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TheStreet Open House

Evotec AG Reports H1 2013 Results

Stocks in this article: EVT

  • Innovation efficiency strategy on track
  • Top-line growth in the second half of the year 2013 due to expected milestones
  • Guidance 2013 confirmed

HAMBURG, Germany, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) (ISIN:DE0005664809) today reported financial results and corporate updates for the first half of 2013.

  • Revenues excluding milestones, upfronts and licences up 6% compared to the first half of 2012
  • H1 2013 revenues amounted to € 36.7 m (2012: € 42.0 m); revenues excluding milestones, upfronts and licences were up 6% compared to H1 2012 revenues on a like-for-like basis
  • Operating loss at € 4.4 m due to low milestone revenues in H1 2013
  • Stable liquidity position at € 56.1 m
  • High and stable equity ratio at 67.7%  
  • Progress in EVT Execute business and new EVT Integrate/ EVT Innovate alliances support innovation efficiency strategy
  • New collaboration with Dow AgroSciences on Cellular Target Profiling ®
  • Extension of alliance with Genentech
  • Extension of Active Biotech collaboration (after period-end)
  • Important strategic expansion of EVT Execute compound management capability: New site in Branford, US
  • Significant milestone achievement with Boehringer Ingelheim
  • Target PGB ( Peptidoglycan Biosynthesis): New collaboration with Harvard University to identify and develop a new class of antibacterials
  • Target KDM ( Lysine Demethylases): New collaboration with Dana Farber's Belfer Institute for Applied Cancer Science to explore epigenetic oncology targets
  • New hormone identified to treat diabetes as part of Evotec's Cure Beta initiative
  • Significant clinical data points ahead in 2013/2014/2015  
  • Indian operations to be discontinued at the end of September 2013 (after period-end)
  • 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
  • Strong liquidity position above € 60 m  
  • Others
  • Dr Flemming Ørnskov resigned as Chairman and member of the Supervisory Board
  • Dr Walter Wenninger appointed as new Chairman of the Supervisory Board and Dr Claus Braestrup elected as a member of the Supervisory Board
  • Strengthening of the management capacities with the following appointments (after period-end): Dr Adrian Howd, Executive Vice President, Head of Neurology & Corporate Development; and Dr Bastian Sauer-Odendahl, Global Head of Human Resources
  • Strengthening of business development activities in Japan through the appointment of Masahiko Ohtani as Vice President Business Development (after period-end)

1. OPERATIONAL PERFORMANCE

Revenues excluding milestones, upfronts and licences up 6% compared to the first half of 2012

Reported revenues for the first half of 2013 decreased by 13% to € 36.7 m (2012: € 42.0 m). Revenues for the first half of 2013 included a milestone from Boehringer Ingelheim of € 1.5 m. Revenues for the first half of the previous year included milestone revenues earned in Evotec's partnerships with Andromeda/Teva (€ 3.9 m) and Boehringer Ingelheim (€ 4.0 m). The total amount of revenues from milestones, upfronts and licences recognised in Evotec's partnerships decreased in comparison to the same period of the previous year (2013: € 3.4 m, 2012: € 10.7 m). Excluding milestones, upfronts and licences, Evotec's revenues for the first half of 2013 would have increased by 6% over the same period of the previous year on a like-for-like basis. Due to the comparatively low milestone revenues in H1 2013, the operating loss for the first half of 2013 amounted to € 4.4 m. As stated before, Evotec's operating result may vary significantly between quarters as a result of the timing of performance-based milestone payments and partnering events. Liquidity including cash, cash equivalents and investments at the end of June 2013 amounted to € 56.1 m.

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