Evotec SE reports results for the first quarter 2022 and provides corporate update

DGAP-News: Evotec SE

/ Key word(s): Quarterly / Interim Statement

Evotec SE reports results for the first quarter 2022 and provides corporate update
11.05.2022 / 07:00

The issuer is solely responsible for the content of this announcement.

  • 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 PLATFORM

  • 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.

Key figures of consolidated income statement & segment information>
Evotec SE & subsidiaries – First three months of 2022

In T€

EVT
Execute
EVT
Innovate
Intersegment Eliminations Evotec Group
Q1 2022
Evotec Group
Q1 2021
External revenues1) 128,771 35,901 164,672 133,085
Intersegment revenues 45,768 (45,768)
Costs of revenues (140,211) (33,900) 41,733 (132,378) (102,406)
Gross profit 34,328 2,001 (4,035) 32,294 30,679
Gross margin in % 19.7 5.6 19.6 23.1
           
R&D expenses2) (966) (21,182) 4,035 (18,113) (18,460)
SG&A expenses (25,249) (6,317) (31,566) (21,194)
Impairments of intangible assets and goodwill
Other operating
income (expenses), net
6,850 10,998 17,848 15,753
Operating result 14,963 (14,500) 463 6,778
           
Adjusted EBITDA3) 32,239 (13,377) 18,862 21,105

1) Adjusted for exchange rate effects, Group revenues amount to € 158.9 m
2) Of which unpartnered R&D expenses of €
16.6 m in Q1 2022 (Q1 2021: € 14.9 m)
3) Before changes in contingent consideration, income from bargain purchase and excluding impairments on goodwill, 
other intangible and tangible assets as well as the total non-operating result

Webcast/Conference Call

The Company is going to hold a conference call to discuss the results of the first quarter 2022 as well as to provide an update on its performance in the reporting period. The conference call will be held in English.

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.

ABOUT EVOTEC SE
Evotec is a life science company with a unique business model that delivers on its mission to discover and develop highly effective therapeutics and make them available to the patients. The Company’s multimodality platform comprises a unique combination of innovative technologies, data and science for the discovery, development, and production of first-in-class and best-in-class pharmaceutical products. Evotec leverages this “Data-driven R&D Autobahn to Cures” for proprietary projects and within a network of partners including all Top 20 Pharma and over 800 biotechnology companies, academic institutions, as well as other healthcare stakeholders. Evotec has strategic activities in a broad range of currently underserved therapeutic areas, including e.g. neurology, oncology, as well as metabolic and infectious diseases. Within these areas of expertise, Evotec aims to create the world-leading co-owned pipeline for innovative therapeutics and has to-date established a portfolio of more than 200 proprietary and co-owned R&D projects from early discovery to clinical development. Evotec operates globally with more than 4,200 highly qualified people. The Company’s 15 sites offer highly synergistic technologies and services and operate as complementary clusters of excellence. For additional information please go to www.evotec.com and follow us on Twitter @Evotec and LinkedIn.

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.

Media Contact Evotec SE:
Gabriele Hansen, SVP Head of Global Corporate Communications & Marketing, Phone: +49.(0)40.56081-255, gabriele.hansen@evotec.com

IR Contact Evotec SE:
Volker Braun, SVP Head of Global Investor Relations & ESG, Phone: +49.(0)40.56081-775, volker.braun@evotec.com


11.05.2022 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


show this