Evotec Se · XETR:EVT
Evotec — Investor Presentation (December 2024)
29 slides from Evotec's investor presentation, December 2024
Slide 1: General company presentation
General company presentation Scientific Operational Excellence Excellence Evotec SE, Company presentation, December 2024
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: Together for Medicines that Matter
1 Together for Medicines that Matter 2 Scientific & Operational Excellence 3 Financials PAGE 3
Slide 4: R&D Biotech that offers accelerated, high-value pipeline co-creation, and R&D solutions
Accelerating medicines that matter About us 4,000++ scientists Co-creating pipelines empowering our partners Leveraging our assets, targets or proprietary platforms for licensing, Across all disciplines and disease areas from co-development or potential NewCo creation, frequently combining target to
Slide 5: Superior business model positions us well for sustainable growth
Superior business model positions us well for sustainable growth Offering & commercialization streams today • Transactional services Services e.g. HTS, DMPK, CMC,… • Distinct work packages • Partner: Entire Pharma – Biotech spectrum / Academia Integrated • Revenue model: FTE-based revenues (FTE) off
Slide 6: Positioned in attractive markets – Technology as accelerator
Positioned in attractive markets – Technology as accelerator Growth dynamics in our industry – Overview PanOmics Biologics manufacturing CAGR CAGR >10% 15 >20% 80 60 in USDbn in USDbn 10 R&D Outsourcing 40 5 20 & CAGR 5-10% 0 0 30 2022 2030 2022 2030 25 Multi-Omics market Continuous manufacturing in
Slide 7: Opening a new chapter: Growth & Profitability
Opening a new chapter: Growth & Profitability Strategic review to strengthen profitable growth 2024 2018 2012 2009 Growth & Profitability Aspire global Build innovation leadership Focus & grow 2025 - 2030 seeds 2023 Scientific & operational ‘Back to the roots’ 2015 excellence strategy with • Revenue
Slide 8: Change is in progress, with more to come
Change is in progress, with more to come Restart Review Reset Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2026 Reset: Review: Restart: Strong performance so far Broad spectrum program will cover Activation of new strategy and accelerated transformation • Visible savings as of Q3/
Slide 9: Scientific & Operational Excellence
1 Together for Medicines that Matter 2 Scientific & Operational Excellence 3 Financials PAGE 9
Slide 10: Scientific AND operational excellence are both essential for our success
Scientific AND operational excellence are both essential for our success Benefits of increased emphasis on Operational excellence Shared R&D – From target to patient Discovery of next generation drugs with higher efficacy and probability of success. PanOmics approach for molecular disease understand
Slide 11: Summary of operational update for first nine months 2024
Summary of operational update for first nine months 2024 Shared R&D Just – Evotec Biologics • Extension of BMS collaboration into new disease area • Continued strong growth momentum • Novo collaboration in Cell Therapy • Expansion of Tech partnership with Sandoz and Grand Opening of J.POD2, France o
Slide 12: Resetting Priorities
Priority Reset as response to a challenging environment Observations in 2024 Challenging market High fixed cost base development Change in structure Revenue phasing / of Closed sales mix for 2024 Resetting Priorities PAGE 12
Slide 13: Three pillars towards profitable growth & focus on stronger liquidity
Three pillars towards profitable growth & focus on stronger liquidity Portfolio Capacity & 1 adjustments 2 External spend 3 Footprint • Exit Gene Therapy • Reduction in force across • Site exits (Orth, Halle, US, UK, Italy, Germany and Cologne & Marcy) • Scale back API capacity France • Building clo
Slide 14: 60% growth of Discovery sales
60% growth of Discovery sales Closed Sales in Discovery by quarter, excluding BMS partnership, indexed Discovery +60% • Adjusted 12-moths rolling Discovery sales1 as of 30 Sep 60% higher compared to previous year • Q3 2024 sales in Discovery up ~20% versus Q3 2023 • Growing share of integrated, mult
Slide 15: Significant business expansion of JEB with commercial manufacturing
Significant business expansion of JEB with commercial manufacturing Just – Evotec Biologics (JEB) closed sales, in € m >1,000 ~900 ~850 >> 10x 3x >100 Dec 2021 Dec 2022 Dec 2023 Mar 2024 June 2024 Sep 2024 PAGE 15
