Codexis Inc Stock Price, News & Analysis

Orders Support Company’s Recently Increased 2021 Guidance

Codexis (Nasdaq: CDXS) announced new purchase orders totaling approximately $15 million for 2021, related to a proprietary enzyme for a global pharmaceutical client. These orders align with the forecast provided on August 5, projecting total revenues between $98 - $103 million and product revenues of $59 - $63 million. This marks an increase in guidance, with strong market demand anticipated. CEO John Nicols praised the team's commitment, indicating it will be the largest annual product sale in the company's history.

Codexis (CDXS) reported a remarkable second quarter, achieving a record product revenue of $14.7 million, a surge of 227% year-over-year. The product gross margin also reached a high of 71%, attributed to a favorable sales mix. The company has raised its FY 2021 revenue guidance to $98 - $103 million and product revenue guidance to $59 - $63 million. Key highlights include significant orders from global pharmaceutical companies and expansion of partnerships, notably with Takeda, reflecting strong demand in their enzyme products and biotherapeutics.

Codexis (Nasdaq: CDXS) and Kalsec have expanded their research collaboration and entered an exclusive supply agreement for a novel enzyme aimed at producing Kalsec's latest natural hop acid. Developed using Codexis' CodeEvolver® platform, this enzyme enhances functionality, stability, and efficiency, promising commercial production by early 2022. Kalsec's CEO emphasized the importance of this innovation for meeting market demand for high-performing hop products, while Codexis' CEO highlighted the sustainable benefits of their enzyme technology for food and beverage manufacturing.

Codexis (CDXS) and Kalsec have expanded their research collaboration, entering into an exclusive supply agreement for a new enzyme aimed at producing Kalsec's latest natural hop acid. This enzyme, developed using Codexis’ CodeEvolver technology, enhances functionality, stability, and efficiency, enabling commercial-scale production by early 2022. The partnership aims to create innovative, sustainable bioprocesses, contributing to product differentiation in the competitive food and beverage market. Both companies emphasize sustainability and the potential for reduced manufacturing costs.

Codexis, Inc. (Nasdaq:CDXS) will announce its Q2 2021 financial results on August 5, 2021. A conference call will follow at 4:30 p.m. ET for discussion and updates. The company specializes in enzyme engineering and aims to enhance sustainable manufacturing across various sectors, including pharmaceuticals and food. Their proprietary CodeEvolver® platform drives innovation in biotherapeutics and diagnostics while improving resource efficiency. Investors can access the live call via the Codexis Investor Relations website.

Codexis, Inc. (CDXS) announced the successful completion of its CodeEvolver® platform technology transfer to Novartis Pharma AG. This collaboration, initiated in May 2019, allows Novartis to utilize CodeEvolver® for developing high-performance enzymes in pharmaceutical manufacturing. The new enzymes promise reduced capital requirements, higher yields, and lower energy usage compared to conventional chemistry methods. Codexis has now achieved three similar collaborations, with this being the first conducted virtually due to the pandemic's challenges.

Codexis (Nasdaq: CDXS) announced a milestone payment from GlaxoSmithKline related to its CodeEvolver® protein engineering platform. This payment, recognized as revenue in Q2 2021, signifies progress in the licensing agreement for an enzyme aimed at enhancing drug manufacturing. Codexis continues to strengthen its partnership with GSK, emphasizing the potential for significant long-term revenue from CodeEvolver. The company manages relationships with three leading pharmaceutical firms, indicating a promising outlook for enzyme commercialization and synthetic biology applications.

Codexis (Nasdaq: CDXS) increases its 2021 revenue guidance to $89-$93 million, up from $82-$85 million, after securing a $13.9 million purchase order for its high-performance enzyme product from a global pharmaceutical company. Product revenue guidance is also raised to $45-$48 million from $36-$39 million, with gross margin expectations now at 60%-64%, up from 54%-58%. This growth reflects Codexis' capacity to enhance revenue and margin through its innovative enzyme engineering platform.

Codexis announced an expanded collaboration with Takeda Pharmaceutical for gene therapy development, increasing its programs from three to four. The initial agreement leveraged Codexis' CodeEvolver platform to create enzyme variants aimed at treating rare genetic disorders such as Fabry and Pompe Diseases. Under the agreement, Codexis will receive upfront payments, R&D reimbursements, milestone payments, and royalties on sales. The partnership showcases significant progress in engineering genetic sequences, reflecting potential advancements in treating lysosomal storage disorders.