Repligen Corporation (RGEN) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Repligen Corporation's first-quarter 2026 earnings conference call. My name is Samantha, and I will be your coordinator. (Operator Instructions)

各位女士、先生，大家好，歡迎參加 Repligen Corporation 2026 年第一季財報電話會議。我是 Samantha，將擔任本次會議的協調人。(接線員指示)

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

現在我將把電話交給今天會議的主持人——Repligen 投資人關係副總裁 Jacob Johnson。

Thank you, operator, and welcome, everyone, to our 2026 first-quarter report. On this call, we will cover business highlights and financial performance for the three-month period ended March 31, 2026, and we'll provide financial guidance for the full-year 2026. Joining us on the call today are Repligen's President and Chief Executive Officer, Olivier Loeillot; and our Chief Financial Officer, Jason Garland.

謝謝接線員，也歡迎各位參加我們 2026 年第一季報告電話會議。在本次會議中，我們將回顧截至 2026 年 3 月 31 日止三個月期間的業務重點與財務表現，並提供 2026 全年度的財務指引。今天與會的還有 Repligen 總裁暨執行長 Olivier Loeillot，以及財務長 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 risks and uncertainties that may cause actual events or results to differ. Additional information concerning risk related to our business is included in our quarterly reports on Form 10-Q, our annual report on Form 10-K, 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.

提醒各位，我們在本次電話會議中所作的前瞻性陳述（包括關於公司業務目標以及對財務表現的預期）均受風險與不確定性影響，可能導致實際事件或結果與陳述有所差異。與我們業務相關之風險的更多資訊，載於我們的 Form 10-Q 季度報告、Form 10-K 年度報告、目前報告（包括我們今天提交的 Form 8-K），以及我們向美國證券交易委員會提交的其他文件中。

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.

今天的評論反映管理層目前的觀點，該等觀點可能因新資訊、未來事件或其他因素而改變。除法律要求外，公司不承擔亦不承諾更新任何前瞻性陳述之義務。

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 to Repligen's website and on sec.gov.

在本次電話會議中，除非另有說明，我們將提供非 GAAP 的財務結果與指引。GAAP 與非 GAAP 財務衡量指標之調節表已包含於我們今早發布的新聞稿中，該新聞稿已張貼於 Repligen 官網及 sec.gov。

Adjusted non-GAAP figures in today's report include the following: 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, other income or expense, tax rate on pre-tax income, net income, diluted earnings per share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin. 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.

今日報告中的調整後非 GAAP 指標包括：有機營收及／或營收成長、銷貨成本、毛利與毛利率、營業費用（含研發與銷售、一般及行政費用）、營業利益與營業利益率、其他收入或費用、稅前所得之稅率、淨利、稀釋後每股盈餘、EBITDA、調整後 EBITDA，以及調整後 EBITDA 利潤率。這些調整後財務衡量指標不應被視為 GAAP 指標的替代，而是旨在最能反映我們持續營運的表現。

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

接下來，我把電話交給 Olivier。

Thank you, Jacob. Good morning, everyone, and welcome to our 2026 first-quarter call. We are delighted to share our first-quarter 2026 results. Great execution once again by our team enabled us to deliver 15% reported revenue growth or 11% organic and 160 basis points of adjusted operating margin expansion. Mid-teens top-line growth coupled with disciplined cost management resulted in margins outperforming expectations.

謝謝你，Jacob。各位早安，歡迎參加我們 2026 年第一季電話會議。我們很高興與各位分享 2026 年第一季的業績。團隊再次展現出色的執行力，使我們達成 15% 的報告營收成長（或 11% 的有機成長），並帶來調整後營業利益率擴張 160 個基點。中段十位數的營收成長，加上嚴謹的成本管理，使利潤率表現優於預期。

In addition to our strong financial performance in the quarter, we advanced several key strategic priorities. This includes the launch of our transformation office, the associated sale of the Polymem business, and a new partnership in China. This OEM relationship advances our strategy in the country where we are seeing significant growth again. I'll touch on each of these initiatives in more detail shortly.

除了本季強勁的財務表現外，我們也推進了數項關鍵策略優先事項。包括成立轉型辦公室、相關的 Polymem 業務出售，以及在中國建立新的合作夥伴關係。這項 OEM 合作關係推進了我們在該國的策略，而我們也再次看到該市場出現顯著成長。我稍後會更詳細說明這些計畫。

As I reflect on our end markets and company today, it's encouraging to see the strength we're seeing across all of our customer segments. The talented and experienced team we have assembled is executing fiercely on our differentiated strategy. This has resulted in a very rich high-probability opportunity funnel that just needs to be coupled with faster customer decision-making.

回顧我們目前的終端市場與公司狀況，令人振奮的是，我們在所有客戶區隔都看到強勁動能。我們所組建的這支才華洋溢且經驗豐富的團隊，正以高度執行力推動我們具差異化的策略。這使我們累積了非常充實、成功機率高的機會漏斗，接下來只需要更快的客戶決策節奏來配合。

We did see encouraging signs in the first quarter and remain convinced the capital equipment tab will open. We delivered $194 million of first-quarter revenue, driven by healthy demand across our broad portfolio and all geographies.

第一季我們確實看到一些令人鼓舞的跡象，並仍然相信資本設備的需求將會回升。我們第一季營收達 1.94 億美元，主要受惠於我們廣泛產品組合及各地區的健康需求。

Analytics led the way with 50%-plus growth, but all of our franchises grew nicely again in the first quarter. Consumables, including Proteins, grew double-digit, which was coupled with solid capital equipment growth, and services remained a standout with 30%-plus growth. Capital equipment demand benefited from strength in Analytics, mixers, and easier comps.

分析（Analytics）業務以 50% 以上的成長領先，但我們所有產品線在第一季也都再次呈現良好成長。耗材（含蛋白產品）達到雙位數成長，並搭配穩健的資本設備成長；服務業務依然突出，成長超過 30%。資本設備需求受惠於分析業務、混合設備（mixers）的強勁表現，以及較容易的比較基期。

We also saw growth across our diversified customer base and all geographies. Other trends were solid in the first quarter with a significant pickup in March and included some conversion of our robust capital equipment funnel. Our first-quarter results and these recent order trends reinforce our confidence in our full-year revenue outlook. Jason will provide more details.

我們也在多元化的客戶基礎與所有地理區域看到成長。第一季其他趨勢亦相當穩健，3 月出現明顯回升，並包含我們強勁資本設備機會漏斗的部分轉換。第一季業績以及近期訂單趨勢，進一步強化我們對全年營收展望的信心。Jason 將提供更多細節。

We are reiterating our expectation for 9% to 13% organic growth, while updating our reported revenue guidance to reflect the sale of our non-core and low-margin Polymem business. This reduces our full-year revenue outlook by $7 million but improves our margin outlook.

我們重申對有機成長 9% 至 13% 的預期，同時更新報告營收指引，以反映我們出售非核心且低毛利的 Polymem 業務。此舉使我們全年營收展望減少 700 萬美元，但改善了我們的利潤率展望。

In addition, given our strong first-quarter performance, we are increasing our adjusted earnings per share guidance for the full year. We remain excited about our differentiated product portfolio, the global team we've built, and the strategy we're executing. As we look ahead to the next several years, we see a number of opportunities across our portfolio that position us for robust growth and allow us to continue to outpace the market.

此外，鑑於第一季表現強勁，我們上調全年調整後每股盈餘指引。我們對具差異化的產品組合、所建立的全球團隊，以及正在執行的策略仍感到振奮。展望未來幾年，我們在產品組合各領域看到多項機會，將使我們具備強勁成長動能，並得以持續跑贏市場。

Looking at our performance by end market, we saw widespread strength across our customer base. CDMO revenues grew mid-teens with similar growth across both Tier 1 and Tier 2. Biopharma revenues also grew despite a very difficult comparison. We saw notable growth outside of large pharma, including 20%-plus growth from emerging biotechs. We continue to be encouraged by growth from this customer base, though demand remains below historical levels. OEM and integrator demand was very robust given growth in fluid management.

從終端市場別來看，我們在客戶基礎上看到廣泛的強勁表現。CDMO 營收以中段十位數成長，Tier 1 與 Tier 2 皆呈現相近的成長幅度。生物製藥（Biopharma）營收亦在非常艱難的比較基期下仍然成長。我們在大型藥廠以外也看到顯著成長，包括新興生技公司成長超過 20%。我們持續對此客群的成長感到鼓舞，儘管需求仍低於歷史水準。由於流體管理（fluid management）成長帶動，OEM 與系統整合商需求非常強勁。

From a geographic point of view, we saw strength across all regions led by Asia-Pacific. This included a near doubling of revenues in China with our best revenue quarter in the country in over two years. This is a testament to the team we've put in place.

從地理區域來看，我們在所有地區都看到強勁表現，其中以亞太地區領先。這包括中國營收接近翻倍，創下該國兩年多以來最佳單季營收表現。這證明了我們所建立團隊的成果。

Asia Pacific remains a key strategic region, and I will discuss the progress on our strategy in China shortly. As expected, new modalities were dilutive to growth, given the gene therapy headwind we previously discussed. We continue to see healthy growth in cell therapy and also in gene therapy when excluding that specific headwind.

亞太地區仍是關鍵策略區域，我稍後將說明我們在中國策略的進展。如預期所示，由於我們先前提到的基因治療逆風，新型治療模式（new modalities）對成長造成稀釋影響。我們在細胞治療仍看到健康成長；而在排除該特定逆風因素後，基因治療同樣呈現健康成長。

I wanted to update you on the following three strategic initiatives: first, as we have emphasized recently, we are committed to expanding margins, while balancing the efforts needed to support future growth. In an effort to accelerate both of our Fit for Growth journey and our path to 30% adjusted EBITDA margin by 2030, we have formed a transformation of fees that will ensure we have the right prioritization and resources focused on these critical initiatives.

我想向各位更新以下三項策略性計畫：第一，正如我們近期所強調的，我們致力於擴大利潤率，同時平衡支持未來成長所需的投入。為了加速我們的「Fit for Growth」旅程，以及在 2030 年前達成 30% 調整後 EBITDA 利潤率的路徑，我們已成立一個轉型費用機制，確保在這些關鍵計畫上具備正確的優先順序與資源投入。

Key focus areas under this program include: efforts to optimize our manufacturing footprint for increased cost efficiency; improving the profitability of certain product lines through targeted productivity and rationalization; continuously improving service to our customers and efforts to capture the value of our differentiated products; and finally, acceleration of our IT modernization and AI implementation across all functions.

本計畫的重點領域包括：致力於優化我們的製造佈局以提升成本效率；透過聚焦的生產力提升與合理化，改善特定產品線的獲利能力；持續提升對客戶的服務，並努力捕捉我們差異化產品的價值；最後，加速我們在所有職能推動 IT 現代化與 AI 導入。

Jason will walk you through more details, but in terms of financial impact, we estimate these efforts should result in at least one point of annualized margin benefits by the end of 2027. We remain committed to our goal of doubling the business and expanding margin, while further progressing our Fit for Growth capabilities. The transformation of this will enable us to achieve and accelerate all of this.

