Full Press Release Details
For further information, please contact: Volker Braun, EVP Head of Global Investor Relations &
ESG, volker.braun@evotec.com, M. +49.(0)40 228 999 338, www.evotec.com
SHARED R&D SOFT; STRONG
GROWTH IN JUST - EVOTEC BIOLOGICS
STRENGTHENED PARTNERSHIPS PAVING THE WAY FOR 2025 GROWTH IN SOFT
Events after Period-End
GUIDANCE FOR FULL-YEAR 2025
1 Net income (loss) adjusted for interest, taxes, depreciation
and amortization of intangibles, impairments on goodwill and other intangible and tangible assets, total non-operating results, change
in contingent consideration (earn-out) and items that in magnitude, nature or occurrence would distort the presentation of the financial
performance of the Group.
FINANCIAL HIGHLIGHTS
The following table provides an overview of the
financial performance in the first three months of 2025 compared to the same period in 2024. More detailed information can be found on
page 8 of this interim statement.
Key figures of consolidated income statement & segment
Evotec SE & subsidiaries - First three months of 2025
| Three months ended March 31, 2025 | Three months ended March 31, 2024 | |||||||||||||||||||||||||||||||
| In k | Shared R&D | Just - Evotec Biologics | Inter- segment Eliminations | Evotec Group | Shared R&D | Just - Evotec Biologics | Inter- segment Eliminations | Evotec Group | ||||||||||||||||||||||||
| Revenues 1) | 140,590 | 59,389 | 199,978 | 155,185 | 53,542 | 208,726 | ||||||||||||||||||||||||||
| Intersegment revenues | 2 | - | (2 | ) | 268 | (268 | ) | |||||||||||||||||||||||||
| Costs of revenues | (125,381 | ) | (47,373 | ) | 2 | (172,752 | ) | (135,361 | ) | (38,806 | ) | 200 | (173,967 | ) | ||||||||||||||||||
| Gross profit | 15,211 | 12,015 | - | 27,226 | 19,824 | 15,004 | (68 | ) | 34,760 | |||||||||||||||||||||||
| Gross margin in % | 11 | % | 20 | % | - | % | 14 | % | 13 | % | 28 | % | - | % | 17 | % | ||||||||||||||||
| R&D expenses | (10,706 | ) | (52 | ) | - | (10,758 | ) | (16,251 | ) | (59 | ) | 68 | (16,242 | ) | ||||||||||||||||||
| SG&A expenses | (39,341 | ) | (8,356 | ) | - | (47,697 | ) | (38,171 | ) | (7,766 | ) | - | (45,937 | ) | ||||||||||||||||||
| Other operating income | 12,312 | 665 | - | 12,977 | 12,165 | 516 | - | 12,681 | ||||||||||||||||||||||||
| Other operating expense | (904 | ) | (660 | ) | - | (1,564 | ) | (3,469 | ) | - | - | (3,469 | ) | |||||||||||||||||||
| Reorganization costs | (192 | ) | - | - | (192 | ) | - | - | - | - | ||||||||||||||||||||||
| Operating income (loss) | (23,620 | ) | 3,611 | - | (20,008 | ) | (25,903 | ) | 7,695 | - | (18,207 | ) | ||||||||||||||||||||
| Adjusted EBITDA | (6,856 | ) | 9,964 | - | 3,107 | (5,463 | ) | 13,279 | 7,815 |
1) Group revenues would have amounted to 195.8 m at constant
REPORT ON THE FINANCIAL SITUATION AND RESULTS
1. Results of operations
During the three months ended March 31, 2025
Group revenues decreased by 4% to 200.0 m compared to the same period of the previous year (3M 2024: 208.7 m). The
decrease was driven by 9% lower revenues in the Shared R&D segment, whereas Just - Evotec Biologics contributed 59.4
m during the three months ended March 31, 2025, versus 53.5 m in the comparable prior year period.
Excluding positive fx-effects, Group revenues decreased by 6% to 195.8 m. Base business decreased by 8% from
208.6 m in 3M 2024 to 192.4 m in the three months ended March 31, 2025.
of revenue for the three months ended March 31, 2025 amounted to 172.8 m (3M 2024: 174.0 m) yielding a gross
margin of 13.6% (3M 2024: 16.7%). The increase of Costs of revenues was driven by higher costs within Just - Evotec Biologics due
to higher headcount numbers and therefore higher labor costs, as well as increased material and supplier costs to cover the higher demand.
Shared R&D saw continued underutilization. The overall Costs of revenues within Shared R&D decreased by 7% compared to the comparable
R&D expenses amounted to 10.8
m, compared to 16.2 m in the three months ended March 31, 2024 (34% reduction), as investment continues to be tightly controlled
on projects most relevant to our partners.
SG&A expenses for the three months
ended March 31, 2025 amounted to 47.7 m and were thus 1.8 m or 4% higher compared to last year (3M 2024: 45.9
m) mainly driven by higher IT expenses.
