Repligen Corp (RGEN) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Kaylin. I will be your conference operator today. At this time, I would like to welcome everyone to the Repligen Corporation earnings release third quarter of 2025. (Operator Instructions) I would now like to turn the call over to Jacob Johnson, VP of Investor Relations. You may begin.

感謝您的耐心等待。我叫凱琳。我今天將擔任你們的會議接線生。在此，我謹代表 Repligen 公司歡迎各位參加 2025 年第三季財報發表會。（操作員指示）現在我將把電話交給投資者關係副總裁雅各布·約翰遜。你可以開始了。

Thank you, operator, and welcome everyone to our 2025 third quarter report. On this call, we will cover business highlights and financial performance for the three month period ended September 30, 2025. I will provide financial guidance for the full year 2025.

謝謝各位操作員，歡迎大家收看我們2025年第三季報告。在本次電話會議上，我們將介紹截至 2025 年 9 月 30 日止三個月期間的業務亮點和財務表現。我將提供2025年全年的財務指導。

Joining us on the call today are Repligen's President and Chief Executive Officer, Olivier Loeillot; and our Chief Financial Officer, Jason Garland.

今天與我們一起參加電話會議的有 Repligen 的總裁兼執行長 Olivier Loeillot；以及我們的財務長 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.

再次提醒各位，我們在本次電話會議中作出的前瞻性陳述，包括有關我們業務目標和公司財務業績預期的陳述，均存在風險和不確定性，可能導致實際事件或結果與預期存在差異。

Additional information concerning risks related to our business is included in our quarterly reports on Form 10-Q, our annual report on Form 10-K for the fiscal 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.

有關我們業務風險的更多信息，請參閱我們的季度報告（10-Q 表格）、截至 2024 年 12 月 31 日的財政年度年度報告（10-K 表格）以及我們當前的報告（包括我們今天提交的 8-K 表格）和我們向美國證券交易委員會提交的其他文件。

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 oblige or commit itself to update forward-looking statements except as required by law.

今天的評論反映了管理層目前的觀點，但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.

除非另有說明，本次電話會議中我們將提供非GAAP財務表現與指引。我們今天早上發布的新聞稿中包含了 GAAP 與非 GAAP 財務指標的調整表，該新聞稿已發佈在 Repligen 的網站和 sec.gov 上。

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 pre-tax income, net income, diluted earnings per share, EBITDA, adjusted EBITDA and adjusted EBITDA margins.

今日報告中調整後的非GAAP資料包括以下內容。非新冠疫情及有機收入、收入成長、銷售成本、毛利及毛利率、營運費用（包括研發及銷售、一般及行政費用）、營業收入及營業利潤率。稅前收入、淨收入、稀釋後每股盈餘、EBITDA、調整後 EBITDA 和調整後 EBITDA 利潤率的稅率。

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. With that, I'll turn the call over to Olivier.

這些調整後的財務指標不應被視為 GAAP 指標的替代指標，而是為了更好地反映我們持續經營的表現。接下來，我將把電話交給奧利維爾。

Thank you, Jacob. Good morning, everyone, and welcome to our 2025 third quarter call. We had another outstanding quarter in quarter three with 18% organic growth. This quarter, every franchise grew double-digits, which is the testament to our differentiated broad portfolio and diversified customer base.

謝謝你，雅各。各位早安，歡迎參加我們2025年第三季電話會議。第三季我們又取得了優異的成績，實現了 18% 的有機成長。本季度，所有特許經營業務均實現了兩位數的成長，證明了我們差異化的廣泛產品組合和多元化的客戶基礎。

Our portfolio of products enables us to sell one of the most comprehensive suite of innovative solutions across the bioprocessing workflow. We saw strength across our extensive customer base as both biopharma and CDMOs grew over 20% and all geographies grew double-digits.

我們的產品組合使我們能夠銷售生物製程工作流程中最全面的創新解決方案之一。我們看到，我們龐大的客戶群都表現強勁，生物製藥和CDMO業務成長超過20%，所有地區都實現了兩位數的成長。

The continued growth from CDMOs is very encouraging as it reflects the health of the ecosystem. From a franchise perspective, analytics led the way with over 50% growth, including more than 30% growth at CTech, while filtration grew over 20%.

CDMO 的持續成長非常令人鼓舞，因為它反映了生態系統的健康狀況。從特許經營的角度來看，分析業務成長超過 50%，其中 CTech 成長超過 30%，而過濾業務成長超過 20%。

Consumable demand remains very robust, with greater than 20% growth in the quarter, while capital equipment had another strong quarter with over 20% growth. The better than expected performance in analytics and proteins this quarter underscores the growth opportunities exist across our entire portfolio driven by our innovation engines.

消耗品需求依然非常強勁，本季成長超過 20%，而資本設備需求在本季也表現強勁，成長超過 20%。本季分析和蛋白質業務的表現優於預期，凸顯了我們整個產品組合在創新引擎驅動下所存在的成長機會。

In particular, analytics revenue growth was aided by the launch of SoloVPE PLUS earlier this year. This new generation of at-line protein concentration analytics offers customers increased data collection speed and enhanced sensitivity and reproducibility with a streamlined workflow. This has started to drive an upgrade cycle that will last for several years and we have a sizeable install base.

特別是，今年稍早推出的 SoloVPE PLUS 促進了分析收入的成長。新一代線上蛋白質濃度分析技術透過簡化的工作流程，為客戶提供更高的資料擷取速度、更強的靈敏度和更高的可重複性。這已經開啟了一個將持續數年的升級週期，而且我們擁有相當可觀的裝置數量。

Transitioning to orders, total company orders grew sequentially for the sixth straight quarter and grew over 20% year over year, including double-digit order growth across all of our franchises. With customer ordering patterns back to historical trends, we believe quarterly orders are a less relevant metric and plan to provide less detail on orders going forward.

從訂單量來看，公司總訂單量連續第六個季度環比增長，同比增長超過 20%，其中所有加盟店的訂單量均實現了兩位數增長。隨著客戶訂購模式恢復到歷史趨勢，我們認為季度訂單量不再是重要的指標，並計劃今後減少提供訂單詳情。

We will remain transparent around the trends we are seeing in our business and within the industry as we have always been. We think our Q3 results highlights the growth trends we are seeing across our franchises, customers, and geographies, and our 18% organic growth continues to outpace industry growth.

我們將一如既往地對我們業務和行業內觀察到的趨勢保持透明。我們認為第三季的業績突顯了我們在各個加盟店、客戶和地區所看到的成長趨勢，我們 18% 的有機成長率持續超過產業成長率。

In fact, this marks the fourth straight quarter of 14% or better organic non-COVID growth. Both our Q3 and year-to-date overall performance was not based on a single customer or product line, but rather the totality of our portfolio. We think this is a testament to our commercial execution as our team capitalizes on the growth strategies for each of our franchises.

事實上，這標誌著連續第四個季度實現了14%或更高的非新冠疫情有機成長。我們第三季和年初至今的整體表現並非基於單一客戶或產品線，而是基於我們全部的產品組合。我們認為這證明了我們商業執行力的有效性，因為我們的團隊充分利用了我們每個加盟店的成長策略。

As a result, we're again raising the midpoint of our organic growth guidance for 2025. Unpacking our performance by end market, Q3 '25 biopharma revenues grew over 20% year over year with broad growth across all biopharma customers.

因此，我們再次上調了 2025 年有機成長預期中位數。以終端市場分析我們的業績，2025 年第三季生物製藥營收年增超過 20%，所有生物製藥客戶均實現全面成長。

Emerging biotech revenue was at the highest level in nearly three years. While we are hesitant to call this a trend as growth benefited from some specific opportunities in the quarter, we are encouraged by the recent funding trends we have seen.

新興生物技術收入達到近三年來的最高水準。雖然我們不願意將此稱為一種趨勢，因為本季的成長得益於一些特定的機遇，但我們對最近看到的融資趨勢感到鼓舞。

CDMO revenues also grew over 20% driven by outperformance from our larger CDMO customers in the quarter. From a geographical point of view, we saw particular strengths in Asia Pacific with approximately 50% growth, while the Americas grew 20%, and EMEA was up low double-digits.

受本季大型 CDMO 客戶業績優異的推動，CDMO 營收也成長了 20% 以上。從地理角度來看，亞太地區表現特別強勁，成長約 50%，美洲成長 20%，歐洲、中東和非洲地區成長兩位數。

New modalities revenue were consistent with our expectation for a muted back half. We saw growth in cell therapy while AAV and mRNA trends were fairly consistent with last quarter.

新模式的收入與我們對下半年成長放緩的預期相符。細胞療法領域實現了成長，而 AAV 和 mRNA 的發展趨勢與上一季基本一致。

Turning to strategy, we mentioned last quarter that digitization is a key pillar of our strategic plan. Our analytics franchise is the foundation of this strategy, so we wanted to expand on this effort and provide more detail on the very strong performance in Q3. Digitization will be a multi-step and a multi-year journey.

談到策略，我們在上個季度提到，數位化是我們策略計畫的關鍵支柱。我們的分析業務是這項策略的基礎，因此我們希望擴展這項工作，並提供有關第三季強勁業績的更多細節。數位化將是一個多步驟、多年才能完成的過程。

Currently we enable measurements of protein concentration in downstream processes using our innovative solutions from C technologies and glucose, lactate, and biomass upstream with the acquisition of the 908 bioprocessing assets. With the successful inline integration of CTech FlowVPX into our downstream TFF systems, we can provide real-time monitoring and process control.

目前，我們利用 C 技術的創新解決方案，能夠測量下游製程中的蛋白質濃度，並透過收購 908 生物加工資產，測量上游製程中的葡萄糖、乳酸和生物質濃度。透過成功地將 CTech FlowVPX 線上整合到我們的下游 TFF 系統中，我們可以提供即時監控和製程控制。

These are key enablers of continuous manufacturing, which is still in its early days, particularly in down streaming applications. We are actively working to develop additional PAT enabled solutions.

