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Jun 30, 2021
Schrodinger Q2 2021 Earnings Report
Reported a 29% increase in total revenue year-over-year, with software revenue up 15% and drug discovery revenue significantly higher due to collaborations and IP acquisition.
Key Takeaways
Schrödinger reported a strong second quarter with a 29% increase in total revenue, driven by growth in both software and drug discovery segments. The company highlighted progress in its internal drug discovery pipeline and a new oncology collaboration with Zai Lab.
Total revenue increased by 29% year-over-year, reaching $29.8 million.
Software revenue grew by 15% year-over-year, amounting to $24.1 million.
Drug discovery revenue increased to $5.7 million, including $3.3 million from the Bristol Myers Squibb collaboration.
The company is advancing its internal drug discovery programs, with plans to submit up to three IND applications to the FDA in 2022.
Revenue by Segment
Forward Guidance
Schrödinger maintains its full-year 2021 financial outlook, expecting total revenue to range from $124 million to $142 million, with software revenue between $102 million and $110 million, and drug discovery revenue between $22 million and $32 million.
Positive Outlook
- Majority of second half software revenue growth is expected in the fourth quarter of 2021.
- Company continues to aggressively fund R&D to advance its technology.
- Company continues to aggressively fund R&D to advance its drug discovery pipeline.
- The company expects to submit up to three IND applications in 2022, with the first submission to the FDA expected in the first half of next year.
- Schrödinger expects to present preclinical data from at least one of its internal programs in the second half of 2021.
Challenges Ahead
- Drug discovery revenue can be highly variable quarter to quarter based on the timing of potential milestones related to collaborative agreements.
- Operating expense growth is expected to be higher than the 42 percent annual growth rate reported in 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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