On May 11, 2022 Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809; NASDAQ: EVO) reported the financial results and corporate updates for the first quarter 2022 (Press release, Evotec, MAY 11, 2022, View Source [SID1234614176]).

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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 PLATFORMS
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.

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