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Evotec SE Investor Presentation 2009

Apr 7, 2009

151_ip_2009-04-07_00f37eb6-e59e-4140-a7a1-4c19ebfea354.pdf

Investor Presentation

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Evotec 2012 - Action Plan to Focus and Grow

FY 2008 results and strategy update

Forward-looking statements

Information set forth in this presentation contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about our expectations and assumptions concerning 2009 revenues, expenses and operating results and their effect on end of year cash, regulatory, clinical and business strategies, the progress of our clinical development programs and timing of the results of our clinical trials, strategic collaborations and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; competing products may be more successful; our inability to interest potential partners in our technologies and products; our inability to achieve commercial success for our products and technologies; our inability to protect our intellectual property and the cost of enforcing or defending our intellectual property rights; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates; and risks of new, changing and competitive technologies and regulations in the U.S. and internationally. The list of risks above is not exhaustive. Our most recent Annual Report on Form 20-F, filed with the Securities and Exchange Commission, and other documents filed with, or furnished to the Securities and Exchange Commission, contain additional factors that could impact our businesses and financial performance. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

Agenda

  • z 2008 summary
  • Corporate highlights & financial results
  • zEvotec 2012 – Action Plan to Focus and Grow
  • zAlliance & pipeline update
  • zUpcoming news flow

Highlights & lowlights

Summary 2008

1

2

3

Revenue growth driven by discovery alliances

  • zVery strong in 2008; robust order book in place for 2009
  • zThree milestones achieved in Boehringer Ingelheim collaboration
  • zNew Novartis, Ono alliances
  • zDiscovery alliances strongly cash generative

Strong news flow but missed EVT 201 partnering milestone

  • zPhase II development alliance for EVT 101 signed with Roche
  • zPhase II POC results for EVT 302 in Smoking Cessation in Q2 2009
  • z Phase I with P2X7antagonist started
  • zPhase I with VR1 antagonist started by Pfizer
  • zChanged risk/reward ratio for EVT 201; investing stopped
  • Strong 08 results & liquidity but high R&D costs & impairment
  • z€92m liquidity position as of December 31, 2008
  • zR&D expenses €42.5m
  • zImpairment €27.6m
  • zFx loss €12.1m

A fresh look at discovery alliances*

ACTION:

Cost –focused

strategy review

&

Accepting reality: We need to change

Key strength & weaknesses – Outcome of strategy review

  • z Outstanding, but earlystage pipeline programs
  • z Development alliance for EVT 101 with Roche
  • z Near-term POC clinical data for EVT 302
  • z Numerous mid-term partnering opportunities
  • z Strong discovery alliance business

  • zSolid liquidity position

  • z Failure to deliver on EVT 201 partnership

  • z Unsustainably high cost base and complexity in organization
  • z Sub-optimally diversified portfolio of opportunities
  • z Loss of investors' trust in short-term transformation strategy

ACTION ITEMS of "Evotec 2012":Significant cost reductions & focus on key strengths

Strong operational performance, but higher operating loss due to high impairments

Key financials 2008

Condensed Profit & Loss Statement (IFRS) – continuing business in €m

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Extending cash reach beyond 2012

Key financials 2008 – Overview (1/2)

Restructuring efforts will also effect headcounts

Key financials 2008 – Overview (2/2)

Agenda

z2008 summary

  • Corporate highlights & financial results
  • zEvotec 2012 – Action Plan to Focus and Grow
  • zAlliance & pipeline update
  • zUpcoming news flow

Core elements of "Evotec 2012 – Action Plan to Focus and Grow"

Strict cost containment as basis for growth

Restructuring efforts, (in %)

Our mission: Develop best-in-class differentiated therapeutics & deliver superior discovery alliances

"Evotec 2012" – Restructuring for growth & sustainability

Build on unique strengths of discovery alliance business

Discovery alliance business

Clear priorities will enhance value creation

Core unpartnered pipeline programs

2015 PI start (2010) H Narcolepsy* > € 3bn 3Program Indication Market opportunity Next value point Potential filing EVT 302 Smoking cessation* > € 1bn PII POC data (Q2 2009) 2013 P2X7Rheumatoid arthritis** > € 3bn PI data (mid 09) 2014 P2X3 Pain > € 3bn PI start (2010) 2015 EVT 201 Insomnia*** > € 500mNo near-term partnering to be expected unlikely 12354

Less is more –of 14 programs only 4 will be fully supported by Evotec

  • *Potential other indications to be opened – depending on clinical data (e.g. AD)
  • **Potential target also for other inflammatory diseases
  • ***No further investments

Strategic alliances to de-risk the portfolio Roche great first step to higher-value partnerships

Risk diversification & optimal value creation

Page 15

"Evotec 2012" implementation with clear milestones to audit success

Visibility for success – key performance parameters

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z2008 summary

  • Corporate highlights & financial results
  • zEvotec 2012 – Action Plan to Focus and Grow
  • zAlliance & pipeline update
  • zUpcoming news flow

Strong assets justify strategy to become a drug development company

Selected examples

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Overview 302 – POC data to be expected in Q2/2009

SMOKING CESSATION*

Approximately 50 million patients; low competition (e.g. Zyban, Chantix); high relapse rate; high willingness to pay

Clinical trial design Criteria for success

  • z Good Phase I safety data support POC Phase II study
  • z Phase II – Quit Rate study
  • 400 subjects
  • 8 weeks treatment, 4 groups in parallel design
  • EVT 302 once daily application

  • Placebo with and without Nicotine Replacement Therapy

  • z4 weeks Quit Rate

  • z 7 days prevalence Quit Rate and subjective assessments of withdrawal symptoms

*There is scientific rationale for EVT 302 in Alzheimer's disease

P2X7– potential best-in-class therapeutic

P2X7Antagonist – Overview

RHEUMATOID ARTHRITIS (RA)*

About 1% of the world's population afflicted by RA; disabling and painful condition, which can lead to substantial loss of functioning and mobility; no known cure; current therapeutic options have undesirable side effects

Rational supporting blockbuster potential Next steps

  • z Potential "best-in-class" small molecule
  • z Very good exposure, half life and safety profile
  • zClinical validation and POM
  • zPotential across a range of indications

  • z Follow-on to Astra Zeneca and Pfizer compounds

  • z Prepare for Phase I results mid 2009

  • zAggressive partnering
  • z Parallel development towards Phase II

*Other inflammation indications also possibly opened

High value alliance with ROCHE against depression

Alliance overview

TREATMENT-RESISTANT DEPRESSION

More than 120 million depressed patients; persistent sadness, pessimism; 1/3 of patients treated don't respond to first antidepressant.

USP's of alliance

  • z Joint Phase II development of EVT 101 in treatment-resistant depression
  • z Next generation compound EVT 103 entering Phase I studies
  • z Roche has buy-back option for entire EVT 100 family post Phase II
  • z If Roche doesn't exercise the buy-back, Evotec will get rights to all indications under revised terms

Key commercials

  • zPotential deal value exceeding \$300m
  • z Roche has committed to fund clinical development of EVT 101 and EVT 103
  • z \$10m received; \$65m due with option exercise + up to \$220m in development and sales milestones + scalable double-digit commercial payments

Agenda

z2008 summary

  • Corporate highlights & financial results
  • zEvotec 2012 – Action Plan to Focus and Grow
  • zAlliance & pipeline update
  • zUpcoming news flow

Strong news flow to come

Selected next milestones

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Evotec 2012 - Action Plan to Focus and Grow

FY 2008 results and strategy update

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