這些是連續製造的關鍵推動因素，而連續製造仍處於起步階段，尤其是在下游應用領域。我們正在積極開發更多支援便攜式電器檢測 (PAT) 的解決方案。

Beyond this, we are looking at opportunities to leverage digital twins to utilize this real-time process data with advanced modeling to optimize process development and manufacturing. As a step in this direction, we announced a partnership with Novasign during the third quarter to integrate our system with Novasign's digital twin capability starting with our bench scale TFF.

除此之外，我們也正在探索利用數位孿生技術，結合先進的建模技術，利用即時製程數據來優化製程開發和製造的機會。為實現這一目標，我們在第三季宣布與 Novasign 建立合作夥伴關係，將我們的系統與 Novasign 的數位孿生功能集成，首先從我們的桌上型 TFF 開始。

We aim to deliver a solution that significantly reduce process development time and cost and support a more efficient and reliable scaler for our customers. We also saw strong growth in overall service revenue in quarter three. Services currently represents 5% of our consolidated revenue.

我們的目標是為客戶提供一種能夠大幅減少製程開發時間和成本的解決方案，並支援更有效率、更可靠的規模化生產。第三季整體服務收入也實現了強勁成長。服務業務目前占我們合併收入的 5%。

We have a particularly high attachment rate in analytics, so we benefit from both new installations and annual maintenance. Commercially, a strong service organization allows us to best serve and delight our customers, while bringing us to be closer to them.

我們在分析領域的附加率特別高，因此我們既受益於新安裝，也受益於年度維護。從商業角度來看，強大的服務組織能夠讓我們更好地服務和取悅客戶，同時也能拉近我們與客戶的距離。

There is a sizable opportunity for us to grow this business in coming years as we expand our services offerings across our entire capital equipment portfolio. Our strategic strategy initiative launched three years ago is a real success story.

隨著我們擴大在整個資本設備組合中的服務範圍，未來幾年我們將有相當大的機會發展這項業務。我們三年前啟動的戰略計劃取得了真正的成功。

We are now covering 20 large pharma and CDMO accounts. The focus of our key accounts team is to engage with key decision makers that our customers to better understand their needs while demonstrating the breadth of our capabilities.

我們目前服務 20 家大型製藥公司和 CDMO 客戶。我們重點介紹客戶團隊的重點是與客戶的關鍵決策者溝通，以便更好地了解他們的需求，同時展現我們廣泛的能力。

We are seeing great traction here with more of these customers buying multiple products from Repligen and as a result, many of these strategic accounts are accretive to our growth. In addition to our strategic strategy, our commercial team is also incentivized to cross sell products across the entire portfolio.

我們看到，越來越多的客戶從 Repligen 購買多種產品，這為我們帶來了巨大的成長，因此，許多策略客戶都促進了我們的發展。除了我們的策略策略之外，我們的銷售團隊也有動力在整個產品組合中進行交叉銷售。

As it pertains to tariffs, we continue to evaluate opportunities to better leverage our global footprint. We are working towards dual manufacturing for the vast majority of our portfolio by the end of next year. This includes a focus on ensuring we have the right footprint to benefit from capital equipment opportunities in coming years, including potential US entering projects.

關於關稅方面，我們將繼續評估各種機會，以更好地利用我們的全球影響力。我們正在努力，爭取在明年年底前實現我們產品組合中絕大多數產品的雙料生產。這包括重點確保我們擁有合適的佈局，以便在未來幾年從資本設備機會中受益，包括潛在的進入美國的項目。

Before I turn the call over to Jason, I'll provide some more detail on our franchise level performance. Filtration revenue grew over 20% in the quarter. Flat sheet cassettes, fluid management, Flow Paths along with ATF all contributed meaningfully to growth this quarter.

在將電話交給傑森之前，我將詳細介紹我們加盟店的表現。本季過濾業務收入成長超過 20%。本季度，平板盒式組件、流體管理、流路以及 ATF 都對成長做出了重要貢獻。

We continue to see a long run way of growth in ATF, but we think it's important to highlight that multiple products have been key drivers of year-to-date filtration growth. This highlights the breadth of our filtration franchise, which is our largest and most diverse.

我們繼續看到 ATF 具有長期成長潛力，但我們認為有必要強調，多種產品是今年迄今為止過濾業務成長的關鍵驅動因素。這凸顯了我們過濾業務的廣泛性，這是我們規模最大、種類最多的業務。

In addition, we have a strong backlog for fluid management, so we continue to expect robust growth from this product line in coming quarters. After record Q2, chromatography revenue grew mid-teens in Q3 and raising mixed return to more normal levels. This was mostly driven by continued strength in large columns demand from key CDMOs and pharma accounts globally.

此外，我們在流體管理方面擁有強大的訂單儲備，因此我們預計該產品線在未來幾季將繼續保持強勁成長。繼創紀錄的第二季之後，色譜業務收入在第三季實現了兩季以上的成長，並逐漸恢復到較正常的水平。這主要是由於全球主要CDMO和製藥客戶對大型蒸餾塔的持續強勁需求所致。

Protein revenue grew low double-digits in quarter three, driven by chromatography rating. This franchise outperformed our expectation in the quarter and is an area where we are making additional investments to drive future growth.

第三季蛋白質收入實現了兩位數的低成長，這主要得益於色譜分析評級的推動。該特許經營業務在本季表現超出預期，我們將加大對該領域的投資，以推動未來的成長。

We have several innovative solutions for the new modality market with our appetite on the assets and for the monoclonal antibody market by our Protein A ligand capabilities. We plan to launch additional innovative solutions across its portfolio in coming years.

我們擁有多種創新解決方案，包括對新療法市場的資產需求，以及憑藉 Protein A 配體能力對單株抗體市場的開發需求。我們計劃在未來幾年推出更多涵蓋我們產品組合的創新解決方案。

While it will take some time for this opportunity to grow into more meaningful revenues, we think the investment we are making today will position as well for growth in this higher margin franchise for years to come.

雖然這項機會需要一段時間才能發展成為更有意義的收入，但我們認為，我們今天進行的投資將為未來幾年在這個高利潤特許經營領域取得成長奠定基礎。

Finally, and as already mentioned, process analytics had a standout Q3 with more than 50% growth, including $3 million of revenue from the 908 bioprocessing acquisition and over 30% growth at CTech. This was driven by strength across consumable equipment and services.

最後，如同前面提到的，流程分析在第三季表現出色，成長超過 50%，其中包括從 908 生物加工收購中獲得的 300 萬美元收入，以及 CTech 超過 30% 的成長。這主要得益於消耗性設備和服務領域的強勁表現。

With strong orders in the quarter, we're encouraged by the momentum in our analytics franchise. And it relates to the 908 bioprocessing assets will remain on plan with the integration. To wrap up, why the last several years have been a unique period for the bio-processing market, we believe the dynamics of this year have created additional opportunities for Repligen.

本季訂單強勁，我們對分析業務的發展勢頭感到鼓舞。與整合相關的 908 生物加工資產將繼續按計劃進行。綜上所述，儘管過去幾年對於生物加工市場而言是一個獨特的時期，但我們認為今年的市場動態為 Repligen 創造了更多機會。

Customers are looking for products that enable them to improve yield and productivity. Our product portfolio and customer centricity have opened a number of doors in recent years, and we believe the results we are seeing this year are testament to our strategy. We remain focused on capitalizing on our growing.

顧客正在尋找能夠幫助他們提高產量和生產力的產品。近年來，我們的產品組合和以客戶為中心的理念為我們打開了許多扇門，我們相信今年的成果證明了我們的策略是正確的。我們將繼續專注於利用我們不斷增長的優勢。

Given the opportunities we see across our portfolio, we will continue to invest as needed to ensure we have the right foundation to support sustainable future growth.

鑑於我們在投資組合中看到的機遇，我們將繼續根據需要進行投資，以確保我們擁有支持未來永續成長的正確基礎。

This includes planning investment in application labs to better serve our customers with differentiated solutions, investments in technology to increase productivity, and investment across our business to ensure we have robust processes and tools to continue to delight customers and get our growing business.

這包括計劃投資應用實驗室，以便透過差異化解決方案更好地服務我們的客戶；投資技術以提高生產力；以及投資於我們的整個業務，以確保我們擁有強大的流程和工具，從而繼續讓客戶滿意並實現業務成長。

We balance these initiatives with a commitment to driving marginal expansion over the medium term. We're excited about the customer attraction across our business as highlighted by our year-to-date performance, which demonstrates the differentiated nature of Repligen. It also reflects the execution of the five strategic priorities we outlined at the beginning of the year. We remain focused on closing out a very strong 2025.

我們力求在中期內實現小幅擴張，以平衡這些措施。我們對公司業務的客戶吸引力感到非常興奮，正如我們今年迄今的業績所凸顯的那樣，這證明了 Repligen 的差異化特性。這也反映了我們在年初制定的五項策略重點的執行。我們將繼續專注於在2025年取得非常強勁的成績。

Now I turn the call over to Jason for the financial highlights.

現在我把電話交給傑森，讓他介紹財務方面的重要資訊。

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

謝謝你，奧利維爾，大家早安。今天，我們將公佈 2025 年第三季的財務業績，並更新全年財務預期。除非另有說明，所有討論的財務指標均反映經調整的非GAAP指標。

As shared in our press release this morning, we delivered third quarter revenue of $189 million a reported year-over-year increase of 22%. This is 18% organic growth excluding the impact of acquisitions and currency. Acquisitions contributed approximately 2 points to the reported growth, while foreign currency was also a two-point tailwind.

正如我們今天早上發布的新聞稿中所述，我們第三季營收為 1.89 億美元，年增 22%。這是18%的有機成長率，不計收購和匯率的影響。收購為報告的成長貢獻了約 2 個百分點，而外匯也帶來了 2 個百分點的利好。

As Olivier offered details on our product franchise performance, I'll provide more color on our regional performance. Starting with quarterly revenue, North America represented approximately 50% of our total, Europe represented 30%, and Asia Pacific and the rest of the world represented approximately 20%.