Jason 會帶各位了解更多細節，但就財務影響而言，我們估計這些努力到 2027 年底應可帶來至少 1 個百分點的年化毛利率（margin）效益。我們仍致力於達成業務規模倍增與擴大利潤率的目標，同時進一步推進我們的 Fit for Growth 能力。這項轉型將使我們能夠實現並加速上述所有目標。

So most of these initiatives have just kicked off, we're happy to share that as part of this effort, on March 30, we divested the Polymem operation in France for nominal proceeds. While this facility was a key contributor to Repligen's ability to supply products during the pandemic, the business has since reverted to non-core sales outside bioprocessing and has operated at a net loss.

因此，這些計畫多數才剛啟動；我們也很高興分享，作為此項努力的一部分，我們已於 3 月 30 日以象徵性對價出售法國的 Polymem 營運。雖然該廠在疫情期間是 Repligen 供應產品能力的重要貢獻者，但此後該業務已回到生物製程以外的非核心銷售，且一直處於淨虧損狀態。

In 2025, Polymem generated $7 million of revenue and an adjusted operating loss. The new owner will offer synergies in the common market in which they operate. Second, we remain more excited than ever by our growth opportunity in Asia. In fact, Jason and I recently returned from a week-long visit to the region where we met with both key customers and our Asia leadership team. We are building a great team and continuing to gain traction with key customers in the region.

2025 年，Polymem 產生 700 萬美元營收，並出現調整後營運虧損。新所有人將在其所營運的共同市場中提供協同效益。第二，我們對亞洲的成長機會比以往任何時候都更感到振奮。事實上，Jason 和我最近剛結束為期一週的區域訪問，期間與關鍵客戶以及我們的亞洲領導團隊會面。我們正在打造一支優秀團隊，並持續在該地區的關鍵客戶中取得進展。

We are also thrilled to announce that while in the region, we signed a critical partnership to expand our capabilities and local presence in China. The partnership outlines an OEM relationship that will increase our competitiveness and access to local manufacturing beginning in 2027. It will be a multi-phase and multi-product arrangements that we expect to expand over the coming years. After our trip, we have more conviction than ever that China will be a meaningful player in biopharma for years to come.

我們也很高興宣布，在當地期間，我們簽署了一項關鍵合作夥伴關係，以擴大我們在中國的能力與在地布局。該合作概述了一項 OEM 關係，將自 2027 年起提升我們的競爭力並增加取得在地製造的機會。這將是一項多階段、涵蓋多產品的安排，我們預期未來幾年將持續擴大。此行之後，我們更加確信中國將在未來多年成為生物製藥領域的重要參與者。

Finally, I want to comment on our IT investments and digitization journey. On our last call, we mentioned investment in our IT organization in 2026 as part of our Fit for Growth journey. We have made key additions to our team this year, including new data management and AI experts. We have implemented AI across a variety of functions, including but not limited to legal, commercial, and supply chain.

最後，我想談談我們的 IT 投資與數位化旅程。在上次電話會議中，我們提到作為 Fit for Growth 旅程的一部分，將於 2026 年投資我們的 IT 組織。今年我們已為團隊增添關鍵人才，包括新的資料管理與 AI 專家。我們已在多項職能導入 AI，包括但不限於法務、商務與供應鏈。

And as part of our transformation office, we are also working to further optimize our data infrastructure, which will allow us to better implement AI in the coming years. To support our customers, our Analytics franchise is well positioned for an increasingly digital environment.

此外，作為我們轉型辦公室的一部分，我們也正進一步優化資料基礎架構，這將使我們在未來幾年能更好地導入 AI。為了支援客戶，我們的 Analytics 事業群在日益數位化的環境中具備良好定位。

Our PAT product portfolio allows for the collection of both upstream and downstream data in real time. We have integrated our FlowVPX into our downstream filtration system and are working to replicate this on the upstream side. We announced a partnership with Novasign last year and are working to integrate their digital twin capabilities into our next-generation small-scale filtration systems. We see digitization as a multi-year journey, and it remains a key strategic focus area for our company.

我們的 PAT 產品組合可即時收集上游與下游資料。我們已將 FlowVPX 整合至下游過濾系統，並正努力在上游端複製此整合。我們去年宣布與 Novasign 的合作夥伴關係，並正將其數位分身（digital twin）能力整合至我們下一代小型過濾系統。我們將數位化視為一段多年旅程，且它仍是公司關鍵的策略聚焦領域。

Before I turn the call over to Jason, I'll provide some more detail on our franchise-level performance. Starting with Filtration, revenue grew mid-single-digits on a reported basis in the quarter, driven by freight management, ATF, and other consumables. Excluding the gene therapy headwinds, this franchise would have delivered double-digit growth.

在把電話會議交給 Jason 之前，我將提供一些關於各事業群層級表現的更多細節。先從 Filtration（過濾）開始，本季以報告基礎計算的營收呈現中個位數成長，主要由運費管理、ATF 及其他耗材帶動。若排除基因治療帶來的不利因素，該事業群本可達成雙位數成長。

With the sale of Polymem, we now expect Filtration growth to be roughly mid-single-digits in 2026 on a reported basis. This also contemplates a moderated ATF outlook in 2026 due to customer-specific timing dynamics that are expected to be a tailwind in 2027. As a result, we see ATF returning to strong growth in 2027 and beyond, and we continue to see overall healthy consumable demand across our portfolio.

隨著出售 Polymem，我們目前預期 Filtration 在 2026 年以報告基礎計算的成長約為中個位數。此預期亦納入 2026 年 ATF 展望較為溫和，原因在於特定客戶的時點動態，預計將在 2027 年形成順風。因此，我們認為 ATF 將在 2027 年及之後恢復強勁成長，同時我們也持續看到整體產品組合中的耗材需求維持健康。

We remain extremely confident in our process intensification leadership position. After over a decade of seeding our ATF technology, we have built a high amount of trust from the biopharma industry. We will continue to prioritize further innovation and advancements that will allow us to remain the industry's partner in process identification.

我們對自身在製程強化（process intensification）領域的領導地位仍極具信心。在投入 ATF 技術耕耘逾十年後，我們已在生物製藥產業建立高度信任。我們將持續優先推動進一步創新與精進，使我們能持續成為產業在製程識別（process identification）方面的合作夥伴。

Chromatography revenue increased over 25%, driven by growth in OPUS columns. We continue to win new customers globally as they appreciate the plug-and-play convenience of pre-packed columns. Given the traction we're seeing in OPUS, we now expect 20%-plus growth in chromatography in 2026.

Chromatography（層析）營收成長超過 25%，主要由 OPUS 管柱的成長帶動。隨著全球客戶認同預填充管柱的即插即用便利性，我們持續贏得新客戶。鑑於我們在 OPUS 看到的動能，我們目前預期 2026 年層析業務將成長 20% 以上。

With this outlook, we do expect a slightly higher mix of Chromatography revenue versus our initial expectations. It was a great quarter in Proteins with mid-teens growth on top of a very strong prior-year comparison. We saw healthy demand across our offerings, led by our ligands, reflecting the benefits of the strategy we put in place to control our own destiny in Proteins. We expect protein growth of at least low double-digit for the year.

在此展望下，我們確實預期層析營收占比將較我們最初預期略高。Proteins（蛋白）本季表現非常出色，在去年同期基期已相當強勁的情況下仍達到中十位數成長。我們看到各項產品需求健康，其中以配體（ligands）帶動最為明顯，反映出我們為掌握 Proteins 業務主導權而制定策略所帶來的效益。我們預期今年蛋白業務至少將達到低雙位數成長。

Our Analytics franchise had another phenomenal quarter with 50%-plus growth. This was led by notable strength in our downstream analytics offering, which had a record quarter. This benefited from strong demand for our SoloVPE PLUS, including new placements and upgrades. We continue to assume Analytics growth of 20%-plus, given momentum in downstream demand and a growing contribution throughout the year from our upstream analytics offering.

我們的 Analytics 事業群再度交出亮眼的一季，成長超過 50%。主要由下游分析產品的顯著強勁表現帶動，該業務創下單季新高。這受惠於對 SoloVPE PLUS 的強勁需求，包括新增裝機與升級。考量下游需求動能，以及上游分析產品在全年逐步提升的貢獻，我們仍假設 Analytics 成長可達 20% 以上。

To wrap up, we are very pleased with our start to 2026. We delivered 11% organic growth in the first quarter, which is right in line with the midpoint of our full-year guidance. This, coupled with operating expense discipline, has reinforced our confidence in our full-year revenue outlook and enabled us to increase our adjusted earnings per share guidance. In addition, we made tangible progress on our strategic priorities, which positions us well to drive robust growth and margin expansion in coming years.

總結來說，我們對 2026 年的開局感到非常滿意。第一季我們達成 11% 的有機成長，正好符合全年財測區間的中點。再加上營運費用的紀律控管，強化了我們對全年營收展望的信心，並使我們得以上調調整後每股盈餘（EPS）指引。此外，我們在策略優先事項上取得具體進展，使我們在未來幾年能更有利地推動強勁成長與利潤率擴張。

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

現在，我把電話會議交給 Jason，請他說明財務重點。

Thank you, Olivier, and good morning, everyone. Today, we are reporting our financial results for the first quarter of 2026 and providing updated guidance for the full-year 2026. Unless otherwise noted, all financial measures discussed reflect adjusted non-GAAP measures.

謝謝你，Olivier，各位早安。今天我們將報告 2026 年第一季的財務結果，並提供更新後的 2026 全年指引。除非另有說明，以下討論的所有財務衡量指標皆為調整後的非 GAAP 指標。

As shared in our press release this morning, we delivered first-quarter revenue of $194 million, a reported year-over-year increase of 15%. This is an 11% organic growth, excluding the impact of acquisitions in foreign exchange. Foreign currency contributed three points of growth and we had two months of inorganic contribution from our upstream analytics acquisition.

如同我們今早新聞稿所述，第一季營收為 1.94 億美元，以報告基礎計算年增 15%。若排除併購與外匯影響，則有機成長為 11%。外幣帶來 3 個百分點的成長，而我們的上游分析併購案則貢獻了 2 個月的非有機成長。

As Olivier offered details on our product franchise performance, I'll provide more color on our regional performance. Starting with the quarterly revenue mix, North America represented approximately 46% of our total; EMEA represented 37%; and Asia Pacific and the rest of the world represented approximately 17%. North America grew mid-single-digits, driven by OPUS and Analytics. EMEA grew more than 20%, driven by Proteins and OPUS.

