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Evotec H1 Net Result Down, Adj. EBITDA Climbs; Lifts FY19 Outlook - Quick Facts

Evotec SE (EVTCY.PK,EVOTF.PK), a German drug discovery and development company, reported Wednesday that its first-half net result declined to 10.7 million euros from last year's 17.9 million euros.

Evotec's operating result, however, increased to 24.0 million euros from 21.7 million euros a year ago, positively impacted by reimbursed R&D expenses from Sanofi and R&D tax credits.

Adjusted Group EBITDA climbed 51 percent to 58.2 million euros from prior year's 38.6 million euros.

The results reflected mainly the strong performance in the base business, considerably higher milestone and licence contributions, and effects from the first-time application of the new accounting standard IFRS 16. Adjusted EBITDA margin was 28.1 percent, up from 21.6 percent a year ago.

Selling, general and administrative expenses increased 10 percent.

Group revenues grew 16 percent to 207.1 million euros from prior year's 178.9 million euros.

Further, the company lifted its forecast for fiscal 2019. The company now expects adjusted Group EBITDA to increase by more than 10 percent, while previous view was for growth of around 10 percent from last year's 92 million euros.

Group revenues from contracts with customers without revenues from recharges are expected to increase by about 15 percent, compared to previous outlook of about 10 percent. The prior year's revenues were 364 million euros.

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