Today we’re thrilled to provide updates on our business at the J.P. Morgan Healthcare Conference in San Francisco, live and on webcast at 9:45am PT/12:45pm ET.
In short, we:
- Expect to meet our 2023 new program and revenue guidance ranges
- Ended 2023 with nearly $950 million in cash and cash equivalents, a strong balance sheet providing multi-year runway as we see operational efficiencies in our business
- See strong growth among blue chip pharma and biotech (“biopharma”) customers including Pfizer, Novo Nordisk, Merck and Boehringer Ingelheim
- Will highlight more updates today at the 42nd Annual J.P. Morgan Healthcare Conference at 9:45 a.m. PT (12:45 p.m. ET) here.
I’m very pleased with the robust revenue and program growth we have seen in 2023, particularly in the biopharma sector – growing the portion of our cell engineering revenue that is attributable to biopharma customers by more than 50% over the past year.
Our strong balance sheet, with nearly $950 million of cash and cash equivalents, positions us well to take advantage of strategic opportunities while the market faces continued pressure. This, combined with the meaningful improvements we have seen in operational efficiency, gives us a long runway as we plan to increase new programs while reducing operating expenses. I’m proud of our team’s accomplishments in 2023 and am excited to drive continued strong growth in our biopharma vertical in 2024.
Preliminary 2023 Key Performance Highlights
- Ginkgo continues to expect Total revenue of $250 – $260 million in 2023
- Preliminary unaudited Cell Engineering revenue is expected to be within the previously disclosed guidance range of $145 – $150 million in 2023
- Preliminary unaudited Biosecurity revenue is expected to be in line with the previously disclosed guidance of up to $110 million in 2023
- New Cell Programs are expected to be within the previously disclosed guidance range of 80-85 new Cell Programs added to the platform in 2023
- Ginkgo signed or advanced several major new biopharma programs in 2023, including with Pfizer, Merck, Novo Nordisk, and Boehringer Ingelheim in which Ginkgo is eligible to receive, in aggregate, over $1.2 billion in upfront research payments, research fees and development and commercial milestones. Ginkgo also successfully completed the pilot phase of a program with Novo Nordisk, as well as completed a gene therapy collaboration with Biogen.
- In connection with its strategic partnership with Google Cloud, Ginkgo is training a series of foundation and application-specific models incorporating Ginkgo’s proprietary metagenomics and assay-labeled training data as well as data from public repositories. Ginkgo’s ability to bring together automated data generation at scale with AI models targeted towards customer program areas is expected to be the foundation for additional pharmaceutical partnerships in 2024.
- Ginkgo ended 2023 with nearly $950 million of cash and cash equivalents, putting Ginkgo in a strong financial position to pursue its strategic objectives while driving towards profitability
We plan to report fourth quarter and full year 2023 financial results in February 2024, at which time we intend to provide our outlook for full year 2024.
