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Evotec Q1 2013: Driving Innovation Efficiency

Stocks in this article: EVT


HAMBURG, Germany, May 14, 2013 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) (ISIN:DE0005664809) today reported financial results and corporate updates for the first quarter of 2013.

  • Revenues without milestones increased in the first quarter of 2013 by 5% compared to the first quarter of 2012
  • Q1 2013 revenues amounted to € 17.1 m (2012: € 20.1 m); up 5% compared to Q1 2012 revenues of € 16.2 m on a like-for-like basis
  • Operating loss at € 2.7 m due to absence of milestone revenues
  • Strong liquidity position at € 60.4 m
  • High and stable equity ratio at 67.3%
  • Good progress in EVT Execute business and EVT Integrate/EVT Innovate alliances
  • Extension of alliance with Genentech validates Evotec's technology platform and broad expertise in drug discovery (after period-end)
  • Important strategic expansion of EVT Execute compound management capability (after-period end)
  • Increase in revenues driven by integrated alliances
  • New alliances with Yale University (December 2012) and Belfer Institute (after period-end) accelerate innovation strategy                                                                
  • New project to fuel future EVT Innovate collaborations: Co-development agreement with Apeiron Biologics AG
  • Significant clinical datapoints ahead in 2013 /2014                                     
  • New hormone identified to treat diabetes as part of Evotec's Cure Beta initiative (after period-end)
  • Start of integration of CCS Cell Culture Service GmbH - Strengthening Evotec's screening capabilities
  • Financial guidance for 2013 confirmed
  • Revenues are expected to grow to a level between € 90 -100 m
  • Operating result before impairment and changes in contingent consideration, if any, is expected to improve over 2012
  • R&D expenditure is expected to be around € 10 m in 2013
  • Strong liquidity position above € 60 m

1. Operational performance 

Revenues without milestones increased in the first quarter of 2013 by 5% compared to the first quarter of 2012

Reported Group revenues for the first three months of 2013 decreased by 15% to € 17.1 m (2012: € 20.1 m). Revenues for the first three months of the previous year included a milestone earned in Evotec's development partnership with Andromeda/Teva with DiaPep277® (€ 3.9 m). Excluding milestones, Evotec's revenues for the first quarter 2013 would have increased by 5% over the same period of the previous year. This growth was driven by an increase in revenues within the Company's drug discovery alliances and from new integrated collaborations such as the Cure Beta partnership with Janssen Pharmaceuticals ("Janssen") and the multi-target alliance with Bayer entered into in the second half of 2012. As anticipated, the absence of milestones resulted in an operating loss for the first quarter of 2013 of € 2.7 m. As stated before, the operating result of Evotec may vary significantly between quarters as a result of the timing of performance-based milestone payments and partnering events.

Overall, the Company is on track to achieve increased full-year profitability over 2012 (before impairment and changes in contingent consideration, if any). Liquidity including cash, cash equivalents and investments at the end of March remained strong at € 60.4 m.

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