HAMBURG (dpa-AFX) - Evotec SE (EVTCY.PK, EVOTF.PK), a German drug maker, on Wednesday reported an increase in revenue for the full year, supported by new collaborations.
The Group has announced a priority reset, which is expected to result in an annualized EBITDA improvement of over 40 million euros, the company said in a statement.
Mario Polywka, CEO of Evotec, said: 'Evotec's business displayed great resilience in a challenging market environment. Our central focus for 2024 is to protect our strong balance sheet and refocus the Company on profitable growth. Through the planned priority reset and measures to rightsize our operational and corporate structure, we are taking the necessary steps to ensure that we continue to work with our partners to shape the medicines that matter for many years to come.'
Evotec is also planning to to update the market on its mid-term forecast along with its first-half results.
For the 12-month period, Evotec registered an operating loss of 47.507 million euros, compared with a profit of 20.850 million euros, recorded for the previous year.
Excluding items, EBITDA stood at 66.352 million euros as against 101.654 million euros in 2022.
Research and development expenses dropped to 68.529 million euros from 76.642 million euros a year ago.
Revenue was 781.426 million euros, up from previous year's 751.448 million euros.
The Group expects demand and business climate in selected areas will only start improving toward the end of 2024.
Over the course of 2024, Evotec will simplify its organizational structure and operating model, while also optimizing its footprint and capacity, which is anticipated to result in annualized EBITDA improvement of over 40 million euros.
The company will focus more on right size its business strongly concentrating on its key modalities, small molecules, and biologics.
For the full year, the Group expects its adjusted EBITDA to grow at a double-digit percentage from last year.
Evotec expects a reduction of unpartnered research and development investments in a mid-single to low double digit percentage range, for the year.
Annual revenue is projected to grow at double-digit percentage, from previous year.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX