Evotec 1H results, corporate update

STRONG FINANCIAL PERFORMANCE

– Group revenues up 16% to EUR 207.1 m (H1 2018: EUR 178.9 m)

– Adjusted Group EBITDA up 51% to EUR 58.2 m (H1 2018: EUR 38.6 m)

– Unpartnered R&D expenses of EUR 18.7 m (H1 2018: EUR 10.0 m)

– Strong liquidity position of EUR 341.8 m (31 December 2018: EUR 149.4 m) following issue of EUR 250 m promissory note (Schuldschein) and final repayment of EUR 140 m acquisition bridge facility
STRONG OPERATIONAL PERFORMANCE

– Strong performance across all business lines and important milestone achievements; multiple new and extended drug discovery and development agreements with Pharma, biotech, and foundations

– Very important progress in co-owned clinical pipeline; P2x3 antagonist shows positive proof-of-concept results in Phase II Bayer trial in chronic cough (after period-end); very good progress in multiple other co-owned clinical, pre-clinical and discovery projects; termination of SGM-1019 programme by partner Second Genome and full impairment – all rights returned back to Evotec

– Good progress and multiple new partnership agreements in EVT Innovate, and good progress in building infectious diseases footprint

– Continued focus on expansion of iPSC platform: Acquisition of IP portfolio, iPSC-based products and experienced stem cell team from Ncardia AG (after period-end)

– New academic BRIDGE LAB10x and progress in existing BRIDGE initiatives; equity participation (Eternygen); formation of spin-off company Breakpoint Therapeutics GmbH focused on DNA damage response (after period-end)
IMPORTANT STRATEGIC BUSINESS EXPANSION

– Strategic expansion into biologics space through closing of the acquisition of Seattle-based Just.Bio – Evotec Biologics effective 02 July 2019
CORPORATE

– Extension of Management Board contracts, election of new Supervisory Board

– Conversion of the Company into European Company (SE)
FINANCIAL GUIDANCE 2019 INCREASED

– Strong underlying business outlook and integration of Just.Bio – Evotec Biologics revenues support the increase of revenue and EBITDA guidance

– Group revenues from contracts with customers without revenues from recharges are expected to increase by approx. 15% (previously: approx. 10%) (2018: EUR 364.0 m)

– Adjusted Group EBITDA is expected to increase by >10% (previously: approx. 10%) (2018: EUR 92.0 m)

– Guidance on unpartnered R&D expenses remains unchanged at EUR 30-40 m (2018: EUR 22.9 m)

https://www.marketscreener.com/EVOTEC-SE-436047/news/EVOTEC-REPORTS-FIRST-HALF-YEAR-2019-RESULTS-AND-CORPORATE-UPDATES-29062132/