Business
Schrödinger Reports Financial Results for the Fourth Quarter and Full Year 2020 and Provides Outlook for 2021
Total revenue of $108.1 million in 2020, up 26 percent year-over-year Software revenue of $92.5 million in 2020, up 39 percent year-over-year Strong
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nTotal revenue of $108.1 million in 2020, up 26 percent year-over-year\n\nSoftware revenue of $92.5 million in 2020, up 39 percent year-over-year\n\nStrong financial position enables continued investment in advancing the science underlying Schrödinger’s computational platform\n\nInternal pipeline progressing, with plans to submit investigational new drug applications in 2022\n\nConference call today, Thursday, March 4, at 8:30 a.m. ET\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced financial results for the fourth quarter and full year ended December 31, 2020, and provided its financial outlook for 2021.\n\n“2020 was a very strong year for Schrödinger across all aspects of our business. Software revenue increased substantially, and we expect continued growth in 2021. We believe this growth reflects the power of our physics-based platform to accelerate the discovery of new medicines and materials,” stated Ramy Farid, Ph.D., chief executive officer at Schrödinger.\n\n“We finished 2020 in a strong financial position. Looking across multiple key indicators, we believe our underlying business is poised for continued growth this year,” said Joel Lebowitz, chief financial officer at Schrödinger. “Importantly, our balance sheet and growing revenue enable us to make strategic investments in both our computational platform and our internal pipeline to build for the future.”\n\nBusiness Highlights\n\nDelivered strong operating performance and strategic execution\n\n\nReported 28 percent total revenue growth in the fourth quarter of 2020, driven by continued uptake of Schrödinger’s core technologies including FEP+ and its enterprise solution, LiveDesign\n\n\nEntered into a strategic collaboration with Bristol Myers Squibb to discover, develop, and commercialize therapeutics in multiple disease areas. Under the terms of the agreement, Schrödinger received $55 million in an upfront payment and is eligible to receive up to $2.7 billion in preclinical, development, regulatory and sales-based milestone payments in addition to royalties on net sales of each product commercialized by Bristol Myers Squibb.\n\n\nEnded the fourth quarter of 2020 with cash, cash equivalents, restricted cash and marketable securit...