Revenues fall at Codexis

Codexis reported a 29% fall in revenues in 2012 to $88.3m, which it attributed primarily to the termination of its research agreement with Shell. Additionally, product revenues fell 27% to $35.9m primarily due to the timing of orders from innovator pharmaceutical customers. Codexis said it expects to generate royalty revenues and receive a milestone payment in 2013 from its support of the development of argatroban injection for Exela Pharma Sciences partnership with Hikma Pharmaceuticals.
Seeking Alpha