在 Olivier 提供我們產品事業群表現的細節之後，我將就我們各區域的表現補充更多說明。先從季度營收組合來看，北美約占我們總營收的 46%；EMEA 約占 37%；亞太及世界其他地區合計約占 17%。北美呈現中個位數成長，主要由 OPUS 與 Analytics 帶動。EMEA 成長超過 20%，主要由 Proteins 與 OPUS 帶動。

And Asia Pacific grew more than 25%, driven by ATFs, Mixers, and Analytics. And as previously mentioned, we had very strong growth in China. Transitioning to profit and margins, first quarter adjusted gross profit was $108 million and adjusted gross margin was 55.5%. This was 180 basis points of margin expansion versus last year. The year-over-year increase was driven primarily by volume leverage, pricing execution, and favorable product mix, all of which more than offset inflation and tariffs. The favorable mix was driven by growth in our Analytics business and certain accretive filtration products.

亞太地區成長超過 25%，主要由 ATFs、Mixers 與 Analytics 帶動。如先前所提，我們在中國的成長非常強勁。接著談獲利與利潤率，第一季調整後毛利為 1.08 億美元，調整後毛利率為 55.5%。相較去年，毛利率擴張 180 個基點。年對年提升主要來自量增帶來的槓桿效益、定價執行，以及有利的產品組合，且上述因素皆足以抵銷通膨與關稅的影響。有利的組合主要由我們 Analytics 業務的成長，以及部分具增益性的過濾產品所帶動。

In addition, first-quarter gross margin also benefited from cost-absorption timing associated with production levels required to support the sales ramp through the year. We expect this benefit to normalize over the remainder of 2026.

此外，第一季毛利率亦受惠於與產量水準相關的成本吸收時點效益，以支援全年銷售爬坡所需的生產。我們預期此項效益將在 2026 年剩餘期間回歸常態。

Continuing through the P&L, our adjusted income from operations was $30 million in the first quarter, up 28% year over year on a reported and organic basis. OpEx grew 11% on an organic basis. We remain thoughtful about balancing investments in the business while expanding margin. We expect some additional investment in the second quarter.

繼續看損益表，我們第一季調整後營業利益為 3,000 萬美元，在揭露口徑與有機口徑下皆年增 28%。營業費用（OpEx）以有機口徑計成長 11%。我們仍審慎在擴大利潤率的同時，平衡對業務的投資。我們預期第二季會有一些額外投資。

This translated to an adjusted operating margin of 15.4% in the first quarter, which was an increase of 160 basis points year over year on a reported basis; and 200 basis points of margin expansion, excluding M&A and the impact of foreign currency.

因此，第一季調整後營業利益率為 15.4%，以揭露口徑計年增 160 個基點；若排除併購（M&A）與外幣影響，利潤率擴張 200 個基點。

Adjusted EBITDA was $40 million in the quarter or just under 21% adjusted EBITDA margin. Moving to the bottom line, adjusted net income was $27 million, a 22% year-over-year increase. Higher adjusted operating income was offset by slightly lower interest income on declining interest rates.

本季調整後 EBITDA 為 4,000 萬美元，調整後 EBITDA 利潤率略低於 21%。來看最終獲利，調整後淨利為 2,700 萬美元，年增 22%。較高的調整後營業利益，被利率下行導致的利息收入略降所部分抵銷。

Our first-quarter adjusted effective tax rate was 22%, which starts the year on the low end of our full-year guidance, which remains unchanged. Adjusted fully diluted earnings per share for the first quarter was $0.48, compared to $0.39 in the same period in 2025, or an increase of 23%.

第一季調整後有效稅率為 22%，使得全年一開始即落在我們全年指引區間的低端，而該全年指引維持不變。第一季調整後完全稀釋每股盈餘為 0.48 美元，較 2025 年同期的 0.39 美元增加 23%。

Finally, our cash and marketable securities position at the end of the first quarter was $785 million, up $17 million sequentially from the fourth quarter. This was driven by $28 million of strong cash flow from operations, offset by $5 million of CapEx in the quarter. We remain focused on optimizing our working capital to drive improved cash flow conversion.

最後，第一季末我們的現金與有價證券部位為 7.85 億美元，較第四季季末增加 1,700 萬美元。主要來自 2,800 萬美元的強勁營運現金流入，並被本季 500 萬美元的資本支出（CapEx）所抵銷。我們仍專注於最佳化營運資金，以推動現金流轉換率的改善。

I will now speak to adjusted financial guidance. As Olivier mentioned, we are reiterating our organic growth guidance for full-year 2026, while updating guidance for the sale of Polymem and our first-quarter results. Our guidance also assumes a couple of million dollars of tariff surcharges in 2026.

接下來我將說明調整後財務指引。如 Olivier 所提，我們重申 2026 全年有機成長指引，同時因 Polymem 出售以及第一季結果而更新指引。我們的指引亦假設 2026 年將有數百萬美元的關稅附加費。

We are now guiding $803 million to $833 million of revenue or 9% to 13% growth on both a reported and organic basis. Our updated guidance now reflects only one-quarter of revenue from Polymem, which removes approximately $7 million of revenue from the full year previously included in guidance. This continues to assume just under a point of benefit from foreign currency, which we realized in the first quarter.

我們目前預估營收為 8.03 億至 8.33 億美元，無論以揭露口徑或有機口徑計，成長率皆為 9% 至 13%。更新後的指引僅反映 Polymem 一季的營收，這使得先前納入全年指引的營收約減少 700 萬美元。此仍假設外幣帶來略低於 1 個百分點的助益，而我們已在第一季實現。

A reported growth of 9% to 13% assumes the following: mid-single-digit growth in Filtration; greater than 20% growth in Chromatography; Proteins growth greater than low double-digits; and 20%-plus growth in Analytics.

揭露口徑 9% 至 13% 的成長假設如下：Filtration 中個位數成長；Chromatography 成長超過 20%；Proteins 成長高於低雙位數；以及 Analytics 成長 20% 以上。

We now expect 110 to 160 basis points of gross margin expansion for the year. This assumes a slight benefit from the divestiture, partially offset by higher Chromatography mix and limited impact from the conflict in the Middle East. With the strong Q1 performance, the sale of Polymem and judicious management of OpEx, we are raising our adjusted income guidance.

我們目前預期全年毛利率擴張 110 至 160 個基點。此假設剝離帶來些微助益，部分被 Chromatography 組合占比提高所抵銷，且中東衝突的影響有限。在第一季強勁表現、Polymem 出售，以及對 OpEx 的審慎管理下，我們上調調整後獲利指引。

We now expect $124 million to $132 million of adjusted operating income. This implies 160 to 200 basis points of operating margin expansion, which represents a 30-basis-point increase at the midpoint versus our prior guidance.

我們目前預期調整後營業利益為 1.24 億至 1.32 億美元。這意味著營業利益率擴張 160 至 200 個基點，於中位數相較先前指引提高 30 個基點。

Continuing through the P&L, we now assume $19 million of adjusted other income and continue to assume a 22% to 23% adjusted effective tax rate. Putting this together, we expect adjusted fully diluted earnings per share to be between $1.97 and $2.05. This is up $0.26 to $0.34 versus 2025 or up 18% at the midpoint, and $0.04 higher than our prior guidance at both the low and high ends of the range.

繼續看損益表，我們目前假設調整後其他收益為 1,900 萬美元，並持續假設調整後有效稅率為 22% 至 23%。綜合以上，我們預期調整後完全稀釋每股盈餘介於 1.97 至 2.05 美元。相較 2025 年增加 0.26 至 0.34 美元，或以中位數計增加 18%；且在區間低端與高端皆較先前指引高出 0.04 美元。

To assist with the quarterly cadence, we expect Q2 organic revenue growth to be similar to the first quarter. As a result, our guidance does not require a second-half acceleration to achieve the midpoint of our full-year outlook.

為協助理解季度節奏，我們預期第二季有機營收成長將與第一季相近。因此，我們的指引不需要下半年加速，亦可達成全年展望的中位數。

We expect second quarter gross margin to be slightly below our full-year guidance range and OpEx to pick up slightly sequentially following our disciplined OpEx control in the first quarter. We expect second-half OpEx to be similar to 2Q. As a result, we expect solid operating margin expansion in the second quarter, while the third quarter will likely represent the lowest margin quarter of the year.

我們預期第二季毛利率將略低於全年指引區間，而在第一季嚴謹控管 OpEx 之後，OpEx 將較前一季略為上升。我們預期下半年 OpEx 將與第二季相近。因此，我們預期第二季營業利益率將穩健擴張，而第三季可能會是全年利潤率最低的一季。

Our balance sheet remained strong as we ended the first quarter with $785 million of cash and marketable securities. We will remain prudent in our spending while maintaining substantial dry powder for potential acquisitions. We expect CapEx spend to be approximately 3% to 4% of 2026 revenue.

我們的資產負債表依然強勁，第一季末持有 7.85 億美元的現金與有價證券。我們將在支出上維持審慎，同時保留充足的資金彈藥以因應潛在併購。我們預期資本支出（CapEx）約為 2026 年營收的 3% 至 4%。

But before we wrap, I wanted to briefly follow-up on the transformation office that Olivier shared earlier. We are thrilled to establish a team of both internal and external experts to drive focus improvements in areas that will drive our Fit for Growth capabilities and margin expansion. This is a change of mindset that reinforces the structured framework is required to drive margin expansion beyond volume leverage.

不過在結束之前，我想就 Olivier 先前分享的轉型辦公室（transformation office）做個簡短補充。我們很高興成立一支由內部與外部專家共同組成的團隊，推動重點改善領域，以強化我們的「Fit for Growth」能力並擴大利潤率。這是一種思維上的轉變，強調要在量增槓桿之外推動利潤率擴張，需要一套結構化的框架。

As Olivier shared, we expect to see meaningful benefits from the initiatives. We are still finalizing the detailed scopes and benefits but expect to generate at least 1 point of annualized margin benefit by the end of next year and continue into 2028 and beyond.

如 Olivier 所分享，我們預期這些計畫將帶來具意義的效益。我們仍在敲定詳細範疇與效益，但預期至明年年底至少可帶來年化 1 個百分點的利潤率效益，並延續至 2028 年及之後。

We will see benefits in both gross margin and at the EBIT and EBITDA level. We see this effort accelerating on our path to our 2030 EBITDA target. In other words, our path to reaching 30% adjusted EBITDA margins will be less weighted to the out years than previously communicated. We expect non-recurring charges of approximately $5 million to $6 million through 2027 associated with this effort. These will be excluded from our adjusted non-GAAP results.

我們將在毛利率以及 EBIT 與 EBITDA 層級都看到效益。我們認為這項努力將加速我們邁向 2030 年 EBITDA 目標的進程。換言之，我們達成 30% 調整後 EBITDA 利潤率的路徑，相較先前溝通，對較後期年度的依賴將降低。我們預期至 2027 年，與此項努力相關的一次性費用約為 500 萬至 600 萬美元。這些費用將自我們調整後的非 GAAP 結果中排除。

Finally, Olivier and I would like to thank our Repligen teammates for delivering a strong start to 2026. We continue to be energized by the opportunities ahead, and we are focused on advancing our strategic efforts in 2026. With that, I'll turn the call back to the operator to open the line for questions.

