Full Press Release Details
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the periods ended December 31, 2009 and March 31, 2010
Evotec Aktiengesellschaft
(Exact name of registrant as specified in its charter)
Commission File Number: 001-34041
Schnackenburgallee 114
(Address of Principal Executive Offices)
check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Note: Regulation S-T Rule 101(b)(7) only
permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant s home country ), or under the rules of the home country exchange on which the registrant s securities are traded, as long as the report or other document is not a press release, is
not required to be and has not been distributed to the registrant s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
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| Item | Page | |
| Other Information | 3 | |
| Signatures | 3 | |
| Exhibit Index | 4 |
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On March 25, 2010, EVOTEC AG (Frankfurt Stock Exchange: EVT) ( Evotec ) issued a press release announcing its financial
results for the fourth quarter and year ended December 31, 2009 and released its 2009 Annual Report. The press release and the 2009 Annual Report are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by
On May 12, 2010, Evotec issued a press release announcing its financial results for the first quarter
ended March 31, 2010 and released its 2010 First Quarter Report. The press release and 2010 First Quarter Report are furnished herewith as Exhibit 99.3 and Exhibit 99.4, respectively, and are incorporated by reference herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.
| Evotec AG | ||
| By: | /s/ Klaus Maleck | |
| Klaus Maleck | ||
| Chief Financial Officer |
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| Exhibit Number | Description | |
| 99.1 | Press Release dated March 25, 2010 Evotec s 2009 Results: Significant Step towards Sustainability | |
| 99.2 | Evotec AG, Annual Report 2009 | |
| 99.3 | Press Release dated May 12, 2010 Evotec s Drug Discovery Business Set for Strong Growth | |
| 99.4 | Evotec AG, First Quarter Report 2010 |
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| For further information please contact: Dr Werner Lanthaler Chief Executive Officer +49.(0)40.560 81.242 +49.(0)40.560 81.333 Fax werner.lanthaler@evotec.com Evotec AG Schnackenburgallee 114 22525 Hamburg Germany www.evotec.com | Evotec s 2009 Results: Significant Step towards Sustainability | |
| Hamburg, Germany 25 March 2010: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX) today reported financial results and corporate updates for the year ended 31 December 2009. Major Achievements: | ||
| Growth of business and execution of restructuring programme lead to strong 2009 performance with all financial targets achieved Revenues +8%; operating result before exceptional items +57% Positive Q4 operating result before exceptional items Liquidity position of > 70 m; exceeding guidance Impairment of higher risk programmes reflecting Evotec s strategy Discovery collaborations provide stable basis for future growth Several new alliances and contract extensions including Biogen Idec, CHDI (after period-end) and Ono Pharmaceutical Strategic capability and capacity expansion through acquisition of Indian RSIPL Strong performance in innovative, risk-shared alliances combining high-end technologies and disease know-how New alliances with Boehringer Ingelheim, Vifor (after period-end) Important milestones demonstrate progress achieved Product development alliance with Roche with significant upside but no downside risk; 2011 $ 65 m milestone opportunity Successful completion of first-in-man study with EVT 103 (after period-end) Positive feedback from the FDA to initiate Phase II with EVT 101 (after period-end) Guidance 2010 - accelerated path to profitability and growth Revenue growth of at least 15%; strongest February order book ever Significantly improved operating result before impairment with profitability no later than 2012 Liquidity of > 64 m; cash consumption markedly reduced 1. Operational performance Growth of business and execution of Evotec 2012 - Action Plan to Focus and Grow lead to strong 2009 financial performance Based on the Action Plan 2012, Evotec decided in March 2009 to streng-then its discovery alliances, creating the central vehicle for growth, and to implement strict cost cutting and restructuring measures. The Company reduced headcount in administrative and clinical development functions, reprioritised its R&D activities, concentrated its operations in Europe and closed the former facility of Renovis, Inc. in South San Francisco. |
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RESEARCH NEVER STOPS
The world in which we operate
The change in the outsourcing world for innovation in drug discovery
Leading the field Growing our drug discovery business and entering the path to sustainability
2009 results and outlook in
all details The way we work and our corporate governance
Evotec AG, Schnackenburgallee 114, 22525 Hamburg (Germany), www.evotec.com
2009 was a year of renewal for Evotec
What has altered? And what stays forever
Evotec increased and delivered on all financial targets for the fiscal year 2009. Revenues of 42.7 m were up 8% on
2008 numbers. R&D and SG&A expenses decreased significantly, by 51% and 16% respectively. With a strong liquidity of 70.6 m, Evotec started 2010 with a strong financial position.