Slide 16: Financials
1 Together for Medicines that Matter 2 Scientific & Operational Excellence 3 Financials PAGE 16
Slide 17: Navigating in challenging markets
Navigating in challenging markets Condensed income statement 2023 – Evotec SE and subsidiaries in € m1 2023 2022 Change Comment • Cyber-related impact Revenues 781.4 751.4 4% (esp. Development and Cyprotex) of which Just – Evotec Biologics (JEB) 108.4 51.3 >110% • Challenging markets (esp. biotech)
Slide 18: Soft revenue offsets first cost improvements – JEB revenue +74%
Soft revenue offsets first cost improvements – JEB revenue +74% Condensed income statement 9M 2024 – Evotec SE and subsidiaries in € m1 9M 2024 9M 2023 Change Comments Revenues 575.7 580.1 (1)% Shared R&D 447.0 506.1 (12)% Soft market in Shared R&D Just – Evotec Biologics (JEB) 128.7 74.1 74% JEB wi
Slide 19: Core operations break-even
Core operations break-even Condensed income statement 9M 2024 – Evotec SE and subsidiaries Core Non-core assets Focus on core in € m Reported Operations (Halle, Orth) operations Revenues 575.7 570.1 5.6 • Sites in Halle and Orth Shared R&D 447.0 441.4 5.6 are no longer considered Just – Evotec Biolo
Slide 20: On track delivering cost optimisation plan & improved one-off cost
On track delivering cost optimisation plan & improved one-off cost EBITDA contribution of Reset measures Expected adj. EBITDA impact, in €m • De-prioritisation of non-core business Exit of gene therapy and large-scale API manufacturing +60% of annualised >40 • External spend optimisation impact alre
Slide 21: Solid funding profile
Solid funding profile Streamlined financing 2% • Undrawn liquidity reserve: mix, Share of liabilities & 23% − Undrawn project and research lease obligations 40% financing of € 75 m € 467 m − Revolving credit facility (RCF) Research Financing Promissory Note of € 250 m Project Financing 34% • Financi
Slide 22: Guidance 2024
Guidance 2024 Guidance 20241 YE 2023 Comment Strong growth of JEB; Group revenues € 790 - 820 m € 781.4 m Soft market environment in Shared R&D Focus on scalable first-in-class R&D expenditure2 € 50 - 60 m € 64.8 m platforms and projects, safeguarding sustainable growth High fixed costs base; balanc
Slide 23: Appendix
Appendix PAGE 23
Slide 24: Experienced management team with long-term mission
Experienced management team with long-term mission The management team Experience Experience Experience • 2017 – 2022 CEO of Mediq • 2021-2023: • 2021 – 2024 Chief Human • 2005 – 2017 Various Global CFO of Wavin Resources Officer at leadership positions at Linde • 2018-2021: Divisional Corbion Group
Slide 25: Global view and deep experience for best governance
Global view and deep experience for best governance Independent and diverse Supervisory Board • Since 2014 Member of • Since 2019 Member of the • Since 2022 Member of Evotec’s Evotec’s Supervisory Board Supervisory Board Supervisory Board (2021 Chairperson) (2021 Vice Chairperson) • Since 2013, Diff
Slide 26: Sustainable growth enabled by commitment, culture, values & people
Sustainable growth enabled by commitment, culture, values & people Sustainability at Evotec Our People Our Partners Safe work environment High governance standards and effective structures Diversity, equity, and inclusion Stakeholders‘ engagement Animal welfare and bioethics Our Patients Our Values
Slide 27: EVOequity portfolio making progress
EVOequity portfolio making progress Operational VC model – diversified portfolio with multiple shots on goal At Equity Holding (≥20%) or significant influence • Breakpoint Therapeutics – Nomination of first preclinical development candidate, BTX-011 • Tubulis – Closing of upsized € 128 m Series B2 fi
Slide 28: Shareholders supporting sustainable growth
Shareholders supporting sustainable growth Shareholder structure1 ~ 8% Novo Holdings A/S ~ 7% Mubadala Investment Company ~ 10% Triton GP HoldCo SARL ~ 75% Free float Number of shares: Listings: 52 week high/low: 177.5 m Frankfurt Stock Exchange (SDAX, TecDAX), Ticker: EVT € 21.69/€ 5.06 NASDAQ Glob
Slide 29: Volker Braun, EVP Global Head of Investor Relations & ESG
Volker Braun EVP Global Head of Investor Relations & ESG +49 (0) 40 228 999 338 (direct) +49 (0) 151 1940 5058 (mobile) volker.braun@evotec.com