Codexis Posts Q4 Beat on Merck Deal, Sets 2026 Outlook
Management highlights license prospects, new CDMO ties, a leased GMP site to convert growing interest into revenue.
Overview
- Q4 EPS reached $0.11 versus $0.01 expected as revenue rose 81% year over year to $38.9 million, topping the $35.83 million forecast.
- A $37.8 million technology-transfer agreement with Merck, completed in Q4, was the primary driver of the quarter’s revenue surge.
- Full-year 2025 revenue totaled $70.4 million with the net loss narrowing to $44.0 million, and Q4 delivering $9.6 million in net income.
- 2026 revenue guidance stands at $72–$76 million, and year-end cash and investments of $78.2 million provide runway through 2027.
- The company reports 55 opportunities across 40+ partners, added an Axolabs CDMO pact, and leased a kilogram-scale GMP site with retrofits slated for H2 2026 and full capability targeted by end-2027; shares rose about 2.4% as sell-side ratings stayed cautious and institutional holders increased stakes.