奧利維爾詳細介紹了我們的產品特許經營業績，接下來我將詳細介紹我們的區域業績。從季度收入來看，北美約占我們總收入的 50%，歐洲約佔 30%，亞太地區和世界其他地區約佔 20%。

Asia Pacific grew nearly 50% year over year, driven by fluid management, analytics, and ATF. Americas grew 20% with strength across the portfolio, and EMEA grew low double-digits driven by OPUS and TangenX. After strong orders in Q2, we saw China revenue return to growth in Q3. Though not a key driver for the overall strength in Asia Pacific, it was encouraging to see growth even off a low prior year base.

亞太地區年增近 50%，主要得益於流體管理、分析和 ATF 的發展。美洲地區成長了 20%，這得益於整個投資組合的強勁表現；歐洲、中東和非洲地區在 OPUS 和 TangenX 的推動下實現了兩位數的低成長。繼第二季強勁的訂單之後，我們看到中國市場的營收在第三季恢復成長。雖然這並非亞太地區整體強勁成長的主要驅動力，但即便在上一年基數較低的情況下，看到成長仍然令人鼓舞。

We remain optimistic that China will return to growth in 2026, but we still expect China to be slightly down this year as orders declined in the quarter after the order acceleration in Q2.

我們仍然樂觀地認為中國經濟將在 2026 年恢復成長，但我們仍然預計中國經濟今年將略有下滑，因為在第二季度訂單加速成長之後，本季訂單有所下降。

Transitioning the profit and margin, just the gross profit was $101 million, up 28% year over year, or 25% excluding foreign currency and acquisitions. Adjusted gross margin of 53.3% increased 260 basis points year over year and 210 basis points sequentially. The year-over-year increase was driven by volume, leverage, price, and productivity.

從利潤和利潤率來看，光是毛利就達到 1.01 億美元，年增 28%，若不計外匯和收購，則年增 25%。經調整後的毛利率為 53.3%，較去年成長 260 個基點，較上季成長 210 個基點。年比成長主要受銷售量、槓桿率、價格和生產力的推動。

The sequential increase benefited primarily from improved mix, as Repligen procured resin for OPUS columns were at more normal levels, and from revenue growth of proteins in the quarter. This dynamic of gross margin fluctuation being driven by changes in sales mix is to be expected quarter to quarter. We're more focused on full year trends.

環比增長主要得益於產品組合的改善，因為 Repligen 為 OPUS 色譜柱採購的樹脂數量已恢復正常水平，以及本季度蛋白質收入的增長。銷售組合的變化導致毛利率波動，這種動態變化是每季都會發生的。我們更關注全年趨勢。

Year-to-date gross margin is 52.7%, which shows 230 basis points of margin expansion over the same period in the prior year and is in line with our gross margin outlook of 52% to 53% for 2025. FX was a benefit to margin in the quarter, while tariffs remained a slight headwind.

今年迄今的毛利率為 52.7%，比去年同期成長了 230 個基點，符合我們對 2025 年 52% 至 53% 的毛利率預期。本季外匯波動對利潤率有利，而關稅仍是一個略微不利的因素。

Continuing through the P&L, our adjusted income from operations was $27 million in the third quarter, up 16% year over year on a reported basis, and up about 20% excluding the impact from foreign currency and M&A. This growth was driven by a $22 million increase in gross profit on higher volume and margin improvement offset by $18 million higher OpEx.

從損益表來看，我們第三季的調整後營業收入為 2,700 萬美元，以報告基準計算年增 16%，若不計外匯和併購的影響，則較去年同期成長約 20%。這一成長主要得益於銷售增加和利潤率提高帶來的 2,200 萬美元毛利成長，但同時也被 1,800 萬美元的營運支出增加所抵銷。

Q3 represented our lowest OpEx quarter last year, and growth this quarter included $3 million from M&A, $1 million from foreign currency. It also includes about $2 million of one-time expenses in SG&A that will not repeat in the fourth quarter. The remaining increase includes strategic investments, which we will continue to make to support future growth.

第三季度是我們去年營運支出最低的一個季度，而本季的成長包括來自併購的 300 萬美元和來自外匯的 100 萬美元。其中還包括約 200 萬美元的一次性銷售、一般及行政費用，這些費用在第四季度不會再次發生。剩餘的成長包括策略性投資，我們將繼續進行這些投資以支持未來的成長。

Year-to-date, OpEx has grown 14%, excluding the impact of M&A in the foreign exchange versus our 16% organic non-COVID revenue growth. This translated to an adjusted operating margin of 14.2%. Margins declined 70 bps year over year, largely due to M&A.

今年迄今為止，營運支出成長了 14%，不包括併購對匯率的影響，而我們的非新冠疫情期間有機收入成長率為 16%。經調整後的營業利益率為 14.2%。利潤率較去年同期下降 70 個基點，主要原因是併購。

Our third quarter adjusted EBITDA margin was 19%, a year-over-year decline of 160 basis points, which also included a $1 million headwind from foreign currency transaction losses. Adjusted net income was $26 million, a $2 million a year-over-year increase. Higher adjusted operating income was offset by $3 million of lower interest income.

我們第三季調整後的 EBITDA 利潤率為 19%，年減 160 個基點，其中還包括外匯交易損失帶來的 100 萬美元不利影響。調整後的淨收入為 2,600 萬美元，比上年同期成長 200 萬美元。調整後營業收入增加被300萬美元的利息收入減少所抵銷。

Our third quarter adjusted effective tax rate was 17%, which benefited from actions executed within our tax planning strategy. We now expect to see an adjusted effective tax rate between 21% to 22% for the year, about 100 basis points lower than our previous guidance. Adjusted fully diluted earnings per share for the third quarter were $0.46 compared to $0.43 in the same period in 2024.

我們第三季的調整後實際稅率為 17%，這得益於我們在稅務規劃策略中採取的行動。我們現在預計今年的調整後實際稅率將在 21% 至 22% 之間，比我們之前的預期低約 100 個基點。第三季經調整後的完全稀釋每股收益為 0.46 美元，而 2024 年同期為 0.43 美元。

Finally, our cash position at the end of the third quarter was $749 million, up $40 million sequentially from the second quarter. This was driven by incredibly strong operating cash flow performance in the quarter, driven mostly by improved working capital.

最後，截至第三季末，我們的現金餘額為 7.49 億美元，比第二季季增了 4,000 萬美元。這主要得益於本季強勁的經營現金流表現，而這又主要歸功於營運資本的改善。

We're very happy with our strong year-to-date results delivering above market revenue growth and marginal expansion, which positions us to deliver upon our updated outlook.

我們對今年迄今的強勁業績非常滿意，實現了高於市場平均的收入成長和小幅擴張，這使我們能夠實現更新後的預期目標。

I'll speak to adjusted financial guidance, but please note that our GAAP to non-GAAP reconciliations for our 2025 guidance are included in the reconciliation tables in today's earnings press release. Our guidance includes tariffs and our latest foreign currency assumptions.

我將談談調整後的財務預期，但請注意，我們 2025 年預期的 GAAP 與非 GAAP 調整表已包含在今天發布的盈利新聞稿中。我們的指導意見包括關稅和我們最新的外匯匯率假設。

As highlighted earlier by Olivier and on the strength of our portfolio, we are increasing the midpoint of our revenue growth guidance as we narrow towards the high end of the guidance range. We now see 14% to 15.5% organic non-COVID growth, or 12% to 13.5% organic revenue growth, with the midpoint of both increasing 75 basis points from our prior guidance.

正如 Olivier 先前強調的那樣，基於我們強大的投資組合，隨著我們向指導範圍的高端靠攏，我們將提高收入成長指導的中點。我們現在預期有機非新冠疫情成長率為 14% 至 15.5%，有機收入成長率為 12% 至 13.5%，兩者的中位數均比我們先前預期的高出 75 個基點。

Our new guidance assumes just over a 1 point tailwind from foreign exchange, while our M&A assumptions are unchanged. Putting this together, we are increasing our 2025 revenue guidance to $729 million to $737 million up from $715 million to $735 million or an increase of $8 million at the midpoint.

我們新的業績指引假設外匯市場將帶來略高於 1 個百分點的利好，而我們的併購假設保持不變。綜合以上因素，我們將 2025 年的營收預期從 7.15 億美元至 7.35 億美元上調至 7.29 億美元至 7.37 億美元，中間值增加 800 萬美元。

To summarize the update clearly of the $8 million increase, $6 million is due to overall portfolio strength, and $2 million is from foreign currency benefits. Our guidance implies 4Q revenue will grow low double-digits organically at the midpoint while overcoming the headwind from a gene therapy platform mentioned last quarter.

簡而言之，這 800 萬美元的成長中，600 萬美元是由於整體投資組合的強勁成長，200 萬美元是由於外匯收益。我們的預測表明，第四季度收入將實現兩位數的低位有機成長（中位數），同時克服上個季度提到的基因治療平台帶來的不利影響。

In terms of growth by franchise, we now expect the following reported growth rates. Filtration growth of approximately 10% versus our prior expectation of 10% to 12%. This represents approximately 13.5% non-COVID growth.

就特許經營業務的成長而言，我們現在預期報告的成長率如下。過濾業務成長約 10%，高於我們先前預期的 10% 至 12%。這相當於約 13.5% 的非新冠疫情成長。

Chromatography growth of approximately 25% versus our prior estimate of 20%. Proteins growth of 15% to 20% versus 10% to 15% previously. And finally, analytics will grow north of 30% versus our prior guidance of 25%. This includes the 908 bioprocessing acquisition.

色譜技術成長約 25%，而我們先前的估計為 20%。蛋白質成長率為 15% 至 20%，而之前為 10% 至 15%。最後，分析業務的成長將超過 30%，高於我們先前 25% 的預期。這包括 908 生物加工收購。

We continue to expect adjusted gross margins in the range of 52% to 53%, which represents 210 basis points of year-over-year margin expansion at the midpoint, driven by volume leverage, price, and manufacturing productivity offset primarily by inflation and some 2024 COVID sales drag. We assume a slight headwind from tariff charges offset by benefits from foreign currency.

