Slide 1: Pioneering Drug Discovery: FY 2024 & Strategic Review
Pioneering Drug Discovery FY 2024 & Strategic Review Scientific Operational Excellence Excellence Evotec SE, FY 2024 results call, 17 April 2025
Slide 2: Disclaimer
Disclaimer This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries) is being delivered on behalf of Evotec SE (the “Company”, “we,” “our” or “us”). This presentation is made pursuant to Sec
Slide 3: Agenda
Agenda 1. 2024 results & business review 2. 2025 market view & guidance 3. Strategy & mid-term outlook 4. Questions & answers PAGE 3
Slide 4: Agenda: 2024 results & business review
Agenda 1. 2024 results & business review 2. 2025 market view & guidance 3. Strategy & mid-term outlook 4. Questions & answers PAGE 4
Slide 5: Pairing scientific excellence with operational excellence
Pairing scientific excellence with operational excellence Improvements to the way we work will elevate our performance Scientific Operational Excellence Excellence Delivering Growth & Performance PAGE 5
Slide 6: Updated guidance 2024 reached
Updated guidance 2024 reached FY 2024 Guidance 20241 Comment Excellent growth momentum in Just – Evotec Biologics; Group revenues € 797.0 m € 790 - 820 m Soft market environment in Shared R&D Focus on scalable, first-in-class R&D expenditure € 50.8 m € 50 - 60 m platforms and technologies, supportin
Slide 7: Strategic partnerships well on track to support long-term growth
Strategic partnerships well on track to support long-term growth Shared R&D Just – Evotec Biologics • Progress in existing BMS collaborations (neuro & • Strong growth with new partners onco) and extension into new disease areas • Expansion of tech partnership with Sandoz • Precision medicine partner
Slide 8: FY 2024: Navigating a challenging year – JEB revenue +71%
FY 2024: Navigating a challenging year – JEB revenue +71% Condensed income statement FY 2024 in € m1 FY 2024 FY 2023 Change Comments External Revenues 797.0 781.4 2% Soft Shared R&D market; temporarily more investments in late-stage assets Shared R&D 611.4 673.0 (9)% Strong growth momentum of JEB ba
Slide 9: FY 2024 by quarter – strong finish to the year
FY 2024 by quarter – strong finish to the year Condensed quarterly income statement numbers 2024 in € m1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Comments Q4 External Revenues 208.7 182.1 184.9 221.2 Favourable phasing of revenue Shared R&D 155.2 147.2 144.6 164.4 recognition for completed work packages Just
Slide 10: € 91.1 m Operating and Investing Cash Flow in Q4
€ 91.1 m Operating and Investing Cash Flow in Q4 Quarterly Cash Flows 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 • Positive Operating Cash Flow: 91.1 Secured cash from outstanding Quarterly R&D tax credits (> € 50 m) cash-flows1, in € m Income tax reimbursements (> € 30 m) 16.7 74,2 • Investing cash-f
Slide 11: Net debt leverage ratio at 1.9x
Net debt leverage ratio at 1.9x Quarterly liquidity development 2024 Net debt, in € m 117 173 164 43 • Liquidity up by € 94 m vs. Q3 leading to Liquidity at 510 € 397 m at year end quarter end, +94 in € m • Net debt leverage 397 (NDL) down to 1.9x adj. EBITDA, based on improved liquidity and 299 303
Slide 12: Solid funding profile
Solid funding profile Streamlined financing mix, 2% Financing strategy Share of liabilities & lease 24% obligations Conservative fix/floating mix 39% € 439 m Well balanced maturity Research Financing profile; +50% at ≥5Y Promissory Note Low financing costs secured Project Financing 35% Lease o
Slide 13: Priority Reset – savings target reached
Priority Reset – savings target reached EBITDA contribution of Reset measures Recurring adj. EBITDA impact, in € m • De-prioritisation of non-core business Savings Exit of gene therapy and large-scale API manufacturing (in Halle) completed target reached • Reduced footprint >40 Non-core Site exits
Slide 14: Agenda: 2025 market view & guidance
Agenda 1. 2024 results & business review 2. 2025 market view & guidance 3. Strategy & mid-term outlook 4. Questions & answers PAGE 14
Slide 15: Operating in highly attractive markets
Operating in highly attractive markets Outsourcing and paradigm shift as drivers for superior growth Global R&D spend Outsourcing share $ 260 bn • Global R&D spend with 3% growth 2023-2030 5-7% 40% Clinical 15% • Outsourcing trend continuing - drug discovery catching up CAGR (addressable CRO market
Slide 16: Next-generation technology improving R&D returns
Next-generation technology improving R&D returns Benefits of better prediction Step change required to produce faster, safer & better R&D outcomes $ 7.7 bn Prediction, automation, spend of TOP 20 industrialisation, AI are key Pharma on clinical trials that were terminated in 2024 Evotec leading in t
Slide 17: Near-term biopharmaceutical market drivers
Near-term biopharmaceutical market drivers Implications • Market recovery in Demand/ Shared R&D earliest end Funding Regulation Market of 2025 • Just - Evotec Biologics with robust demand and nearshoring supply • CRO market remains • Tipping point for • Uncertainty around upsides soft at 2024 levels
Slide 18: What to expect in 2025?
