Expects to meet 2023 new program and revenue
guidance ranges
Ended the year with nearly $950 million in cash and cash equivalents, a
strong balance sheet providing multi-year runway as Ginkgo sees
operational efficiencies in the business
Strong growth among blue chip pharma and
biotech ("biopharma") customers including Pfizer, Novo Nordisk,
Merck and Boehringer Ingelheim
Management to highlight updates today at the
42nd Annual J.P. Morgan Healthcare Conference at 9:45 a.m. PT (12:45 p.m.
ET)
BOSTON, Jan. 10,
2024 /PRNewswire/ -- Ginkgo Bioworks (NYSE:
DNA), which is building the leading platform for cell programming
and biosecurity, today announced preliminary performance updates
for the year ended December 31, 2023.
Among the results, Ginkgo highlighted that it expects to meet its
previously disclosed new program and revenue guidance ranges in
2023 based on its preliminary unaudited estimates. A business
review, including a discussion of Ginkgo's platform services for
large scale data generation and AI to enable biopharma R&D,
will be featured in a presentation today at the 42nd Annual J.P.
Morgan Healthcare Conference.
![(PRNewsfoto/Ginkgo Bioworks) (PRNewsfoto/Ginkgo Bioworks)](https://mma.prnewswire.com/media/1583909/Ginkgo_Logo_Lockup.jpg)
"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," said
Jason Kelly, Ginkgo's co-founder and
Chief Executive Officer. "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
Ginkgo plans to report fourth quarter and full year 2023
financial results in February 2024,
at which time it intends to provide its outlook for full year
2024.
J.P. Morgan Healthcare Conference on Wednesday, January 10, 2024
As previously announced, co-founder and CEO Jason Kelly is scheduled to participate in a
presentation at the 42nd Annual J.P. Morgan Healthcare Conference
on Wednesday, January 10, 2024 at
9:45 a.m. PT (12:45 p.m. ET).
Further details, a webcast link, and a replay of the
presentation will be posted on the company's investor relations
website at https://investors.ginkgobioworks.com/events.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell
programming, providing flexible, end-to-end services that solve
challenges for organizations across diverse markets, from food and
agriculture to pharmaceuticals to industrial and specialty
chemicals. Ginkgo's biosecurity and public health unit, Concentric
by Ginkgo, is building global infrastructure for biosecurity to
empower governments, communities, and public health leaders to
prevent, detect and respond to a wide variety of biological
threats. For more information, visit ginkgobioworks.com and
concentricbyginkgo.com, read our blog, or follow us on social media
channels such as X (formerly known as Twitter) (@Ginkgo and
@ConcentricByGBW), Instagram (@GinkgoBioworks and
@ConcentricByGinkgo), Threads (@GinkgoBioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call
and webcast contain certain forward-looking statements within the
meaning of the federal securities laws, including statements
regarding our plans and strategies, including with respect to our
balance sheet and cash runway, current expectations, operations and
anticipated results of operations, both business and financial,
including opportunities for increased operational efficiency,
growth of pharmaceutical partnerships, potential customer success,
including successful application of our offerings by our customers,
expectations with regard to revenue, and the market environment,
all of which are subject to known and unknown risks, uncertainties
and other factors that may cause our actual results, performance or
achievements, market trends, or industry results to differ
materially from those expressed or implied by such forward-looking
statements. These forward-looking statements generally are
identified by the words "believe," "can," "project," "potential,"
"expect," "anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: (i) volatility in the price
of Ginkgo's securities due to a variety of factors, including
changes in the competitive and highly regulated industries in which
Ginkgo operates and plans to operate, variations in performance
across competitors, and changes in laws and regulations affecting
Ginkgo's business, (ii) the ability to implement business plans,
forecasts, and other expectations, and to identify and realize
additional business opportunities, (iii) the risk of downturns in
demand for products using synthetic biology, (iv) the uncertainty
regarding the demand for passive monitoring programs and
biosecurity services, (v) changes to the biosecurity industry,
including due to advancements in technology, emerging competition
and evolution in industry demands, standards and regulations, (vi)
our ability to realize the expected benefits of merger and
acquisition transactions, (vii) the outcome of any legal
proceedings against Ginkgo, including as a result of recent
acquisitions, (viii) our ability to realize the expected benefits
from and the success of our cell engineering platform programs,
(ix) our ability to successfully develop engineered cells,
bioprocesses, data packages or other deliverables, (x) the product
development or commercialization success of our customers, (xi) our
final audited revenue and other financial results may differ
materially from the preliminary and unaudited amounts reported
herein, and (xii) our final new program count, which is determined
by the number of unique programs commenced within the reporting
period based on a technical development plan or objective, may
differ materially from the preliminary amounts reported herein. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of Ginkgo's
most recent quarterly report on Form 10-Q filed with the U.S.
Securities and Exchange Commission (the "SEC"), and other documents
filed by Ginkgo from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Ginkgo assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise. Ginkgo does not give any
assurance that it will achieve its expectations.
Ginkgo Bioworks Contacts:
INVESTOR
CONTACT:
investors@ginkgobioworks.com
MEDIA
CONTACT:
press@ginkgobioworks.com
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