最後，Olivier 和我想感謝我們的 Repligen 團隊夥伴，為 2026 年帶來強勁的開局。我們持續因前方的機會而備受鼓舞，並專注於在 2026 年推進我們的策略性工作。接下來，我會把電話交回給接線員，開放提問。

(Operator Instructions) Dan Arias, Stifel.

(接線員指示) Dan Arias，Stifel。

Hey, good morning, guys. Thank you. Jason, nice start to the year on the out margins there. Obviously, you went through some of the moving parts, but can you just maybe summarize what within the quarter was sort of incidental, I guess you could call it, mixed elements, timing of cost items versus more of a reprioritization that sounds like maybe it's starting to be in play here.

嘿，各位早安。謝謝。Jason，今年一開始外顯毛利率表現不錯。顯然你已經談到一些變動因素，但你能否簡要總結一下，本季有哪些因素比較偏一次性（可說是偶發）、例如組合等混合因素、成本項目的時點差異，與聽起來可能開始在發揮作用的重新排序／重新配置之間，各自的影響？

And then like along those lines, the transformation office impact. I know you said you're still working through the moving parts there, but is the right way to think about that, the normal 1 to 200 bps of annual off margin expansion that you've been talking about, plus the impact of transformation, and is that like 100 bps to fiscal '27 or are you kind of run rating by the time you get to the year, at the end of the year, at 100 bps, I just want to make sure that we get the modeling element of that whole exercise right.

另外，沿著這個方向談轉型辦公室（transformation office）的影響。我知道你說你們仍在梳理其中的變動因素，但正確的理解方式是否是：你們先前提到的每年正常 100 到 200 個基點的毛利率擴張，再加上轉型的影響；而轉型是否是到 2027 財年約 100 個基點，或是到年底時的運行率（run rate）達到 100 個基點？我只是想確保我們把這整個工作的建模假設抓對。

Hey, Dan, good morning, Olivier here. I'm just going to kick it off and then let Jason give you more details. I mean, we're obviously extremely happy about how we delivered on margin expansion in quarter one, but beyond quarter one, obviously, being able also to have line of sight of further improvement over the rest of the year as well. And yes, you're right, the transformation of this is an initiative like we've been thinking about for a long period of time.

Dan，早安，我是 Olivier。我先開個頭，接著讓 Jason 給你更多細節。我們當然對第一季交出的毛利率擴張成果非常滿意；但不只第一季，我們也能清楚看到今年剩餘期間仍有進一步改善的能見度。是的，你說得對，這項轉型是我們思考了很長一段時間的倡議。

Now that we have the right people on board, we said that's the right time to kick it off. And as you'll hear from Jason in a few seconds, it's really a mix of getting acceleration on the Fit for Growth side but also accelerating margin improvement. But Jason, yeah.

現在我們已經有合適的人才到位，我們認為是啟動它的正確時機。而你稍後會聽到 Jason 說明，這其實是多項因素的組合：一方面加速 Fit for Growth 的推進，另一方面也加速毛利率改善。Jason，交給你。

Yeah, so Dan, great question, a lot of pieces in there, we'll go through it. So yeah, really happy with the first-quarter gross margin and overall margin performance. I think, to your question, the driver really was volume, volume leverage price, so continuing to execute that. And to your point, strong mix really from Analytics growth, as well as a few of the, I'll say, product lines within our overall Filtration franchise.

好的，Dan，問題問得很好，裡面有很多面向，我們逐一說明。我們對第一季毛利率以及整體利潤表現都非常滿意。就你問的驅動因素而言，主要是出貨量、出貨量帶來的槓桿效應，以及價格，我們持續在這些方面執行到位。而如你所說，產品組合也很強，主要來自 Analytics 的成長，以及我們整體 Filtration 事業群中幾條產品線的表現。

There was a timing element, to your point, on a little bit from timing of cost absorption that will unwind through the year. But overall, it sets us up for well and high confidence on our guide for expanding gross margin by about 110 to 160 bps for the year. From a profile perspective, yeah, we do expect 2Q to be lower than 1Q. 3Q may step down slightly from that as well and then fourth quarter back higher as we grow on volumes through the end of the year.

如你所提，也有一些時點因素，部分來自成本吸收（cost absorption）的時點差異，這會在今年內逐步回轉。但整體而言，這讓我們對全年指引更有把握、信心也很高：全年毛利率擴張約 110 到 160 個基點。從季度走勢來看，我們預期第二季會低於第一季。第三季可能也會再略低一些，然後第四季隨著年底出貨量成長而回升。

Most of that change will be driven by the mix phasing. So here's what I'd say though, on a total year versus a total year or full-year-versus-full-year basis year over year, mix is still a neutral dynamic for us. But for the first quarter being positive, we'll see some mix headwinds in the second and third. And then, again, fourth quarter steps back up, mostly on higher Chromatography sales. And to your point, again, that cost absorption unwinds.

其中大部分變化將由產品組合的時序（mix phasing）所驅動。不過我想說的是，以全年對全年（full-year-versus-full-year）的年增比較來看，產品組合對我們仍是中性因素。但由於第一季組合偏正面，第二與第三季會看到一些組合逆風。然後第四季會再度回升，主要是 Chromatography 銷售較高。同時，如你所說，那些成本吸收的時點差異也會回轉。

So, again, a real great start and puts us right on track to our guide, lifted it up a little bit with Polymem. On the transformation office, yeah, again, great questions as well. Look, I'll start by -- it's really about creating the structured program where we allocate the right resources to our priorities, so there's a real heavy Fit for Growth execution and developing the capabilities we need, and then the margin expansion side.

所以，這確實是非常好的開局，讓我們完全走在達成指引的軌道上；另外也因為 Polymem，我們把指引上調了一點。至於轉型辦公室，是的，這也是很好的問題。我先從這裡說起——核心在於建立一個結構化的計畫，把適當資源配置到我們的優先事項上，因此會大力推進 Fit for Growth 的落地執行與所需能力建置，並同時推動毛利率擴張。

That one point of annualized margin expansion by end of '27, think of that as more in the run rate. We'll have various elements and projects that will, I'll say come into initiation over several months, right? We haven't assumed anything in 2026 yet, but there may be some benefits that we'll share later in the year if they come in early, but we're really expecting a run rate to start by the end of '27 and then kind of seeing full benefits in '28.

你提到的到 2027 年底年化約 1 個百分點的利潤率擴張，請把它視為更偏向運行率（run rate）的概念。我們會有不同的要素與專案，在接下來幾個月陸續啟動。我們目前尚未在 2026 年的假設中納入任何貢獻，但若有些效益提前實現，我們會在今年稍晚再與大家分享；不過我們真正期待的是在 2027 年底開始形成運行率，並在 2028 年看到完整效益。

To your point, that's going to be on top of our normal run rate, and that was the message that we tried to share in here as well. Again, we've talked a lot about this path to 30% EBITDA target by 2030, but that we would be more weighted toward the back end. We think this initiative helps us to be less weighted in those out years, which brings some incremental in the earlier. So, I'm really excited about all this. Great start to the year.

如你所說，這會是在我們正常運行率之上的額外貢獻，這也是我們在這裡想傳達的訊息。我們談過很多次，2030 年達到 EBITDA 30% 的目標路徑，但原本會更偏向在後段年度實現。我們認為這項倡議能讓我們在那些較後期年度的權重降低，並把一些增量提前到較早期。所以我對此非常興奮。今年開局很棒。

Okay. Super. Thank you.

好的。非常好。謝謝。

Doug Schenkel, Wolfe Research.

Doug Schenkel，Wolfe Research。

Hi, this is [Madeline Mullen] on for Doug. Just a question on equipment. You mentioned that there was a pickup in equipment in March. Where was the strength most notable? Was it by category and customer type? And did that help you in the quarter, or was it more the order book? And then I think last quarter you mentioned that there were some RFPs you were waiting on. Have you started to hear back on those, or do you feel that pharma companies are still digesting some of the MFN deals? Thank you.

嗨，我是 [Madeline Mullen]，代 Doug 提問。我有一個關於設備的問題。你提到 3 月設備有回升。強勁主要最明顯是在哪裡？是按品類與客戶類型來看嗎？而這對本季的貢獻是已反映在當季營收，還是主要體現在訂單簿？另外，我記得上季你提到有一些 RFP（招標／提案請求）仍在等待結果。你們是否已開始收到回覆？或你覺得製藥公司仍在消化一些 MFN 交易？謝謝。

Good morning, Madeleine, and good questions. I mean, capital equipment increased year on year in quarter one on what was pretty easy comp to be very open, and that was mostly driven by strength in both Analytics and Mixers as well. We've partly seen a nice pickup of Mixer demand in China, which is one of the reasons why China did so well for us in quarter one.

早安，Madeleine，問題也問得很好。坦白說，第一季資本設備年增，是在相對容易的比較基期之上；而這主要由 Analytics 與 Mixers 兩者的強勁所帶動。我們也部分看到中國的 Mixer 需求有不錯的回升，這也是中國在第一季對我們表現很好的原因之一。

And so similar to peers as well, we've seen all those increasing in the quarter, I mean, after what was maybe a bit of a slower start in January up to middle of February, we've seen the real acceleration of order intake over the second-half of the quarter and partly on the capital equipment side.

因此，和同業類似，我們看到這些在本季都有所增加；也就是說，在 1 月到 2 月中旬可能稍微慢一些的開局之後，我們在本季後半段看到訂單流入明顯加速，其中一部分就來自資本設備端。

And we really like pharma is still taking their time, but it was good to see indeed finally some answers coming and positive answers. And to your last point on RFP wins. Yes, we start to win some of the RFP, we answered [two] toward the end of last year, which is for us very encouraging because as I mentioned previously, we didn't really have a seat at the table before. So overall, very encouraging and we would like to see further acceleration of decision making, but definitely going in the right direction right now.

而且我們確實很喜歡看到製藥端仍在花時間審慎推進，但也很高興終於看到一些回覆出現，而且是正面的回覆。至於你最後一點關於RFP得標。是的，我們開始贏得一些RFP，我們在去年年底前後回覆了[兩]個，這對我們來說非常令人鼓舞，因為如我先前提到的，我們過去其實並沒有真正坐上談判桌。所以整體而言非常令人鼓舞，我們也希望看到決策進一步加速，但目前肯定是朝著正確方向前進。

Matt Larew, William Blair.

Matt Larew，William Blair。

Hi, good morning. You called up 20% growth from emerging biotech and that comes off three very strong quarters to end 2025. You did reference it's still below historical levels. We're now working off the back of two straight quarters of strong funding data. There's been some positive clinical updates. You're going to be escaping the one large customer head. And so, Olivier, I'd just be curious for your take on what's remaining to get emerging biotech back to strength and how you feel about the momentum over the last couple of quarters?

