Evotec's H1/2021 numbers were much In line with consensus. At €271m compared to €231m (H1/2021 vs. 2020) the 17% growth in group H1/2021 revenues highlights the robust health of the underlying business. The sharp €47m to €36m YoY fall in H1 EDITDA is due to the continued investment in R&D and pre-production capacity build up of J.POD. With COVID delayed milestones expected in H2, management confirmed its previous €550m - €570m topline guidance, but indicated an EBITDA near the bottom of the €105
Companies: Evotec SE
Evotec delivered promising Q1/2021 results in line with consensus estimates as revenues grew 11% YoY to €133m. This comes soon after ambitious new 2025E guidance provided by management, indicating revenue and adj. EBITDA CAGRS of >15% and 25% respectively driven by continued strong performance from Just - Evotec Biologics in the short term (2021E - 2023E) followed by the maturing clinical pipeline from 2024E onwards. While Evotec's share price has shown strong recent performance (+10.5% YTD, +48
Evotec reported Q3/2020 results marginally below our estimates, but comfortably exceeding consensus forecasts for both the quarter and first 9 months. Both segments saw strong performance despite disruption due to COVID-19, with the EVT Execute business in particular demonstrating better than expected resilience. We expect this trend to continue into 2021E, lifting 2021E - 2024E Execute revenue contributions by 1% - 4% supported by a full order book for 2021E indicated by the acceleration of gro
Having established itself as a leading innovatorin pharmaceucal outsourcing forsmall molecule R&D, Evotec made an important step into the biologics market in 2019 with the acquision of Just Biotherapeucs ("Just Bio"). With biologics accounng for over half of the global pharmaceucal pipeline, the acquision provides accessto the lion's share of the $180bn drug development spend; synergies between Just Bio and EVT's established plaorm potenally doubling EVT's forecast revenues. EVT's capabi
Evotec reported a strong set of Q1/2020 results, with revenues increasing 15% YoY vs. Q1/19 to €119.4m supported by growth in the base business for both the EVT Execute and EVT Innovate segments. Base revenue growth more than offset a lower contribution from milestones, upfront payments, and licenses (€5.4m Q1/2020 vs. €10.1m Q1/2019) with Evotec maintaining a stable adjusted EBITDA of €30m (Q1/2019: €30m). Despite the ongoing global pandemic, all Evotec sites have been able to continue operatio
An outstanding Q4 topped off Evotec's strong financial results for FY2019, which exceeded both our and consensus estimates at both the top and bottom lines. Revenues totalled €446m (+19% YoY) with growth in the base business driven by solid performance from both the Execute and Innovate segments. 2020 may prove a challenging year for Evotec, with the COVID-19 crisis likely to disrupt operations of Execute's services business and potentially delay milestone revenue from the coowned Innovate pipel
Evotec announced the launch of a second research collaboration Indivumed GmbH focused on the discovery of innovative new therapies for non-small cell lung cancer ("NSCLC"). This comes on the back of an initial collaboration in colorectal cancer ("CRC") which successfully identified three novel targets within three months by leveraging Indivumed's multi-omics cancer database, IndivuType, in combination with Evotec's PanHunter bioinformatics platform. The new agreement in lung cancer highlights Ev
Evotec reported strong Q3/2019 results that beat our and consensus' estimates. All business segments delivered a solid performance, including the recently acquired biologics business. We expect the positive trend to continue into 2020E and have therefore lifted 2019E - 2023E revenues by 1% - 2% and adj. EBITDA by up to 6%. Our FY2019E forecasts are 3% - 5% above revised company outlook and we think that the risk to our estimates is to the upside. Evotec shares are trading significantly below our
Evotec announced the launch of a 50:50 joint venture ("JV") with Swiss specialty Pharma company Vifor Pharma AG for the discovery and development of innovative nephrology therapies. The JV combines Evotec's strong expertise in drug discovery with Vifor's proven commercial platform and ambition to become a global leader in nephrology. The aim will be to identify novel targets by leveraging clinical data from a kidney biobank (NURTuRE), reflecting Evotec's patient-centric approach of feeding patie