我們繼續預期調整後的毛利率在 52% 至 53% 之間，以中間值計算，年增 210 個基點，主要得益於銷量槓桿、價格和製造效率的提高，但會被通貨膨脹和 2024 年新冠疫情帶來的部分銷售下滑所抵消。我們預期關稅帶來的輕微不利影響將被外匯收益所抵銷。

We expect fourth quarter gross margin to be closer to the second quarter following the impact of sales mixed fluctuations discussed earlier. The fourth quarter includes a mixed shift to products that are below our corporate average. We now expect our adjusted income from operations to be between $98 million to $100 million. This assumes a roughly 13.5% operating margin.

受先前討論過的銷售波動影響，我們預期第四季毛利率將更接近第二季。第四季產品銷售量有所下滑，部分產品的銷售量低於公司平均。我們現在預計調整後的營業收入將在 9,800 萬美元至 1 億美元之間。這假設營業利益率約為 13.5%。

As Olivier mentioned earlier, given the strength and traction we are seeing across our portfolio, we continue to make strategic investments today to support tomorrow's growth. This includes investments in specific product lines and geographies like Asia Pacific.

正如 Olivier 先前所提到的，鑑於我們投資組合的強勁勢頭和良好發展勢頭，我們今天將繼續進行策略性投資，以支持未來的成長。這包括對特定產品線和地區（如亞太地區）的投資。

In addition, we continue our fit for growth journey and we'll invest to ensure we have the right infrastructure to deliver on these opportunities for our customers, stakeholders, and shareholders. These include investments in operations and support functions.

此外，我們將繼續推動成長策略，並將進行投資，以確保我們擁有合適的基礎設施，從而為我們的客戶、利害關係人和股東創造這些機會。其中包括對營運和支援職能的投資。

They also include investments in digital capabilities that will help drive efficiencies in the future. We will continue to balance cost efficiency and margin expansion with investments that are critical to support future growth.

其中包括對數位化能力的投資，這將有助於在未來提高效率。我們將繼續在成本效益和利潤率擴張之間取得平衡，同時增加對未來成長至關重要的投資。

Continuing through the P&L, we are updating our adjusted other income guidance to $21 million down from $22 million to $23 million due to lower interest income assumptions, along with some impact from foreign currency.

繼續分析損益表，由於利息收入預期下調以及外匯匯率的影響，我們將調整後的其他收入預期從 2,200 萬美元至 2,300 萬美元下調至 2,100 萬美元。

As we explained earlier, our 2025 adjusted effective tax rate expectation is now 21% to 22%, 1 point lower than our prior guidance. Given these dynamics, we now expect our adjusted fully diluted earnings per share to be between $1.65 and $1.68. Our balance sheet remained strong as we ended the third quarter with $749 million of cash, as mentioned earlier.

正如我們之前解釋的那樣，我們目前對 2025 年調整後的實際稅率預期為 21% 至 22%，比我們之前的預期低 1 個百分點。鑑於上述情況，我們預計調整後的完全稀釋每股盈餘將在1.65美元至1.68美元之間。如前所述，我們的資產負債表依然穩健，第三季末現金餘額為7.49億美元。

We 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 below pre-COVID levels.

我們在支出方面保持謹慎，同時保留靈活的可用資金以備潛在收購之需。我們仍預期資本支出將比 2024 年下降 20% 至 25%，支出水準低於新冠疫情前的水準。

As we wrap, we are encouraged by our strong year-to-date results, especially considering the headwinds and new modalities that we overcame. We believe this performance reflects solid execution on our growth strategy and broader portfolio. Olivier and I would like to thank our Repligen teammates for helping us to deliver above market growth yet again.

總結而言，我們對今年迄今為止的強勁業績感到鼓舞，尤其考慮到我們克服了許多不利因素和新的模式。我們認為，這項業績反映了我們在成長策略和更廣泛的投資組合方面所取得的穩健執行。Olivier 和我要感謝 Repligen 的隊友們，感謝他們幫助我們再次實現了高於市場平均的成長。

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

這樣，我將把電話轉回給接線員，以便接聽提問。

(Operator Instructions)

（操作說明）

Dan Arias, Stifel.

Dan Arias，Stifel。

Hey good morning guys. Thank you. Hope you can hear me here, Olivier, can you maybe just talk about the cadence of order momentum across the quarter and then out of the quarter? I mean, obviously that's a positive industry development.

嘿，各位早安。謝謝。奧利維爾，希望你能聽到我說話，你能談談本季以及季末的訂單動能節奏嗎？我的意思是，這顯然是產業發展的正面因素。

Recently, Jason mentioned that China coming in as maybe a bit of an offset. How would you sum up purchasing activity here? To what extent is you all run at midpoint, bump capture what you're seeing, and then how do you feel like that position here in the next year just given where expectations seem to be? Thanks much.

最近，Jason提到中國的介入或許能起到一定的抵銷作用。您如何概括該地區的購買活動？你們在多大程度上都處於中點，抓住你們所看到的情況，然後考慮到目前的預期，你們覺得明年這個位置會如何？非常感謝。

Yeah, I hope I heard you well enough, Dan. I think you were asking about cadencing of orders in quarter three here. So I mean, you've heard like orders went really well for us again in quarter three. I mean we grew out more than 20%, which is the second quarter in a row, like our orders are growing more than 20%.

是的，丹，我希望我聽得很清楚。我想你問的是第三季的訂單節奏問題。我的意思是，你們可能已經聽說，我們第三季的訂單情況又非常好。我的意思是，我們的成長超過了 20%，這是連續第二季訂單成長超過 20%。

In fact, it's sixth quarter in a row that we've seen sequential order growth and what I really like among others is every single franchise has really grew double-digits in the quarter. So there was no real change between July, August, September.

事實上，這已經是連續第六個季度訂單量環比增長了，而我尤其喜歡的是，每個特許經營權在本季度都實現了兩位數的增長。所以七月、八月、九月之間並沒有真正的改變。

I mean, it was pretty same type of growth during the entire quarter. And then I think I heard question about what's going on in the industry globally and with the questions specifically on China. I mean, yeah, we think we are back to really operating that business in a very normal environment.

我的意思是，整個季度成長情況都差不多。然後，我好像聽到有人問到全球產業現狀，特別是關於中國的問題。我的意思是，是的，我們認為我們已經恢復到非常正常的業務運作環境。

I mean, it started with biopharma maybe a year and a half ago, then the CDMOs three, four quarters ago. What was really interesting to see for this quarter was a very nice recovery of small biotech, certainly too early to celebrate, but to see the small biotech business at the highest level for the last three years was very encouraging.

我的意思是，這大概是一年半前從生物製藥開始的，然後是三、四個季度前CDMO（合約研發生產機構）開始的。本季最令人感興趣的是小型生物技術行業的良好復甦，當然現在慶祝還為時過早，但看到小型生物技術行業在過去三年中達到最高水平，這非常令人鼓舞。

And then talking about geographies, also very strong across the board, China grew nicely, which was one of the first time for several quarters grew in terms of sales. All those were a little bit softer, but as we all know, we're at the beginning of really full what we expect to be full recovery, and we do expect to be back to growth in China next year. So that's the kind of the overall situation here.

從地理上看，整體表現也非常強勁，中國市場成長良好，這是幾季以來銷售額首次實現成長。這些指標都略有疲軟，但我們都知道，我們正處於全面復甦的初期，我們預計明年中國經濟將恢復成長。這就是這裡的整體情況。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you very much. A lot of moving parts on the margin side. Jason, I was hoping you could better help me reconcile the sales guidance increase versus narrowing your EBIT margin to the bottom end of prior guide and wondering also if you can make a comment on what's the right level of operating margin expansion for a high teens revenue growth rate in the Repligen model. Thank you.

非常感謝。利潤方面有很多變數。Jason，我希望你能更好地幫我解釋一下銷售預期上調與息稅前利潤率收窄至先前預期下限之間的矛盾，另外，我還想知道在 Repligen 模型中，對於兩位數以上的收入增長率，合適的營業利潤率擴張水平是多少。謝謝。

Yeah, look, I mean, first, I'd say we're overall happy with our margin performance in the quarter and to your point as well, seeing the trends in margin expansion, gross margin as we highlighted are going to move a little bit with the mix of business that we have in the quarter. We're quite favorable in 3Q.

是的，你看，我的意思是，首先，我想說我們對本季度的利潤率表現總體上是滿意的，而且正如你所指出的，從利潤率擴張的趨勢來看，正如我們強調的，毛利率會隨著本季度業務組合的變化而略有波動。第三季我們情勢相當樂觀。

And when you look more importantly at the year to date, we're up 230 basis points, kind of rolling that down to operating income. In the quarter we're up about 20% if you exclude the impact of M&A and currency, that's the dollars of operating income versus about 18% of non-organic.

更重要的是，從今年迄今的情況來看，我們上漲了 230 個基點，大致可以反映在營業收入中。如果排除併購和匯率的影響，本季我們的營業收入成長了約 20%，而非內生性成長約為 18%。

So again, continue to get some of that leverage. Look, I know for operating margin overall for the year, again, I put in that same context. If you look at our overall guide, operating income will be up about 25% if you exclude M&A and FX impact on again about a 16% non-COVID organic revenue growth. So again, a lot of good leverage there.

所以，再次強調，要繼續保持這種優勢。我知道，就全年的營業利潤率而言，我也是放在同樣的背景下考慮的。如果查看我們的整體指導，排除併購和匯率影響，營業收入將成長約 25%，非新冠疫情帶來的有機收入成長約為 16%。所以，這方面有很多可以利用的優勢。

If you look specifically, okay, why didn't some of the same sales, or that sales drop all the way through, we highlighted about $2 million of one-time operating expenses that we saw in the quarter, primarily driven by some leadership changes that we've been making in our fit for growth journey, so that is a hit there, little bit of FX pressure as well.