嗨，早安。你提到新興生技帶來20%的成長，而這是建立在2025年末連續三個非常強勁季度的基礎上。你也提到目前仍低於歷史水準。我們現在是基於連續兩季強勁的募資數據。也有一些正面的臨床更新。你們也將擺脫那個大型客戶的逆風。所以，Olivier，我想請教你，還需要哪些因素才能讓新興生技回到強勢？以及你如何看待過去幾季的動能？

Yeah, good morning, Matt here. Obviously, very happy to see the fourth quarter in a row of very significant growth for that customer segment. I mean, as I've said, like we've seen each of these segments coming back one after the other, and that was the last one. To be still fair, I mean, the quarter one comp were pretty easy still. So I want to see quarter two still showing exactly the same growth. But overall, it sounds like this market segment is back to a much more normal type of behavior.

是的，早安，Matt。顯然，我們非常高興看到這個客戶族群連續第四季出現非常顯著的成長。我的意思是，如我所說，我們看到各個細分市場一個接一個地回溫，而這是最後一個。公平地說，第一季的比較基期仍然相對容易。所以我希望看到第二季也能呈現完全相同的成長。但整體而言，聽起來這個市場區隔已回到更正常的行為模式。

And you're right, the customer, the biotech funding numbers also look very good. I mean, quarter one was almost double what it was last year and April was very strong. I mean, I think I've seen numbers around $10 billion of funding in April. So the good news is we've seen really a nice free bonds. We're still of the opinion that the money that has been injected has not reached yet all of these guys fully to the extent that they are spending much more money.

你說得對，生技募資數字看起來也非常好。我的意思是，第一季幾乎是去年同期的兩倍，而4月也非常強勁。我想我看到的數字大約是4月募資約100億美元。所以好消息是，我們確實看到非常不錯的反彈。但我們仍認為，注入的資金尚未完全傳導到所有這些公司，尚未到他們會大幅增加支出的程度。

So to your point, yes, well, what we've seen should hopefully be very sustainable, and we're hoping to see a similar type of growth over the next few quarters for emerging biotech. But this is something that we're very excited about fourth quarter in a row, very nice growth here.

所以就你提到的，是的，我們看到的情況應該有望非常可持續，我們也希望未來幾季新興生技能維持類似的成長型態。但這確實讓我們非常振奮——連續第四季都有很漂亮的成長。

Philip Song, Leerink Partners.

Philip Song，Leerink Partners。

Question. This is Philip on for [Pruneet]. You mentioned China nearly doubled in Q1. This is a low base after just two quarters of growth in the second-half, and I think 2% to 3% revenue contributions. I was wondering if you could just unpack this some more. Just how much impact was from the OEM partnership, kind of always the composition between large pharma and CDMOs? And I guess how would you characterize how much was ordered timing versus genuine demand acceleration? Thank you.

提問。我是Philip，代替[Pruneet]。你提到中國在第一季幾乎翻倍。這是在下半年僅兩季成長之後的低基期之上，而且我認為營收貢獻約2%到3%。我想請你再多拆解一下。其中有多少影響來自OEM合作夥伴？以及大型製藥與CDMO之間的組成大概如何？另外，你會如何描述其中有多少是訂單時點因素、多少是真正的需求加速？謝謝。

Yeah. Good morning, Philip here. Absolutely delighted about the way your quarter one played out for us in China. I mean, you've heard me talking about it quite a lot over the last several quarters, and it was absolutely awesome to almost see a doubling of our sales in China in quarter one.

是的。早安，我是Philip。我們對第一季在中國的表現感到非常欣喜。我的意思是，你們在過去幾季已經常聽我談到這點，而第一季在中國的銷售幾乎翻倍，真的非常棒。

You're right, it was on very low comp. What I'm even more excited about, to be honest, is our funnel looks really very strong. I mean, Jason and I were in the region recently, so we spent almost a week with the team down there. And we're seeing a funnel that looks really very strong across all of China right now, and that's very exciting. By the way, talking about China, all of Asia did very well. I mean, that was our fastest-growing market geographically in quarter one.

你說得對，這是在非常低的比較基期之上。但老實說，更讓我興奮的是，我們的商機管道（funnel）看起來真的非常強。我的意思是，Jason和我最近到該區域，我們幾乎花了一週時間和當地團隊在一起。我們看到目前在全中國的商機管道都非常強勁，這非常令人振奮。順帶一提，談到中國，整個亞洲表現都很好。我的意思是，第一季從地理區域來看，那是我們成長最快的市場。

But obviously, to a question about the OEM partner, I mean, this has no impact yet. I mean, we literally just signed the agreement a couple of weeks ago. So we're going to take transfer different parts of our portfolio, particularly on the Filtration consumables side, and we expect those guys, those partners to be up and running probably towards the beginning of next year.

但回到你關於OEM合作夥伴的問題，我的意思是，這目前還沒有任何影響。我們其實是幾週前才剛簽署協議。所以我們將把產品組合中的不同部分進行技術移轉，特別是在過濾（Filtration）耗材這一側，我們預期那些夥伴大概會在明年年初左右開始上線運作。

But it's never really black and white and where you're somewhat probably clear. Asking the question is, it's a good strong signal we're giving to customers in China that we are back and that we're going to really reclaim our market in China with that partner. But also we really want to be part of that huge upcoming market growth we're seeing in China over the next several years.

但事情從來不是非黑即白，而你可能想問的重點是——這是一個我們向中國客戶釋放的強烈訊號：我們回來了，而且我們將與該合作夥伴一起在中國重新奪回市場。同時，我們也真的希望能參與未來幾年在中國看到的那個龐大、即將到來的市場成長。

So there might be already a little impact that people feel like, wow, Repligen is going to become really indeed a very strong actor in China for China, and that's why we're delighted about that agreement. It's just a first step, Philip. I mean, we are looking at expanding that collaboration and potentially with all the partners as well in China over the next several years, but very excited to be back in China.

所以可能已經有一點點影響：大家會覺得，哇，Repligen確實將在中國、為中國成為非常強的參與者，這也是我們對這項協議感到高興的原因。這只是第一步，Philip。我的意思是，未來幾年我們也在評估擴大這項合作，並且可能也會與中國的其他合作夥伴一起推進，但我們非常興奮能重返中國。

Thank you.

謝謝。

Casey Woodring, JPMorgan.

Casey Woodring，JPMorgan。

Great. Thank you for taking my questions. So you had a one-point organic beat in 1Q and expect similar growth in 2Q, but you kept the low end of the full-year guide unchanged. Maybe just talk about how much of that is driven by the moderated view for ATF in the second-half versus the rest of the business.

好的。謝謝回答我的問題。所以你們第一季有1個百分點的有機成長超預期，並預期第二季有類似的成長，但你們維持全年財測區間的低端不變。也許請談談其中有多少是由於你們對下半年ATF較為保守的看法所驅動，相較於業務其他部分。

And then on ATF, could you provide more color on the customer timing dynamics that are driving that more moderated view in the second-half? I think in the past, you had talked about a second-half ramp in ATF consumables tied to one of the blockbusters that you were expecting to. So is that really just a function of a customer delaying commercial launch? And then what gives you confidence that things will pick up in '27? Thank you.

另外關於ATF，你能否提供更多客戶時點動態的細節，說明為何下半年看法較為溫和？我記得過去你們曾談到，ATF耗材在下半年會有一波爬升，與你們預期的一個重磅產品相關。所以這是否真的只是因為客戶延後商業化上市？那你們憑什麼有信心在'27年情況會回升？謝謝。

Yes, good morning, Casey. So first of all, I mean, we're obviously very happy we started quarter one at the midpoint of our full-year guidance. And as you heard saying, we estimate quarter two will probably be about the same. So obviously, it will set us up very well for the guidance we've given at the beginning of the year. And the midpoint would assume at this stage like there is no need for any acceleration towards the second-half of this year, which is probably a little bit of a Repligen's specific situation that we're very happy to be in right now. It's a really high comfort zone for us from that point of view.

是的，早安，Casey。首先，我的意思是，我們顯然很高興第一季就落在我們全年財測指引的中點。而如你所聽到的，我們估計第二季大概也會差不多。所以很明顯，這讓我們在年初給出的指引上處於非常有利的位置。而以目前來看，中點假設今年下半年不需要任何加速，這可能有點像是Repligen特有的情況——我們很高興能處在這樣的狀態。從這個角度來看，這對我們而言是一個非常高的舒適區。

So we would be disappointed if we would land at the low end because that would somehow imply a softening of the market that we're actually not seeing today. So we are more hopefully looking at to reach the high end. And in order to reach the high end, we would need some type of acceleration both of our consumable business and you mentioned ATF, I'll come back to that in ten seconds.

因此，如果我們落在區間低端，我們會感到失望，因為那在某種程度上意味著市場正在走弱，而這其實不是我們今天所看到的情況。所以我們更希望能達到區間高端。而要達到高端，我們需要耗材業務出現某種加速；你也提到了 ATF，我十秒後再回到這點。

That some of these equipment orders we've been receiving now in the last couple of months would also be potentially delivered this year, which is not a given yet because we need to hear about our customer site preparedness to be able to accommodate that or not.

我們在過去幾個月收到的一些設備訂單，也有可能在今年交付，但這目前還不是定案，因為我們需要了解客戶現場是否已準備好、能否容納這些交付。

So that's kind of really the way to look at the guidance for this year. We are a quarter into the year, with a very strong start. With a couple more quarters, we'll know much more about how the year is going to play out by the end of July when we report out on quarter two.

所以，這大致就是看待今年指引的方式。今年已經過了一季，而且開局非常強勁。再過幾季後，我們會更清楚今年最終會如何發展；到 7 月底我們公布第二季業績時，就會知道得更多。

In terms of ATF, yes, I mean, we have always been very transparent. I mean, we were transparent last year about what happened with that specific gene therapy program. We said we're going to be transparent. ATF has got a huge runway for the next several years. I mean, I can tell you we're more bullish than ever.

至於 ATF，是的，我的意思是，我們一直都非常透明。去年我們也很透明地說明了那個特定基因治療計畫發生的事情。我們說過我們會保持透明。ATF 在未來幾年仍有很長的成長跑道。我可以告訴你，我們比以往任何時候都更看多。

A couple of our customers came to us, beginning of this year, explaining as they were managing inventory this year on a couple of commercial drugs that have been using ATF now for a few years. This is not something unusual for what is still a pretty new technology, where at the beginning, people built a little bit more stock maybe than they will need finally.

今年年初，有幾位客戶來找我們，說明他們今年在管理庫存時，針對幾款已使用 ATF 好幾年的商業化藥物進行調整。對於仍屬相當新的技術而言，這並不罕見；一開始大家可能會建立比最終所需更多一些的庫存。

We know it's going to be a real tailwind for us from '27 onwards because these are two commercial drugs that will require more because the drugs themselves are growing very nicely. So it's really just a temporary inventory management that we're facing. What's interesting about those two customers, these. In fact, they are implementing ATF across many more products than this specific commercial drug I was talking about, which is why we know next year it's going to be a real tailwind for these customers for the commercial drugs themselves, but also across the new ones they are implementing ATF at right now.

