Evotec SE reports results for the first quarter 2022 and provides corporate update
- STRONG PERFORMANCE LEADS TO SIGNIFICANT REVENUE GROWTH
- STRONG MOMENTUM IN ALL BUSINESS AREAS
- NEW PARTNERSHIPS BASED ON DATA-DRIVEN PRECISION MEDICINE PLATFORMS
- GUIDANCE FOR FULL-YEAR 2022 CONFIRMED
Hamburg, Germany, 11 May 2022:
Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809; NASDAQ: EVO) today announced the financial results and corporate updates for the first quarter 2022.
HIGHLIGHTS
STRONG REVENUE GROWTH IN ALL BUSINESS AREAS FUELLED BY ONGOING EXPANSION AND STRENGTHENS POSITIVE DEVELOPMENT
- Group revenues increased by 24% to € 164.7 m (Q1 2021: € 133.1 m); like-for-like base revenue growth (excluding fx effects) up 19%
- Revenues from milestones, upfronts and licenses of € 4.5 m above last year (Q1 2021: € 4.4 m)
- Strong progress in both segments: Total EVT Execute revenues up 27% to € 174.5 m (Q1 2021: € 136.9 m); EVT Innovate revenues also up 27% to € 35.9 m (Q1 2021: € 28.2 m)
- Adjusted Group EBITDA of € 18.9 m (Q1 2021: € 21.1 m) primarily driven by capacity expansions at all sites, in particular the continued ramp-up of our J.POD® Redmond (US) facility, an increase in unpartnered R&D (up 12%), partially offset by positive currency effects
- Other non-operating result of € (69.2) m (Q1 2021: € 47.7 m) affected from a non-cash fair value adjustments of the equity participation in public listed Exscientia plc.
SETTING THE PACE WITH PRECISION MEDICINE PLATFORMS
- New data-driven drug discovery collaboration with Eli Lilly and Company (“Lilly”) in metabolic diseases
- Drug discovery partnership with Boehringer Ingelheim in ophthalmology based on induced pluripotent stem cells (“iPSCs”)
- Launch of Evotec’s translational molecular patient database E.MPD, one of the largest and highest quality molecular databases globally
- Further strong progress in neuroscience and oncology collaboration with Bristol Myers Squibb (“BMS”)
- Strong growth momentum in all areas e.g., new INDiGO agreements, CMC, screening and sample management alliances as well as several new integrated drug discovery & development alliances
- Grant from BMBF to support clinical development of EVT075 in viral indications
- Bayer initiated Phase II of bradykinin receptor B1 BAY 2395840 in diabetic neuropathic pain but also terminated further development of P2X3 antagonist eliapixant
- Expansion of licensing agreement with JingXin for EVT201, submission of regulatory approval in China through JingXin (after period-end)
- Successful expansion of the EVOequity portfolio with new equity stakes in several highly promising companies (e.g., Tubulis; after period-end)
CORPORATE
- Dr Matthias Evers joins Evotec as Chief Business Officer (after period-end)
BUSINESS OUTLOOK FOR FULL-YEAR 2022 AND MID-TERM TARGETS 2025 CONFIRMED
- Group revenues expected to be in a range of € 700 – 720 m (€ 690 – 710 m at constant exchange rates) (2021: € 618 m)
- Adjusted Group EBITDA expected to be in the range of € 105 – 120 m (€ 95 – 110 m at constant exchange rates) (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 > € 1,000 m, adjusted EBITDA of ≥ € 300 m and unpartnered research and development expenses of > € 100 m by 2025
The forecast takes in account – as far as possible – the current global uncertainties related to the COVID-19 pandemic and the Russian invasion of Ukraine.
Webcast/Conference Call
Conference call details
Date: Wednesday, 11 May 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: 53333776#
A simultaneous slide presentation for participants dialling in via phone is available at https://www.webcast-eqs.com/evotec20220511/no-audio.
Webcast details
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.
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements concerning future events, including the proposed offering and listing of Evotec’s securities. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “should,” “target,” “would” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding Evotec’s expectations for revenues, Group EBITDA and unpartnered R&D expenses. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Evotec at the time these statements were made. No assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Evotec. Evotec expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Evotec’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.