Evotec Q315 Financial Results Shows Strong Performance
Edison | Nov 22, 2015 05:32AM ET
Strong performance drives upgrades
We believe Evotec's (DE:EVTG) business is well positioned to deliver continued growth, benefiting from the ongoing trend towards outsourcing early-stage drug discovery. A key driver for future growth is via strategic alliances and Evotec has realised a number of both new and expanded agreements this year. We have raised our financial forecasts and, consequently, our valuation to €577m owing to the strong performance year to date, coupled with these collaborations. In 2016 we expect Evotec to provide an update on the future strategy.
Strong 9M15 performance aided by Sanofi (PA:SASY) deal
Evotec’s 9M15 revenues grew 50% to €88.2m, driven by a strong performance in EVT Execute (+52%, the preclinical “services” business), which was boosted by Sanofi revenues. EVT Innovate (the collaborative academic/pharma drug discovery business) grew 34%. The strong performance recently led Evotec to upgrade 2015 revenue guidance to growth >45% (excluding milestones and upfronts). With the performance to date, coupled with a generally strong Q4, we believe this can be surpassed with nearly 60% growth possible, even if Q4 is flat versus Q3.
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