Based on this strong top-line performance and a tightly managed cost base (unpartnered R&D expenses -71%, SG&A cost -4%), Evotec recorded its first ever full year operating profit of € 1.7m (+104%) compared to an operating loss of € 42.3m in 2009. The operating loss in 2009 included impairments and restructuring charges of € 22.7m, while no impairment or restructuring charges were recorded in 2010.Unpartnered R&D expenditure decreased as planned to € 6.1m (2009: € 20.9m). This reduction is mainly a consequence of focusing R&D spending on fewer core programmes, reducing the number of unfunded research and development projects and increased funding from partners. Evotec signed important development partnerships to externally fund a number of its core assets which are not reflected in the reported R&D expenses (see below Progress in development partnerships). The decrease in R&D now also reflects the full-year impact of the decision that was taken in May 2009 to close the former Renovis site in the U.S.
Evotec Reports Full-Year 2010 Results: A Good Year With A Strong Start Into 2011
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