On August 10, 2021 Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809) reported its financial results for the first half-year of 2021 (Press release, Evotec, AUG 10, 2021, View Source;announcements/press-releases/p/evotec-se-reports-first-half-year-2021-results-and-corporate-updates-6086 [SID1234586279]).
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HIGHLIGHTS
ACCELERATED INVESTMENTS FOR FURTHER GROWTH AND CAPACITY EXPANSION
Group revenues up 17% to € 271.3 m (H1 2020: € 231.0 m), adjusted for portfolio and fx growth by 27%.
EVT Execute revenues up 18% to € 279.5 m (H1 2020: € 236.8 m, restated for material recharges)
EVT Innovate revenues up 27% to € 57.3 m (H1 2020: € 45.3 m, restated for material recharges)
Higher year-on-year milestone revenues of € 4.1 m (H1 2020: € 2.2 m), important milestones imminent
Just – Evotec Biologics added revenues of € 23.0 m (H1 2020: € 16.3 m), an increase of 41%
Adjusted EBITDA of € 36.2 m (H1 2020: € 47.3 m) affected by planned capacity build-up ahead of imminent production start of J.POD 1 US; increased R&D and SG&A expenses (€ 35.4 m and € 46.4 m) as expected. Adjusted for fx and Sanofi effects, growth of adjusted Group EBITDA would have reached 13%
Increase of expenses for unpartnered R&D by 29% to € 27.8 m (H1 2020: € 21.6 m) according to strategy
Strong balance sheet as comfortable basis for further growth
PICKING UP SPEED ON THE "DATA-DRIVEN R&D AUTOBAHN TO CURES": NEW AND EXTENDED PARTNERSHIPS; GRAND OPENING OF J.POD 1 US
Multiple new and extended partnerships (e.g. with Abivax, Awakn, 1ST Biotherapeutics, Interline, Related Sciences, Takeda, The Mark Foundation, …)
Just – Evotec Biologics continuing successful progress: opening of J.POD 1 US for biologics development and cGMP manufacturing facility on 18 August 2021; construction start of J.POD 2 EU expected for H2 2021
Bristol Myers Squibb partnership extension in protein degradation ahead of term, additionally, a new protein degradation collaboration in an undisclosed therapeutic area signed
Partnership on oncology project EVT801 with Kazia Therapeutics
New BRIDGEs ("Danube Labs", "beLAB2122" and "beLAB1407")
Launch of "PRROTECT", an Evotec initiative for pandemic preparedness
Positive results from Bayer’s Phase IIb clinical trial with eliapixant (BAY1817080) for the treatment of refractory chronic cough (after period-end)
CORPORATE
Implementation of next long-term strategic framework Action Plan 2025 "The data-driven R&D Autobahn to Cures"
Acquisition of the Verona site from GlaxoSmithKline SpA and renaming of the expanded Evotec Verona site in "Campus Levi-Montalcini"
Annual General Meeting 2021: Approval of all proposed agenda items; new authorized capital 2021 for future flexibility and further growth of the Company resolved
Submission of registration statement for proposed offering of American Depositary Shares ("ADS") in the U.S. (after period-end)
CONFIRMATION OF BUSINESS OUTLOOK FOR FULL-YEAR 2021 AND MID-TERM TARGETS 2025
Group revenues expected to be in a range of € 550 – 570 m
(€ 565 – 585 m at constant exchange rates) (2020: € 500.9 m)
Adjusted Group EBITDA expected to be in the range of € 105 – 120 m
(€ 115 – 130 m at constant exchange rates) (2020: € 106.6 m)
Unpartnered research and development expenses expected to be in a range of € 50 – 60 m (2020: € 46.4 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
More detailed information and financial tables are available in our half-year report published on the Evotec website under the following link: View Source