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Codexis Inc.

shares fell in the extended session Thursday after the biotech company lowered its revenue forecast for the year and said that sales from Pfizer Inc.

would come in at the low end of an expected range. Codexis shares dropped more than 20% after hours, following a 4.7% decline in the regular session to close at $12.07. The company said it now expects full-year revenue of $135 million to $141 million, compared with a previous forecast of $152 million to $158 million, with second-quarter revenue around $38 million, as R&D partnerships are expected to bring in less money than initially thought. Analysts surveyed by FactSet had full-year revenue of $155.4 million, with $40.1 million of that coming from the second quarter. Codexis said that it now expects product revenue of $112 million to $118 million for the year, with product revenue from Pfizer to be at the low end of a previous $75 million to $80 million range. “Our prior total revenue guidance for 2022 anticipated more R&D revenue from these partnerships in 2022 than we believe is now possible at this point in the year, due to a mix of fewer new deals being signed in 2022 and lower-than-anticipated revenue from existing customers,” said John Nicols, Codexis chief executive, in a statement. “As a result, we are reducing our 2022 total revenue guidance to reflect our updated expectations.” The company is scheduled to report quarterly results on Aug. 4.

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