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Sep 30, 2022
Codexis Q3 2022 Earnings Report
Reported a decrease in revenue due to lower enzyme sales related to PAXLOVID™ and refined its strategy to drive long-term success.
Key Takeaways
Codexis reported a decrease in total revenue by 6% to $34.5 million for Q3 2022, primarily due to lower enzyme sales related to PAXLOVID™. The company is refining its strategy to focus on areas with a competitive advantage to drive long-term success.
Product revenues decreased 2% to $28.0 million, but excluding PAXLOVID™ sales, product revenues increased 53% to $15.1 million.
Stephen Dilly was appointed as the President and CEO of Codexis.
Kevin Norrett was appointed as the Chief Operating Officer of Codexis.
Margaret Fitzgerald was appointed as General Counsel of Codexis.
Codexis
Codexis
Forward Guidance
Codexis reiterated its financial guidance for 2022 issued on July 14, 2022.
Positive Outlook
- Total revenues are expected to be in the range of $135 million to $141 million.
- Product revenues are expected to be in the range of $112 million to $118 million, including approximately $75 million from Pfizer.
- Gross margin on product revenue is expected to be in the range of 65% to 70%.
- Existing cash and cash equivalents, combined with the Company’s future expectations for product revenues, R&D revenues and expense management, will be sufficient to fund its planned operations through at least the end of 2024.
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Challenges Ahead
- Codexis’ dependence on its licensees and collaborators
- Codexis’ dependence on a limited number of products and customers
- Potential adverse effects to Codexis’ business if its customers’ products are not received well in the markets.
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