加 3 到 5 個百分點。因此可以公平地說，大概四到五年後，我們的佔比應該會達到 50/50 左右，類似這樣的水準。

Got it. Okay. Helpful. And then on the 908 Devices acquisition, obviously, you have done well with the PAT technologies with CTech, SoloVPE, FlowVPX. Just trying to understand how are you thinking about the commercial ramp here. What is needed in sales and marketing in order to accelerate a product such as REBEL into the marketplace? And what are some of the cost efforts that you're taking to sort of right-size the business while driving growth?

知道了。好的。很有幫助。然後，關於 908 Devices 的收購，顯然，你們在 CTech、SoloVPE、FlowVPX 等 PAT 技術方面做得很好。只是想了解您如何看待這裡的商業坡道。為了加速 REBEL 等產品進入市場，銷售和行銷需要做些什麼？在推動成長的同時，您採取了哪些成本措施來調整業務規模？

First of all, I'll start by saying the integration is moving exactly as scheduled. We've spent quite a bit of time to make sure we have the two teams, CTech plus 908 team, working together very closely. In fact, we are onboarding a leader that will have the overview of both businesses together because we feel it's going to be very important indeed to generate as many synergies as possible. And if I think about synergies, it's particularly on the R&D side. As you know by now, the way we've been handling a lot of our acquisition is to not only really develop further the products those companies had in their portfolio, but really taking advantage of the rest of the portfolio we have to leverage across the board the technologies from both sides.

首先，我要說的是，整合工作正在按照計畫順利進行。我們花了相當多的時間來確保 CTech 和 908 團隊這兩個團隊能夠緊密合作。事實上，我們正​​在聘請一位能夠全面掌控兩家公司業務的領導者，因為我們認為，產生盡可能多的協同效應確實非常重要。如果我考慮綜效，那尤其體現在研發方面。正如您現在所知，我們處理大量收購的方式不僅是進一步開發這些公司在其產品組合中擁有的產品，而且真正利用其餘的產品組合，我們必須全面利用雙方的技術。

So we've got a huge focus on R&D, in particular, starting by adding more features to some of the products coming out of 908. And REBEL is a good example where we're going to launch a new version within the next quarter or so. But also adding more features to MAVERICK on the (inaudible) side. And then making sure we leverage the strong technical team we got with this acquisition to help us also accelerating innovation on the CTech side, partly with the mid-IR technology we acquired the rights from a few years ago. So a lot of work happening on the R&D side.

因此，我們特別注重研發，首先為 908 推出的一些產品添加更多功能。REBEL 就是一個很好的例子，我們將在下個季度左右推出一個新版本。而且還在（聽不清楚）方面為 MAVERICK 增加了更多功能。然後確保我們利用透過此次收購獲得的強大技術團隊來幫助我們加速 CTech 的創新，部分是利用我們幾年前獲得權利的中紅外線技術。因此，研發方面有很多工作要做。

And then on the commercial side, already, the two teams are being incentivized to generate leads for the other part. And it's fair to assume those two teams are really going to be working very closely with each other. And then finally, from an operation point of view, we are just finalizing the move from the Massachusetts site to our own site here in Marlborough for the manufacturing of the vast majority of the equipment from 908. And we are looking at all the potential synergies for the future to improve the cost base here as well.

然後在商業方面，兩個團隊已經受到激勵去為對方創造線索。我們可以合理地假設這兩個團隊將會密切合作。最後，從營運的角度來看，我們剛剛完成從馬薩諸塞州工廠搬遷到我們位於馬爾伯勒的工廠，以製造 908 的絕大多數設備。我們正在研究未來所有潛在的協同效應，以改善這裡的成本基礎。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

Hey guys. Thanks for the questions. This is Jacob, on for Matt. So just want to talk a little bit more about trends by customer type. Maybe just on small biotech specifically, I didn't hear much about that group in the prepared remarks. But I think last quarter, you said orders for this group grew 10% sequentially, perhaps, signaling a leading indicator for return to growth later in the year. However, lots changed from a macro standpoint since you last reported and lots changing by the day and minute. So maybe if you just provide some incremental color on what you're seeing with this customer group. What orders look like in the quarter? Are you still optimistic this group will return to this table despite the macro?

