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Evotec SE Investor Presentation 2010

Aug 11, 2010

151_ip_2010-08-11_c3fcc22b-f602-4b23-b8d6-8c47e53c5d86.pdf

Investor Presentation

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Building innovative drug discovery alliances

H1 2010 Results –Strongest H1 in Company History

Evotec AG, H1 Presentation, 12 August 2010

Forward-looking statement

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 2010 financial outlook and our expected financial results in future quarters, our revised revenue guidance for 2010 and expected revenue growth, our ability to deliver on our liquidity guidance, our belief that we are on course to sustainable profitability latest in 2012, our expectations and assumptions concerning regulatory, clinical an dbusiness strategies, the progress of our clinical development programmes and timing of the commencement and results of our clinical trials, strategic collaborations and management's plans, objectives an dstrategies. These statements are neither promises nor guarantees, but are subject to a variety of risks an duncertainties, many of which are beyond our control, an dwhich 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; the risk that we will not achieve the anticipated benefits of our collaborations, partnerships and acquisitions in the timeframes expected, or at all; 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; the risk that 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 recentAnnual 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

•H1 2010 Highlights

  • •Strategic Position & DeveloGen Acquisition
  • •Financials & Outlook

Summary of H1 2010 highlights

  • •Slightly positive operating H1 result - first time in Company's history
  • •Revenues up 33% supported by strong milestone income and growth in core business
  • •Strong gross margin of > 40%
  • •Updated revenue guidance for full year 2010 from € 48-50 to € 52-54 m
  • •Continued solid growth in 2011 expected - clearly outperforming the market growth
  • •Cash guidance of > € 64 m confirmed despite € 2 m to be used for DeveloGen acquisition
  • •Phase II started with EVT 101 in Roche collaboration
  • •Strategic evaluation of indication for clinical development of EVT 401 ongoing
  • •Nomination of development candidate, EVT 501, in H3 receptor antagonist programme
  • •Multiple milestones achieved in Boehringer Ingelheim collaboration; first Phase I started
  • •Very good progress in many alliances; many new collaborations started
  • •Management team strengthened to manage accelerated growth (New CSO & New CFO)
  • •Expansion into new disease areas through acquisition of DeveloGen (after period-end)

Strong growth in both – core business & success-based payments

H1 highlights – revenue overview

Revenues in €m

High margin milestones lead to profitable H1

H1 highlights – operating result overview

Operating result in €m

Action Plan 2012 leads to sustainedgrowth and improved gross margin

H1 highlights – growth path overview 1)

in percent

1) Continuing business

2) Sale Evotec Technologies in Dec 2006

3) Sale Development Services in Dec 2007

First slightly positive H1 in Company history

H1 highlights – operating performance & cash consumption 1)

Projects and alliances progressing well – multiple milestone achievements

H1 highlights – key events

Drug discovery alliances

  • • New multi-year strategic alliance with Genentech started in June
  • • Significant milestone achievements in a number of disease areas in multi-target collaboration with BI; first Phase I initiation
  • • Very good progress in many alliances (e.g. Vifor, Ono); many new projects started

Product alliance projects

  • • Start of Phase II with EVT 101 in TRD with Roche
  • • Strategic evaluation of indication for clinical development of EVT 401 ongoing
  • • Nomination of development candidate, EVT 501, in H3 receptor antagonist programme
  • BMBF grant (€ 1.5 m) secured

Enlarged management team to accelerate growth

H1 highlights – new CFO & new CSO1)

Agenda

  • •H1 2010 Highlights
  • •Strategic Position & DeveloGen Acquisition
  • •Financials & Outlook

Acquisition of DeveloGen: Expanding biology knowhow to strengthen discovery alliances

Integration of drug discovery technology & disease know-how

Synergistic expertise sharpens Evotec's leadership role in drug discovery

Rational for business combination with DeveloGen

Deal structure mitigates acquisition risk

Up to €14 million in shares plus deferred cash payments

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Growing strategic alliances in number and size

Portfolio of alliances – reduced risk profile, strong upside potential

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Example 1: Product development alliance 1)

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Example 2: Integrated discovery alliance with BI 1)

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Example 3: Innovation for markets of significant medical need

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Agenda

  • •H1 2010 Highlights
  • •Strategic Position & DeveloGen Acquisition
  • •Financials & Outlook

Improvement of all key performance indicators

Key financials H1 2010

High margin milestones lead to profitable H1

H1 2010: Condensed consolidated income statement (IFRS)

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H1 2010: Condensed consolidated statement of cash flows (IFRS)

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H1 20091) H1 2010 1)

  • • Cash outflow driven by regular bonus payments and prepaid expenses
  • • Operative cash outflow expected to further decline over the next quarters
  • • Mainly from transactions involving investments in money market funds as well as sale of auction rate securities now converted into cash
  • •Includes Capex of € 1.5m

High margin milestones lead to profitable Q2

Q2 2010: Condensed consolidated income statement (IFRS)

i
€
n
m
Q
2
2
0
0
9		 Q
2
2
0
1
0		 %
2
0
0
9
v
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0
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5
1		 4
4
%
+
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n		 3
8
8
%		 4
9
7
%		 M
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s		 8
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3
+

2010 H1 order book +21% at € 40m; very good capacity utilisation

Order book overview

in € m

Revenue guidance raised from € 48-50 to € 52-54 m; liquidity guidance confirmed despite acquisition

New guidance for 2010

in € m

  • 1) Continuing business
  • 2) Excluding potential US\$ 65m milestone income from Roche buy-back of the EVT 100 compound family

  • 3) Including Renovis acquisition

  • 4) Including impairment and restructuring expenses of € 8.9m

  • 5) Including impairment and restructuring expenses of € 27.7m
  • 6) Including impairment and restructuring expenses of € 22.7m
  • 7) Net income before extraordinary effects

Controlling is key 1)

Evotec 2012 – key performance indicators – status H1 2010

B
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W		 o
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-
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w		 C
i
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•
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a
y
•

Strong news flow to come

Overview of expected key events

Key milestones

• Expand all existing alliances (e.g. CHDI, Novartis, Ono Pharmaceutical…) • Build several new integrated technology/disease alliances (e.g. Genentech) • Deliver significant preclinical/clinical milestones Grow discovery alliances, build joint innovation alliances1• EVT 103 Phase I results in Q1 • Start of Phase II with EVT 101 in June 2010• At least 1 strategic deal for an early asset • Initiate Phase I in H3 alone or in partnership Generateoptimal pipeline progress & value 2• Grow revenues by more than 20% • Optimise R&D and strategic innovation investments to < € 10m • Keep liquidity above € 64m Manage growth and path to profitability 3

Building innovative drug discovery alliances

Your contact:

Dr Werner LanthalerChief Executive Officer

+49.(0).40.560 81-242 +49.(0).40.560 81-333 Fax [email protected]

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