On May 11, 2021 Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809) reported the financial results and corporate updates for the first quarter 2021 (Press release, Evotec, MAY 11, 2021, View Source;announcements/press-releases/p/evotec-se-reports-results-for-the-first-quarter-2021-and-provides-corporate-update-6066 [SID1234579633]).

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HIGHLIGHTS
RECORD LIKE-FOR-LIKE GROWTH OF BASE BUSINESS, STRONG BALANCE SHEET SUPPORTS ACCELERATING GROWTH
Group revenues from contracts with customers increased by 11% to € 133.1 m (Q1 2020: € 119.4 m); Base business growth of 28%, adjusted for the end of the Sanofi payment (since April 2020) and unfavourable fx effects
EVT Execute revenue growth of 16% (11% adjusted for material recharges) to € 136.9 m (Q1 2020: € 118.2 m), EVT Innovate revenues up 21% (20% adjusted for material recharges) to € 28.2 m (Q1 2020: € 23.3 m)
Just – Evotec Biologics grew by more than 60% to € 9.7 m (Q1 2020: € 5.9 m)
Like-for-like growth of adjusted Group EBITDA of 16%, despite higher R&D expenses; adjusted Group EBITDA of € 21.1 m (Q1 2020: € 30.0 m) affected by the anticipated end of the Sanofi payment (since April 2020) and unfavourable fx effects
Increased expenses for unpartnered R&D of € 14.9 m (Q1 2020: € 11.4 m) according to strategy
Strong balance sheet with comfortable net debt position of € 56 m (equivalent to 0.6x EBITDA) provides significant room for financing further growth; non-operating result benefits from fair value adjustment of the investment in Exscientia Ltd.

POSITIVE DEVELOPMENT WITH SEVERAL NEW AND EXPANDED PARTNERSHIPS; JUST – EVOTEC BIOLOGICS FURTHER GAINING MOMENTUM
Multiple new and extended partnerships and alliances (e.g. with Annexon, Chinook Therapeutics, Related Sciences, Takeda, The Mark Foundation, …)
New development collaborations and INDiGO contracts signed (e.g. Riboscience, Step Pharma, …)
New iPSC-multi-year partnership with the Medical Center Hamburg Eppendorf ("UKE")
Bristol Myers Squibb extend partnership in the field of targeted protein degradation
Just – Evotec Biologics continuing on its success course: progress of the first J.POD facility in Redmond on schedule; construction of first European "J.POD 2 EU" expected to start in H2 2021
Partnership on oncology project EVT801 with Kazia Therapeutics (after period-end)
New BRIDGEs ("beLAB2122" and "beLAB1407" (after period-end))
Projects entering into clinical phases (EVT894 (Chik-V); Immuno-oncology project A2a receptor antagonist (Exscientia))

CORPORATE HIGHLIGHTS
Implementation of next long-term strategic framework Action Plan 2025 "The data-driven R&D Autobahn to Cures"
Chairman of the Supervisory Board of Evotec to retire from office effective as of the end of the Annual General Meeting on 15 June 2021 (after period-end)

GUIDANCE FOR FULL-YEAR 2021 CONFIRMED
Business outlook for 2021 confirmed and mid-term targets given for the first time
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)

INTRODUCTION OF MID-TERM GOALS ALIGNED WITH ACTION PLAN 2025
Introduction of mid-term goals until 2025 at Capital Markets Day on 20 April 2021, targeting revenues growth to > € 1,000 m, adjusted EBITDA of ≥ € 300 m and unpartnered research and development expenses of > € 100 m

Given current global insecurities surrounding the COVID-19 pandemic, a likely negative impact – though less pronounced than in 2020 – is already estimated within the guidance for revenues and adjusted EBITDA stated above. 

More detailed information and financial tables are available in our interim statement for the first quarter published on the Evotec website under the following link: View Source;

Webcast/Conference Call
The Company is going to hold a conference call to discuss the results of the first quarter 2021 as well as to provide an update on its performance in the reporting period. The conference call will be held in English