Evotec reported Q2/2019 revenues in line with cons. forecasts and adj. EBITDA c.8% ahead. Combined with the consolidation of Just Biotherapeutics (“Just.Bio”, closed on 2nd July), this has led management to increase financial outlook for FY2019E. Changes to our model are due largely to adding forecasts for Just.Bio and the increased debt position following the placing of a €250m Schuldschein (promissory note) in June. We maintain our OUTPERFORM recommendation and target price (“TP”) of €28 per s
Evotec reported solid H1/2019 results, with revenues in line with our and consensus forecasts and adjusted EBITDA 3% - 4% ahead. This, combined with the consolidation of Just Biotherapeutics (acquisition closed on 2nd July) led management to increase its financial outlook for FY2019E, suggesting modest upside to our top-line forecasts. Evotec ended the half year with a strong liquidity position of €342m following the issue of a promissory note ("Schuldschein") and the final €54m repayment of the
Evotec announced that it has signed a definite agreement to acquire Seattle-based Just Biotherapeutics ("Just.Bio") for up to $90m (c.€81m) in cash. The acquisition is expected to close in Q2/2019E and accelerate Evotec's revenue growth. Just.Bio is a technology company focused on the design, development and manufacturing of biologics with speed, flexibility and cost-effectiveness at its heart. Despite its short existence (founded in 2014/2015), Just.Bio has already grown to approx. 90 employees
Evotec reported strong Q1/2019 results that comfortably exceeded our and consensus estimates on the top and bottom line, driven by solid performance across both business segments (EVT Execute and EVT Innovate). Once again, the results reflect that Evotec is well positioned to benefit from the accelerating macro trend towards external innovation in drug discovery and beyond. On the results call, management stated that “we comfortably confirm our guidance”, which may appear conservative in light o
Evotec reported strong Q1/2019 financial results that beat our and consensus forecasts at the top and bottom line. Revenues came in at €103.8m, +31% YoY, well ahead of our and cons. estimates of €90m and €94m, respectively, driven by solid performance across both business segments (Execute and Innovate). The gross margin of 30% was also ahead of our expectations. Total operating costs of €13m (in line with GPSLe) yielded an adjusted EBITDA result of €30m (vs. GPSLe €20m and cons. €22m), more tha
Evotec reports Q1/2019 financial results on Tuesday, 14 May 2019. We forecast total revenues of €90m, +14% YoY and adjusted EBITDA of €20m, +43% YoY. While we anticipate robust growth for the EVT Execute business, we expect Q1 overall to be weaker than subsequent quarters this year due to modest milestone income in the EVT Innovate business, which we estimate at <€7m. The expected high EBITDA growth rate reflects the low level achieved in the prior year, where total milestone income was <€3m. Mi
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Yourgene has experienced strong demand for its Covid-19 tests, which propelled H1’22 revenues to £17.5m, ahead of the >£15.0m indicated at the AGM last month. This is more than double the revenues booked in H1’21 and close to the whole of FY21. Both Genomic Services and Genomic Technologies grew strongly in the period, with Covid-related revenues now acting as much more than a natural hedge in both segments. Despite the ongoing uncertainties and lack of forward visibility around Covid-testing vo
Companies: Yourgene Health Plc
Recruitment resumed the Phase 2a trial of the lead programme hRPC in retinitis pigmentosa (RP) with the treatment of the first UK-patient in Oxford. The protocol gives greater infection control after the safety issue (a possible infection) in June. Five patients were treated up to mid-October and the remaining four could be treated by December 2021. By late March 2022, ReNeuron expects to give an interim update. The full data set should be available around mid-2022. This will enable regulatory d
Companies: ReNeuron Group plc
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ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas company which has incubated and financially supported ATOME to date, by way of a dividend in specie and flotation.
