  The effective potential for the two-replica system of the random energy model
is exactly derived. It is an analytic function of the magnetizations of two
replicas, $\varphi^1$ and $\varphi^2$ in the high-temperature phase. In the
low-temperature phase, where the replica symmetry breaking takes place, the
effective potential becomes non-analytic when $\varphi^1=\varphi^2$. The
non-analyticity is considered as a consequence of the condensation of the
Boltzmann measure, which is a typical property of a glass phase.
