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Evotec Reports Full-Year 2010 Results: A Good Year With A Strong Start Into 2011

Stocks in this article: EVT

HAMBURG, Germany, March 24, 2011 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) today reported financial results and corporate updates for the year ended 31 December 2010.

  • STRONG 2010 RESULTS DRIVEN BY DRUG DISCOVERY ALLIANCES AND MILESTONES; ALL FINANCIAL TARGETS EXCEEDED
  • First time profitable in 18 year history: operating profit of € 1.7m (+104%), net result of € 3.0m (+107%)
  • Top-line revenue growth of +29% to € 55.3m, gross margin of 44.1%
  • Strong and stable liquidity position of € 70m despite acquisition
  • STRONG PORTFOLIO OF PERFORMANCE BASED DRUG DISCOVERY ALLIANCES: SOLID BASIS FOR GROWTH
  • Multiple new alliances and contract extensions
  • Significant licensing deal with MedImmune/AstraZeneca in metabolic diseases
  • GOOD PROGRESS IN DEVELOPMENT PARTNERSHIPS: SIGNIFICANT UPSIDE WITHOUT DEVELOPMENT RISK
  • Evotec's clinical programmes exclusively developed in partnerships; e.g. Phase II study ongoing with Roche in treatment resistant depression, Phase III ongoing with Teva in diabetes
  • SUCCESSFUL ACQUISITIONS OF DEVELOGEN AND KINAXO FOSTER INNOVATION POWER
  • Acquisition of Kinaxo opens path into oncology (after period end)
  • Acquisition of DeveloGen represents Best-in-class approach for beta cell regeneration and unique position in regenerative medicine
  • Harvard collaboration to expand leadership in beta cell technology (after period end)
  • GUIDANCE 2011 – ACCELERATED PATH TO GROWTH AND SUSTAINABILITY
  • Continued revenue growth of > 15% supported by strongest ever order book (€ 40m, +43% vs. 2010)
  • Improved operating result (before potential impairment)
  • Liquidity of more than € 65m despite significant investment programme and strong commitment to R&D platform technologies

1. Operational performance

Revenue growth of 29%, significantly improved operating result, first time profitable in Company history, strategic liquidity position stable at € 70m despite acquisition

With the Evotec 2012 Action Plan slightly ahead of plan, Evotec ended the year with a very good financial performance and also slightly exceeded the raised guidance from August 2010. The Company delivered on all financial targets. Evotec Group revenues amounted to € 55.3m, 29% above last year's level (2009: € 42.7m). This increase was due to a strong performance of the Company's discovery alliances, significant milestone achievements, stable license and upfront income, and additional revenues from the acquisition of DeveloGen (€ 0.8m). The achievement of four milestones from Boehringer Ingelheim in 2010, amounting to € 9.0m (2009: € 4.0m), highlights the continued solid progress that was made in several research programmes with this partner. Due to these milestone achievements the gross margin for the Group increased by 0.9%-points to 44.1% (2009: 43.2%).

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