© Reuters.
BOSTON – Ginkgo Bioworks Holdings Inc. (NYSE: NYSE:), a company specializing in cell programming and biosecurity, announced today that it expects to achieve its projected revenue and new program goals for the year ended December 31, 2023. According to preliminary unaudited estimates, the company is set to meet the guidance ranges previously communicated.
The company reported strong growth in its biopharma customer segment, with a more than 50% increase in cell engineering revenue from this sector over the past year. Notable partnerships with industry giants such as Pfizer (NYSE:), Novo Nordisk (NYSE:), Merck, and Boehringer Ingelheim have contributed to this growth, potentially bringing in over $1.2B in combined upfront research payments, fees, and milestone payments.
Ginkgo ended 2023 with a robust financial position, having nearly $950M in cash and cash equivalents, which the company believes will support its strategic initiatives and drive towards profitability. The company also highlighted improvements in operational efficiency and plans to expand new programs while reducing operating expenses.
Preliminary key performance figures for 2023 include total revenue expectations of $250M to $260M, with Cell Engineering revenue anticipated to be within the $145M to $150M range. Biosecurity revenue is projected to align with the guidance of up to $110M. Ginkgo also expects the addition of 80-85 new Cell Programs to its platform.
In collaboration with Google (NASDAQ:) Cloud, Ginkgo is developing AI models that incorporate its proprietary metagenomics data, which could form the basis for additional pharmaceutical partnerships in 2024.
This news is based on a press release statement from Ginkgo Bioworks.
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This story originally appeared on Investing
