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Evotec’s annual net income more than doubles

A strong year for the pharmaceutical company.

The German pharmaceutical company Evotec AG has reported a net income of €6.65m for the year ended 31 December 2011, compared to €2.99m in 2010.

Revenues increased by 45 per cent to €80.13m (2010: €55.36m), driven by the company’s strong performance in its drug discovery alliances, as well as a €6.9m upfront payment from Roche as part of a development partnership in Alzheimer’s disease with EVT302.

Revenues included significant payments and licenses received from Boehringer Ingelheim, Ono Pharmaceutical and Shionogi in the amount of €12.4m (2010: €10.9m).

Research and development expenses came to €8.44m – an increase of 38 per cent, compared to €6.17m the previous year. Diluted earnings per share were €0.06 in 2011 (they were €0.03 in 2010). The company maintained a strong liquidity position of €62m.

Evotec said it will continue to minimise any significant clinical risk and run development programmes only in partnerships where a pharmaceutical company is funding the later-stage clinical trials.

During 2011, it invested in expanding and upgrading its capabilities in screening, protein production, structural biology and chemical proteomics.

This year, Evotec expects group revenues to reach €88 to 90m, with R&D expenses remaining broadly in line with 2011 levels at approximately €10m.

As of 31 December 2011, the company had assets of €218.21m.