Full Press Release Details
For further information, please contact:
Volker Braun, SVP Global Head of Investor Relations & ESG,
volker.braun@evotec.com, T. +49.(0)40.560 81-775,
M. +49.(0)151.1940 5058, www.evotec.com
| 4 | Strong operational performance leads to SIGNIFICANT revenue growth |
| 4 | Co-owned pipeline gaining momentum |
| 4 | j.pod REDMOND (US) operational |
| 4 | SUCCESSful public Offering at nasdaq (AFTER PERIOD-END) |
revenues growth in all business areas fuels ONGOING Expansion and strengthens Positive Development
| 4 | Group revenues increased by 20% to 431.0 m (9M 2020: 360.4 m); like-for-like base revenue growth (excluding portfolio and fx effects) up 26% |
| 4 | Milestone revenues of 27.9 m well above last year (9M 2020: 8.4 m) |
| 4 | Just - Evotec Biologics contributed 34.7 m to revenues; 43% above last year's level of 24.3 m |
| 4 | Strong progress in both segments: Total EVT Execute revenues up 17% to 429.8 m (9M 2020: 367.5 m); EVT Innovate revenues up 35% to 101.9 m (9M 2020: 75.7 m) |
| 4 | Net income increased to 247.0 m (9M 2020: 5.8 m) mainly due to fair value adjustments of the equity participation in Exscientia Ltd. |
Autobahn to Cures: Strong Progress in all lanes
| 4 | Several new and extended drug discovery and development agreements in all areas |
| 4 | Just - Evotec Biologics opened J.POD Redmond (US); start operations on track; project initiation of J.POD Toulouse (France) in 2021 |
| 4 | Positive Phase IIb results in refractory chronic cough for eliapixant reported by partner Bayer |
| 4 | Excellent progress in iPSC and protein degradation collaborations with Bristol Myers Squibb (BMS); Opt-in for EVT8683 to enter clinical development |
| 4 | Kazia Therapeutics Limited has commenced enrolment to a Phase I clinical trial of EVT801, an investigational cancer therapy (after period-end) |
| 4 | Successful NASDAQ IPO of EVO equity portfolio company and partner Exscientia Ltd (after period-end); Series B extension by Evotec`s first spin-off Topas Therapeutics |
of public offering at NASDAQ on 8 November 2021, with notice from underwriters on 5 November 2021 of their intention to partially
exercise their option to purchase additional ADSs (after period-end)
of business outlook for Full-Year 2021
| 4 | Group revenues expected to be in a range of 550 - 570 m ( 565 - 585 m at constant exchange rates) (2020: 500.9 m) | |
| 4 | Adjusted Group EBITDA expected to be in the range of 105 - 120 m ( 115 - 130 m at constant exchange rates) (2020: 106.6 m) | |
| 4 | Unpartnered research and development expenses expected to be in a range of 50 - 60 m (2020: 46.4 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.
The following table provides an overview
of the financial performance in the first nine months of 2021 compared to the same period in 2020. More detailed information can
be found on page 7 of this interim statement.
Key figures of consolidated income statement
Evotec SE & subsidiaries - First nine months of 2021
| In T | Evotec Group 9M 2021 | Evotec Group 9M 2020 | ||||||
| External revenues 1) | 430,963 | 360,414 | ||||||
| Costs of revenues | (331,494 | ) | (271.225 | ) | ||||
| Gross profit | 99,469 | 89,189 | ||||||
| Gross margin in % | 23.1 | 24.7 | ||||||
| R&D expenses 2) | (53,472 | ) | (46,077 | ) | ||||
| SG&A expenses | (71,037 | ) | (58,132 | ) | ||||
| Impairments of intangible assets and goodwill | (683 | ) | - | |||||
| Other operating income (expenses), net | 51,776 | 50,306 | ||||||
| Operating result | 26,053 | 35,286 | ||||||
| Adjusted EBITDA 3) | 70,086 | 76,942 |
1) Adjusted for negative
exchange rate effects of 11.2 m, Group revenues amount to 442.1 m
2) Of which unpartnered R&D expenses of 42.6 m
in 9M 2021 (9M 2020: 33.4 m)
3) Before changes in contingent considerations,
income from bargain purchase and excluding impairments on goodwill, other intangible and tangible assets as well as the total
non-operating result
The following table details Evotec's segment revenues and operating
income (loss) for the nine months ended 30 September 2021
| In T | EVT Execute 4) | EVT Innovate 5) | Intersegment Eliminations | Evotec Group 9M 2021 | ||||||||||||
| Revenues | 429,774 | 101,940 | (100.751 | ) | 430,963 | |||||||||||
| Operating result | 45,061 | (19,008 | ) | - | 26,053 |
So far, no material negative impact of COVID-19 pandemic on Evotec's
business and strategy
In the first nine months of 2021, all
sites at Evotec were able to continue operations with marginal limitations compared to other businesses. During this period, health and
safety rules were adjusted quickly in accordance with dynamic national guidance, working processes were adjusted and a pro-vaccination
campaign was started to protect Evotec's employees and secure operations. Despite this difficult environment, the growth of all
business lines has accelerated in the third quarter. To date, the EVT Execute segment has not experienced a material negative
financial impact as a result of the pandemic.
