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Evotec AG (EVTG.F) Reports Results Of First Half Of 2014


8/12/2014 7:45:16 AM

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HAMBURG, Germany, Aug. 12, 2014 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) (ISIN:DE0005664809) today reported financial results and corporate updates for the first half of 2014.

Revenues increased in the first half of 2014 by 9% compared to the first half of 2013; adjusted H1 2014 EBITDA positive; steady margin improvements

-- Group revenues +9% to € 40.1 m (2013: € 36.7 m); up 12% at constant 2013 foreign exchange rates

-- Group EBITDA before contingent considerations positive at € 0.6 m; positive EBITDA before contingent considerations of € 5.5 m for EVT Execute

-- Strong liquidity position of € 85.6 m

-- High and stable equity ratio at 71.1%

Several new and extended alliances; progress and milestone achievements in current partnerships confirm growth strategy in EVT Execute and EVT Innovate

-- Pain alliance with Convergence

-- Innovative partnership with Debiopharm™ to develop cancer treatment (TargetCanMet)

-- First milestone in Roche biomarker collaboration achieved

-- New integrated collaboration with Shire to discover drug candidates in rare disease

-- Pre-clinical milestone achieved in Boehringer Ingelheim alliance

-- Collaboration with Vifor extended and expanded

-- Collaboration with Active Biotech extended

-- First milestones achieved in TargetAD collaboration

-- New collaboration with Fraunhofer IME in joint drug discovery programmes (after period-end)

Product development alliances advancing well

-- Recruitment for significant Phase IIb trial within Roche alliance (EVT302) in Alzheimer's disease completed in Q1 2014

-- Janssen to continue developing the EVT100 series in the field of CNS diseases

-- US biopharmaceutical company Hyperion Therapeutics, Inc. completes its acquisition of Andromeda Biotech Ltd, the owner of DiaPep277®; no changes to Evotec's commercial rights

-- Beta cell regeneration programme with Janssen phased out; CureBeta, the alliance between Harvard and Evotec, continues

-- Good progress within EVT201

-- Successful completion of efficacy studies for EVT401

Upgrading the drug discovery platform and enhancing innovation offering through acquisitions

-- Acquisition of Bionamics GmbH to accelerate 'EVT Innovate' strategy

-- Acquisition of Euprotec adds and expands expertise and capabilities in infectious diseases

Financial guidance for 2014 confirmed

-- High single-digit percentage growth in Group revenues excluding milestones, upfronts and licences

-- R&D expenditure is expected to be in the range of € 10 m to € 14 m

-- Group EBITDA before changes in contingent considerations expected to be positive and at a similar level to 2013

-- Liquidity is expected to exceed € 90 m at the end of 2014

-- Positive operating cash flow at a similar level to 2013

Others

-- Prof. Dr Wolfgang Plischke appointed as new Chairman of the Supervisory Board; Prof. Dr Iris Löw-Friedrich and Prof. Dr Paul Linus Herrling join the Supervisory Board

-- Evotec initiates expansion in Göttingen to support Cure X and Target X initiatives; construction of building, which Evotec is going to lease, started in May 2014 and is expected to be completed in H1 2015

1. Operational performance

Revenues increased in the first half of 2014 by 9% compared to the first half of 2013; adjusted H1 2014 EBITDA positive; steady margin improvements

Evotec's revenues for the first half of 2014 amounted to € 40.1 m, an increase of 9% compared to the same period of the previous year (2013: € 36.7 m). This increase was primarily due to strong contributions from the drug discovery alliances and milestones, upfronts and licences. At constant 2013 foreign exchange rates, revenues for the first half of 2014 would have totalled € 41.1 m, up 12% compared to the same period of the previous year. Excluding milestones, upfronts and licences, Evotec's revenues for the first half of 2014 rose by 3% (at constant 2013 foreign exchange rates +6%) over the same period of the previous year on a like-for-like basis. This amount does not include revenue contributions from the newly acquired business of Bionamics and Euprotec.

Group EBITDA before changes in contingent consideration for the first half of 2014 amounted to € 0.6 m (first six months of 2013: € 0.5 m). EBITDA was adjusted for changes in contingent considerations as well as for extraordinary effects with regards to the bargain purchase resulting from the acquisition of Bionamics. Note: The adjusted EBITDA of Evotec may vary significantly between quarters as a result of the timing of performance-based milestone payments and partnering events. Overall, the Company is on track to achieve a positive EBITDA at a similar level to 2013 (before changes in contingent consideration, if any) at the end of 2014.

Revenues from the EVT Execute segment amounted to € 39.7 m in the first half of 2014. The EVT Innovate segment generated revenues in the amount of € 8.6 m. The gross margin in EVT Execute amounted to 23.1% while EVT Innovate generated a gross margin of 44.7%. R&D expenses in the first half of 2014 amounted to € 0.5 m for the EVT Execute segment. The EVT Innovate segment reported R&D expenses in the amount of € 7.0 m.

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