HAMBURG, Germany, Dec. 13, 2013 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt Stock Exchange, Prime Standard, ISIN: DE 000 566480 9, WKN 566480) today announced that it is adjusting its guidance regarding Group revenues.
Certain pre-clinical studies with the NR2B subtype selective NMDA antagonist performed by Evotec's licensee, Janssen Pharmaceuticals, Inc. did not confirm certain properties of the antagonist and did not justify the planned immediate development progress and therefore do not trigger a significant milestone payment to Evotec in 2013. The project is currently under evaluation at Janssen. Evotec will be obliged to evaluate the impairment of up to € 22 m of intangibles in respect of these "legacy assets" on Evotec´s balance sheet.
Evotec now expects revenues to be between € 84-86 m for the fiscal year 2013. Original guidance for revenues was between € 90-100 m. The operating result before impairment and changes in contingent consideration is still forecasted to be positive, but might no longer be improved from its 2012 level. In the third quarter of 2013, guidance on liquidity was increased to be >€ 90 m and remains unchanged.
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic. The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, pain, metabolic diseases as well as oncology and inflammation. Evotec has long-term discovery alliances with partners including Bayer, Boehringer Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals, MedImmune/AstraZeneca and Ono Pharmaceutical. In addition, the Company has existing development partnerships and product candidates both in clinical and pre-clinical development. These include partnerships with Boehringer Ingelheim, MedImmune and Andromeda (Teva) in the field of diabetes, with Janssen Pharmaceuticals in the field of depression and with Roche in the field of Alzheimer's disease. For additional information please go to www.evotec.com.
FORWARD LOOKING STATEMENTS — Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this report. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
CONTACT: Gabriele Hansen Head of Corporate Communications +49.(0)40.560 81-255 +49.(0)40.560 81-222 Fax email@example.com Evotec AG Manfred Eigen Campus Essener Bogen 7 22419 Hamburg (Germany)Source:Evotec AG