HAMBURG (dpa-AFX) - Evotec SE (EVTCY.PK, EVOTF.PK), a German drug maker, on
Wednesday reported an increase in revenue for the full year, supported by new
collaborations.

The Group has announced a priority reset, which is expected to result in an
annualized EBITDA improvement of over 40 million euros, the company said in a
statement.

Mario Polywka, CEO of Evotec, said: 'Evotec's business displayed great
resilience in a challenging market environment. Our central focus for 2024 is to
protect our strong balance sheet and refocus the Company on profitable growth.
Through the planned priority reset and measures to rightsize our operational and
corporate structure, we are taking the necessary steps to ensure that we
continue to work with our partners to shape the medicines that matter for many
years to come.'

Evotec is also planning to to update the market on its mid-term forecast along
with its first-half results.

For the 12-month period, Evotec registered an operating loss of 47.507 million
euros, compared with a profit of 20.850 million euros, recorded for the previous
year.

Excluding items, EBITDA stood at 66.352 million euros as against 101.654 million
euros in 2022.

Research and development expenses dropped to 68.529 million euros from 76.642
million euros a year ago.

Revenue was 781.426 million euros, up from previous year's 751.448 million
euros.

The Group expects demand and business climate in selected areas will only start
improving toward the end of 2024.

Over the course of 2024, Evotec will simplify its organizational structure and
operating model, while also optimizing its footprint and capacity, which is
anticipated to result in annualized EBITDA improvement of over 40 million euros.

The company will focus more on right size its business strongly concentrating on
its key modalities, small molecules, and biologics.

For the full year, the Group expects its adjusted EBITDA to grow at a
double-digit percentage from last year.

Evotec expects a reduction of unpartnered research and development investments
in a mid-single to low double digit percentage range, for the year.

Annual revenue is projected to grow at double-digit percentage, from previous
year.



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX