Codexis raises 2021 guidance following huge new order for proprietary enzyme

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In California, enzyme engineering company, Codexis, is raising its guidance for 2021, following the receipt of a binding purchase order for up to $13.9 million of a proprietary high performance enzyme product from an undisclosed global pharmaceutical company.

The majority of this order was not included in Codexis’ prior guidance for 2021; accordingly, the Company is raising its 2021 guidance for total revenues to a range of $89 million to $93 million, up from previous guidance of $82 million to $85 million. Codexis is also increasing its 2021 guidance for product revenue to a range of $45 million to $48 million, up from previous guidance of $36 million to $39 million. In addition, the Company is raising 2021 guidance for product gross margin to a range of 60% to 64%, up from previous guidance of 54% to 58%.