如果具體來看，為什麼有些銷售額沒有達到預期，或者銷售額完全下降，我們重點指出，本季度出現了約 200 萬美元的一次性營運支出，這主要是由於我們在適應增長的過程中進行的一些領導層變動造成的，所以這造成了一定的衝擊，此外還有一些外匯壓力。

And then finally again we will continue to make investments in the infrastructure and as well as in operations to make sure that we have the right way to support future growth. So we're taking really a long view here, Dan, right? It's at the total guide, we dropped our EPS by about a penny, right? When you look at the midpoint. And when we're thinking about that versus the investments we can make today to keep driving future growth, we're taking a really balanced view.

最後，我們將繼續對基礎設施和營運進行投資，以確保我們以正確的方式支持未來的成長。所以，丹，我們現在是從長遠角度考慮問題的，對吧？根據總指南，我們的每股收益下降了大約 1 便士，對吧？當你觀察中點時。當我們考慮這一點，以及我們今天可以進行哪些投資來繼續推動未來的成長時，我們採取的是一種非常平衡的觀點。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Hi, good morning, Olivier, maybe following up on, Dan Arias' question relative to potential onshoring activity or certainly a pickup in the equipment opportunity over the next couple of years. Obviously it's still recent since some of the pharma care MFN just come out, but what do you make of any change in cadence or nature of customer conversations, how would you evaluate Repligen's ability today to potentially participate in larger scale projects relative to you know before you joined, but maybe five years ago when there was a resurgence in the capital equipment related to COVID. Thanks.

嗨，早安，Olivier，我想就 Dan Arias 關於未來幾年潛在的本土化活動或設備採購機會增加的問題做個後續討論。顯然，由於一些醫藥保健最惠國待遇政策剛剛出台，所以情況還比較新。但是，您如何看待客戶溝通的節奏或性質的任何變化？您如何評價 Repligen 如今參與更大規模專案的能力，與您加入公司之前，也就是大約五年前，當時與 COVID 相關的資本設備需求再次激增時相比？謝謝。

Yeah, good morning, Matt. Yeah, a really good question. Obviously, we're all very encouraged to see the couple of recent announcements that were taking place, agreement between those two pharma companies and the administration.

早安，馬特。是的，這確實是個好問題。顯然，我們都對最近公佈的兩項公告感到非常鼓舞，其中包括這兩家製藥公司與政府達成的協議。

You nailed it down very well. I mean, the big difference for Repligen today versus where we were two to three years ago, so we have become a real broad actor in the field of hardware solutions, and we are now receiving RSPs for a lot of these big hardware investments that are happening around the world. So obviously these onshoring projects are going to represent a huge opportunity for all of us.

你總結得非常到位。我的意思是，Repligen 如今與兩三年前相比發生了巨大的變化，我們已經成為硬體解決方案領域真正的廣泛參與者，現在我們正在為世界各地發生的許多大型硬體投資項目獲得零售銷售訂單 (RSP)。顯然，這些回流到國內的項目將為我們所有人帶來巨大的機會。

The industry and for us in particular with our very differentiated hardware portfolio that is, as very well combined with our PAT technology, which is a huge differentiator. So yeah, we are starting to hear more about it. We would expect probably first orders to come towards the second half of 2026 and probably sales from '27, '28 onwards, and we're definitely going to be playing a big role in that exercise here for sure.

對我們而言，擁有差異化的硬體產品組合，再加上我們的 PAT 技術，這在業界具有巨大的差異化優勢。是的，我們開始聽到更多關於這件事的消息了。我們預計第一批訂單可能會在 2026 年下半年到來，銷售額可能會從 2027 年、2028 年開始成長，而且我們肯定會在這過程中發揮重要作用。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good morning, everybody, and thank you for taking my questions. Really just a couple on guidance. So first, as I look back over the past four years, recognizing it's been a weird period, but if I just average things, revenue has been, I think, about 9% higher in Q4 versus Q3 on average. I think guidance implies revenue is only about, 2% to 3% higher in Q4 this year versus Q3.

各位早安，感謝你們回答我的問題。其實只是提供一些指導意見。首先，回顧過去四年，我意識到這是一段奇怪的時期，但如果只取平均值，我認為第四季的收入比第三季平均高出約 9%。我認為，該指引顯示今年第四季的營收僅比第三季成長 2% 至 3%。

I'm guessing this is just conservatism given the environment we continue to be in, but there's a lot of positive commentary here. You're coming off a good quarter. It's been a series of good quarters, so I just want to make sure there's no timing dynamics that we should be contemplating. So that's the first question.

我猜這只是在當前環境下的保守主義表現，但這裡也有很多正面的評論。你上個季度表現不錯。過去幾季業績都不錯，所以我只是想確認一下，我們是否需要考慮任何時間安排的問題。這是第一個問題。

The second is in your prepared remarks, I think you noted that we should expect filtration revenue growth at the lower end of the range, and I just want to make sure I heard that right. If so, one, can you delineate between ATF and non-ATF, and two, what does that mean about product mix more broadly, specifically, are resins tracking stronger than expected? And again, I may have just heard it wrong. Thank you.

第二點是，在您事先準備好的發言稿中，我認為您提到我們應該預期過濾業務的收入增長將處於該範圍的下限，我只是想確認一下我是否聽對了。如果是這樣，第一，你能分辨 ATF 和非 ATF 嗎？第二，這對於更廣泛的產品組合意味著什麼？具體來說，樹脂的追蹤性能是否比預期的要好？而且，我可能又聽錯了。謝謝。

Okay, Doug, yeah, so I think your two questioners are somewhat linked to each other, so which is going to make it an easier answer here is if you look at the seasonality this year, you're absolutely right, like we're seeing much less of it than we were seeing before COVID and probably with that very strong quarter three, which is very unusual because we've hardly ever seen a Q3 higher than a Q2 in the last 10 to 15 years.

好的，道格，是的，我認為你的兩個問題在某種程度上是相關的，所以這個問題更容易回答。如果你看看今年的季節性，你說的完全正確，我們看到的季節性比新冠疫情之前要少得多，而且第三季度表現非常強勁，這很不尋常，因為在過去的10到15年裡，我們幾乎從未見過第三季度高於第二季度的情況。

I mean, this means like obviously there will be less seasonality also between Q3 and Q4 and our midpoint -- sorry, our guidance now implies [8% to 13%] organic growth in Q4. And keep in mind we have about 3% headwind coming from that gene therapy customer that was reporting really high sales for us in quarter four of last year. So that's really one of the many explanations.

我的意思是，這顯然意味著第三季和第四季之間的季節性因素也會減少，而我們的中點——抱歉，我們現在的指導意見意味著第四季有機成長率為 8% 至 13%。請記住，我們還有大約 3% 的不利因素，這主要來自那位基因治療客戶，該客戶在去年第四季度為我們帶來了非常高的銷售額。所以這只是眾多解釋之一。

And by the way, this is purely filtration, which is why I was. Saying this is kind of also linked to the second part of your question here, but the other two things to take into consideration here as well is the comp was much tougher, is much tougher in quarter four than it was in quarter three because comp is 9 points more difficult sequentially than it was in quarter three. So that's another reason why you would imagine indeed that organic growth in Q4 would probably be more towards the 8% to 13% that we just talked about here.

順便說一句，這純粹是過濾，所以我才那樣做。這麼說其實也和你的問題的第二部分有關，但還有兩點需要考慮：第四季度的考試​​比第三季度難得多，因為第四季度的考試​​難度比第三季度高出 9 分。所以，這也是為什麼你會認為第四季的有機成長率可能會更接近我們剛才討論的 8% 到 13% 的原因之一。

And then back to filtration more specifically, we mentioned about that blockbuster ATF project we signed about a year ago. We delivered the hardware toward the end of quarter three, so this will start to play a little bit as well of a role why there is a little bit less seasonality between Q3 and Q4 here.

然後，更具體地回到過濾的話題，我們提到了大約一年前簽署的那個轟動一時的 ATF 項目。我們在第三季末交付了硬件，因此這也在一定程度上解釋了為什麼第三季和第四季之間的季節性波動較小。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, hi, Olivier and team. Thanks for taking my questions. So, I appreciate the momentum you're seeing here now. It seems like six quarters of, continued order growth, even sequentially, and the momentum you have here, but just trying to capture that for 2026, I think the Street is close to about 13% organic growth here. Given what you're seeing, is that a sort of right number to think about.

嗨，奧利維爾和團隊。謝謝您回答我的問題。所以，我很欣賞你們現在看到的這種勢頭。看起來已經連續六個季度訂單持續增長，甚至環比增長，而且你們目前勢頭強勁，但要預測 2026 年的有機增長率，我認為華爾街預計接近 13%。根據你所看到的，這算是一個值得考慮的合適數字嗎？

And then on the gene therapy side, you pointed out the headwinds for the second half of this year. There was some more news on that yesterday, not necessary, that this is an in vivo product, so maybe it doesn't affect you from CRISPR products, but just trying to understand, how are you thinking about that piece of, the modality overall for you and how should we expect that to trend in 2026? Thank you.

然後，在基因治療方面，您指出了今年下半年的不利因素。昨天還有一些關於這方面的消息，雖然不一定重要，但這是一款體內產品，所以可能不會對您產生 CRISPR 產品的影響。我只是想了解一下，您是如何看待這部分內容的，以及這種療法對您整體的影響，我們應該如何預期它在 2026 年的發展趨勢？謝謝。

Yeah, thanks Puneet. So starting with the first question, as usual, we'll provide 2026 guidance on our Q4 call as we typically do, meaning towards the end of February. But what we said and obviously with the all the growth we've seen now sequentially indeed for the last six quarters and being again growing more than 20% year over year, we were obviously very pleased with the situation we're experiencing this year and we are still aiming to outpace industry growth by 5% over the medium term.

