Pioneering Drug Discovery
Q1 2025 results
Scientific
Excellence
Operational
Excellence
Evotec SE, Q1 2025 results call, 06 May 2025
Business overview
Financials
Questions & Answers
PAGE 3
Business overview
Financials
Questions & Answers
PAGE 4
Q1 2025 at a glance
Summary
Shared R&D
Expansion of pipeline of high value molecular glue
degraders in strategic partnership with BMS
Evotec receives grant from Korean Government to develop novel antibody-based treatments for lung diseases
9% revenue decline, in line with Fy 2024 development; continued headwinds from soft market environment
Just - Evotec Biologics
Strong growth with new and existing partners
Continued strong demand for paradigm shift in discovery, process development & manufacturing of biologics
11% revenue growth versus strong comparable basis
Evotec Group
Strategic review conducted & execution initiated
PAGE 5
Technology and Science Leadership
Drug Discovery and Pre-clinical Development
Just - Evotec Biologics
New ways of working
Enhanced commercial model
Commitment to operational excellence
Focus on talent development
PAGE 6
Decoding disease
Target ID / validation
Hit identification
Lead optimisation
Preclinical development
…
CRO "Essentials"
Next-gen Drug Discovery tools
Patient-derived disease modelling
…
Human in
vitro models
Organoids
Biomarker discovery
Predictive
Safety
Disease
signatures
Molecular Patient Data
Multi-OMICS
Disease pathology
Phenotype data
Biopsies & non-invasive samples
Patient cohort
Clinical data
AI empowered data analytics
Chemistry
DMPK
Biology
Screening
Preclinical
...
PanOmics
High performance data generation
E.MPD
Molecular Patient Database
...
PanHunter
AI based analytics
E.iPSC
Patient-derived modelling
PAGE 7
>20 k
Patients with deep Omics profiles
>500 bnMPD datapoints
>25iPS cell types (HTS)
>250iPSC genetic disease models
>3 mTranscriptome profiles (ScreenSeq )
>500 kProteome profiles (ScreenPep )
Novel insights via AI/ML supported data management & analytics
PAGE 8 MPD = Molecular Patient Database
Oct 2017 | Oct 2018 | May 2019 | Oct 2020 | Sep 2021 | Nov 2021 | Apr 2022 |
Screening | Expansion | Expansion | Expansion | 1st IND | Programme | ASO |
completion | designations | Programme designation | ||||
$ 5 m | $ 6 m | $ 9 m | $ 6 m | $ 20 m | $ 40 m | $ 16 m |
May 2018
Expansion
Jan 2019
LO
designation
Jan 2020
Expansion
Jan 2021
Expansion
Oct 2021
Expansion
$ 6 m
$ 14 m
$ 6 m
$ 6 m
$ 9 m
Jan 2022 Dec 2022
Targeted Expansion protein &
degradation Programme
program designation
$ 15 m $ 26 m
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Mar 2025
Further development of preclinical program
$ 20 m
Jun 2024
Preclinical programme designation
$ 20 m
$ 40 m
Jul 2023
Programme licencing
$ 45 m
Dec 2016
Signing of partnership
Aug 2024
Expansion
$ 25 m
Jan 2024
Expansion
$ 25 m
Mar 2023
Extension of
partnership
$ 50 m
PAGE 9
LO = Lead Optimisation
ASO = Antisense Oligonucleotides
2018
2019
2020
2021
2022
2023
2024
2025
May 2022
Extension of partnership
Upfront
$ 200 m
Mar 2021
Extension (undisclosed payment)
$ 50 m
October 2024
Expansion into other disease area
April 2025 Payments of in total
$ 75 m
March 2024 Payments of in total
$ 75 m
March 2023 Payments of in total
$ 75 m
Jan 2022
Payments of in total
$ 15 m
Q4 2020
Further development of programs
(undisclosed financials)
May 2018
Initiation of
partnership
Upfront
$ 65 m
PAGE 10
Agenda
Business overview
Financials
Questions & Answers
PAGE 11
in € m1 | Q1 2025 | Q1 2024 | Change | Comments |
External Revenues | 200.0 | 208.7 | (4)% | In-line with group expectations |
Shared R&D | 140.6 | 155.2 | (9)% | Shared R&D softer than expected |
Just - Evotec Biologics (JEB)2 | 59.4 | 53.5 | 11% | Growth of JEB better than planned |
Gross margin | 13.6% | 16.2% | (2.6) pp. | |
