Business
Schrödinger Reports First Quarter 2022 Financial Results
Software Revenue of $33.1 Million, a 26 Percent Increase Over First Quarter of 2021; Total Revenue of $48.7 Million, up 51 Percent Over First Quarter of 2021
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nSoftware Revenue of $33.1 Million, a 26 Percent Increase Over First Quarter of 2021; Total Revenue of $48.7 Million, up 51 Percent Over First Quarter of 2021\n\nCompany Maintains Full-Year 2022 Financial Outlook\n\nInternal Pipeline Progressing, With IND Submission for SGR-1505, Schrödinger’s MALT1 Inhibitor, On-Track for First Half of 2022\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 first quarter of 2022.\n\n“We began 2022 with a strong quarter, which included software revenue of $33.1 million, a 26 percent increase over the first quarter of 2021, driven primarily by continued adoption and scale up by existing customers,” said Ramy Farid, Ph.D., chief executive officer of Schrödinger. “We are also seeing continued progress across our collaborative and internal drug discovery pipeline, further demonstrating the impact of our platform. Last month, we presented preclinical data from our Wee1 program, which highlighted our opportunity to advance a potential best-in-class Wee1 inhibitor into the clinic. We are working rapidly to progress our three most advanced internal programs into clinical development and are on track to submit an investigational new drug application for our MALT1 inhibitor, SGR-1505, to the FDA in the first half of 2022.”\n\nFirst Quarter 2022 Financial Highlights\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\nMarch 31,\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n% Change\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n(in millions)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nTotal revenue\n\n\n\n$\n\n\n\n48.7\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n32.1\n\n\n\n \n\n\n\n \n\n\n\n51\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n\n\nSoftware revenue\n\n\n\n \n\n\n\n33.1\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n26.3\n\n\n\n \n\n\n\n \n\n\n\n26\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n\n\nDrug discovery revenue\n\n\n\n \n\n\n\n15.6\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n5.8\n\n\n\n \n\n\n\n \n\n\n\n169\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nGross profit\n\n\n\n$\n\n\n\n28.0\n\...