Repligen makes bioprocessing equipment, consumables, and reagents used by pharma and biotech companies to manufacture biologic drugs, including monoclonal antibodies, cell and gene therapies, and mRNA therapeutics. Repligen operates through four product franchises: Filtration (~60% of revenue), Chromatography (~20%), Proteins (~12%), and Process Analytics (~8%). Key products include XCell ATF perfusion filtration systems, OPUS pre-packed chromatography columns, Protein A affinity ligands, and SoloVPE protein concentration measurement tools. Repligen sells to large pharma companies, CDMOs, and emerging biotech firms through a direct global sales force of roughly 390 people. Revenue is roughly 70% consumables and 30% capital equipment. Consumables are single-use items repurchased each manufacturing batch, making revenue predictable and tied to biologics production volumes. Capital equipment placements generate a recurring consumable tail — management describes this as a "razor and blade" dynamic, most visible in ATF, where consumable sales now exceed hardware sales. Repligen has grown through a combination of organic R&D and M&A, completing 15 acquisitions since 2012. Key growth initiatives include deeper penetration of roughly 20 large key accounts, Asia Pacific expansion (currently ~15-17% of revenue vs. peers at 20-25%), new modality products for cell therapy and mRNA, and continued M&A, which management calls its top capital allocation priority.