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Evotec AG: Results of pre-clinical studies lead to reduction in revenues, nevertheless profitable and more than EUR 90 m cash for 2013 confirmed

Hamburg, Germany - 13 December 2013: Evotec AG (Frankfurt Stock Exchange, Prime Standard, ISIN: DE 000 566480 9, WKN 566480) today announced that it is adjusting its guidance regarding Group revenues.

Certain pre-clinical studies with the NR2B subtype selective NMDA antagonist performed by Evotec's licensee, Janssen Pharmaceuticals, Inc. did not confirm certain properties of the antagonist and did not justify the planned immediate development progress and therefore do not trigger a significant milestone payment to Evotec in 2013. The project is currently under evaluation at Janssen. Evotec will be obliged to evaluate the impairment of up to EUR 22 m of intangibles in respect of these 'legacy assets' on Evotec's balance sheet.

Evotec now expects revenues to be between EUR 84-86 m for the fiscal year 2013. Original guidance for revenues was between EUR 90-100 m. The operating result before impairment and changes in contingent consideration is still forecasted to be positive, but might no longer be improved from its 2012 level. In the third quarter of 2013, guidance on liquidity was increased to be >EUR 90 m and remains unchanged.

 

Contact: Dr Werner Lanthaler, Chief Executive Officer, Evotec AG, Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany, Phone: +49.(0)40.560 81-255, werner.lanthaler@evotec.com