謝謝你，普尼特。那麼，先回答第一個問題，我們將像往常一樣在第四季度電話會議上提供 2026 年的業績指引，也就是在 2 月底左右。但正如我們所說，而且顯然，鑑於我們在過去六個季度中確實實現了連續增長，並且再次實現了超過 20% 的同比增長，我們對今年的情況非常滿意，我們仍然致力於在中期內實現比行業平均增長高出 5% 的目標。

So this year we're probably going to be a bit higher than that 5%. We know that next year indeed we'll have a 200 basis point headwind from that specific gene therapy customer. So that's where we are, but again we're going to give guidance really end of February.

所以今年我們可能會略高於5%。我們知道，明年我們確實會因為那位特定的基因治療客戶而面臨 200 個基點的不利影響。這就是我們目前的情況，但我們會在二月底給予明確的指導。

And then in terms of new modality, I mean. It's really playing out pretty much as we expected so far this year. I mean, and then this is where the beauty of having a very diversified portfolio with more than 80% of our product going into monoclonal antibodies is a perfect sign of us being able to grow somewhere if for whatever reason, we've got headwind somewhere else, but outside of that specific gene therapy project.

然後就新模式而言，我的意思是。今年到目前為止，事情的發展基本上符合我們的預期。我的意思是，擁有非常多元化的產品組合的好處就在於此，我們超過 80% 的產品都用於單株抗體，這完美地表明，即使我們在其他方面遇到任何不利因素，但我們仍然能夠在基因治療項目之外的其他領域實現增長。

I mean, we've been experiencing a pretty good year. I mean, and yeah, sometimes you get some bad news on one specific program, but then you're getting a couple of great news on some other programs. And even on the gene therapy side beyond that specific program, there have been several announcements made over the last few months of significant funding of some of these programs and we are enjoying great opportunities with the different programs.

我的意思是，我們今年過得相當不錯。我的意思是，沒錯，有時候你會聽到某個特定項目的一些壞消息，但同時也會聽到其他一些項目的好消息。即使在基因治療方面，除了上述特定項目之外，過去幾個月也宣布了一些項目獲得了大量資金，我們正在享受不同項目帶來的巨大機會。

So what we've been doing really well this year among others is to diversify our focus on all the type of new modalities and indeed we've been a bit heavier on cell therapy and also on antibody drug conjugates as in the beginning of this year, and we've had numerous successes on both sides, which is something we're very happy about here.

今年我們做得非常出色的一點是，我們分散了對各種新療法的關注，事實上，今年年初我們更加重視細胞療法和抗體藥物偶聯物，並且在這兩個方面都取得了許多成功，對此我們感到非常高興。

Mac Etoch, Stephens Inc.

Mac Etoch，Stephens 公司

Hey, good morning. I appreciate you taking my questions. Maybe just two for me, but as you look at towards your geographical performance, specifically Asia Pacific up 50% this quarter, maybe I'd like to get a sense of how your recent investments in the region are trending, what variables are driving that performance? And then given the long-term strategic focus here, do you intend on investing additional resources in the region? Thank you.

嘿，早安。感謝您回答我的問題。對我來說可能只有兩個問題，但考慮到你們的地域業績，特別是亞太地區本季度增長了 50%，我想了解一下你們最近在該地區的投資趨勢如何，哪些因素推動了這一業績？那麼，鑑於此地的長期戰略重點，您是否打算在該地區投入更多資源？謝謝。

Yeah, good morning, Mac. Yeah, great question. I mean, Asia Pac is representing approximately 15% of our sales on a full year basis, which is definitely too low. I mean, we know if you look, the benchmark from competition is anywhere between 20% and 25%.

早安，麥克。嗯，問得好。我的意思是，亞太地區全年銷售額約占我們總銷售額的 15%，這絕對太低了。我的意思是，我們都知道，競爭對手的基準水平通常在 20% 到 25% 之間。

So being of this year, we all realize we have to start investing much more into the region and it's really, I like to separate China from the rest of Asia attack because China has been a very specific. So we decided to on board a global leader for all of Asia, but also a new leader for China, and we are really in the middle of implementing a pretty new and unique strategy on both sides.

所以從今年開始，我們都意識到我們必須開始對該地區進行更多投資，而且，我喜歡將中國與其他亞洲國家區分開來，因為中國一直是一個非常特殊的國家。因此，我們決定聘請一位負責整個亞洲的全球領導者，同時也要聘請一位負責中國的新領導者，我們目前正在雙方實施一項相當新穎獨特的策略。

And without entering into details for China, really it's about rebuilding our team and also making sure we now tackle the much stronger local competition that exists today versus what was the situation before COVID. We are on the other side on the rest of Asia, it's really about building infrastructure and infrastructure is from the different part of our business organization but also adding more people on the field to be able to deal more directly with customers where we're in some of these geographies, who are mostly going through (inaudible) so the two strategies we're developing are pretty different.

至於中國的具體情況，恕我無法詳述，但實際上，關鍵在於重建我們的團隊，並確保我們能夠應對如今比新冠疫情前更加激烈的本土競爭。在亞洲其他地區，我們面臨的是另一邊的問題，那就是建造基礎設施。基礎設施建設涉及我們業務組織的不同部門，同時也需要增加現場人員，以便更直接與客戶打交道。在某些地區，客戶大多正在經歷（聽不清楚），因此我們正在製定的兩種策略截然不同。

We are enjoying very nice growth for several quarters outside of China. It's pretty good to see China being back to growth in terms of this quarter, but we still have a lot of homework to do down there. And yes, you're right, investment is on the list. We just literally opened our office -- first office in Singapore. Yesterday, we were opening a new office in Japan in the next couple of weeks, and we are looking at some further investments across all of Asia over the next few quarters.

過去幾個季度，我們在中國以外的地區都取得了非常好的成長。很高興看到中國經濟在本季恢復成長，但我們仍有許多工作要做。是的，你說得對，投資也在清單上。我們剛開設了辦公室——這是我們在新加坡的第一家辦公室。昨天，我們宣布將在未來幾週內在日本開設一個新辦事處，我們正在考慮在未來幾季內在整個亞洲進行一些進一步的投資。

Casey Woodring, J.P. Morgan.

Casey Woodring，摩根大通。

Great, thank you for taking my questions. Wanted to follow-up on some of the ATF comments. So you said you delivered hardware for this second blockbuster towards the end of 3Q. Just wanted to understand if you would expect revenue to fall in 4Q or 1Q '26 there.

太好了，謝謝你回答我的問題。想就美國菸酒槍砲及爆炸物管理局（ATF）的一些評論做個後續說明。所以你說你們在第三季末交付了這部第二部大片的硬體。我只是想了解一下，您預計2026年第四季還是第一季的營收會下降。

And then, my second question would just be, you called out emerging biotech revenue is the highest level you've seen in three years, just talk towards trends there and in terms of orders, you said you didn't really want to call out a trend there but obviously significant improvements, so just any further colors there. Thank you.

那麼，我的第二個問題是，您提到新興生物技術收入達到了三年來的最高水平，請談談這方面的趨勢，以及訂單方面的情況。您說您不想具體指出這方面的趨勢，但顯然有顯著的改善，所以請您再補充一些資訊。謝謝。

Yeah, no, ATF, yes, I'll start with the blockbuster first. Yeah, so the answer is we don't know yet for sure here, Casey. I mean, we are, we have now delivered the equipment. Now it's going to be about how long it takes them to really commission the line and have it up and running and then depending from one customer to the other, they might decide to buy consumable earlier or later.

是的，ATF，是的，我會先從最熱門的電影開始。是的，凱西，所以答案是我們還不能確定。我的意思是，我們現在已經交付了設備。現在的問題是，他們需要多長時間才能真正調試好生產線並使其投入運行，然後根據不同的客戶，他們可能會決定更早或更晚購買耗材。

So at this stage, we just don't know. I wouldn't think it's going to come as early as quarter four, but maybe sometime middle of next year would sound like a reasonable time frame and just before I move to new, to a small biotech, maybe just to add about ATF because I know everybody's very focused on that specific blockbuster, we continue to win a lot of late stage commercial customers and we have a really very diversified customer based on ATF.

所以現階段，我們還不得而知。我不認為它會在第四季就實現，但明年年中或許是一個合理的時間範圍。在我加入一家新的小型生物技術公司之前，我想補充一下關於ATF的信息，因為我知道大家都非常關注這款重磅藥物。我們持續贏得許多後期商業客戶，並且基於ATF，我們的客戶群非常多元化。

I mean, we were probably designing in more than 50 late stage and commercial drugs today, and every quarter we're winning more and so we've got a really long runway for growth on ATF and which is very well supported by the other trends we've seen in the last few quarters.

我的意思是，我們目前可能正在設計超過 50 種處於後期階段和商業化的藥物，而且每個季度我們都在贏得更多，因此我們在 ATF 方面有非常長的成長空間，這得到了我們在過去幾個季度看到的其他趨勢的有力支持。

And then going to a smaller biotech, that was really the great surprise of the quarter. I mean, obviously it's not a big part of our sales. It's less than 10%, but to see it rebounding as much as we have seen it rebounding in quarter three was a really good surprise. And we obviously connect the dot immediately with biotech funding where biotech funding went from USD9 billion in quarter two to USD13 billion in quarter three.

然後，我去了一家規模較小的生物技術公司，這真是本季最大的驚喜。我的意思是，很顯然，它並不是我們銷售額的很大一部分。雖然降幅不到 10%，但看到它在第三季出現如此大的反彈，確實是一個令人驚訝的結果。我們顯然會立即將這一點與生技融資聯繫起來，生物技術融資從第二季的 90 億美元增加到第三季的 130 億美元。

So we've seen finally some turnaround in terms of biotech funding. I would like to pair it as well to a lot of many activities. You've seen a lot of pharma company acquiring some of these small, midsize biotech company over the last two quarters, I think that's also going to be a tailwind for the industry because that means probably more cash to be able to accelerate on some of these very promising early phase projects which we are very eager to see progressing. So that's another factor that we are very happy to see happening right now.

