Evotec AG: Results of pre-clinical studies lead to reduction in revenues, nevertheless profitable and more than € 90 m cash for 2013 confirmed


Hamburg, Germany – 13 December 2013: Evotec AG (Frankfurt Stock Exchange, Prime Standard, ISIN: DE 000 566480 9, WKN 566480) today announced that it is adjusting its guidance regarding Group revenues.
Certain pre-clinical studies with the NR2B subtype selective NMDA antagonist performed by Evotec’s licensee,  Janssen Pharmaceuticals, Inc. did not confirm certain properties of the antagonist and did not justify the planned immediate development progress and therefore do not trigger a significant milestone payment to Evotec in 2013. The project is currently under evaluation at Janssen. Evotec will be obliged to evaluate the impairment of up to € 22 m of intangibles in respect of these “legacy assets” on Evotec´s balance sheet.

Evotec now expects revenues to be between € 84-86 m for the fiscal year 2013. Original guidance for revenues was between € 90-100 m. The operating result before impairment and changes in contingent consideration is still forecasted to be positive, but might no longer be improved from its 2012 level. In the third quarter of 2013, guidance on liquidity was increased to be >€ 90 m and remains unchanged.


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.