Operational Highlights
Several new and extended drug discovery and development agreements
In the first nine months of 2021, Evotec demonstrated strong operational
performance based on its fully integrated R&D platform EVOiR&D. Initiation of new partnerships in addition to the
extension of existing alliances across the various stages of drug discovery and development, as well as across modalities and business
areas have taken place, such as:
| Several new INDiGO agreements signed e.g. with Oxford Cannabinoid Technologies or the third INDiGO programme with Ildong | ||
| Entrance into a drug development agreement with Pasithea Therapeutics Corp. to provide innovative and flexible solutions from target compound through to pre-clinical candidate in the field of mental health | ||
| Initiation of multiple integrated drug discovery collaboration agreements with e.g. Bicycle Therapeutics, Evommune, | ||
| Generation of in vitro assays for Novo Nordisk for use within the field of gene therapy |
Just - Evotec Biologics opened
J.POD Redmond (US); start operations on track; Project of constructing J.POD Toulouse
In the first nine months of 2021 the
Just - Evotec Biologics platform, EVOaccess, continued to pursue its course of success. In August, the opening of
the company's unique clinical and commercial biologics cGMP manufacturing facility (J.POD Redmond (US)),
was announced. The innovative cGMP biomanufacturing facility is the final step in Just - Evotec Biologics'
J.DESIGN platform that integrates data analytics and machine learning through all activities involved with the discovery, development,
and manufacture of biologics. The 130,000 square foot J.POD facility was built in just 19 months, despite the COVID-19
pandemic. The design planning for initiation of the second J.POD facility J.POD Toulouse
(France) at Evotec's Campus Curie is underway.
Positive Phase IIb results in refractory chronic cough for eliapixant
reported by partner Bayer
Evotec's partner, Bayer, reported
positive Phase IIb results in refractory chronic cough with the investigational orally administered, potent and selective
P2X3 antagonist eliapixant (BAY1817080) in August. The Phase II studies in neuropathic pain,
overactive bladder and endometriosis are progressing according to plan.
Excellent progress in iPSC and protein degradation collaboration
with Bristol Myers Squibb
After having received IND clearance from
the FDA, BMS decided to opt-in for EVT8683, leading to a $ 20 m option payment to
Kazia Therapeutics Limited has commenced enrolment to a Phase
I clinical trial of EVT801, an investigational cancer therapy (after period-end)
In early November, Kazia Therapeutics
Limited ("Kazia") an oncology-focused drug development company, commenced enrolment to a Phase I clinical trial of EVT801,
an investigational cancer therapy that was licensed to Kazia by Evotec in April 2021. The first-in-human Phase I
clinical trial is being conducted by Evotec under full sponsorship of Kazia and will focus primarily on understanding the safety, tolerability,
and pharmacokinetics of EVT801 across a range of doses. It is also designed to explore preliminary signals of clinical efficacy, and to
investigate the biological activity of the drug via a rich suite of sophisticated biomarker analyses provided and managed by Evotec.
Exscientia Ltd. closed its Nasdaq IPO
in the beginning of October 2021, with total gross proceeds of $ 510.4 m. Evotec
has been invested in the company since 2016 and remains to be a significant shareholder.
Topas Therapeutics, Evotec`s first spin-off
company in 2016, successfully extended its Series B round with an additional 18 m raised,
bringing the total for this financing to 40 m.
Evotec SE announced the closing of its public offering of American
On 3 November 2021, Evotec SE's management board decided -
with the approval of its supervisory board - on the volume and the issue price of its public offering of American Depositary Shares
("ADSs"). The offering produced gross proceeds of $ 435 m from the sale of 10,000,000 ordinary shares of Evotec in the form
of 20,000,000 ADSs at a price of $ 21.75 per ADS. Each ADS represents one half of an ordinary share of Evotec. Accordingly, Evotec's share
capital, on the basis of Evotec's articles of association ("Satzung"), increased to 173,914,741 by issuing 10,000,000
shares from the authorized capital ("Genehmigtes Kapital 2021") under exclusion of subscription rights of the existing shareholders
(taking into account the subscription shares issued to date from conditional capital ("Bezugsaktien"), the actual share capital
amounts to 175,110,695).
The ADSs began trading on the Nasdaq Global Select Market on 4 November
2021 under the ticker symbol "EVO". The offering closed on 8 November 2021.
On 5 November 2021, BofA Securities and Morgan Stanley, as representatives
of the several underwriters, notified Evotec of the underwriters' partial exercise of their option to purchase up to 3,000,000 additional
ADSs, representing 1,500,000 ordinary shares at the price of $ 21.75 per ADS.
on the Financial Situation and Results
On 1 April 2020 Evotec GT announced
the start of its operating business in Gene Therapy in Orth/Austria. In addition, the acquisition of the assets (mainly land and buildings)
as well as the takeover of employees of the Biopark by Sanofi SAS in Toulouse became legally effective on 1 July 2020.
Both entities were fully consolidated in the financial statements from the dates specified above.
1. Results of operations