所以，我們終於看到生技融資方面出現了一些改善。我還想把它與許多其他活動結合。在過去的兩個季度裡，我們看到許多製藥公司收購了一些中小型生物技術公司，我認為這對整個行業來說也是一個利好因素，因為這意味著可能會有更多的資金來加速推進一些非常有前途的早期項目，我們非常渴望看到這些項目取得進展。所以，這是我們非常樂於看到的另一個正在發生的因素。

Daniel Markowitz, Evercore ISI.

Daniel Markowitz，Evercore ISI。

Hey, good morning, and thanks for taking my questions. I had a quick two parter. First, I wanted to ask on the equipment strength. It was another quarter of really strong results, especially when you compare versus peers. I know there were some ATF equipment placements. Is that what explains the better equipment trends versus peers, or would you say it's more broad-based across different product lines as well?

嗨，早上好，謝謝你回答我的問題。我寫了一篇簡短的兩部分文章。首先，我想問一下器材的強度。又是一個業績表現強勁的季度，尤其是與同業相比。我知道那裡有一些ATF（美國菸酒槍砲及爆炸物管理局）的設備部署地點。這是否解釋了為何貴公司設備的發展趨勢優於同業？或者您認為這種優勢也反映在不同的產品線上？

And then the second part is related, can you just remind us roughly the revenue contribution from these placements in 3Q? And as we look forward to 2026, how should we think about the consumable pull through and what this means for broader momentum in the ATF product line? Thank you.

第二部分也相關，您能否大致提醒一下這些投資在第三季的營收貢獻？展望 2026 年，我們該如何看待耗材的拉動以及這對 ATF 產品線的整體發展動能意味著什麼？謝謝。

Yeah, so I will spend more time on the first question because I won't answer the second one. So seriously, I mean, our capital equipment performance was obviously very encouraging. I mean our revenue grew more than 20%, but our orders also grew high in the quarter. So we were very happy about that.

是的，所以我將花更多時間回答第一個問題，因為我不會回答第二個問題。說真的，我的意思是，我們的資本設備表現顯然非常令人鼓舞。我的意思是，我們的營收成長了20%以上，而且本季訂單量也大幅成長。所以我們對此感到非常高興。

You're right, like the main contributors of growth in quarters were both ATF, but also our analytical equipment. But honestly, the performance so far this year is really across the board. I mean, so maybe in quarter three downstream hardware was a little bit lower than both ATF and analytics, but year to date it's really across the board that our orders have been doing really well, including downstream hardware as well.

你說得對，季度成長的主要貢獻者既有 ATF，也有我們的分析設備。但說實話，今年到目前為止，各方面的表現都非常出色。我的意思是，雖然第三季下游硬體的訂單量可能略低於 ATF 和分析業務，但今年迄今為止，我們的訂單整體表現都非常出色，包括下游硬體在內。

I'd like to repeat like we're seeing that that hardware market from a very different angle. And also first of all, we are very small. I mean, we are one of the newcomer in the field. I mean almost nowhere where we are today, two, three years ago, so we are seeing it definitely from a different angle.

我想重申一下，我們現在是從一個非常不同的角度來看硬體市場。首先，我們公司規模很小。我的意思是，我們是這個領域的後起之秀之一。我的意思是，我們現在所處的位置幾乎與兩三年前完全不同，所以我們看待問題的角度肯定不同了。

But also keep in mind where we are differentiating ourselves a lot is that now we are also pairing our system with our PAT technologies and so far this year for downstream one out of four is now being paired with our PAT technologies.

但也要記住，我們最大的優勢在於，我們現在也將我們的系統與我們的 PAT 技術結合，今年到目前為止，下游系統中每四個系統就有一個與我們的 PAT 技術結合。

In fact, Customers who bought hardware from competitors in the last few years are coming to us asking us to enable them to get access to our PAT technologies as well. But it's fair to say like we haven't seen capital equipment spending return to historical level yet globally.

事實上，過去幾年從競爭對手那裡購買硬體的客戶現在都來找我們，要求我們讓他們也能使用我們的 PAT 技術。但公平地說，全球範圍內的資本設備支出尚未恢復到歷史水準。

So that's why I think all of us are very excited to see those onshoring projects coming in the next couple of years because that should accelerate. The overall market growth and for us to be an extra opportunity to even grow further and faster than we do right now.

所以，我認為我們所有人都非常期待未來幾年內這些本土化計畫能夠加速推進。整體市場成長，對我們來說是一個額外的機會，讓我們能夠比現在發展得更快、更遠。

And then as far as this specific ATF project is concerned, I won't give any specific numbers, but it's only really a small part of the reason why we saw that very nice growth in the quarter. So it's not, it wouldn't have changed the overall picture like hardware performed very well for us in quarter three.

至於這個具體的 ATF 項目，我不會給出任何具體數字，但它只是我們本季取得非常好的成長的一小部分原因。所以，情況並非如此，它不會改變整體情況，因為硬體在第三季表現非常出色。

Brendan Smith, TD Cowen.

布倫丹史密斯，TD Cowen。

Great, thanks guys. Congrats on the front. Good to see. Thanks for taking the questions. So I actually wanted to just follow-up quickly on some of the process analytics commentary, and specifically what you've actually said recently about integrating the Maverick device from 908 into ATF, for example.

太好了，謝謝各位。恭喜你取得前線勝利。很高興看到這一點。謝謝您回答問題。所以，我其實想快速跟進一些關於流程分析的評論，特別是您最近所說的關於將 908 的 Maverick 設備整合到 ATF 中的內容。

Can you maybe just give us a little bit more color on where some of that stands, maybe just thoughts on timing that and to what extent that's maybe playing into how you're thinking about growth opportunities across the franchises, whether or not that kind of works out as expected? Thanks.

您能否更詳細地介紹一下這方面的進展，例如您對時機的看法，以及這在多大程度上影響了您對各個特許經營權增長機會的思考，以及這是否能如預期那樣奏效？謝謝。

Yeah, hey, good morning, Brendan. Yeah, obviously you heard us talking a lot about analytics. I mean, and again, because it's a perfect showcase of the breadth of the portfolio we have. But really I have to say this year one of the most important launch we had was the SoloVPE PLUS, which is a real new generation of our at-line protein concentration piece of hardware.

是啊，嘿，早安，布倫丹。是的，顯然你們都聽到我們一直在談論數據分析。我的意思是，再說一遍，因為它完美地展示了我們產品組合的廣度。但我必須說，今年我們最重要的產品發布之一是 SoloVPE PLUS，這是我們新一代的線上蛋白質濃縮硬體。

And in quarter three this has just enabled us to sell the highest amount of units we've ever sold in the history of CTech, and what's very encouraging is we have a very important install base, and it's probably only less than a couple of portion of that install base that has been upgraded to the new SoloVPE PLUS.

第三季度，這使得我們能夠售出 CTech 史上最高的銷量，而且非常令人鼓舞的是，我們擁有非常重要的安裝基礎，但可能只有不到一半的安裝基礎升級到了新的 SoloVPE PLUS。

So you would think like this is going to be a real big tailwind for us for the next several years here, which we are very excited about. And then the only other stuff I would add on the CTech side is the first two quarters where we saw a huge rebound on both consumable and services as well.

所以你會覺得，這將會是我們未來幾年發展的巨大助力，我們對此感到非常興奮。另外，關於 CTech 方面，我唯一要補充的是，前兩個季度我們在耗材和服務方面都看到了巨大的反彈。

And then we start to have a lot of focus on services with the successes we're seeing here, but it was great to see hardware now being back to this very high growth that we're expanding and with a very strong phenomenon.

然後，隨著我們在服務領域的成功，我們開始更加關注服務，但很高興看到硬體現在又恢復了高速成長，我們正在擴大硬體業務，並且呈現出非常強勁的成長勢頭。

As far as the 908 concerned, I mean, the integration is running as expected. We've merged now the two sales organizations and we start to see a really nice growing funnel for the 908 part of the portfolio and yet we are progressing on the R&D side to combine ATF with the Maverick. So you'll hear us talking more about it in a quarter from now, but at this stage it looks absolutely promising.

就 908 而言，我的意思是，整合工作正在按預期進行。我們現在已經合併了兩個銷售組織，並且開始看到 908 產品組合的銷售管道出現了非常好的成長，同時我們在研發方面也在取得進展，將 ATF 與 Maverick 結合。所以，大約一個季度後，我們會更多地談論這件事，但就目前來看，它絕對很有前景。

Anna Snopkowski, KeyBanc Capital Markets.

Anna Snopkowski，KeyBanc 資本市場。

Good morning and congrats on the quarter. This is Anna on for Paul Knight and I have two questions. So maybe first, I think at recent conferences in your last quarter, you mentioned strength in CDMOs and maybe more muted activity with those mid-sized CDMOs. So I was wondering if we could get an update around mid-size CDMOs and if you're seeing activity progressing there.

早安，恭喜你本季取得佳績。這裡是安娜，我是保羅奈特的記者，我有兩個問題。所以首先，我認為在您上個季度的幾次會議上，您提到了 CDMO 的強勁表​​現，以及中型 CDMO 的相對低迷。所以我想知道能否了解中型CDMO的最新情況，以及您是否看到這方面的活動正在取得進展。

And then my second question is on the protein side. I was wondering how the recent launches have been for your own resins, and I think you mentioned some launching in the second half of this year, so maybe an update there. Thanks.

我的第二個問題是關於蛋白質方面的。我想了解一下您最近推出的樹脂產品情況如何，我記得您提到今年下半年會推出一些新產品，所以也許可以更新一下相關資訊。謝謝。

Hey, good morning, Anna. Yeah, no, I mean, on CDMO, again, a really great quarter for us and both from the sales and other point of view for. We did mention like the strengths was particularly visible on the large scale CDMOs. So I have to tell you openly I didn't really specifically look at the mid-sized ones, so I can't answer you very specifically, but I know this quarter really large scale CDMOs was the one driving that more than 20% growth we had on the CDMO side.

