Codexis reports record quarterly revenue thanks to COVID-19 Pfizer vaccine enzyme order

In California, Codexis, Inc., enzyme engineering company, provided a business update with their Sustainable Manufacturing business demonstrating “remarkable growth, as we significantly executed against the large enzyme orders we received from Pfizer to support its COVID-19 antiviral therapeutic candidate” as well as strong results in the faster-to-market food sector, including enzyme sales for Tate & Lyle sweeteners and a milestone from Kalsec for their newest natural hop ingredient.

Product revenues increased 242% to $28.7 million in Q3’21, primarily driven by the sale of a proprietary Codexis enzyme to manufacture Pfizer’s clinical-stage COVID antiviral therapeutic candidate.

In the Sustainable Manufacturing market of the Performance Enzymes segment, in August Codexis received two new purchase orders for approximately $15.0 million for a proprietary Codexis enzyme to manufacture Pfizer’s clinical-stage COVID antiviral therapeutic candidate, PF-07321332. This followed a large order of $13.9 million for this enzyme that Codexis received in June. In aggregate, the orders the Company received in June and August total approximately $29.0 million.

Codexis amended and extended its agreement with Merck to license and supply a proprietary enzyme used in the manufacturing process for sitagliptin, the active pharmaceutical ingredient (API) in Merck’s JANUVIA and JANUMET. The Company also recently announced a tri-party collaboration agreement with Almelo Private, Ltd., an Indian producer of APIs, and RC2 Pharma Connect, LLC, a U.S.-based leading pharmaceutical manufacturing representative, to license and manufacture Codexis’ proprietary enzyme for sitagliptin to be used in the manufacture of sitagliptin for the future generic market.

Codexis announced an expanded, exclusive commercial supply agreement with Kalsec for a novel enzyme to sustainably produce their natural, clean-label hop ingredient. The Company also earned a milestone from Kalsec in the quarter for Generally Recognized as Safe (GRAS) self-affirmation of this enzyme.