Evotec reported 42.7 m in revenues, an increase of 8% compared to the same period of the previous year (2008:
39.6 m). The revenue performance is the result of continued strong research revenues from Evotec s discovery alliances, a portion of the upfront payment for the EVT 100 compound family from Roche ( 3 m) as well as of license and
royalty income and milestone payments totalling 7.2 m from Roche, DeveloGen and Boehringer Ingelheim.
R&D expenses decreased by 51% to 20.9 m (2008: 42.5 m). The decrease primarily resulted from the
reduction of early discovery programmes, from a focus on fewer, core programmes and from the closure of Evotec s US site following the implementation of the Evotec 2012 Action Plan to Focus and Grow . SG&A expenses
decreased by 16% to 16.7 m (2008: 20.0 m), primarily as a
consequence of Evotec s ongoing
cost containment measures. The full impact of Evotec s restructuring on SG&A expenses will be reflected in the financial results for the years 2010 and beyond. continue on page 16
FINANCIAL CALENDAR MEET EVOTEC
25 March 2010 Annual report 2009
12 May 2010 First quarter report 2010
10 June 2010 Annual General Meeting
12 August 2010 Half year report 2010
11 November 2010 Third quarter report 2010
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RESEARCH NEVER STOPS
The financial results and strategic opportunities of Evotec at the end of the year 2009
The financial results and strategic opportunities of Evotec at the end of the year are supporting the back to the
roots strategy that the Company adopted in 2009. The Discovery Alliance Business is growing significantly as Evotec continues to optimise its efficiency through technology innovation and global cost leverage. Evotec is on its way to become the
leader in high quality drug discovery.
Evotec has de-risked its pipeline significantly by only supporting the
commercially most promising programmes. At the same time Evotec has tried to keep the full value potential of its highly promising drug candidates. With this, Evotec has also made a significant step towards sustainability of the Company by
substantially growing its revenues and reducing its cost base. With more than 70 m, the liquidity reserves of the Company are strong, and the tone is set for innovation and growth.
WHAT IS EVOTEC 2012 ACTION PLAN TO FOCUS AND GROW ?
The 2012 Action Plan was the result of a strategic business review in March 2009. Evotec started the implementation
process immediately thereafter in April. The Company evaluated its strengths and weaknesses and made clear decisions regarding its financial resources and strategic direction. The goal was to ensure that all efforts are focused on core
differentiated projects and activities capable of delivering the greatest value to stockholders and partners in the near future.
WHAT ARE THE CORE ELEMENTS OF THIS PLAN?
The core element was to strengthen the Discovery Alliance Business to generate the central strategic vehicle for growth.
The second goal was to build strategic alliances on selected development projects and to refocus the pipeline on the most valuable assets in order to de-risk the portfolio and reduce R&D cash burn, but without giving away certain significant
upsides for shareholders. The third goal was to significantly reduce operating expenses and minimise strategic business risks.
WHAT ARE THE VISIBLE ACHIEVEMENTS OF THIS PLAN TO DATE?
The Alliance Business is working successfully and is about to establish a world class leading position in the discovery
outsourcing market. Evotec has excellent collaborations and has throughout 2009 won new deals and reached milestones with e.g. Boehringer Ingelheim, Biogen Idec, Cardioxyl, Ono, Novartis, Roche and others.
Editorial P. 06 Corporate Governance P. 19 Supervisory Board and Management Board P. 86
Financial Calendar P. 01 Outlook P. 49 Supervisory Board Report P. 91
Management Report P. 25 Consolidated Financial Statements P. 51 Imprint P. 03
EVOTEC ANNUAL REPORT 2009
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Condensed Key Figures
Evotec has de-risked its development portfolio by limiting its investments in programmes that are very early in the
discovery process and by entering into important strategic collaborations. In March 2009, for example, the Company signed a significant alliance with Roche. This is a joint development programme where Evotec is responsible for conducting the
clinical Phase II development of EVT 101 in patients with treatment-resistant depression. The costs of that study are fully borne by Roche and so are the development costs of the follow-on molecule EVT 103, which entered Phase I. The potential
strategic value of the underlying deal goes beyond $300 m, including upfront payments, development, sales performance and significant double-digit commercial payments.
In addition to these strategic actions, Evotec has implemented strict cost cutting and restructuring measures during the