Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Ginkgo Bioworks anticipates meeting 2023 targets

EditorEmilio Ghigini
Published 01/10/2024, 07:49 AM
© Reuters.
DNA
-

BOSTON - Ginkgo Bioworks Holdings Inc. (NYSE: NYSE:DNA), 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:PFE), Novo Nordisk (NYSE:NVO), 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:GOOGL) 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.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.