Evotec AG Reports H1 2013 Results

Evotec AG reported financial results and corporate updates for the first half of 2013.

Revenues excluding milestones, upfronts and licences up 6% compared to the first half of 2012
- H1 2013 revenues amounted to EUR 36.7 m (2012: EUR 42.0 m); revenues excluding milestones, upfronts and licences were up 6% compared to H1 2012 revenues on a like-for-like basis
- Operating loss at EUR 4.4 m due to low milestone revenues in H1 2013
- Stable liquidity position at EUR 56.1 m
- High and stable equity ratio at 67.7%

Progress in EVT Execute business and new EVT Integrate/EVT Innovate alliances support innovation efficiency strategy
- New collaboration with Dow AgroSciences on Cellular Target Profiling
- Extension of alliance with Genentech
- Extension of Active Biotech collaboration (after period-end)
- Important strategic expansion of EVT Execute compound management capability: New site in Branford, US
- Significant milestone achievement with Boehringer Ingelheim
- TargetPGB (Peptidoglycan Biosynthesis): New collaboration with Harvard University to identify and develop a new class of antibacterials
- TargetKDM (Lysine Demethylases): New collaboration with Dana Farber's Belfer Institute for Applied Cancer Science to explore epigenetic oncology targets
- New hormone identified to treat diabetes as part of Evotec's CureBeta initiative
- Significant clinical data points ahead in 2013/2014/2015

Indian operations to be discontinued at the end of September 2013 (after period-end)

Financial guidance for 2013 confirmed
- Revenues are expected to grow to a level between EUR 90-100 m
- Operating result before impairment and changes in contingent consideration, if any, is expected to improve over 2012
- R&D expenditure is expected to be around EUR 10 m
- Strong liquidity position above EUR 60 m

Others
- Dr Flemming Ørnskov resigned as Chairman and member of the Supervisory Board
- Dr Walter Wenninger appointed as new Chairman of the Supervisory Board and Dr Claus Braestrup elected as a member of the Supervisory Board
- Strengthening of the management capacities with the following appointments (after period-end):
Dr Adrian Howd, Executive Vice President, Head of Neurology & Corporate Development; and
Dr Bastian Sauer-Odendahl, Global Head of Human Resources
- Strengthening of business development activities in Japan through the appointment of Masahiko Ohtani as Vice President Business Development (after period-end)