我們知道從 2027 年起，這會成為我們真正的順風，因為這兩款商業化藥物將需要更多用量，且藥物本身成長得非常好。所以我們面對的其實只是暫時性的庫存管理。這兩位客戶有趣之處在於——這些。事實上，他們正在把 ATF 導入到更多產品上，而不僅是我剛提到的那款特定商業化藥物；這也是為什麼我們知道，明年對這些客戶而言，ATF 將成為真正的順風，不僅在既有商業化藥物上，也包括他們目前正在導入 ATF 的新產品。

Great. That's super helpful. Thank you.

很好。這非常有幫助。謝謝。

Daniel Markowitz, Evercore.

Daniel Markowitz，Evercore。

I wanted to follow-up on emerging biotech. It's good to see four quarters in a row, if I heard correctly, of growth from this customer segment. And I wanted to talk about the benefit from biotech funding recovery, which seems like it could flow through to back half of this year and help in back half in 2027. Can you help frame the potential timing of when this benefit might occur? Remind us your exposure to this customer set and help us understand what the contribution could look like once we start to see that benefit?

我想追問一下新興生技（emerging biotech）。如果我沒聽錯的話，這個客戶族群已連續四個季度成長，這很令人欣慰。我也想談談生技募資復甦帶來的助益；看起來這可能會在今年下半年開始反映，並在 2027 年下半年提供支撐。你能否協助說明這項助益可能發生的時間點？也請提醒我們對這類客戶的曝險程度，並幫助我們理解一旦開始看到這項助益，其貢獻可能會是什麼樣子？

Yeah. Good morning, Dan. I think you nailed it already pretty well. I mean, four quarters in a row of very significant growth. I mean, I want to say very significant growth in quarter one was above 20% of growth. And this being said, the activity level still remains slightly below historical level. So that's why I was saying it's probably a little bit too soon to call it a trend.

好的。早安，Dan。我覺得你其實已經講得很到位了。連續四個季度都有非常顯著的成長。我想說第一季的成長非常顯著，增幅超過 20%。即便如此，整體活動水準仍略低於歷史水準。所以我才說，現在可能還稍早，還不能就此斷言已形成趨勢。

But maybe to be a bit more specific, we mentioned in previous call like we've seen some of the growth coming from some of these small biotech getting acquired. That was partially the case in quarter two, quarter three of last year. It's fair to assume that some of the funding that we started to improve toward quarter three of last year has maybe started to reach some of these companies toward the end of last year and probably a little bit more in quarter one.

不過更具體一點，我們在之前的電話會議提過，我們看到部分成長來自一些小型生技公司被併購。去年第二季、第三季部分就是這種情況。合理推測的是，我們從去年第三季開始看到的部分募資環境改善，可能在去年底開始流向其中一些公司，並在第一季更明顯一些。

I do expect it to become a real stronger tailwind from quarter two, quarter three onwards to be confirmed, but that's what we could expect, we would expect looking at this much better biotech-funding environment we've been experiencing. And to answer your specific question, I mean, it's still lower than 10% of our total sales. I won't say probably more into the 8% to 9% vicinity in quarter one, but probably trending back to the 10% that we experienced in the past in the next few quarters, I would imagine.

我確實預期從第二季、第三季之後，這會成為更強的順風——當然仍待確認，但以我們所處的生技募資環境明顯改善來看，這是我們可以期待的。至於你問到的曝險，我的意思是，這部分仍低於我們總銷售額的 10%。第一季大概更接近 8% 到 9% 的區間，但我想在接下來幾季，應該會回升並趨近過去約 10% 的水準。

That's helpful. And then just a follow-up. Can you talk about the ATF opportunity more broadly, like how penetrated is this market and how would you frame the potential impact from competitive product introductions?

這很有幫助。接著再追問一個。你能更廣泛地談談 ATF 的機會嗎？例如這個市場的滲透率如何？以及你會如何看待競品導入對潛在影響的框架？

Yeah, I mean, again, maybe let me start by saying ATF grew in quarter one, both, by the way, in capital and consumable as well. We just decided to moderate our expectation for 2026 because of this transitory headwind that we've been hearing from the two specific customers. But apart from that, I mean, we are still extremely bullish. I mean, we were getting our products designed in multiple new products, multiple new modalities as well. And we've talked about the successes we've had on the cell therapy side, and that has become a very significant tailwind for us over the last several quarters.

好的，我的意思是，也許我先說，ATF 在第一季是成長的，而且順帶一提，資本設備與耗材兩端都有成長。我們之所以決定下修 2026 年的預期，是因為從那兩位特定客戶那裡聽到這個短暫性的逆風。但除此之外，我們仍然非常看多。我們的產品正在被設計導入多個新產品、也涵蓋多種新的技術路徑（modalities）。我們也談過在細胞治療端取得的成功，而這在過去幾個季度已成為我們非常顯著的順風。

We are also very heavy on innovation. And I tell you, I'm very, very confident about the fact that we were going to be leading the process intensification for the next several years. I mean, I have zero doubt about that. And we've got a lot of innovation being worked out right now with several launches that we expect to happen probably towards: one, toward the beginning of next year; and then one or two others toward mid or end of next year. So we are absolutely very bullish, and the runaway on ATF is still absolutely very strong.

我們也非常重視創新。我可以告訴你，我對於我們將在未來幾年引領製程強化（process intensification）這件事非常、非常有信心。我對此毫無疑問。我們目前正在推進大量創新，並預期會有數個產品上市：其中一個可能在明年初左右；另外一到兩個可能在明年年中或年底左右。所以我們絕對非常看多，而 ATF 的成長跑道仍然非常強勁。

Great. Thank you very much.

很好。非常感謝。

Mac Etoch, Stephens.

Mac Etoch，Stephens。

Good morning, and thank you for taking my questions. Maybe just following up on some of the previous order-related questions. Just looking at what you called out during March, can you just unpack what specifically changed in the order environment at that point? Was it tied to improving customer decision-making, budget releases, increased activity within certain end markets like maybe analytics or upstream systems? And how is that exit rate carried in April at this point?

早安，謝謝讓我提問。我想延續前面一些與訂單相關的問題。就你在 3 月提到的情況來看，你能否拆解一下當時訂單環境具體有哪些變化？這是否與客戶決策改善、預算釋出、或在某些終端市場（例如分析或上游系統）活動增加有關？而截至目前，4 月的退出率（exit rate）表現如何？

Well, it's a little bit of all of that, to be honest with you, but maybe let me take one step back. So you're right. I mean, we had a little bit of -- well, taking two steps back first, what a fantastic quarter for in terms of order intake. And then really when I say fantastic, I mean, it was like in sphere, we had not seen like for probably the previous several years and so on.

坦白說，這些因素都有一點，但也許我先退一步說。你說得沒錯。我的意思是，我們有一點——嗯，先再退兩步：就訂單流入而言，這真的是非常出色的一季。而我所謂的出色，是指那種程度，我們可能在過去幾年都沒有在這個範圍內見過，等等。

So it was somehow pretty expectable that the beginning of quarter one would be a little bit softer. But then towards mid of February, we started to see a really significant acceleration that has enabled us to deliver a very strong order intake for the full quarter one, really in the right zip code in terms of book-to-bill, like what we spent for the previous several quarters.

因此，第一季初期表現稍微偏弱在某種程度上是相當可預期的。但到了二月中旬左右，我們開始看到非常顯著的加速，讓我們得以在整個第一季交出非常強勁的接單表現，就 book-to-bill 而言確實落在正確的區間，與我們過去幾個季度的水準相當。

So really across the board, very healthy quarter one, thanks to what happened in March. What's more important, honestly, than order because we've said it can be somewhat a little bit lumpy. As we're tracking our funnel and I won't say we are really extraordinarily disciplined on the way we're tracking our funnel.

所以整體而言，第一季非常健康，主要要歸功於三月發生的情況。更重要的是，坦白說，比起訂單本身更重要，因為我們也說過訂單可能會有些波動。我們在追蹤銷售漏斗，而我不會說我們在追蹤漏斗的方法上有多麼異常嚴謹。

And one part of our funnel I'm looking at myself on a weekly basis is what we call the high-probability funnel, which is a probability that is above 50% of closing orders within the next two to three quarters. And I mean, that funnel of high probability is at the highest level ever. In fact, I just made the exercise a week or two ago looking at how did it look versus what it looked like a year ago, and it's significantly higher than what we've seen a year ago.

而我自己每週都會看的漏斗其中一部分，是我們所謂的「高機率漏斗」，也就是在未來兩到三個季度內成交訂單的機率高於 50%。而且，我的意思是，這個高機率漏斗目前處於歷史最高水準。事實上，我在一兩週前做了一個比較，看看它相較於一年前的樣子如何，結果顯著高於我們一年前看到的水準。

So from that point of view, we are very confident about the way things are going to play out for the next several quarters. What we are not still controlling fully is decision-making. And that's maybe where indeed I would still see a bit of a difference between a consumable and equipment. Both look pretty good for this year.

因此從這個角度來看，我們對未來幾個季度的發展走向非常有信心。但我們仍然無法完全掌控的是決策制定。而這也許正是我仍會看到耗材與設備之間存在一些差異的地方。兩者在今年看起來都相當不錯。

I mean, in terms of guidance for the full year, we see like both were growing double-digit in sales, but obviously, most of the headwind we've talked about are going into consumable, as you know, meaning the gene therapy program on one side and then these two HCS customers on the other side. So it means like consumable are still doing extremely well.

就全年指引而言，我們看到兩者的銷售都呈現雙位數成長，但顯然，我們談到的大部分逆風都集中在耗材端，如你所知，一方面是基因治療計畫，另一方面則是那兩家 HCS 客戶。因此這也意味著耗材的表現仍然非常、非常好。

On capital equipment, it's fair to say like Analytics and Mixers have been leading the pack. We would like. To see a real acceleration of what we call the bigger type of CapEx equipment, we started to win some of these RFPs. As I mentioned earlier, if the tap of capital equipment really opens, this is going to be a massive opportunity for all of us. And I say massive because I think the wall is just waiting for the tap to open and then it's going to become like a totally different story for all tool providers. So that's kind of really a long answer to a short question, but that's across the board how we're seeing order intake. Now we're seeing as a different part of the business between consumable and hardware.

在資本設備方面，可以說 Analytics 和 Mixers 一直是領先的品類。我們希望。看到我們所謂較大型的資本支出（CapEx）設備出現真正的加速，我們已經開始贏得其中一些 RFP。如我先前提到的，如果資本設備的水龍頭真的打開，這將會是我們所有人一個巨大的機會。我之所以說巨大，是因為我認為市場就只是等著水龍頭打開，然後對所有工具供應商而言，情勢就會變成完全不同的故事。所以這算是用很長的回答回應一個簡短的問題，但這就是我們對接單的整體看法。現在我們也看到業務的不同部分在耗材與硬體之間呈現差異。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Yeah, thank you. Congrats on the quarter. When you look at the China market right now, is this domestic demand or is it multinationals expanding? Their bioprocess capabilities in that market.

