Ginkgo Bioworks Expects Strong Growth in 2023, Targets Biopharma Expansion

Ginkgo Bioworks Expects Strong Growth in 2023, Targets Biopharma Expansion

Ginkgo Bioworks, a leading platform for cell programming and biosecurity, has announced its expectations for strong growth in 2023, with a particular focus on expanding its presence in the biopharma sector. Preliminary unaudited estimates indicate that the company is on track to meet its new program and revenue guidance ranges for the year.

Ginkgo Bioworks’ co-founder and CEO expressed satisfaction with the company’s robust revenue and program growth, especially in the biopharma space. The portion of their cell engineering revenue related to biopharma customers has increased by over 50% in the past year alone.

With a strong balance sheet boasting significant cash and cash equivalents, Ginkgo Bioworks is well-positioned to capitalize on strategic opportunities despite the ongoing market pressure. The company plans to increase new programs while reducing operating expenses, thanks to improvements in operational efficiency.

In 2023, Ginkgo Bioworks signed or advanced several major biopharma programs with industry giants such as Pfizer, Merck, Novo Nordisk, and Boehringer Ingelheim. These collaborations are expected to result in substantial upfront research payments, research fees, and development and commercial milestones for Ginkgo.

Furthermore, Ginkgo Bioworks successfully completed the pilot phase of a program with Novo Nordisk and collaborated with Biogen on a gene therapy project.

Through its strategic partnership with Google Cloud, Ginkgo Bioworks is training a range of foundation and application-specific models. These models incorporate Ginkgo’s proprietary metagenomics and assay-labeled training data, as well as data from public repositories. By combining automated data generation at scale with AI models tailored for customer program areas, Ginkgo plans to develop additional pharmaceutical partnerships in 2024.

Ending 2023 with a substantial cash reserve, Ginkgo Bioworks is in a strong financial position to pursue its strategic objectives and work towards profitability.

The company will report its fourth-quarter and full-year 2023 financial results soon, during which it will also provide its outlook for full-year 2024.

For more information and to access the presentation, interested parties can visit Ginkgo Bioworks’ investor relations website at https://investors.ginkgobioworks.com/events.

Overall, Ginkgo Bioworks’ preliminary performance updates for 2023 indicate promising growth prospects, particularly in the biopharma sector. The company’s focus on expanding its new programs, strategic partnerships, and operational efficiency improvements positions it well for continued success in the coming year and beyond.