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Evotec Reports Third Quarter 2007 Results
Date:11/13/2007

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The Group operating result for the first nine months of 2007 amounted to EUR (36.7) million (2006: EUR (25.0) million). The decline is a result of the reduced revenue and gross profit levels, high investment in the advancement and enhancement of Evotec's proprietary pipeline (R&D expenses: +22%) and a related 19% increase in SG&A expenses, including transaction costs for divestments and acquisitions. For the first nine months of 2007, net loss remained on last year's level at EUR 23.6 million (2006: EUR 24.6 million). This is due to a non-operating profit from the divestment of Evotec Technologies GmbH to PerkinElmer (EUR 11.2 million), the divestment of shares of Direvo Biotech AG (EUR 0.5 million) and high interest income due to increased cash levels (EUR 1.0 million).

In total, cash and cash equivalents at the end of September 2007 on a proforma basis including proceeds from the divestment of Evotec's Chemical Development Business to Aptuit, Inc. (approximately EUR 46.4 million) amounted to EUR 106.8 million. The reported cash position excluding the proceeds from the divestment to Aptuit was EUR 60.4 million (December 31, 2006: EUR 78.1 million). The decrease mainly results from high R&D investment and an increase in working capital by EUR 10.6 million compared to the extraordinarily low level of working capital recorded at year-end 2006.

Corporate Events:

- Compelling proof-of-concept data achieved in two Phase II studies with insomnia drug candidate EVT 201

- In adult insomniacs (first study), EVT 201 showed highly statistically significant effects on sleep onset and maintenance and was free of any subjective evidence of hang-over, thereby revealing a competitive drug profile

- Top-line results of the second study in elderly insomniacs confirmed the robust effects seen in the first study and indicate that the same doses show hypnotic efficacy in the elderly as well as positive effects on day-time performance (less sleepiness)
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SOURCE Evotec AG
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