好的，謝謝。恭喜本季表現。你們現在看中國市場，這是本土需求，還是跨國公司在那個市場擴張。他們的生物製程能力？

Yeah, good morning, Paul here. I have to say at this stage, the vast majority, and I say vast majority at least what I have a good line of sight of is really China local demand market that's coming back. And we've had really a lot of successes. I mentioned mixers already a couple of times, but beyond mixers, even on our filters, consumable and so on, we're seeing a lot of these customers coming back now.

是的，早安，我是 Paul。我必須說，就目前階段而言，絕大多數——我說絕大多數，至少就我能清楚掌握的部分——確實是中國本地需求市場正在回溫。而我們也取得了很多成功。我已經提到 mixers 好幾次了，但除了 mixers 之外，即使是在我們的濾材、耗材等等方面，我們也看到許多這些客戶現在回來了。

As you know very well, Paul, we were facing much more competition than we were before, which is why we've been pushing and now implementing that strategy. And I think it's very different, very differentiating as well versus what others might have been doing where we are really going to capitalize on local company to help us gaining our market back.

如你非常清楚的，Paul，我們面臨的競爭比以前更激烈，這也是為什麼我們一直在推動、並且現在正在落實那個策略。我認為這也非常不同、也很具差異化，相較於其他人可能採取的做法；我們將真正善用本地公司來協助我們把市占率拿回來。

I've said several times, the China market today is totally different than it was five years ago, even maybe three years ago, even to a certain extent. If you want to succeed in China, you have to appear to be much more really Chinese than you were before, and that's the only way you're going to be able to defeat competition locally.

我已經說過好幾次，如今的中國市場和五年前完全不同，甚至可能和三年前相比，在某種程度上也不同。如果你想在中國成功，你必須看起來比以前更「中國化」，這是你能在本地擊敗競爭對手的唯一方式。

We found a partner that we like a lot because we know the management team pretty well, but also they are still in the early phase of growth. And I've seen so many of these companies being successful over the last several years that collaborating together, we feel we have got an incredible runaway over the next several years.

我們找到了一個非常喜歡的合作夥伴，因為我們相當了解他們的管理團隊，而且他們仍處於成長的早期階段。我在過去幾年看過很多這類公司取得成功，因此我們覺得透過合作，我們在未來幾年將擁有非常驚人的成長跑道。

But the demand is really from Chinese company for Chinese local demand, which we know is going to grow very significantly over the next several years now with all of the money that has been injected into the China ecosystem.

但需求確實來自中國公司、用於中國本地需求；我們知道，隨著大量資金注入中國生態系，未來幾年這個需求將會非常顯著地成長。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Great. Thanks for taking the questions, guys. Congrats on the quarter. I wanted to actually ask just another one on the transformation office a bit. Any more granularity on what kinds of margin optimization efforts you really have going on there? I guess, are you focused on certain segments more than others? I know you mentioned some AI process involvement. So I guess just wondering if there's any potential for some of the relative margins across your different segments to maybe close ranks a bit from some of the historical spread we've seen?

很好。謝謝各位回答問題。恭喜本季表現。我其實想再問一個關於 transformation office 的問題。能否更細緻地說明你們在那邊進行的毛利率優化工作類型？我想問的是，你們是否比其他部分更聚焦於某些事業/產品區隔？我知道你們提到一些 AI 流程的導入。所以我想了解的是，你們不同區隔之間的相對毛利率，是否有可能從我們過去看到的差距中稍微收斂一些？

Again, good question. So we highlighted four buckets. One is manufacturing footprint in terms of how to optimize that. So that, of course, will hit either different product lines or help us drive efficiencies across the overall network. The other piece to your point is really this improving profitability on certain product lines.

同樣地，這是個好問題。我們強調了四個面向。其中一個是製造據點布局（manufacturing footprint），也就是如何加以最佳化。因此，這當然會影響不同產品線，或協助我們在整體網路中提升效率。另一個部分如你所說，確實是提升某些產品線的獲利能力。

So that's examples of where do we look at our portfolio, what's dilutive to the overall average, and how can we look at design changes, How can we look at manufacturing efficiencies, to your point, how do we look at the product SKUs that we have to try to raise that overall. And then it's things like Polymem, again, where we saw that as a non-core product, not even within bioprocessing, and not only dilutive at the margin, but a loss at the bottom line.

例如，我們會檢視產品組合：哪些會稀釋整體平均水準？我們如何透過設計變更、如何透過製造效率提升——如你所提——以及如何檢視我們擁有的產品 SKU，來嘗試把整體水準拉高。另外也包括像 Polymem 這類項目；同樣地，我們認為那是非核心產品，甚至不在生物製程範疇內，不僅在毛利率上具有稀釋效果，底線上甚至是虧損。

And so that was fairly unique though, so just to caution you in terms of opportunities at that level, but it's absolutely about finding the below margin products and then increasing those. The other piece though is also around how do we serve our customers better. How do we get more value. So again, you might see that within the product lines. And then the other big bucket is this topic of IT modernization as well as AI, and we kind of keep them connected, but also have very different paths on each of those. We've talked a lot about the need to upgrade our IT infrastructure, it's data.

不過那個案例相當特殊，所以就那種層級的機會而言要提醒你，但核心確實是找出低於目標毛利的產品，然後把它們提升上來。另一個面向也在於我們如何更好地服務客戶。我們如何創造更多價值。所以同樣地，你可能會在各產品線中看到這一點。而另一個大面向則是 IT 現代化以及 AI；我們某種程度上把它們連在一起談，但兩者各自也有非常不同的推進路徑。我們已經談了很多關於升級 IT 基礎架構的必要性，這關乎資料。

I'll say optimization, it's looking at the -- when you look at the number of applications and vendors we have for our size company, we can rationalize that. That's the type of thing that actually drives synergies and cost savings, but as well as bring how do we leverage SAP, our ERP as well to get more out of that.

我會說是最佳化，也就是檢視——當你看我們這樣規模的公司所使用的應用程式與供應商數量時，我們可以加以精簡與合理化。這類事情確實能帶來協同效應與成本節省，同時也能讓我們思考如何善用 SAP、我們的 ERP，從中取得更多效益。

And then from an AI perspective, it's this balance of looking at the tools that are available, but then also going back into each process and function and understanding the problems that we're solving and the use cases for those AI, I'll say, solutions.

接著從 AI 的角度來看，重點在於在檢視可用工具的同時，也要回到每一個流程與職能，理解我們要解決的問題，以及這些 AI（我會說）解決方案所對應的使用情境。

And so incredibly exciting for us. Again, this is about allocating the right resources, focusing internal experts as well as bringing external experts to help us accelerate that. And again, it's just another example of the long game that we're playing on both margin expansion as well as being able to grow and scale.

所以這對我們而言非常令人振奮。同樣地，這關乎配置正確的資源，聚焦內部專家，同時引進外部專家來協助我們加速推進。而且這也再次說明了我們在打長期戰：一方面擴大利潤率，另一方面也能成長並擴大規模。

Matt Stanton, Jefferies.

Matt Stanton，Jefferies。

Maybe just one in the context of the order commentary and then the high probability funnel you laid out, Olivier. Can you just remind us, in terms of your equipment portfolio and the order book there, how quickly you turn that? I think historically, you had kind of talked about earning two-thirds of the order book in six months or less.

也許就訂單評論以及你提到的高機率漏斗脈絡下問一題，Olivier。你能否提醒我們，就你們的設備產品組合與相關訂單存量而言，周轉速度大概多快？我記得過去你們曾提到，歷史上大概能在六個月或更短時間內確認（轉化）約三分之二的訂單存量。

I think it'd be helpful to get an updated number on that given the evolution of portfolio as it relates about what could maybe show up in orders today and income and revenues in the back half of the year versus '27, it sounds like Mixers, Analytics, some of those are maybe shorter cycle type equipment than the larger projects you talked about, Olivier. But it would just be helpful to level set the order book, how quickly you think you can turn that today and how that maybe has evolved from a couple of years ago. Thanks.

鑑於產品組合的演進，我覺得如果能更新一下這個數字會很有幫助，因為這關係到哪些可能會在今天反映在訂單上，以及哪些會在今年下半年反映在損益與營收上、相較於 2027 年。聽起來像是 Mixers、Analytics 這些可能是比你提到的大型專案更短週期的設備，Olivier。但如果能先把訂單存量的周轉速度、你認為現在能轉得多快，以及相較於幾年前有何變化，做個基準校準會很有幫助。謝謝。

Good morning, Matt here. I think you answered your question very well. So I'll try to add some more details here, but you're absolutely right, like we've got very different type of hardware in our portfolio. So the two you mentioned, you're right, both Mixers on the one side and Analytics on the other side, turnaround time is very short.

早安，Matt，我來回答。我覺得你其實已經把問題回答得很好了。我會試著補充一些細節，但你完全正確：我們的產品組合裡有非常不同類型的硬體。所以你提到的兩項沒錯，一邊是 Mixers，另一邊是 Analytics，它們的周轉時間都非常短。

I mean, in fact, for Analytics, typically, you can even turn around an order within a couple of weeks or so. For Mixers and [here], I would differentiate. What we call the stainless steel mixers, which is what we acquired when we acquired Metenova 2.5 years ago from the single-use mixers, these times are slightly different.

事實上，就 Analytics 而言，通常甚至可以在幾週左右就完成一筆訂單的交付。至於 Mixers（以及這裡），我會做個區分。我們所稱的不鏽鋼攪拌槽（stainless steel mixers）——也就是我們在 2.5 年前收購 Metenova 時取得的——與一次性攪拌槽（single-use mixers），兩者的交期略有不同。

For the stainless steel side, we are like below three months. For the single-use mixer, we would probably be a little bit more than three months. And so there is a slight difference here. And then comes what we call, well, even within the larger scale type of hardware, there is still a difference.

不鏽鋼那一側，我們大概在三個月以內。一次性攪拌槽則可能會略高於三個月。所以這裡確實有些微差異。接著是我們所稱的——其實即便在較大型規模的硬體之中，也仍然存在差異。

For ATF, the ATF system, very often we are. Able to turn around delivery in three months or even less sometime if we've got no customization to achieve. For downstream system, whether TSF or Chrome system, it really depends, again, whether it's catalog type of products or whether it requires some customization.

