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Senomyx Reports Revenue Increase for Q3 2010
Posted: November 4, 2010
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Revenues were $5.8 million for the third quarter of 2010, compared to $4.2 million for the third quarter of 2009, an increase of 40%. Revenues were $19.2 million for the nine months ended September 30, 2010, compared to $10.6 million for the nine months ended September 30, 2009, an increase of 80%. The increases in revenues for the third quarter and the year-to-date were primarily due to the recognition of license fee and R&D funding revenue related to the company’s August 2009 Sweet Program collaboration with Firmenich and August 2010 collaboration with PepsiCo. License fees and R&D funding related to these collaborations contributed $4.6 million and $10.8 million for the three and nine month periods ending September 30, 2010, respectively. Also contributing to the year-to-date increase was a total of $3.3 million in non-recurring milestone payments and cost reimbursements from collaborators.
“On August 18th, we updated our guidance, which included an increase to our revenue projections and a significantly improved outlook on our cash position. At this time, we are reiterating this guidance and we look forward to providing additional guidance in the first quarter of 2011,” stated Tony Rogers, vice president and CFO.