嘿，大家好。感謝您的提問。這是雅各 (Jacob)，取代馬特 (Matt)。所以我想再多談談按客戶類型劃分的趨勢。也許只是關於小型生物技術，我在準備好的演講中沒有聽到太多關於該群體的資訊。但我認為上個季度，您說這個群體的訂單環比增長了 10%，這或許預示著今年晚些時候將恢復增長。然而，從宏觀角度來看，自從您上次報告以來，很多事情已經發生了變化，而且每天都在發生變化。因此，也許您可以提供一些關於您對該客戶群的觀察的增量資訊。本季的訂單狀況如何？儘管宏觀形勢嚴峻，您是否仍然樂觀地認為該集團將重返榜單？

Jacob, yeah. So if you look at all customer segments, obviously pharma did extremely well, record quarter for us, and when I say pharma, big pharma. CDMO did very well in terms of orders with orders of more than 40%. The only segment really that didn't do very well for us in quarter one was small biotech. And not so much from an order point of view where orders were pretty flat comparable to last year, but from a sales point of view where the sales to emerging market went down a high single digit.

雅各布，是的。因此，如果你看一下所有的客戶群體，顯然製藥業表現非常好，為我們創下了季度記錄，當我說製藥業時，指的是大型製藥業。CDMO訂單表現十分出色，訂單量超過40%。第一季唯一表現不佳的領域是小型生物技術。從訂單角度來看，訂單與去年相比基本持平，但從銷售角度來看，新興市場的銷售額下降了個位數。

So yeah, we are still watching that segment carefully. It's becoming smaller and smaller for us. It's less than 10% of our total business. So it's not very material. But as I mentioned in earlier calls, I mean, it's a segment everybody is watching because the health of that segment is important for the future health of the ecosystem. And the best indicator is biotech funding which, unfortunately, went down significantly in quarter one. If you remember, the trend last year went from $18 billion in quarter one to $15 billion, and then $12 billion towards the end of the year. And then quarter one of this year was only at $8 billion. So unfortunately, biotech funding is not doing very well. So something everybody is watching carefully because we want to see that recovering faster than it does right now, for sure.

是的，我們仍在仔細觀察該片段。對我們來說，它變得越來越小了。這還不到我們總業務的10%。所以它不是很重要。但正如我在之前的電話中提到的那樣，這是一個每個人都在關注的部分，因為該部分的健康對於生態系統的未來健康至關重要。最好的指標是生物技術資金，但不幸的是，該資金在第一季大幅下降。如果你還記得的話，去年的趨勢是從第一季的 180 億美元成長到 150 億美元，然後在年底增加到 120 億美元。而今年第一季的銷售額僅為 80 億美元。因此不幸的是，生技融資情況並不理想。所以每個人都在密切關註一些事情，因為我們希望看到經濟復甦的速度比現在更快，這是肯定的。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

Good morning, everyone. Olivier, we've seen a lot of announcements from large biopharma over the last few weeks around onshoring or increasing CapEx plans. Just curious what your thoughts are on those announcements as it relates to the longer term outlook and whether any of those announcements are leading to early discussions for you at this point.

大家早安。奧利維爾，過去幾週，我們看到許多大型生物製藥公司發布了有關在岸運作或增加資本支出計畫的公告。我只是好奇您對這些公告與長期前景有何看法，以及這些公告中是否有任何一項會引發您的早期討論。

Good morning, Justin. Obviously, being an American company with the majority of manufacturing here in the U.S., we were watching all of these announcements in a very positive manner because, obviously, we think this means extra business coming for all of the bioprocessing industry in the upcoming few years and particularly, certainly, for those companies who have got a very strong install base in the U.S. And then most of these customers that have been making announcements are companies we've been working with very extensively. And as you know, we've been focusing a lot on key accounts during the last couple of years. And today, with most of these companies, we are selling across our entire portfolio. So we see that as a very positive tailwind for the next several years. And there are already a few discussions happening on the different front here.

早安，賈斯汀。顯然，作為一家主要在美國進行製造的美國公司，我們對所有這些公告都持非常積極的態度，因為顯然，我們認為這意味著未來幾年整個生物加工行業將迎來額外的業務，特別是對於那些在美國擁有非常強大安裝基礎的公司而言。而且，大多數發佈公告的客戶都是我們一直密切合作的公司。如您所知，過去幾年我們一直非常關注關鍵客戶。如今，我們向大多數此類公司銷售我們的整個產品組合。因此，我們認為這將是未來幾年非常積極的順風。這裡不同方面已經出現一些討論。

Thanks. And Jason, just a quick one. How are you thinking about the margin cadence for the rest of the year?