以 ATF（ATF 系統）來說，很多時候我們——若不需要做任何客製化，有時甚至能在三個月或更短時間內完成交付。至於下游系統，不論是 TSF 或 Chrome 系統，則同樣取決於它是型錄式產品，還是需要一些客製化。

If it's catalog turnaround time, can also be in the range of three months or so if it's custom probably more into the five to six months range. But what's becoming probably more important than our own lead time is really customer preparedness. And especially now that we start to enter into these onshoring projects more and more, we will see probably very different cases where people already have [brownfield] or people need to build everything from scratch. And then it is what we don't control fully where our lead time might be actually enabling us to recognize those revenues this year. But it might well be that those sites are only ready by middle of '27 or even maybe second-half of '27 or so.

如果是型錄產品，交期也可能在三個月左右；若是客製化，可能更接近五到六個月。但現在可能比我們自身交期更重要的，其實是客戶端的準備程度。尤其是當我們愈來愈多地進入這些回流設廠（onshoring）專案時，會看到非常不同的情況：有些人已經有既有廠（brownfield），有些人則需要從零開始建置一切。而這部分並非我們能完全掌控；即便我們的交期可能讓我們得以在今年認列那些營收，但也很可能那些場址要到 2027 年年中，甚至可能到 2027 年下半年左右才準備就緒。

And then as when I mentioned about the blockbuster we had, we won a couple of years ago now on ATF. I mean, it's a specific example where the customer side is still just being finalized right now. But what we don't control fully is customer preparedness, and especially with ensuring that that's something we're all going to have to figuring out better in the upcoming few quarters here.

再者，關於我提到我們幾年前在 ATF 上拿下的那個「爆款」大案。那是一個具體例子：客戶端目前其實仍在最後定案中。但我們無法完全掌控的是客戶端的準備程度；尤其是要確保這一點，這也是我們在接下來幾個季度必須更好地釐清與改善的事情。

Matt Hewitt, Craig-Hallum Capital Group.

Matt Hewitt，Craig-Hallum Capital Group。

Good morning, and great start to the year. Analytics is becoming a much bigger demand area for your customers, whether it's the CDMOs or the pharma companies. You're seeing increased demand. You're speaking to some of the growth that you're seeing there. From an investment standpoint, where do you see opportunities to invest in that area whether it's real-time monitoring or taking some of the data that you're capturing, and kind of helping your customers identify areas for improvement? Is this an area that you're investing internally? Or is it an area that you see from an M&A perspective maybe augmenting some of your existing capabilities? Any discussion there? Thanks.

早安，今年開局很不錯。Analytics 正成為你們客戶需求更大的領域，不論是 CDMO 或製藥公司。你們看到需求增加，也談到你們在那裡看到的一些成長。從投資角度來看，你們在哪些方面看到投資機會——不論是即時監測，或是把你們所擷取的部分資料加以運用，協助客戶找出改善空間？這是你們內部正在投資的領域嗎？或者從併購（M&A）的角度，你們是否認為可以補強既有能力？這方面有什麼想法可以分享嗎？謝謝。

Yeah, Matthew, great question. I mean, obviously, as you mentioned, we're really excited about the fraction we're seeing on process analytics. I mean, 50% growth in quarter one, 40% organic really downstream analytics. I mean, we've never seen that before.

是的，Matthew，問得很好。如你所說，我們對於在製程分析（process analytics）上看到的動能（traction）感到非常興奮。第一季成長 50%，其中 40% 是有機成長，主要來自下游分析（downstream analytics）。我們以前從未見過這樣的表現。

In fact, historically, quarter one was always the weakest quarter from a seasonality point of view. So that was really obviously an incredible performance. And you're asking actually the right question. What are we doing to make sure we capitalize on that and we even can double down on that over the next several years. So first of all, as we said that a great. Cycle is just still at the beginning. So that's going to be tailwind for us for the next several quarters, if not probably several years.

事實上，從季節性角度來看，第一季過去一直是最弱的一季。所以這顯然是非常驚人的表現。而你問的確實是正確的問題：我們正在做什麼，以確保能把握這個機會，並在未來幾年進一步加碼？首先，正如我們所說，一個很好的——週期其實才剛開始。因此這將在接下來幾個季度、甚至可能接下來幾年成為我們的順風（tailwind）。

But beyond that, and I didn't talk so much about the PAT side, but PAT has got huge traction as well. I mean, as we launched our FlowVPX inline protein concentration technology 1.5, 2 years ago or so. Which has got incredible traction while working on multiple other PAT technologies product upgrade or product launches that will happen over the next one to two years.

此外，我剛才沒有太多談到 PAT 這一塊，但 PAT 也同樣獲得很大的市場動能。我們在大約 1.5 到 2 年前推出 FlowVPX 線上（inline）蛋白濃縮技術，獲得了非常強勁的採用；同時我們也在開發多項其他 PAT 技術的產品升級或新品上市，預計會在未來一到兩年內推出。

So talking about investments and talking about organic investment, we're investing a huge amount of money on the R&D side to make sure we've got many more products on our shelves over the next several years, but both from an outline but also from an inline point of view, and you'll hear us Ted talking about that massively over the next several quarters and years.

所以談到投資、以及有機投資，我們在研發（R&D）端投入了大量資金，確保未來幾年我們的產品貨架上會有更多產品；而且不僅是離線（offline），也包括線上（inline）的角度。你們會在接下來幾個季度與幾年，聽到我們和 Ted 大量談到這一點。

And then, yeah, in terms of M&A, absolutely. I mean, as capital spending, the top priority number one for us is on M&A side. I mean, we landed quarter one with $785 million of dry powder. So we are looking at several opportunities and it's the right opportunity comes on the Analytics side to complement our offering further and so on, we would be very interested.

然後，對，談到併購（M&A），絕對是。我的意思是，就資本支出而言，我們的第一優先要務就是併購這一塊。我的意思是，我們在第一季結束時有 7.85 億美元的可用資金（dry powder）。因此我們正在評估幾個機會；如果在分析（Analytics）端出現合適的機會，能進一步補強我們的產品組合等等，我們會非常有興趣。

So the last piece I would mention and services are benefiting from that currently as well. I mean, our service business grew more than 30% in quarter one. And the good news is we've got a very nice attachment rate of service to our analytical equipment. So that's another area we're investing into quite a bit and then partially for that piece that is linked to the Analytical business here.

我最後想提的一點是，服務業務目前也正從中受益。我的意思是，我們的服務業務在第一季成長超過 30%。而好消息是，我們的分析設備帶動服務的附著率（attachment rate）非常不錯。所以這也是我們投入相當多資源的另一個領域，部分原因是這一塊與我們的分析業務相關聯。

Justin Bowers, [NJ].

Justin Bowers，[NJ]。

Good morning, everyone. It's Deutsche Bank, but I'll squeeze a multi-parter into one. So on the Proteins, pretty strong quarter, especially against [tough] comps. Can you talk about some of the drivers there? And then is that more of a shorter cycle business? I.e., how much visibility do you have into that? And then over the next two to three years, is that a franchise that you believe can continue to grow above-fleet average?

各位早安。我是德意志銀行（Deutsche Bank），我把多段問題濃縮成一個來問。關於蛋白（Proteins），本季表現相當強勁，尤其是在對比基期很高的情況下。能否談談背後的一些驅動因素？另外，這是否屬於較短週期的業務？也就是說，你們對這塊的能見度有多高？再者，未來兩到三年，這是否是一個你們認為能持續高於整體平均成長的核心業務（franchise）？

Justine, good morning. Happy to have a question on Protein because that's another business and I'm so happy about the progress we're seeing here. So, yes, you're right. I mean, mid-team growth lapping on what was a very strong quarter-one 2025 was a really great positive surprise for us. And honestly, we've got good demand across all our offering, but partly on the legal side.

Justin，早安。很高興你問到蛋白，因為這也是另一項業務，我對我們在這裡看到的進展非常開心。所以，是的，你說得對。我的意思是，在 2025 年第一季本來就非常強勁的基期之上，仍能達到中段（mid-teens）的成長，對我們來說是非常正面的驚喜。坦白說，我們在所有產品組合上都有不錯的需求，但部分也來自於法規／合規端的因素。

I mean, I mentioned in the past, we've really become closer and closer with Purolite. We work really very much hand in hand together and they have fantastic traction and we're very happy about the way we collaborate together. That has been one of the reasons why Protein did so well.

我的意思是，我過去提過，我們與 Purolite 的合作越來越緊密。我們確實是非常密切地攜手合作，他們的市場動能非常好，我們也對合作方式感到非常滿意。這也是蛋白業務表現如此出色的原因之一。

So we're in the long-term type of business here because beyond that specific collaboration. The fact also we have this in our hands for all of the non-monoclonal antibody side of the business is also very encouraging because we are winning multiple, and when I say multiple, it's really multiple designing.

因此我們這裡做的是偏長期型的業務，因為除了那項特定合作之外。另外，我們也掌握了所有非單株抗體（non-monoclonal antibody）相關的業務，這同樣令人振奮，因為我們正在贏得多個案子；我說多個，真的是很多個設計導入（design-in）。

And it's a business that takes a little bit of time because where you first need to get designing, and then you start to deliver some first-pilot quantities, and then hopefully some of these products are either making it to the market or if they are already on the market, people, our customers are going to pull the trigger to switch from one supplier to us.

而這是一門需要一些時間的業務，因為你首先需要完成設計導入（design-in），接著開始交付一些初期試量（pilot quantities），然後希望其中一些產品要嘛能成功上市；或者如果它們已經在市場上，我們的客戶就會做出決定，從原本的供應商切換到我們。

But with all of the designing we've been working on and we've got a dedicated team now that is going on the market, getting fantastic response from the market because they've never seen a company capable to develop a new ligand in three months and a new resin in six months. I'm absolutely very bullish about that market for the next several years. I think the best is still to come here for sure.

但就我們目前推進的所有設計導入而言，我們現在有一支專責團隊在市場上推廣，市場回饋非常好，因為他們從未見過有公司能在三個月內開發出新的配體（ligand），並在六個月內開發出新的樹脂（resin）。我對未來幾年這個市場非常看好。我認為最精彩的還在後頭，毫無疑問。

We have reached the end of the Q&A session. I will now turn the call back to Olivier Loeillot for closing remarks.

我們已到達問答環節的尾聲。接下來我將把電話會議交回給 Olivier Loeillot 作結語。

Thank you all for joining our call today. We had a very great first quarter and we're executing against a plan we outlined, which is outpacing market growth, delivering margin expansion, and Jason gave you a good number of details about what we're achieving on that side, and finally making tangible progress on our strategy. I really want to thank all of our Repligen teammates. We have an incredible team and we're delivering a fantastic start of the year and looking forward to talking to you again in a quarter from now. Thank you all.

感謝各位今天加入我們的電話會議。我們第一季表現非常出色，並且正依照我們先前所概述的計畫執行：成長速度超越市場、實現毛利率／利潤率擴張；Jason 也就我們在這方面的成果提供了不少細節；最後，我們的策略也正在取得具體進展。我真的要感謝所有 Repligen 的夥伴。我們擁有一支非常出色的團隊，今年開局非常亮眼，也期待在三個月後再與各位交流。謝謝大家。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位與會。您現在可以掛線。