Devolver Digital to join AIM, an award-winning digital video games pu
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SkinBioTherapeutics has made significant progress through 2021, and ahead of the launch of its first product, AxisBiotix-Ps on World Psoriasis Day, we provide an overview of the company, its commercial channels and its progress. With the imminent launch of AxisBiotix-Ps, the company is at a significant inflection point, transitioning from a development organisation to a commercial operation. Importantly SkinBioTherapeutics has four further commercial channels in progress behind this lead opportu
Companies: SkinBioTherapeutics Plc
Softline, the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, has issued GDRs to the Standard Listing Segment of the Official List, and on the Moscow Exchange. The Group had a turnover of US$1.8bn for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. Primary proceeds from the Offer are expected to be around US$400m. At the $7.5 offer price. Mkt
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IXICO has announced that one of its clients has put an indefinite halt on a clinical trial for which the company was providing its artificial intelligence medical image analysis. The halt is the result of unexpected preclinical data. IXICO had expected the contract to deliver £0.8m of revenues in FY22E and it represented £3.3m of the £18.8m order book as of the close September 2021. While this news is disappointing, clearly the trial halt has no reflection on the capability of IXICO's technology
Companies: IXICO Plc
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Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
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H1 EBITDA declined by 45% YoY, albeit this was slightly better than we had anticipated after the pre-close update in August. The beat was cost related (efficiencies/savings). There was a significant gross margin drag though and, while transitory in nature and diminishing in H2, this means further savings need to be realised to hit full year forecasts. This is our view and we retain a good level of confidence in next year’s forecasts. Having de-rated, valuation looks very undemanding now on just
Companies: Venture Life Group Plc
Venture Life has announced its interim results for the six months to June 2021. As previously announced in the August trading statement, revenues were down YoY due to lower HSG sales and sales to the Chinese partner, though revenues are expected to grow subsequently, benefiting from the two recent acquisitions. H1/21 gross margin was impacted by a number of factors including supply chain costs and stockholding costs; however, the company expect margins to improve in H2/21E. Despite the set-backs
CareTech is a specialist social care and educational services provider. This morning, the group has announced an update for the year to 30 September pointing to the fact that results will be in line with market expectations. The net debt position of £259m illustrates a further reduction since the end of H1 (31 March £263.1m) and implying a reduction to 2.7x adjusted EBITDA. During the year, seven new developments have opened, with a further eight properties purchased in H2. The group's freehold
Companies: CareTech Holdings PLC
Positive headline results announcement, showing a statistically significant and clinically meaningful difference between Grass MATA MPL and placebo in hayfever patients in the exploratory field study (G309), is considered a major de-risking event. Not only does it increase the probability of successfully completing the pivotal Phase III study (G306) in the US and EU, but it underpins the broader MATA MPL platform, which includes tree and ragweed pollen, and increases the likelihood of completing
Companies: Allergy Therapeutics plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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NetScientific plc (NSCI) an active transatlantic life sciences/healthcare, sustainability and technology investment and commercialisation group announces that its corporate finance and venture capital division EMV Capital Ltd (EMVC) has advised on a £843k fundraise, into Sofant Technologies, the leading 5G and Satcom antenna developer based in Edinburgh. The fundraise consists of £300k direct investment from NetScientific, £343k from private clients and £200k matched funding from the British Bus
Companies: NetScientific plc
Hikma’s H1 20 top-line acceleration was driven by COVID-19-related demand in Injectables and Generics and the economic recovery in Algeria propelled growth in the Branded segment. Combined with a favourable product-mix, the operating margin was up 1.5ppt. In the near term, new launches across segments should provide some respite against the ongoing pricing pressure. Given the company’s thin R&D pipeline and a robust balance sheet, M&A (probably in the biosimilars space) seems on the cards.
Companies: Hikma Pharmaceuticals Plc