謝謝。傑森，我只想快速問你一個問題。您如何看待今年剩餘時間的利潤節奏？

For gross margins, we highlighted the strength we had in the first quarter, but it was certainly helped by the mix of strong proteins. And so we see that as the high point. And then kind of going going down, if you look at some of the implied guide for the rest of the year, you're kind of sitting at a 52-ish, maybe a little bit more. And that will kind of maybe pick up a little bit through the course of of the quarters. But again, we're really happy with the performance we had. Even if you take out the mix, we had strong productivity, good volume leverage. The back half of the year or even the second, third, and fourth quarter, we'll see mix flip the other way. So we actually kind of go to this hole we have to dig out of and again are able to do that through more productivity and volume leverage. So really happy with the performance we're driving here at the gross margin level.

對於毛利率，我們強調了第一季的強勁表現，但這無疑得益於強勁的蛋白質組合。因此，我們認為這是最高點。然後繼續下降，如果你看今年剩餘時間的一些隱含指南，你會發現它大約在 52 左右，也許更多一點。而這種情況可能會在本季逐漸好轉。但我們對自己的表現感到非常滿意。即使你去掉混合物，我們仍然擁有強大的生產力和良好的產量槓桿。今年下半年，甚至第二季、第三季和第四季度，我們將看到組合出現逆轉。因此，我們實際上已經陷入了必須擺脫的困境，並且能夠透過提高生產力和產量槓桿來做到這一點。因此，我們對毛利率水準的業績感到非常滿意。

Thanks.

謝謝。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Hey guys. Thank you for taking my questions. And Sondra, we will miss you. Jacob, we are looking forward to working with you. My question is, because of the pharma tariffs, some pharma companies are talking about cutting their R&D. This is likely to impact the clinical pipeline of the drugs. How much of the guide today is driven by growth in the clinical pipeline for Repligen? Or is this the wrong way to think about it for 2025 rather more long term?

嘿，大家好。感謝您回答我的問題。桑德拉，我們會想念你的。雅各布，我們期待與您合作。我的問題是，由於藥品關稅，一些製藥公司正在談論削減研發開支。這可能會影響藥物的臨床流程。今天的指引有多少是由 Repligen 臨床管線的成長所推動的？或者說，這是從 2025 年而不是更長遠的角度來看待這個問題的錯誤方式？

Good morning, Subbu. I think I mentioned earlier, we've not seen a single customer telling us, hey, bad news, we've decided to put that program on hold or we're going to delay that specific clinical trial. In fact, I think clinical trial starts have been increasing nicely in quarter one. So where biotech funding was not good, clinical trial starts was pretty good in quarter one. So we've not seen any of these customers telling us anything like that. And I know we are talking a lot about the U.S. situation, obviously. I mean, half of our business is still outside of the U.S. as well, where everything is running absolutely totally normally as well. So we don't really have any concern for the time being.

早上好，Subbu。我想我之前提到過，我們還沒有看到一個客戶告訴我們，嘿，壞消息，我們決定暫停該計劃，或者我們將推遲那個特定的臨床試驗。事實上，我認為第一季的臨床試驗開始數量一直在穩定成長。因此，儘管生物技術資金不太充裕，但第一季的臨床試驗啟動情況卻相當不錯。因此，我們還沒有看到任何客戶告訴我們類似的事情。我知道我們顯然在談論很多關於美國局勢的問題。我的意思是，我們的一半業務仍然在美國以外，那裡的一切也都運作得非常正常。所以我們暫時並沒有什麼擔心。

And also, when you hear that Commissioner Makary recently announced like he would like to speed up approval of drugs and so on, I know this is just an announcement, but this might just be another tailwind for the industry. So really nothing we've heard from any of our customers, so far, that it makes us feel particularly worried at this stage.

此外，當您聽說馬卡里委員最近宣布他想加快藥品審批等時，我知道這只是一個聲明，但這可能只是該行業的另一個順風。所以到目前為止，我們還沒有從任何客戶那裡聽到任何讓我們在這個階段感到特別擔心的消息。

Thank you for that, Olivier. And then on NIH, you don't have a lot of exposure, but it will be good to hear if there is any impact of these NIH funding changes that are contemplated in the guidance? Or is this something that you think could have a longer term impact on growth?

謝謝你，奧利維爾。然後關於 NIH，您沒有太多的曝光，但如果指南中考慮的 NIH 資金變化有任何影響，那將是一件好事嗎？或者您認為這會對成長產生長期影響嗎？

It's a bit similar to the discussion we had earlier on small biotechs. For us, I mean, business that is NIH-dependent is less than 1%, so it's almost a de minimis. But at the end of the day, yes, you want to see NIH funding increasing because in the longer term, I mean, you want to see a new product development. No later than this morning, I was seeing a statistics showing the number of products under development in each country around the world. And it's interesting to see, particularly, in Asia, in countries like China, in country like South Korea, I mean, the number of products under development is increasing tremendously. So we want to see a strong NIH, a strong product development environment here in the U.S. as well, because that's going to be important for the ecosystem in the mid to long term, for sure.

