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Choke 02 · Sector X

The Bioprocessing Single-Use — Filters, Resins & Bioreactors

Single-Use Bioreactors · Chromatography Resins · Filtration · Process Analytics

Every biologic drug is made in a single-use plastic bag. The companies that make those bags, filters, and resins are recovering from 2024 destocking — and compounding again.

Biologics manufacturing has converted over the last 15 years from stainless-steel bioreactors to disposable single-use systems — sterile plastic bags lined with sensors, fed by single-use filters and chromatography columns. The vendor list is short: Sartorius Stedim (~20% global bioprocessing equipment share), Repligen (filtration/chromatography), Danaher/Cytiva (dominant single-use bioreactors), and Thermo Fisher (broadest life-sciences tools). All went through brutal 2024 destocking; the recovery is now clearly underway.

Why this is a chokepoint

Once a biologic is approved by the FDA with a specific single-use bag from a specific vendor in the process, that vendor is locked in for the life of the drug. Switching suppliers requires re-qualification.

4 names on the watchlist

RGEN
Repligen

Filtration, chromatography, and analytics for every biologics manufacturer. Recovery from 2024 destocking now underway.

Makes filtration, chromatography resins, and process analytics for biologics manufacturers. Q1 2026 revenue $194M (+15%); adjusted EPS $0.48 vs $0.38 estimate. Recovery from the 2024 destocking is now clearly underway.

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SRT.DE
Sartorius (parent) / Sartorius Stedim
not US-tradable

European bioprocessing pure-play. ~20% global bioprocessing equipment share. Single-use bioreactor leader.

European bioprocessing pure-play. ~20% global bioprocessing equipment share; leader in single-use bioreactors . Q1 2026 sales €748M (+5%). Recovery from destocking is the multi-year setup. Premium valuation reflects quality and moat.

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DHR
Danaher

Cytiva division = dominant single-use bioreactor. Diversified life-sciences tools.

Diversified life-sciences tools conglomerate. Cytiva division is the dominant single-use bioreactor maker . The lowest-beta way to own bioprocessing as a long-term compounder. Less GLP-1 leverage than Bachem but much more durable revenue mix.

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TMO
Thermo Fisher Scientific

Broadest life-sciences tools + diagnostics + CDMO. Investor Day May 20 reaffirmed 7% organic CAGR target.

Broadest life-sciences-tools company — instruments, consumables, diagnostics, CDMO (PPD). Investor Day May 20, 2026 reaffirmed 7% organic CAGR target. The blue-chip core position for healthcare picks-and-shovels.

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