Evotec AG: Results of Pre-Clinical Studies Lead to Reduction in Revenues, Nevertheless Profitable and More Than EURO 90 M Cas...
December 13 2013 - 3:31AM
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 € 22 m of intangibles in respect of
these "legacy assets" on Evotec´s balance sheet.
Evotec now expects revenues to be between € 84-86 m
for the fiscal year 2013. Original guidance for revenues was
between € 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 >€ 90 m and remains unchanged.
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership
company focused on rapidly progressing innovative product
approaches with leading pharmaceutical and biotechnology companies.
We operate worldwide providing the highest quality stand-alone and
integrated drug discovery solutions, covering all activities from
target-to-clinic. The Company has established a unique position by
assembling top-class scientific experts and integrating
state-of-the-art technologies as well as substantial experience and
expertise in key therapeutic areas including neuroscience, pain,
metabolic diseases as well as oncology and inflammation. Evotec has
long-term discovery alliances with partners including Bayer,
Boehringer Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals,
MedImmune/AstraZeneca and Ono Pharmaceutical. In addition, the
Company has existing development partnerships and product
candidates both in clinical and pre-clinical development. These
include partnerships with Boehringer Ingelheim, MedImmune and
Andromeda (Teva) in the field of diabetes, with Janssen
Pharmaceuticals in the field of depression and with Roche in the
field of Alzheimer's disease. For additional information please go
to www.evotec.com.
FORWARD LOOKING STATEMENTS — Information set
forth in this press release contains forward-looking statements,
which involve a number of risks and uncertainties. The
forward-looking statements contained herein represent the judgement
of Evotec as of the date of this report. Such forward-looking
statements are neither promises nor guarantees, but are subject to
a variety of risks and uncertainties, many of which are beyond our
control, and which could cause actual results to differ materially
from those contemplated in these forward-looking statements. We
expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any such statements to reflect
any change in our expectations or any change in events, conditions
or circumstances on which any such statement is based.
CONTACT: Gabriele Hansen
Head of Corporate Communications
+49.(0)40.560 81-255
+49.(0)40.560 81-222 Fax
gabriele.hansen@evotec.com
Evotec AG
Manfred Eigen Campus
Essener Bogen 7
22419 Hamburg (Germany)
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