這與我們之前關於小型生物技術的討論有點類似。對我們來說，我的意思是，依賴 NIH 的業務不到 1%，所以這幾乎是微不足道的。但最終，是的，你希望看到 NIH 的資金增加，因為從長遠來看，我的意思是，你希望看到新產品的開發。直到今天早上，我看到了一份統計數據，顯示了世界各國正在開發的產品數量。有趣的是，特別是在亞洲，像中國、韓國這樣的國家，正在開發的產品數量正在急劇增加。因此，我們希望看到美國擁有強大的 NIH 和強大的產品開發環境，因為這對中長期的生態系統肯定非常重要。

Thank you, guys.

謝謝你們。

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

Great. Thanks for taking the questions, guys, and congrats on the strong quarter. Maybe piggybacking a bit off of an earlier question, I wanted to actually ask how you're thinking about and if you expect any impact specifically from FDA's recent guidance looking to phase out animal testing for biologics. I guess I'm really just wondering if there's anything of note you've heard from any customers or thoughts on how some of this might play out for your customers and potential timing for some of the impacts just given all the recent staffing because of the agency.

偉大的。謝謝大家回答這些問題，並祝賀本季業績強勁。可能有點類似於先前的問題，我實際上想問一下您是如何考慮的，以及您是否預計 FDA 最近關於逐步淘汰生物製劑動物試驗的指導會產生什麼具體影響。我想我真的只是想知道您是否從任何客戶那裡聽到了任何值得注意的事情，或者您是否有想法，考慮到最近由於該機構的所有人員配備，這可能會對您的客戶產生什麼影響，以及可能產生的一些影響的時間。

Hey Brendan. No. I have not heard anything at all on that side, to be honest with you. Maybe I've heard a few people suggesting this might accelerate somehow some of the clinical move from one phase to the other, but nothing really tangible at this stage.

嘿，布倫丹。不。說實話，我根本沒聽到那邊的任何消息。我可能聽到一些人建議這可能會以某種方式加速臨床從一個階段到另一個階段的轉變，但現階段還沒有任何實質進展。

Okay. Got it. And then maybe just quickly, kind of regarding your manufacturing in U.S. versus ex-U.S., I guess I'm wondering how much flexibility you have to shift any of that ex-U.S. manufacturing to any U.S. facilities and if any of that is indexed to any particular segments more than others. I guess I'm really just wondering if there are any levers you can pull there should the EU tariff situation maybe materialized a bit more concretely.

好的。知道了。然後也許只是快速地，關於您在美國和美國以外的製造情況，我想知道您在將任何美國以外的製造轉移到任何美國工廠方面有多大的靈活性，以及​​其中是否有任何部分比其他部分更適合於任何特定部分。我想我只是想知道，如果歐盟關稅情況更加具體化，您是否可以採取一些措施。

So the answer is, yes, there is leverage. I mean, we've got multiple sites both in the U.S. but also in Europe. If you look at our portfolio today, for several of our product lines, we already have dual manufacturing sites that includes the OPUS column, that includes the Fluid Management, that includes to a large extent our system as well. So for the remainder of the portfolio, we are indeed looking at opportunities to have dual siding manufacturing in the future, indeed, in case the tariff situation would degrade over the next few quarters. So absolutely, we are looking at that and we could definitely leverage our strong install base around the world at this stage.

所以答案是肯定的，有槓桿作用。我的意思是，我們在美國和歐洲都有多個站點。如果您看我們今天的產品組合，對於我們的幾條產品線，我們已經擁有雙重生產基地，其中包括 OPUS 柱，包括流體管理，這在很大程度上也包括我們的系統。因此，對於投資組合的剩餘部分，我們確實在尋找未來進行雙面製造的機會，以防未來幾季關稅情況惡化。所以，我們絕對正在考慮這一點，並且我們絕對可以利用我們在現階段在全球範圍內強大的安裝基礎。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good morning. Thank you for taking the question. So one on guidance and then one on positioning outside the U.S. given the current policy situation. So on guidance, just a clarification, you are now guiding organic -- actually, it says you are guiding non-COVID revenue growth to 11.5% to 15.5%, that's the growth rate you've guided to. Last quarter, you guided non-COVID organic revenue growth to 10% to 14%. So I'm just trying to see if that's apples to apples and if that is organic to organic specifically. Because if so, that would seem to be a positive sign on your view of fundamental non-COVID demand. So I just want to clarify that. We've got a couple of questions there. So that's my first question.