Shared R&D | 10.8% | 12.8% | (2.0) pp. | Shared R&D with lower operational leverage |
Just - Evotec Biologics (JEB) | 20.2% | 28.0% | (7.8) pp. | JEB with planned ramp-up cost |
R&D expense | (10.8) | (16.2) | (33%) | Focus on scalable platforms; new run-rate |
Adjusted Group EBITDA3 | 3.1 | 7.8 | (60%) | Slightly better than planned |
Shared R&D | (6.9) | (5.5) | (25%) | Shared R&D with high fixed cost base |
Just - Evotec Biologics (JEB) | 10.0 | 13.3 | (25%) | JEB benefiting from phasing of work packages |
PAGE 12
Differences may occur due to rounding
JEB business segment with additional € 0.0m (€ 0.3 m) intersegment revenue in Q1 2025 (Q1 2024). Details on intersegment eliminations see full interim statement Q1 2025
Adjusted EBITDA excludes changes of and impairments on intangible and tangible assets as well as the total non-operating result
(31.3)
(30.9)
(21.6)
42,6
16,9
(48.2)
(50.4)
(25.9)
(31.8)
74,2
Improved Operating Cash flow (OCF) Q1 '25 vs. prior year period driven by favourable change in working capital
Reduced cash outflow from
investing activities in Q1 '25 vs.
Q1 '24 due to:
Capex spending of € (18) m in Q1 '25 vs. € (40) m in Q1 '241
reflecting the ramp down of the Capex cycle for the JEB Toulouse site
PAGE 13 The decrease in capital expenditure was partially offset by lower net proceeds from current investments that decreased by € 7.9 m to € 4.1 m (3M 2024: € 12.0 m).
107
Draw down of existing R&D
financing facility (€ 44 m) compensated part of cash outflow from operating and investing activities € (53) m
Correspondingly, total liabilities and lease obligations increase to
€ 478 m from € 439 m (end of Q4 '24)
Net debt leverage (NDL) at 5.97x
Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25
PAGE 14
Implementation progress of actively managed cost reduction measures in Shared R&D Evotec FTE development
Measure
Remaining Priority Reset initiatives implemented
Cologne site closed end of February 2025
France reduction in force completed during Q1 2025
Additional savings1 from natural attrition & restricted hiring
activities throughout H2 2024 and in 2025
Demand reduction external spend
Total (€ 20+ m)
Progress1
Mar '24 Mar '25
Just - Evotec Biologics
Shared R&D
-580
Includes effects of Priority reset and incremental attrition
PAGE 15 1. Based on 2025 savings impact of completed sub-initiatives, P&L impact might only accrue in coming months
FY 2024 Guidance 2025 Comment Group revenues € 797 m € 840 - 880 m5%-10% growth driven by strong JEB segment; Shared R&D in soft market environment pivoting towards high-value offering
R&D expenditure2 € 50 m € 40 - 50 m Further prioritisation of scalable
tech-platforms and technologies
Adjusted EBITDA3 € 23 m € 30 - 50 mImproved operating leverage and productivity measures to increase long-term profitability vs. ramp-up costs of J.POD Toulouse
PAGE 16
Guidance based on FX rates of 1.08 EURUSD and 0.82 EURGBP, respectively
No material FX effects as most R&D efforts are carried out in € area.
Excluding one-off costs of € 55 m for the priority reset in 2024 and potential costs related to the transformation program in 2025
Revenue CAGR1
2024-2028
8-12%
(FY 2024: € 797 m)
Adj. EBITDA
margin
2028
>20%
(FY 2024: ~3%)
DriversMarket recovery, Differentiation, Value add-ons
Operating leverage, Mix/Value add-ons,
Productivity, Cost optimisation
PAGE 17 1 CAGR = Compound annual growth rate
The team is ready to take your questions
Christian Wojczewski
CEO
Paul HitchinCFO
Aurélie DalbiezCPO
Cord DohrmannCSO
PAGE 18
PAGE 18
Volker Braun
EVP Head of Global Investor Relations & ESG
+49 (0) 40 228 999 338 (d)
+49 (0) 151 1940 5058 (m)
volker.braun@evotec.com
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Evotec SE published this content on May 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2025 at 14:39 UTC.
