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Evotec

Termination of coverage

Update | Pharmaceutical & healthcare | 19 Mar 2017

Edison Investment Research is terminating coverage on Evotec (EVT). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Evotec

Upgraded on healthy cash flows post acquisition

Update | Pharmaceutical & healthcare | 07 Mar 2017

Evotec ended 2016 with the landmark deal with Celgene for Evotec's induced pluripotent stem cell (iPSC) platform, bringing in a $45m upfront payment. Other recent highlights were Novo A/S' €90.3m investment in the company and the acquisition of Cyprotex, an ADME-Tox and DMPK specialist that will enhance Evotec's core service offering and also add new clients. Evotec's Q316 results were solid, with better-than-expected margins being the main surprise for us, which prompted us to upgrade our forecasts and raise our valuation to €1.2bn.

Evotec

Solid H116, 2016 EBITDA guidance upped

QuickView | Pharmaceutical & healthcare | 09 Nov 2016

Evotec delivered its Q216 and full H116 results in August, with sales largely in line with our expectations, while profits were boosted by lower than expected operating costs and higher other income. The company has raised its guidance and now expects adjusted EBITDA to more than double in 2016. Evotec delivered a dense newsflow recently, with the most prominent being Bayer's move to Phase I with endometriosis. In our view, healthy cash flows and a maturing preclinical pipeline should support the share price in 2016 and 2017.

C4X Discovery Holdings

Strategic collaboration with Evotec

Flash note | Pharmaceutical & healthcare | 29 Sep 2016

C4X Discovery has announced a new strategic collaboration with Evotec, which builds on a previous agreement (January 2015) to develop new small molecule drugs across a range of targets, therapeutic areas and stages of development. The agreement is a risk-shared multi-target programme. This is a positive development and builds on the recent fund-raising (£5.0m before expenses via a placing of 4.9m new shares, at 102p) as it enables outputs from its drug discovery engine and its preclinical pipeline to progress.

Evotec

Solid H116, 2016 EBITDA guidance upped

Update | Pharmaceutical & healthcare | 16 Aug 2016

Evotec delivered its Q216 and full H116 results last week, with sales largely in line with our expectations, while profits were boosted by lower than expected operating costs and higher other income. The company has raised its guidance and now expects adjusted EBITDA to more than double in 2016. Bayer's move to Phase I with endometriosis is the most prominent news recently. Healthy cash flows and a maturing preclinical pipeline should support the share price in 2016 and 2017, in our view. We have increased our valuation to €620m from €575m.

Evotec

Healthy cash flows in the future

Outlook | Pharmaceutical & healthcare | 29 Jun 2016

Evotec operates a hybrid business model and offers a unique risk-reward profile for investors, with steady growth from its EVT Execute business and potential drug development upside from its EVT Innovate arm. We base our investment thesis for Evotec on supportive company-specific and macro trends and forecast healthy cash flows in the future. Our valuation of Evotec is virtually unchanged at €575m.

Evotec

Strong performance drives upgrades

Update | Pharmaceutical & healthcare | 20 Nov 2015

We believe Evotec's business is well positioned to deliver continued growth, benefiting from the ongoing trend towards outsourcing early-stage drug discovery. A key driver for future growth is via strategic alliances and Evotec has realised a number of both new and expanded agreements this year. We have raised our financial forecasts and, consequently, our valuation to €577m owing to the strong performance year to date, coupled with these collaborations. In 2016 we expect Evotec to provide an update on the future strategy.

Evotec

Deutsches Eigenkapitalforum | November 2015 1 Evotec is a research client of Edison Investment Research Limited Accelerating gro

QuickView | Pharmaceutical & healthcare | 09 Nov 2015

Evotec's business is in a strong position with recent alliances, +37% revenue growth reported with H115 and 2015 financial guidance recently increased. Growth was delivered by the key drivers EVT Innovate (the collaborative academic/pharma drug discovery business) and EVT Execute (the preclinical “services” business). These should remain the near- to mid-term drivers, with prospects further underpinned by the acquisition of Sanofi's Toulouse facility.

Evotec

Growth drivers intact despite EVT302 setback

Update | Pharmaceutical & healthcare | 02 Jul 2015

EVT302 has failed to meet the primary endpoint of a Phase IIb trial inAlzheimer's disease. Partner Roche will now fully evaluate all secondaryendpoints to determine EVT302's future. We have lowered EVT302'sprobability of success to 5% (from 20%), reducing our valuation to €486m.Despite this pipeline disappointment, we continue to believe that Evotecremains well placed to accelerate growth, with the Sanofi deal providingcapacity, guaranteed future revenues and enhanced capabilities.

Evotec

A deal to dream for and key data due soon

Outlook | Pharmaceutical & healthcare | 28 May 2015

The exceptional deal with Sanofi for its Toulouse facility at no cost provides Evotec with a platform to accelerate its growth. Evotec gains much-needed capacity, as well as expertise and other capabilities. The company has already seen an improvement in revenue growth over the last two quarters, and the Sanofi deal should enable it to maintain double-digit growth in the coming years. Evotec is also approaching an important data readout from the Alzheimer's disease (AD) Phase IIb trial with EVT302, which could lead to partner Roche initiating Phase III studies.

Activa Resources

Deutsche Börse Eigenkapitalforum 2014 Research Guide

Sector Commentary: | *Multiple Sectors | 11 Nov 2014

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Evotec

Innovation accelerating, but surprising setback

Update | Pharmaceutical & healthcare | 12 Sep 2014

Evotec's EVT Innovate division is rapidly expanding its CureX/TargetX programmes, increasing the number from 14 to 21 during H114. These projects should form the basis of high-value commercial partnerships, and make EVT Innovate the main growth driver for Evotec, with the support of EVT Execute (the core drug discovery division). However, Evotec has just had a surprising setback, with the announcement that Hyperion is halting development of DiaPep277. Our valuation of Evotec is €465m.