Overview
As I previously laid out in my article initiating coverage on Repligen (RGEN), they have carved a wide moat niche for themselves in the bioprocessing space thanks to excellent market positioning by the management team. Through organic innovation and bolt-on, tactical acquisitions, Repligen’s suite of upstream and downstream products now allow them to capture revenue at numerous points in the drug development process.
Biologic Market
The market for Repligen’s products continues to expand. The bioprocessing industry is valued around $9 billion ($1.6 billion addressable) with an expected long-term growth rate of 9%.