早安.感謝您回答這個問題。因此，一個是關於指導，另一個是關於在當前政策情況下美國以外的定位。因此，關於指導，需要澄清的是，您現在指導的是有機增長——實際上，它說您指導非 COVID 收入增長至 11.5% 至 15.5%，這是您指導的增長率。上個季度，您預計非 COVID 有機收入成長率將達到 10% 至 14%。所以我只是想看看這是否是蘋果與蘋果之間的比較，以及這是否是有機與有機之間的比較。因為如果是這樣，那麼這似乎是您對非 COVID 基本需求的看法的一個積極信號。所以我只是想澄清這一點。我們有幾個問題。這是我的第一個問題。

The second is, really kind of acknowledging something that you talked about last quarter where you talked about adding some roles in Asia. I'm wondering if you'd be willing to speak a little bit more about where you've been adding, what the follow-through has been. And really, I'm focused on this because it could turn out that this is really well-timed as it may really improve your positioning to take advantage of customer movements out of China into other Asia locations. Thank you.

第二，實際上承認了您上個季度談到的在亞洲增加一些職位的事情。我想知道您是否願意再多談談您增加了哪些內容以及後續進展如何。事實上，我之所以關注這一點，是因為事實證明這是一個非常好的時機，因為它可以真正改善你的定位，從而利用客戶從中國流向亞洲其他地區的機會。謝謝。

Excellent, Doug. So let me start with the second question on Asia. And then, Jason will take care of the first question. So yes, you're right, I've been talking quite a bit about Asia. I spent, myself, quite a bit of time living in the region over there, so it's a region that I know has got huge potential for us. But obviously, we've gone through a lot of changes over the last several years.

太棒了，道格。那麼讓我先問第二個問題，關於亞洲。然後，Jason 將負責回答第一個問題。是的，你是對的，我已經談論了很多關於亞洲的事情。我自己也曾在那一地區生活過相當長一段時間，所以我知道那一地區對我們來說有著巨大的潛力。但顯然，過去幾年我們經歷了許多變化。

So let me start with China. China, obviously, has not been doing very well for us now for the last few quarters. We just onboarded a global Asia leader who just relocated to China, a Singaporean gentleman who just relocated to China and who is really just building our new strategy for China. Because the way to win in China in the upcoming few years is going to be totally different from the way you were winning before COVID. We also just hired a leader to run China, being the GM, reporting -- a global Asia leader. We are literally going to do a report out of the strat in the next few weeks. And we've got a very ambitious plan because I'm convinced the China market will start growing again very nicely, probably from 2026 onwards. And we want to be a big player there.

那麼讓我先從中國說起。顯然，過去幾個季度，中國的表現對我們來說並不太好。我們剛聘請了一位剛調往中國的全球亞洲領導人，還有一位剛調往中國的新加坡先生，他正在製定針對中國的新策略。因為未來幾年在中國取勝的方式將與新冠疫情前的獲勝方式完全不同。我們也剛聘請了一位領導人來管理中國區，擔任總經理，報告工作——一位全球亞洲領導人。我們將在接下來的幾週內完成一份有關該策略的報告。我們有一個非常雄心勃勃的計劃，因為我相信中國市場可能會從 2026 年開始再次實現良好成長。我們想成為該領域的重要參與者。

Outside of China, I mean, the rest has been doing very well for us. And obviously, everybody knows how dynamic a country like South Korea are; but also, to a large extent, Japan, in the most recent past as well. So here again as well, we are working on very specific strategies and we have got a lot of ambition to become much bigger in those two countries in particular. I would just add Singapore as well, because Singapore is also a very important market for us.

我的意思是，除了中國以外，其他國家的表現都很好。顯然，每個人都知道像韓國這樣的國家有多麼有活力；而且，在很大程度上，日本在近代也同樣如此。因此，我們也正在製定非常具體的策略，並且我們雄心勃勃，希望在這兩個國家實現更大的發展。我還要補充新加坡，因為新加坡對我們來說也是一個非常重要的市場。

But I'll hand over back to Jason on the guidance question here.

但在這裡我將把指導問題交還給傑森。

It's a good question. It is a new metric and we did it because we think it's a better view of how we're performing. This quarter, it's fully organic, meaning -- and the last one was not meaning last quarter, we excluded M&A in COVID, but we didn't exclude the impact of FX. And now this quarter, we're excluding the impact of FX. So again, I know there's a lot of different nomenclatures.

