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Evotec AG Reports H1 2013 Results

Published: Friday, August 09, 2013
Last Updated: Friday, August 09, 2013
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Company predicts top-line growth in the second half of the year 2013 due to expected milestones.

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

- 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)

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