Benzinga | Aug 25, 2021 04:13PM EDT

Codexis Confirms Receipt of $15M Follow-on Orders for Proprietary Enzyme Product from Undisclosed Global Pharmaceutical Company

Codexis, Inc. (NASDAQ:CDXS), a leading enzyme engineering company enabling the promise of synthetic biology, announced the Company received new purchase orders with an aggregate total value of approximately $15 million for the 2021 supply of a proprietary high performance enzyme used to manufacture a critical intermediate for an Active Pharmaceutical Ingredient (API) in a therapeutic drug for an undisclosed global pharmaceutical company. These orders were anticipated and included in the 2021 guidance Codexis provided on August 5th for total revenues in a range of $98 - $103 million, product revenue in a range of $59 - $63 million, and product gross margin in a range of 65% to 68%.

"During Codexis' second quarter earnings conference call on August 5, 2021, we reported that we had very strong indications of significant additional 2021 demand for this enzyme product. Based on our confidence in receiving these orders and in our capacity to meet the additional demand this year, we raised our 2021 guidance at that time. Accordingly, the orders that we received this week are already reflected in our current guidance. I am extremely proud of the Codexis team for their stellar commitment to delivering what is the largest annual product sale in the company's history, and we look forward to continuing to support our customer in the production of their API," said John Nicols, President and CEO of Codexis.