Revenue up 23% at Amyris as sales grow 47%
Amyris has reported a 23% growth in revenue for Q2 2016 as its deal with Givaudan closes. The long-term collaboration will see the two companies develop active ingredients for the cosmetic industry.
Amyris expects to be achieve an additional $50m in revenue each year off the back of the project.
The company also reported a 47% growth in product sales, with strong growth in personal care offsetting slowing sales elsewhere.
John Melo, CEO and President at Amyris, said that the company’s distributors were selling twice as much volume in this sector compared to 2015. Part of this is driven by Amyris’ sugar squalane ingredient, which continues to take market share from olive and shark squalane.
Melo said: “We are the purest, most sustainable source of squalane and can guarantee our customers long-term price and volumes. This has helped switch many of the leading brands to our product as they see a high-performance emollient and want stable price and supply.”
Amyris now expects to see signifiant progress in the second half of 2016. Raffi Asadorian, CFO, said: “Our production facilities are running at full capacity to deliver on demand in the second half of the year, so we need to ensure we execute and deliver to our customers as planned.”