What to expect in 2025? Underlying model assumptions Category Assumptions Revenue • Continued soft market for Shared R&D expected during the entire year 2025 • Shared R&D revenues expected to be around previous year levels • Strong underlying demand in market for biologics • Just-Evotec Biologics lo
Slide 19: Guidance 2025
Guidance 2025 FY 2024 Guidance 2025 Comment 5%-10% growth driven by strong JEB segment; Shared R&D in soft market Group revenues € 797 m € 840 - 880 m environment pivoting towards high- value offering Further prioritisation of scalable R&D expenditure1 € 51 m € 40 - 50 m tech-platforms and technolog
Slide 20: Cost discipline & investments to support growth of JEB
Cost discipline & investments to support growth of JEB Adj. EBITDA bridge 2024 – 2025 (indicative levers) Adj. EBITDA, in € m 30-50 Cost out (net) Volume 23 2024 Actuals Priority Reset One-time Shared R&D net JEB revenue growth, 2025 Guidance savings 20241 cost out2 & volume ramp-up cost3 1 Includin
Slide 21: Opening a new chapter of our success story
Summary FY 2024 Navigating 2025 Transforming Guidance achieved, and creating a for sustainable balance sheet robust basis profitable growth strengthened, cost savings delivered Opening a new chapter of our success story PAGE 21
Slide 22: Agenda: Strategy & mid-term outlook
Agenda 1. 2024 results & business review 2. 2025 market view & guidance 3. Strategy & mid-term outlook 4. Questions & Answers PAGE 22
Slide 23: A clear path forward
A clear path forward Vision sharpened, Strategic review concluded Phase III: Restart Phase II: Review Phase I: Reset Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2026 The Reset … The Review … In the Restart … … created a more targeted, efficient … created a new strategy towards …w
Slide 24: Building blocks for value creation
Building blocks for value creation Technology and science leadership Drug Discovery and Just – Evotec Biologics Pre-clinical Development New ways of working Enhanced commercial model Commitment to operational excellence Focus on talent development PAGE 24
Slide 25: Revised strategy – sharpened investment focus
Revised strategy – sharpened investment focus Enabling partners through technology and science leadership Drug Discovery & Pre-clinical Development Just – Evotec Biologics • Target Identification to IND • World leader in developing enabling technologies for end-to-end continuous manufacturing • Simp
Slide 26: Strategy in Execution – simplifying our business model
Strategy in Execution – simplifying our business model Implementation has started Strategic shift Focus & Action Streamlining • Cleaned up portfolio - high quality, high potential assets – divested EVT 201 asset pipeline • Own asset development limited to proof points for technological innovation Op
Slide 27: Growing faster than market with premium offerings
Growing faster than market with premium offerings Leading technology as drivers for superior growth Multi-Omics Market Biologics CDMO market USD bn USD bn Drivers for outperformance 15 40 30 10 >20% >10% Base market growth (“CRO essentials”) 5-7% 20 5 (Tipping point to be monitored) 10 0 0 + additio
Slide 28: Enhancing our commercial model
Enhancing our commercial model Targeted value proposition Our offerings Our value proposition Our commercial position 3 • Access to cutting edge technology, next-gen biology & AI Pioneering drug • Enhance drug discovery & development program Strategic partnerships & discovery & risk/ rewards sharing
Slide 29: Asset pipeline with ~ € 16 bn opportunity (non-risk adjusted)
Asset pipeline with ~ € 16 bn opportunity (non-risk adjusted) Re-prioritized asset pipeline an important value creation lever Pipeline priorities & targets Existing portfolio with long-term revenue upside Non-risk adjusted revenue, in € bn, excluding new pipeline building • Investments into a unique
Slide 30: Just Evotec Biologics - better monetisation of technology & assets
Just Evotec Biologics - better monetisation of technology & assets Improving operational efficiency by focusing on technology leadership and core competencies Just – Evotec Biologics today Our vision for tomorrow Intellectual Expand leadership on core technology Validated technology leadership prope
Slide 31: Commitment to operational excellence
Commitment to operational excellence Creating a sustainable cost base Key levers to be addressed (short to mid-term) COGS Structural cost reset, overcapacity, footprint and processes SG&A Reduce complexity, standardisation, from admin to >€ 50 m business value Total cost out by 2028, productivity ga
Slide 32: Mid-term Outlook
Mid-term Outlook 2028 aspiration Revenue Adj. EBITDA CAGR1 margin 2024-2028 2028 8-12% >20% (FY 2024: € 797 m) (FY 2024: ~3%) Drivers Market recovery, Operating leverage, Differentiation, Mix/Value add-ons, Value add-ons Productivity, Cost optimisation PAGE 32 1 CAGR = Compound annual growth rate
Slide 33: Levers of value creation
Levers of value creation Above market growth rates at better-quality earnings Technological leadership and innovation; steering portfolio towards high value segments Commitment to Operational Excellence > € 50 m cost reduction by 2028 & further productivity improvement Just – Evotec Biologics –bette
Slide 34: The team is ready to take your questions
The team is ready to take your questions Christian Wojczewski Paul Hitchin Aurélie Dalbiez Cord Dohrmann CEO CFO CPO CSO PAGE 34
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