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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
goetzpartners securities Limited
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on Evotec SE. We currently have 2 research reports from 2 professional analysts.
Companies: Warpaint London PLC
Shore Capital
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Hardman & Co
15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio
Companies: GTC SAV FAB KRM BOOM
Hybridan
Companies: SCE HVO VLG
Cavendish
Companies: IGP RUA BOOM
Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
Companies: Avon Protection PLC
Edison
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Companies: Cambridge Nutritional Sciences PLC
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
Companies: BILN IGP RBN SBTX
Companies: Futura Medical plc
Liberum
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY
Companies: Diaceutics Plc
Capital Access Group
Belluscura has released a Trading Update stating that due to the delay in securing funding and Chinese NMPA approval, sales and manufacturing have been delayed by at least four months and it now expects EBITDA breakeven in Q3 and to turn cashflow positive in Q1 2025.
Companies: Belluscura PLC
Dowgate Capital
Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar
Companies: Zoetis (ZTS:NYSE)Zoetis, Inc. Class A (ZTS:NYS)
Baptista Research
Companies: NTQ KMK JNEO DCTA
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