- NEW AND EXTENDED ALLIANCES UNDERLINE PIPELINE VALUE POTENTIAL
- NEW GUIDANCE FOR FULL-YEAR 2023 CONFIRMED
Hamburg, Germany, 29 August 2023:
Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809; NASDAQ: EVO) today announced its financial results and corporate updates for the first half-year of 2023.
Q2 CYBER-INCIDENT TEMPORARILY REDUCING STRONG ORGANIC REVENUE GROWTH
- Group revenues increased by 14% to € 383.8 m (H1 2022: € 336.9 m) driven by strong demand for base business and successful partnering activities; like-for-like revenue growth (excluding fx-effects and M&A effects) 14%
- Total EVT Execute revenues (incl. intersegment revenues) up 2% to € 356.6 m (H1 2022: € 351.0 m), strongly affected by cyber-incident; EVT Innovate revenues up 66% to € 129.7 m (H1 2022: € 78.0 m)
- Adjusted Group EBITDA totalled € 26.1 m (H1 2022: € 33.6 m); delivery of Sandoz work packages and Bristol Myers Squibb (“BMS”) collaboration yield excellent gross margin, partially compensating for underutilised capacities as a result of the cyber-attack in Q2
NEW AND EXTENDED ALLIANCES REFLECT SUCCESS OF GROWTH STRATEGY “ACTION PLAN 2025”
- New significant collaboration announced with Janssen
- Extensions and expansion of strategic neurodegeneration partnership with BMS, and strong progress in strategic targeted protein degradation partnership with BMS
- Commercial validation of Just – Evotec Biologics’ strategy, new agreements with Sandoz and the U.S. Department of Defense (after period-end)
- Milestone payment received with first patient dosed in Phase I study of Bayer kidney disease programme
BUSINESS OUTLOOK FOR FULL-YEAR 2023 AND MID-TERM GOALS 2025 CONFIRMED
- Group revenues expected to be in a range of € 750 – 790 m (€ 765 – 805 m at constant exchange rates) (2022: € 751 m) in FY 2023
- Adjusted Group EBITDA guidance range between € 60 – 80 m (€ 70 – 90 m at constant exchange rates) (2022: € 102 m)
- Unpartnered research and development expenses expected to be in a range of € 60 – 70 m (2022: € 70 m)
- Mid-term goals target revenue growth to > € 1,000 m and adjusted EBITDA of ≥ € 300 m and unpartnered research and development expenses of > € 100 m
Due to the discovery of a criminal cyber-attack on 6 April 2023, productivity was affected throughout the entire second quarter. In response to the criminal cyber-attack, Evotec took immediate action to contain and remediate the attack by taking its systems offline. This was deemed necessary to protect all the Company’s partners and stakeholders and Evotec could ensure that integrity of scientific data remained unaffected. The Company re-started operations over the course of April with productivity reaching approx. 50% in May and more than 80% in June.
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.
Date: Tuesday, 29 August 2023
Time: 2.00 pm CEST (01.00 pm BST, 08.00 am EDT)
To join the audio webcast and to access the presentation slides, please register via this link.
The on-demand version of the webcast will be available on our website: www.evotec.com/financial-reports.
Conference call details
To join via phone, please pre-register via this link. You will then receive a confirmation email with dedicated dial-in details such as telephone number, access code and PIN to access the call.
A simultaneous slide presentation for participants dialling in via phone is available under this link.