- BASE BUSINESS, NEW AND EXTENDED ALLIANCES DRIVE 24% GROWTH
- JUST – EVOTEC BIOLOGICS IN BUILD-UP PHASE – INVESTMENT ON TRACK
- ACQUISITION EXPANDS CAPABILITIES AND EXPERTISE IN CELL THERAPY
- GUIDANCE FOR FULL-YEAR 2022 REFINED
Hamburg, Germany, 11 August 2022:
Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809) today announced its financial results for the first half-year of 2022.
HIGHLIGHTSEVOTEC CONTINUES ITS STRONG ORGANIC REVENUE GROWTH IN ALL BUSINESS AREAS
- Group revenues increased by 24% to € 336.9 m (H1 2021: € 271.3 m) driven by strong demand for its base business; like-for-like revenue growth (excluding fx-effects) 19%
- Continued strong revenue growth momentum: Total EVT Execute revenues (incl. intersegment revenues) up 26% to € 351.0 m (H1 2021: € 279.5 m); EVT Innovate revenues due to a strong growth in Q2 up 36% to € 78.0 m (H1 2021: € 57.3 m)
- Reported adjusted Group EBITDA totalled € 33.6 m (H1 2021: € 36.2 m); excellent Group gross margin increasing by 270 bps to 27.3% excluding Just – Evotec Biologics, which is in its build up phase; lower contribution from milestones, upfronts and licenses as well as continued expenses for capacity expansion; higher energy costs, higher costs along the supply chain and costs related to the acquisition of Rigenerand Srl; negative effects partially offset by positive fx-effects
- Other non-operating result of € (89.8) m (H1 2021: € 106.1 m) explained by the non-cash fair value adjustments of the equity investment in publicly listed Exscientia plc.
NEW AND EXTENDED ALLIANCES REFLECT SUCCESS OF GROWTH STRATEGY
- Significant operational and scientific step-up of targeted protein degradation alliance with Bristol Myers Squibb (“BMS”)
- Several new integrated drug discovery collaborations signed, including INDiGO, CMC and DMPK agreements
- New collaborations signed, based on unique, data-driven platforms with Almirall (dermatology), Boehringer Ingelheim (iPSC), Eli Lilly (E.MPD), Janssen (TargetAlloMod) and Sernova (iPSC)
- Just – Evotec Biologics: Just –Evotec Biologics is currently in its initial build up phase. Strategic investments into disruptive technology platform show good progress – foundation laid for accelerated revenue growth; multiple new development and manufacturing agreements, e.g., among others with Alpine Immune Sciences (after period-end)
- Co-owned pipeline projects progressing well, e.g. Phase II start of BAY 2395840 (diabetic neuropathic pain), expansion with JingXin for EVT201, submission for approval in China
- Successful expansion of the EVOequity portfolio with new strategic equity stakes in several promising companies such as Centauri, IMIDomics, Sernova and Tubulis
- Launch of Aurobac Therapeutics, a joint venture with Boehringer Ingelheim and bioMérieux, to create the next generation of antimicrobials along with actionable diagnostics to fight Antimicrobial Resistance (“AMR”)
- Effective May 2022, Dr Matthias Evers joins Management Board as Chief Business Officer (“CBO”), responsible for business development, digital technology and strategy
- Signing of definitive agreement to acquire the cell technology company Rigenerand Srl, a leader in the field of cGMP manufacturing of cell therapies, which will operate as Evotec (Modena) Srl
- Annual General Meeting 2022: Approval of all proposed agenda items; Camilla Macapili Languille elected to the Supervisory Board
BUSINESS OUTLOOK FOR FULL-YEAR 2022 REFINED AND MID-TERM TARGETS 2025 CONFIRMED
- Group revenues now expected to be in a range of € 715 – 735 m versus € 700 – 720 m previously (unchanged at € 690 – 710 m at constant exchange rates) (2021: € 618 m)
- Adjusted Group EBITDA expected to be unchanged in the range of € 105 – 120 m (new guidance range at constant exchange rates of € 85 – 100 m versus € 95 – 110 m previously) (2021: € 107 m)
- Unpartnered research and development expenses expected to be in a range of € 70 – 80 m (2021: € 58 m)
- Mid-term goals target revenue growth to more than € 1,000 m, adjusted EBITDA of at least € 300 m and unpartnered research and development expenses of more than € 100 m
The forecast takes in account – as far as possible – the current increased global uncertainties related to e.g. the COVID-19 pandemic and the war in Ukraine, resulting in uncertainty around the global price and supply situation for energy, other raw materials and supplies as well as logistics relevant to the business.
More detailed information and financial tables are available in our half-year report published on the Evotec website under the following link: https://www.evotec.com/en/investor-relations/publications
The Company is going to hold a conference call to discuss the results as well as to provide an update on its performance. The conference call will be held in English.
Conference call details
Date: Thursday, 11 August 2022
Time: 02.00 pm CEST (08.00 am EDT, 01.00 pm BST)
From Germany: +49 69 20 17 44 220
From France: +33 170 709 502
From Italy: +39 023 600 6663
From UK: +44 20 3009 2470
From USA: +1 877 423 0830
Access Code: 37893553#
A simultaneous slide presentation for participants dialling in via phone is available at https://www.webcast-eqs.com/evotec20220811/no-audio.
To join the audio webcast and to access the presentation slides you will find a link on our homepage www.evotec.com shortly before the event.
The on-demand version of the webcast will be available on our website: https://www.evotec.com/en/investor-relations/publications.