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Evotec FY21 Net Income Surges, Operating Result Down; Sees Higher Group Revenues In FY22

Evotec AG (EVTCY.PK), a German drug discovery and development company, Tuesday reported that fiscal 2021 net income was 215.5 million euros, significantly higher than in the previous year's 6.3 million euros.

Evotec recorded an operating result of 41.0 million euros, down from last year's 48.5 million euros.

Adjusted Group EBITDA increased 1 percent to 107.3 million euros. The growth was 18 percent on a like- for- like basis, mainly due to higher base business, increasing revenues from milestone payments, and favourable R&D tax credits in Italy and France.

In 2021, Evotec's group revenues increased 23 percent to 618.0 million euros from 500.92 million euros a year ago. Like- for -like revenues climbed 27 percent.

Base business went up 18 percent on a reported basis, and 20 percent adjusted for Sanofi payment in first quarter 2020.

Looking ahead for fiscal 2022, Evotec expects Group revenues to grow in a range of 700 million euros to 720 million euros. Evotec expects to achieve a stable adjusted Group EBITDA in the range of 105 million euros to 120 million euros.

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