Evotec Q1 Adj. EBITDA Down, Revenues Up

Evotec AG (EVTCY.PK), a German drug discovery and development company, on Wednesday posted lower adjusted EBITDA for the first quarter, driven by capacity expansions at all sites. However, revenues grew 24 percent in the quarter.

The Group's adjusted EBITDA slid to 18.9 million euros from 21.1 million euros, mainly driven by capacity expansions at all sites, in particular the continued ramp-up of J.POD Redmond (US) facility.

For the quarter, the Group revenues grew by 24 percent to 164.7 million euros from last year's 133.1 million euros. Like-for-like base revenues rose 19 percent, excluding fx effects.

Looking ahead, for the full year, the Group foresees adjusted Group EBITDA in the range of 105 million - 120 million euros, and revenues in the range of 700 million - 720 million euros.

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