Evotec reports 57% revenue growth, transition to European company
The proposal to make the transition has been approved by the supervisory board and will be put to a vote at this year's annual general meeting on June 20, 2018, according to the Germany-based service provider.
With operating sites in Germany, France, Italy, Switzerland, the UK and the US, Evotec CEO Dr. Werner Lanthaler told us the decision is a move to adopt “most cost-efficient international corporate set up.”
He also said the move is “more appropriate” for its employees in the respective countries.
“The rationale is very clear,” he said: “Having the best and most cost-efficient global corporate set-up in place.”
Additionally, moving from a German governance “into a more modern and international set-up” underlines the company’s “global strategic ambition,” Lanthaler said.
Financial results and INDiGO
Evotec also today announced its fiscal year 2017 results, reporting a 57% growth in revenues to €257.6m ($317.97m) last year, up from €164.5m ($203.27m) in 2016.
According to the company, the increase was largely driven by strong performance in its base business, increased milestone payments, and contributions from Cyprotex (€24.5m) and Aptuit (€45.9m) – which Evotec acquired in 2016 and 2017, respectively.
Additionally, milestone, upfront, and license revenues amounted to €27.8m ($34.31m), an increase of 47% in comparison form the previous year.
Evotec attributes the growth chiefly to milestones achieved in the collaborations with Bayer in endometriosis and kidney diseases, Celgene in neurodegeneration, and Sanofi in diabetes and oncology.
Additionally, earlier this week, Evotec launched its drug development service INDiGO, combining its capabilities "under one roof" to accelerate drug candidate delivery.
Dr. Roberto Dorigatti, senior vice president, integrated development program, said the solution "is unique in the industry and has a proven track record of success in dramatically reducing (by more than 50%) time and costs during the IND-enabling phase of development."