這是個好問題。這是一個新的指標，我們這樣做是因為我們認為它可以更好地反映我們的表現。本季度是完全有機的，這意味著——上一個季度並不意味著上個季度，我們排除了 COVID 中的併購，但我們沒有排除外匯的影響。本季度，我們排除了外匯的影響。所以，我知道有很多不同的命名法。

Organic for us is the exclusion of both M&A and FX. So given just the FX volatility that we're seeing, we had $2 million of pressure, almost 1.5 of pressure at the growth rate level in the quarter. We felt like taking FX impact in addition to acquisition would be the most sort of apples to apples view of our performance. And so that is not a change in overall what we looked at from a performance, but we thought we'd clarify that. Does that answer your question?

對我們來說，有機的就是排除併購和外匯。因此，僅從我們看到的外匯波動來看，我們就面臨 200 萬美元的壓力，以本季的成長率來看，幾乎是 1.5 萬美元的壓力。我們認為，除了收購之外，還應考慮外匯影響，這是衡量我們業績的最佳方式。因此，這並不是我們從整體上看待表現的改變，但我們想澄清一下。這回答了你的問題嗎？

I think so. And I know we can follow up after. But the bottom line is strong momentum. But really, this isn't a change in view. Just a continuation in view in terms of how you guys are seeing the business today, at least from an organic standpoint. Is that fair, Jason?

我認為是的。我知道我們可以進行後續跟進。但底線是勢頭強勁。但實際上，這並不是觀點的改變。這只是你們今天對業務的看法的延續，至少從有機的角度來看是如此。這樣公平嗎，傑森？

Yeah. Exactly. No change to organic, meaning no FX impact and acquisition and taking out COVID. All that's the same. We're trying to isolate -- There's so many moving pieces, right, in terms of impacts. We're going to have to talk ex-tariffs, ex-this, right? And so we're trying to really isolate it down.

是的。確切地。有機成長沒有變化，這意味著沒有外匯影響和收購，並且沒有 COVID 的影響。一切都是一樣的。我們正在嘗試隔離——就影響而言，有太多活動部件，對吧。我們必須討論關稅之外的事情，對嗎？因此我們正在嘗試將其真正隔離。

Just a few moving parts. Okay. Thank you very much.

僅有幾個活動部件。好的。非常感謝。

All right. Thanks for the question.

好的。謝謝你的提問。

Matt Stanton, Jefferies.

傑富瑞的馬特史丹頓。

Thanks. Maybe one on OPUS. I think, Olivier, you talked about larger-scale columns driving some demand here and 1Q as well has really nice order strength, I think you said up 50% in the quarter. And you talked about some adoption of large pharma that's traditionally been more CDMO. Can you just talk about what's driving the uptick at large pharma? Why now? Obviously, OPUS has been around for a while. And just the durability of these demands and order trends as they maybe look to adopt it a bit more over time? Thank you.

謝謝。也許 OPUS 上有一個。奧利維爾，我認為您談到了更大規模的色譜柱推動了一些需求，第一季度的訂單量也非常好，我認為您說的是本季度增長了 50%。您談到了一些大型製藥公司的採用，這些公司傳統上更多地採用 CDMO。能談談推動大型製藥公司業績成長的因素嗎？為什麼是現在？顯然，OPUS 已經存在了一段時間了。這些需求和訂單趨勢的持久性如何？隨著時間的推移，他們可能會更多地採用這些需求和訂單趨勢嗎？謝謝。

Good question. Morning, Matt. So I'll start maybe with the scale because that was your first question. We've indeed seen a shift to a larger-scale OPUS columns in quarter one which we like quite a bit, obviously. And we try to understand where this might be coming from. I mean, as you know very well, that there has been a lot of single-use manufacturing plant being built over the last several years and particularly at the 2,000-liter scale which was the highest scale before 5,000-liter came recently. So a lot of these plants really started to run at full speed during maybe the last one or two years. And for this type of large-scale single-use manufacturing plant, you want to use single-use columns, you want to use prepacked columns. So we think that's probably one of the reasons why we've seen a shift towards more of the larger-scale OPUS column over the last quarter or so.