For the three months ended March 31, 2025,
other operating income amounted to 13.0 m, compared to 12.7 m for the
comparable prior year period. Key driver for the decrease of other operating expenses from
3.5 m in the first three months of 2024 to 1.6 m in the first three
months of 2025 were reduced one-off expenses related to the recovery after the cyber-attack.
Adjusted Group EBITDA for the three months
ended March 31, 2025 amounted to 3.1 m (3M 2024: 7.8 m) driven by a small single-digit decrease in revenues and higher
SG&A expenses, that were only partly offset by lower Costs of revenues and R&D expenses.
The net income (loss) as of March 31,
2025 amounted to (31.6) m (3M 2024: (20.7) m), driven by the operating loss and a decrease in deferred tax income.
2. Results of operations in Shared R&D and Just - Evotec
In the Shared R&D segment revenues
(incl. intersegment revenues) decreased by 9% to 140.6 m (3M 2024: 155.2 m) due to a still challenging market environment.
Costs of revenue within Shared R&D
were at 125.4 m in the three months ended March 31, 2025 (3M 2024: 135.4 m) driven by lower costs after the priority
reset. This corresponds to a gross margin of 10.8% (3M 2024: 12.8%). R&D expenses came in at 10.7 m (3M 2024:
16.3 m). SG&A expenses increased to 39.3 m (3M 2024: 38.2 m), mainly caused by an increase in IT expenses.
For the three months ended March 31, 2025, other operating income amounted to 12.3 m, compared to 12.2 m for
the comparable prior year period. Other operating expenses were 0.9 m (3M 2024:
3.5 m) driven by reduced one-off expenses related to the cyber-attack.
The adjusted EBITDA of the Shared R&D
segment was (6.9) m (3M 2024: 5.5 m), due to lower revenues and increased SG&A expenses, that were only partially offset
by reduced Costs of revenues and R&D expenses.
Revenues (incl. intersegment revenues)
within Just - Evotec Biologics increased to 59.4 m (3M 2024: 53.8 m). This growth of 10% was driven by increased business
in Redmond and Toulouse. Costs of revenues of 47.4 m were incurred in the first three months of 2025, compared to
38.8 m within the three months ended March 31, 2024. The increase was driven by the operational ramp up of the Toulouse site and
higher costs due to increased revenues. In the same period, gross margin decreased to 20.2% in the first quarter 2025 from 27.9% in the
first three months of 2024. The increase in SG&A expenses (3M 2025: 8.4 m vs. 3M 2024: 7.8 m) was mainly caused
by higher headcount and the continued investment in IT-systems and process ramp-up.
The adjusted EBITDA within Just -
Evotec Biologics has decreased to 10.0 m (3M 2024: 13.3 m) mainly driven by a slower increase of revenues compared to an
increased cost base.
3. Financing and financial position
Cash flow used in operating activities
in the first three months of 2025 was (31.8) m (3M 2024: (48.2) m). The decrease in cash outflow is related to favorable
changes in working capital compared to the first three months of 2024.
Net cash used in investing activities for
the three months ended March 31, 2025 amounted to (21.6) m (3M 2024: (30.9) m). Capital expenditure decreased to
18.2 m (3M 2024: 40.2 m) due to lower investments in the Just - Evotec Biologics production facilities. The decrease
in capital expenditure was partially offset by lower net proceeds from current investments that decreased by 7.9 m to 4.1
m (3M 2024: 12.0 m).
by (used in) financing activities amounted to 35.4 m in the three months ended March 31, 2025 (3M 2024: (5.9) m).
The significant increase is caused by proceeds from loans (3M 2025: 44.0 m; 3M 2024:
Cash and cash equivalents amounted to
285.4 m as of March 31, 2025 (December 31, 2024: 306.4 m). Total Liquidity decreased to 371.4 m (December 31, 2024:
4. Assets, liabilities, and stockholders' equity
Between December 31, 2024 and March 31,
2025, total assets increased by 32.4 m to 1,944.9 m (December 31, 2024: 1,912.5 m).
Trade and other receivables increased by
51.0 m to 167.3 m (December 31, 2024: 116.3 m). The increase is mainly due to invoices issued to one major
customer shortly before quarter end.
Contract assets amounted to 53.9
m (December 31, 2024: 46.0 m). The increase is mainly due to an increase in contract assets in Just - Evotec Biologics
Inc. Further, increases related to reductions in netting with contract liabilities and reclasses to Trade and other receivables almost
completely offset each other.
Current tax assets decreased from
41.9 m as per December 31, 2024 to 31.6 m as per March 31, 2025. The decrease predominantly resulted from cash receipts
of R&D tax credits in UK and Italy.
Prepaid expenses and other current assets increased
by 13.4 m to 58.9 m (December 31, 2024: 45.5 m) primarily due to an increase in prepayments for insurances, IT
and software licenses as well as subscriptions fees.
Property, plant and equipment decreased