嗨，早安，安娜。是的，不，我的意思是，就 CDMO 而言，這又是一個非常棒的季度，無論從銷售還是其他方面來看都是如此。我們確實提到過，這種優勢在大規模CDMO企業中尤其明顯。所以我必須坦白告訴你，我並沒有專門研究中型企業，所以我無法給出非常具體的答案，但我知道本季真正推動 CDMO 業務成長超過 20% 的是大型 CDMO。

As far as protein is concerned, that was really one of the great surprises in the quarter because we expected the protein growth to be pretty muted in quarter three, and in fact it grew double-digits and for me that was a great testimony of a very successful strategy that we started developing now two to three years ago where we had to switch from being a pure OEM partner delivering protein ligands to start developing custom ligand and custom resin with the acquisition of Tantti, and I mean the traction we're having on that side is absolutely great.

就蛋白質而言，這確實是本季最大的驚喜之一，因為我們原本預計第三季蛋白質的成長會相當平緩，但實際上它實現了兩位數的成長。對我來說，這很好地證明了我們兩三年前開始製定的策略非常成功。當時，我們不得不從純粹的OEM合作夥伴（提供蛋白質配體）轉型，透過收購Tantti開始開發客製化配體和客製化樹脂。我的意思是，我們在這一方面取得的進展絕對非常顯著。

I mean the reason why we did even more than expected in quarter three on the protein side was because of chromatography resins. We know that's a business that can still be lumpy from quarter to quarter, but we're working on so many custom projects right now. Like we know that's going to become a huge tailwind for us over the next several years.

我的意思是，我們在第三季蛋白質業務方面取得比預期更大的成就，是因為色譜樹脂的運用。我們知道這個行業的業績季度之間可能仍然會不穩定，但我們現在正在進行許多客製化專案。我們知道，在未來幾年裡，這將成為我們巨大的順風。

And just to close on product launches, yeah, we are still aiming to launch two to three new resins before the end of this year, and we're going to make this announcement probably in the next couple of months now, but we are also having a pretty ambitious plan to launch several new resins in 2026. So we really want to have both a broader catalog of products for new modalities, but also working more and more on custom projects on different types of applications for big pharma customers as well.

最後再說說產品發布方面，是的，我們仍然計劃在今年年底前推出兩到三種新樹脂，我們可能會在接下來的幾個月內發佈公告，但我們也有一個相當雄心勃勃的計劃，要在 2026 年推出幾種新樹脂。因此，我們不僅希望擁有更廣泛的新產品目錄，還希望越來越多地為大型製藥客戶開展不同類型應用的客製化專案。

Tom DeBourcy, Nephron Research.

Tom DeBourcy，腎臟單位研究。

Yeah thank you for taking the question. You mentioned the strategic accounts and 20 key CDMO and pharma accounts and just was wondering what trends, in particular you're seeing at those accounts. Are you seeing similar strong equipment growth and anything that I guess maybe differentiates those larger strategic accounts versus, I guess, the portfolio as a whole.

謝謝你回答這個問題。您提到了策略客戶和 20 個重要的 CDMO 和製藥客戶，我想知道您在這些客戶中具體看到了哪些趨勢。您是否也看到了類似的強勁設備成長？我想，這些大型策略客戶與整個投資組合之間是否有任何差異？

Yeah, good morning, Tom, great question. I mean, strategic accounts have been an incredible success story for us. I have to say. I mean, it has really enabled us to really cross sell our portfolio better and better, and equipment that you just mentioned is a perfect example. I mean, these accounts didn't really have a clue about what our capabilities were in terms of hardware. Probably a couple of years ago they knew us -- for eight years, they knew us for pre-packed column.

是的，早安，湯姆，問得好。我的意思是，戰略客戶對我們來說一直是個非常成功的案例。我不得不說。我的意思是，它確實使我們能夠更好地交叉銷售我們的產品組合，而你剛才提到的設備就是一個很好的例子。我的意思是，這些帳號根本不了解我們在硬體方面的能力。大概兩年前他們就認識我們了──八年來，他們一直透過預包裝專欄認識我們。

Now, I mean, the vast majority of these people now have either bought a couple of pieces of equipment, if not more than that, or at least had a chance to get trained on how to use our equipment and now are sending us RFPs for the big expansion they're working on. But across the board, the strategic accounts have been really accretive to growth both from the top-line and from the modal point of view as well on the quarter.

我的意思是，現在這些人中的絕大多數要么已經購買了幾件設備，甚至更多，要么至少有機會接受如何使用我們設備的培訓，現在正在向我們發送他們正在進行的大規模擴張的 RFP。但總體而言，策略客戶對本季的營收和銷售模式都產生了顯著的成長。

So we are really delighted by the successes we've had, and I know we mentioned several times for a company like ours which is very focused on innovation, we actually need to get access to the key decision makers, and this is what this team can imagine as borders over the last couple of years, so really delighted about the progress here.

我們對所取得的成功感到非常高興，我知道我們曾多次提到，對於像我們這樣非常注重創新的公司來說，我們實際上需要接觸到關鍵的決策者，而這正是我們的團隊在過去幾年裡所設想的邊界，所以我們對這方面的進展感到非常高興。

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

Hey guys, thanks for the questions. So I wanted to talk about the order between the new modalities versus the Mavs, especially as we're thinking in the next year. And then for the second question I want to think about if you guys are doing about 13% core and given all the moving pieces from investments and M&A and you know FX and tariffs, like, should we think about margin expansion opportunity next year something like between like 100 basis points and 150 basis points versus something north of that, a more normalized environment?

大家好，感謝你們的提問。所以我想談談新模式與獨行俠之間的順序，尤其是在我們展望明年的時候。那麼，關於第二個問題，我想思考一下，如果你們的核心利潤率約為 13%，考慮到投資、併購、外匯和關稅等各種不確定因素，我們是否應該考慮明年利潤率擴張的機會，比如在 100 到 150 個基點之間，還是應該考慮更高的利潤率，以適應更加正常的市場環境？

Yeah, no, I mean, new modalities, I think we mentioned earlier, new modality really played out pretty much as expected in quarter three. I mean, meaning we expected muted demand and that's more or less what we experienced, but obviously we've got now a significant headwind in the second half of this year because of that gene therapy program.

是的，不，我的意思是，新的模式，我想我們之前提到過，新的模式在第三季確實基本上按照預期發展。我的意思是，我們預期需求會比較疲軟，而實際情況也大致如此，但顯然，由於基因治療項目，我們今年下半年將面臨巨大的阻力。

Outside of that one, I mean, we've been doing pretty well. I mean, year-to-date sales are growing mid-single-digits and year-to-date revenue of new modality is about 17% of our total portfolio. So it's down a little bit versus last year, but still pretty much on par. And then in terms of margins, I'll let Jason comment here.

除了那件事之外，我的意思是，我們一直都做得相當不錯。我的意思是，今年迄今為止的銷售額實現了中等個位數的成長，而今年迄今為止，新模式的收入約占我們總產品組合的 17%。所以比去年略有下降，但基本上持平。至於利潤率方面，我還是讓傑森來評論。

Yeah, again, and we'll provide more guidance in our 4Q call. As you normally do, but again, I'd expect, our gross margin to continue to expand at the rate that we've been talking about, and then we'll drive to get, additional operating leverage at the EBIT level as well. So again with this constant balance of driving margin expansion, while investing for the growth that that we see ahead of us. So I think that's a well-rounded view on that.

是的，我們會再次強調，並在第四季財報電話會議上提供更多指引。正如我們通常所做的那樣，但我預計，我們的毛利率將繼續以我們一直在談論的速度增長，然後我們將努力在息稅前利潤層面獲得額外的經營槓桿。因此，我們再次需要在推動利潤率擴張的同時，為我們預見的未來成長進行投資，從而保持這種平衡。所以我認為這是對這個問題的全面而全面的看法。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Hey, thanks. Good morning. Jason, just real quick, would you quantify what's embedded in the guide for net pricing this year and you get to quantify the tariff surcharges and whether or not those may or may not recur in '26? Thanks.

嘿，謝謝。早安.傑森，我快速問一下，你能否量化一下今年淨價指南中包含的內容，以及關稅附加費，並說明這些費用是否會在 2026 年再次出現？謝謝。

Yeah, the prices, it's been pretty consistent at this low single-digit. We've seen that through the year and expect that to wrap up in 4Q as well embedded in the overall guide, and really kind of see that as we move forward. For tariffs again, minimal impact in '25, 2 million or so from a surcharge side in terms of hey, I see the sales, but I'm going to have an equal amount of cost.

是的，價格一直穩定在這個較低的個位數水準。我們已經看到這種情況貫穿了全年，預計第四季度也將如此，並已納入整體指導方針中，而且隨著我們不斷前進，這種情況也會越來越明顯。再說關稅，2025 年的影響微乎其微，附加費方面大約 200 萬美元，因為，嘿，我看到了銷售額，但我的成本也會相應增加。

And again from what we see today, I don't think that changes much next year, every day we see new headlines, so we'll continue to watch that, but still see a little bit of, I'll say marginal dilution at the profit level with tariffs, as surcharges will remain.

從我們今天看到的情況來看，我認為明年情況不會有太大變化。每天都有新的新聞標題出現，所以我們會繼續關注，但關稅仍會對利潤水平造成一些，可以說是邊際稀釋，因為附加費將繼續存在。

And I would now like to turn the call back over to Olivier Loeillot.

現在我想把電話轉回給奧利維爾·洛伊洛特。

Hey, well, many thanks for joining our call today. I really want to congratulate our Repligen team for executing brilliantly in the quarter three. We are really looking forward to meeting you all at the upcoming conference. Have a great day today.

嗨，非常感謝您今天參加我們的電話會議。我真心想祝賀我們的 Repligen 團隊在第三季取得了出色的成績。我們非常期待在即將舉行的會議上與大家見面。祝你今天過得愉快。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。