好問題。早安，馬特。所以我可能會從規模開始，因為這是你的第一個問題。我們確實看到第一季出現了向更大規模的 OPUS 專欄的轉變，顯然我們非常喜歡這一點。我們試圖了解這種情況的根源。我的意思是，正如你所知，過去幾年已經建造了許多一次性製造工廠，特別是 2,000 公升規模的工廠，這是最近 5,000 公升工廠出現之前的最高規模。因此，許多這樣的工廠在過去的一兩年確實開始全速運轉。對於這種類型的大型一次性製造工廠，您需要使用一次性柱，您需要使用預裝柱。因此，我們認為這可能是我們在過去一個季度左右看到轉向更大規模 OPUS 專欄的原因之一。

And then in terms of the pharma businesses we managed to grab, I mean, as CDMOs, they love OPUS columns because for them it's all about having the ability to switch very fast from one customer to the other and having those prepacked columns on the shelves enables them to do that very fast. So for us, we've been really pushing more on the pharma side because we know these guys were probably a bit more reluctant to use prepacked column. And we had two pharma wins in quarter one that we think are going to be staying now for the next several quarters. And one of them being with a really big pharma company, so that was a very significant win for us. So we were hoping to see more coming. We've got a big commercial effort focused on pharma for our prepacked column right now.

就我們設法爭取到的製藥業務而言，我的意思是，作為 CDMO，他們喜歡 OPUS 色譜柱，因為對於他們來說，最重要的是能夠非常快速地從一個客戶切換到另一個客戶，而貨架上預先裝好的色譜柱使他們能夠非常快速地做到這一點。因此對我們來說，我們一直在製藥方面大力推動，因為我們知道這些人可能不太願意使用預裝柱。我們在第一季取得了兩家製藥公司的勝利，我們認為這種勝利將在接下來的幾季繼續保持。其中一位合作夥伴是一家大型製藥公司，所以這對我們來說是一個非常重大的勝利。因此我們希望看到更多。目前，我們正大力致力於將預裝柱應用於製藥業。

Thanks. And maybe just one on the innovation engine, you launched the first resin out of Tantti a few months ago. Just any early feedback there? And then can you just remind us of the pipeline that you're hopeful to get some other products out from Tantti once it was integrated this year? And then your Metenova, it sounds like early indications on the new mixer launch a few weeks ago going well on demos and orders. Can you also just remind us of the opportunity around the (inaudible) strategy with Metenova as you get some of those new mixers out and to tag on the consumables on the back end? Thank you.

謝謝。也許只是在創新引擎方面，幾個月前您推出了 Tantti 的第一種樹脂。有任何早期反饋嗎？然後您能否提醒我們一下，您希望在今年整合 Tantti 後推出一些其他產品？然後是您的 Metenova，聽起來像是幾週前推出的新混頻器的早期跡象，演示和訂單進展順利。當您推出一些新的攪拌機並在後端標記消耗品時，您能否也提醒我們圍繞 Metenova 的（聽不清楚）策略的機會？謝謝。

Starting with resins, I mean, we are really delighted how quarter one played out. And you might remember I mentioned our strategy was not to become really very dependent and then have our destiny in our hands for the future and we start to collect the fruits of it. I'll start by just clarifying, the collaboration with Purolite is doing very well. We are delighted to work hand in hand. We had multiple meetings with customers together. And we have a lot of great tractions. And that's for monoclonal antibody.

從樹脂開始，我的意思是，我們對第一季的進展感到非常高興。您可能還記得，我提到過，我們的策略是不要變得非常依賴，而是將未來的命運掌握在我們自己手中，然後開始收穫成果。首先我要澄清的是，與 Purolite 的合作進展非常順利。我們很高興能夠攜手合作。我們與客戶一起舉行了多次會議。我們有很多很好的牽引力。這就是單株抗體。

And outside of monoclonal, indeed, where we are developing and launching our own products. One of the reasons why quarter one really outperformed across the board was because of some of our own chromatography resins that were really a big success for us in quarter one, including the double-stranded RNA, which launch has been doing very well as well. So really great traction. We're going to launch at least two, if not, three new resins over the next few quarters, so we're extremely optimistic about the traction we have on the proteins/resin inside.

事實上，除了單株抗體之外，我們還在開發和推出自己的產品。第一季表現全面優異的原因之一是，我們自己的一些色譜樹脂在第一季為我們帶來了巨大的成功，包括雙股 RNA，推出後也表現得非常好。牽引力確實很大。我們將在未來幾季推出至少兩種（如果不是三種）新型樹脂，因此我們對內部蛋白質/樹脂的吸引力非常樂觀。

And then in terms of the mixers, yes, you're right, we just launched our single-use mixers at Interphex beginning of April. A lot of very positive feedback. Again, it's not like a me-too product because there are so many companies in the field. We are really using the technology from Metenova which we know because we got that feedback on the stainless steel side, it's considered to be the best mixing technology by far. So now, people who have been using our mixers with stainless steel technology are delighted to see us coming with a single-use solution because they know the quality of mixing is just better than anything else on the market today.

