Business
Schrödinger Reports Strong Fourth Quarter and Full-Year 2024 Financial Results
Achieved 2024 Software Revenue of $180.4 Million, a 13.3% Increase Over 2023 Expects Software Revenue Growth of 10% to 15% and Drug Discovery Revenue of
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nAchieved 2024 Software Revenue of $180.4 Million, a 13.3% Increase Over 2023\n\n\nExpects Software Revenue Growth of 10% to 15% and Drug Discovery Revenue of $45-50 Million in 2025\n\n\nAnnounces Expanded Research Collaboration with Eli Lilly and Company\n\n\nOn Track to Report Initial Phase 1 Data from Three Proprietary Programs in 2025\n\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR) today announced financial results for the fourth quarter and full-year ended December 31, 2024, and provided its financial outlook for 2025.\n\n\n“We are delighted with Schrödinger’s excellent financial performance in 2024. Software revenue growth exceeded our expectations, showing the resilience of our business through changing industry cycles and the impact of large contract renewals. Our drug discovery collaboration portfolio is expanding, driven by our new agreement with Novartis and expanded collaborations with Otsuka and Lilly, and we expect to report initial clinical data from our three lead proprietary programs this year,” said Ramy Farid, Ph.D., chief executive officer of Schrödinger. “We continue to see increasing momentum and conviction around our validated computational methods and are committed to remaining scientific leaders in this area. With our platform, our collaborations, our programs, and our strong financial position, we believe we are well positioned to deliver across all facets of our business in 2025 and beyond.”\n\n\nToday Schrödinger also announced that it has expanded its research collaboration with Eli Lilly and Company. This expansion builds on the companies’ previously announced collaboration, with the addition of an undisclosed target. The terms of the expanded collaboration are consistent with the previously announced agreement.\n\n\nFourth Quarter 2024 Financial Results\n\n\n\nTotal revenue for the fourth quarter increased 19.1% to $88.3 million, compared to $74.1 million in the fourth quarter of 2023.\n\n\n\nSoftware revenue for the fourth quarter increased 16.0% to $79.7 million, compared to $68.7 million in the fourth quarter of 2023. The increase was primarily due to increased hosted revenue from large customers with additional contribution from new multi-year customer agreements.\n\n\n\nDrug discovery revenue was $8.7 million for the fourth quarter, compared to $5.5 million in the fourth q...