Evotec AG reports first nine months 2013 results
- Driving innovation and capital efficiency with strong liquidity position
- Positive news flow characterises third quarter 2013
Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) today reported financial results and corporate updates for the third quarter and first nine months of 2013 ending 30 September 2013.
Significant milestones achieved
- Nine-months revenues for 2013 amounted to € 60.3 m (2012: € 64.2 m)
- Operating loss for the first nine months of 2013 at € 4.2 m mainly due to impairment charges as a consequence of the closure of Evotec's Indian operations
- Significant improvement of gross margin excluding milestones, upfronts and licences compared to the same period of the previous year
- Strong liquidity position at € 84.7 m
- High and increased equity ratio at 72.2%
Extension agreement in EVT Execute business; Good pipeline progress with the transition of an oncology molecule into Phase I clinical trials; Cure X and Target X partnerships deliver first-in-class assets to EVT Innovate
- Extension and expansion of research collaboration with the Jain Foundation in skeletal muscular dystrophy diseases
- Evotec and The Leukemia & Lymphoma Society enter into a strategic research collaboration (after period-end)
- Important pre-clinical and clinical milestones achieved in Boehringer Ingelheim alliance
- Evotec achieves first milestones in multi-target deal with UCB
- Evotec and Harvard Stem Cell Institute form CureMN collaboration to advance ALS research
- Evotec enters into second research collaboration, TargetEEM (Enteroendocrine Mechanisms), with the laboratory of Doug Melton
- Evotec enters into integrated alliance with AstraZeneca in kidney diseases (after period-end)
- Evotec and Johnson & Johnson Innovation form TargetAD alliance to identify and develop novel Alzheimer's disease therapies (after period-end)
- Significant clinical data points ahead
Indian operations closed
Financial guidance for 2013 confirmed and cash guidance adopted
- Revenues are expected to grow to a level between € 90-100 m
- Operating result before impairment and changes in contingent consideration is expected to improve over 2012
- R&D expenditure is expected to be around € 10 m
- Given the cash inflow following a capital increase, Evotec increased its cash guidance to >€ 90 m at the end of 2013
- Evotec raises € 30 m from Biotechnology Value Fund ("BVF") in a capital increase
- Evotec intends to report two segments from 01 January 2014 onwards
- Evotec strengthens its management team with the appointment of Dr Thomas Hanke as Head of Immunology & Inflammation (after period-end)
- Dr Hubert Birner decided to resign from his position as member of the Supervisory Board (after period-end)
The Company is going to hold a conference call to discuss the results as well as to provide an update on its performance:
Conference call details
Date: Tuesday, 12 November 2013
Time: 09.30 am CET (08.30 am GMT, 03.30 am EST)
From Germany: +49 (0) 6103 485 3001
From UK: +44 207 153 2027
From USA: +1 888 457 4228
Access Code: 4645643
A simultaneous slide presentation for participants dialling in via phone is available at www.eqs.com, password: evotec1113.
To join the audio webcast and to access the presentation slides you will find a link on our home page www.evotec.com shortly before the event.
A replay of the conference call will be available for 24 hours and can be accessed in Europe by dialling +49 69 58 99 90 568 (Germany) or +44 207 154 2833 (UK) and in the US by dialling +1 303 590 3030. The access code is 4645643#. The on-demand version of the webcast will be available on our website: http://www.evotec.com/article/en/Investors/Finance/Financial-Reports-2011-2013/188/6/26.
FORWARD LOOKING STATEMENTS - Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this report. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic. The Company has established a unique position by assembling top-class scientific experts and integrating stateof- the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, pain, metabolic diseases as well as oncology and inflammation. Evotec has long-term discovery alliances with partners including Bayer, Boehringer Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals, MedImmune/AstraZeneca and Ono Pharmaceutical. In addition, the Company has existing development partnerships and product candidates both in clinical and pre-clinical development. These include partnerships with Boehringer Ingelheim, MedImmune and Andromeda (Teva) in the field of diabetes, with Janssen Pharmaceuticals in the field of depression and with Roche in the field of Alzheimer's disease. For additional information please go to www.evotec.com.