Evotec SE (EVO), a German drug discovery and development company, on Wednesday reported a narrower net loss for the first half, helped by lower expenses. However, Evotec recorded a decline in revenue.
For the six-month period to June 30, the company registered a net loss of EUR 75.055 million, compared with a loss of EUR 115.605 million in the same period last year. Net loss per share stood at EUR 0.42, narrower than a loss of EUR 0.65 per share a year ago.
Commenting on the first-half net loss, the company said: "The improvement compared with 6M 2024 was mainly driven by the nonrecurring reorganization costs in the prior year. This was partially offset by lower revenues, higher tax expense, and higher expenses for non-operating items, including fx impacts."
Income tax expenses were EUR 1.785 million, compared with a profit of EUR 15.632 million in 2024. This is mainly driven by the fact that in 2025, no deferred taxes were recognized on current losses.
Loss before taxes was EUR 73.270 million as against a loss of EUR 131.236 million last year. Operating loss narrowed to EUR 47.782 million from the prior year's loss of EUR 122.813 million.
Research and development expenses moved down to EUR 18.969 million from EUR 29.253 million last year. Selling, general, and administrative expenses were EUR 89.308 million as against the prior year's EUR 91.905 million. Other operating expenses declined to EUR 5.601 million from last year's EUR 7.933 million.
Total non-operating expense, however, increased to EUR 25.488 million from EUR 8.423 million in 2024.
Revenue was EUR 371.213 million, down from EUR 390.850 million in the previous year. Revenue from Discovery and Preclinical Development was EUR 268.969 million, less than EUR 302.379 million in 2024.
Looking ahead, for fiscal 2025, the Group still expects adjusted EBITDA of EUR 30 million to EUR 50 million, with research and development expenditure of EUR 40 million to EUR 50 million, on revenue of EUR 760 million to EUR 800 million.
For fiscal 2024, the company had recorded adjusted EBITDA of EUR 22.6 million, with research and development expenditure of EUR 50.9 million, on revenue of EUR 797 million.
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