然後就混合器而言，是的，您說得對，我們剛剛在 4 月初的 Interphex 上推出了一次性混合器。很多非常正面的回饋。再說一遍，它不像是個模仿產品，因為這個領域已經有很多公司了。我們確實在使用 Metenova 的技術，因為我們得到了有關不銹鋼的回饋，所以我們知道它被認為是迄今為止最好的混合技術。所以現在，一直使用我們採用不銹鋼技術的攪拌機的人們很高興看到我們推出一次性解決方案，因為他們知道攪拌品質比當今市場上的任何其他產品都要好。

So we are just going to demo those equipment probably in quarter two and quarter three. And we'll start collecting orders towards the second half of this year. And we should start to see sales happening in 2026 and beyond here.

因此我們大概會在第二季和第三季示範這些設備。我們將在今年下半年開始收集訂單。我們應該會在 2026 年及以後開始看到銷售情況。

Thank you.

謝謝。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Thanks very much. My first question is a quick cleanup. Is it possible to quantify the timing benefits in Proteins in the quarter?

非常感謝。我的第一個問題是快速清理。是否有可能量化本季蛋白質的時機效益？

The benefit on what, Dan?

有什麼好處呢，丹？

Yeah. You mentioned, Jason, that there was a timing that contributed to your strong year-on-year growth in Proteins. I was curious if you can quantify the size of whatever moved into Q1 that you weren't expecting.

是的。傑森，你提到，有一個時機促成了你們蛋白質業務的年比強勁成長。我很好奇，您是否可以量化第一季中您未曾預料到的變動的規模。

The total amount now, it was an upside to the quarter from our expectation. But we'll see that sort of unwind through the course of the year, if you will. And that's why we end up with the same overall growth rate expectation for Proteins and for the year.

現在的總金額比我們預期的季度有所上升。但如果你願意的話，我們會在今年內看到這種放鬆。這就是為什麼我們最終對蛋白質和全年的整體成長率做出相同的預期。

Yeah. Guidance says that 10% to 15% for the full year on Proteins, Dan. So no changes on that side.

是的。指導意見稱，全年蛋白質支出將達到 10% 至 15%，丹。所以那邊沒有變化。

Okay. And at a higher level, Olivier, how would you characterize your visibility nowadays now that you've got a couple quarters of double-digit growth under your belt? How confident are you that this demand is run rate versus any restocking dynamic?

好的。奧利維爾，從更高的層面來說，既然您已經連續幾個季度實現了兩位數的成長，您如何描述您目前的知名度？您對於這項需求的運作率與任何補貨動態有多大信心？

Of course, as you know, we're tracking a lot of different parameters to really have maximum visibility. One I didn't mention so far is our funnel of opportunities above 50% ended up being higher by 30% at the end of quarter one than a year ago. And that's a very big indicator for us because we typically have about four months of backlog in the pocket, so you want to have a very strong funnel as well because this is what kind of gets you very confident about growth coming for the next several quarters, beyond the next two quarters. So we have all indicators look really good for us at this stage. And I think all of the initiatives we've taken commercially and from a product launch point of view are really coming to fruition right now which is why we are very confident about the year.

當然，如您所知，我們正在追蹤許多不同的參數以真正實現最大的可見性。到目前為止我還沒有提到的是，我們超過 50% 的機會管道在第一季末比一年前高出了 30%。這對我們來說是一個非常重要的指標，因為我們通常有大約四個月的積壓訂單，所以你也希望有一個非常強大的漏斗，因為這會讓你對未來幾個季度，甚至未來兩個季度的成長充滿信心。因此，現階段所有指標對我們來說都非常好。我認為，從商業和產品發布的角度來看，我們所採取的所有舉措現在都真正取得了成果，這就是我們對今年充滿信心的原因。

Okay. Thank you.

好的。謝謝。

Thank you. We will now conclude our question-and-answer session. I would like to turn the conference back over to Olivier Loeillot for any closing remarks.

謝謝。我們現在結束問答環節。我想將會議交還給 Olivier Loeillot 並請他做最後發言。

Thank you, everybody, for joining us today. We are obviously very pleased with the start of 2025. I would like to really give a special thanks to our entire Repligen colleagues and team for helping during this very strong growth in quarter one. As you all know, we are very focused on our strategic plan. We look forward to speaking with everyone again very soon. Have a good day.

感謝大家今天加入我們。我們顯然對 2025 年的開始感到非常高興。我要特別感謝我們所有的 Repligen 同事和團隊，感謝他們在第一季的強勁成長過程中提供的幫助。眾所周知，我們非常注重我們的策略計劃。我們期待很快能再次與大家交談。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。