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Evotec SE Investor Presentation 2010

Mar 24, 2011

151_ip_2011-03-24_8b7f392f-30c5-4cbe-a06c-85a2a98da8af.pdf

Investor Presentation

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Building innovative drug discovery alliances

Focus, GROW & IN NNOVATE!

Evotec AG , Evotec Full-Year Results 2010 , 24th March 2011

Forward-looking sstatements

Information set forth in this presentation contains forward-looki statements, which involve a number of risks and uncertainties. S uforward-looking statements include, but are not limited to, stateme regarding our expectation that our current cash, cash equivale ninvestments, and operating revenues will be sufficient to fund oplanned activities beyond 2015; our financial outlook for 2011 and 20 including statements regarding our expected operating results afinancing and financial position, our belief that our cash situation sho uremain strong throughout 2011, and our expected liquidity at the en d2011; our revi d se b i us ness mod l e providing a soun d b i as s for long-te sustainable growth; the anticipated advantages of our acquisitions acollaborations, including the expected revenue contribution from oacquisition of Kinaxo Biotechnologies GmbH; our expectations regardi the market for drug discovery alliances, including anticipated growt hthe ph ti l armaceuticalout i sourc ng drug discovery mark t e an dopportunities such growth will provide us, and our ability to t aadvantage of such market developments; our goal to reach operati profitability and to generate cash sustainable by 2012; our beli regarding the sufficiency of our existing liquidity reserves; our capit rai i s ng plans; the expect de d ti i m ng of the eff ti ec veness of o deregistration with the SEC; our expectations and assumpti oconcerning regulatory, clinical, and business strategies; and the progr of our clinical development programs and timing of the results of oclinical trials, strategic collaborations, acquisitions, and manageme nplans, objectives and strategies strategies. These statements are neither promi nor guarantees, but are subject to a variety of risks and uncertainti many of which are beyond our control, and which could cause act uresults to differ materially from those contemplated in these forwar looking statements. In particular, the risks and uncertainties incl uamong other things: risks that we may be unable to achieve anticipated benefits of our revised business model or recognise the res uing uchntsnts, ur012, nduldofrmndouring oftheakeing iefstaluronsressurnt'sisesies, alrdude, theults

of our revised business model within expected timeframes; risks that we will not achieve the anticipated benefits of our collaborations, partnerships and acquisitions in the timeframes expected, or at all; 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; the risk that competing products may be more successful; our inability to interest potential i hli dd i bili hi partners in our tec hnologies an pro ducts; 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 i t th i k th t th FDA it t th lt f requirements; the risk ate may interpretthe 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; risks of new, changing and competitive technologies and l ti i thUSd i t ti ll l ld id i regulations in e U.S. aninternationally; generalworld wide economicconditions and related uncertainties; future legislative, regulatory, or tax changes as well as other economic, business and/or competitive factors; and the effect of exchange rate fluctuations on our international operations. The list of risks above is not exhaustive. This presentation contains 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 such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

Welcome from you ur Evotec management team

FY 2010

Agenda

•Highlights 2010

  • • Focus, grow & innovate Drug discovery alliances strategy – s & development partnerships
  • • More growth to come thr rough innovation
  • • Financial performance & & growth outlook 2011ff

2010 – a good yea r, with a strong start into 2011

State of play – current hig ghlights

Profitable, 29% top-line growth, strong gross 1 € 70m strategic cash position margin, operating cash-flow positive,

Multiple new performance-based drug discove p p Shionogi, Vifor, …), excellent capacity utilizati history ery (g , alliances (e.g. Genentech, MedImmune/AZ, ion and strongest alliance portfolio in company

2

Successful M&A with DeveloGen and Kinaxo, , good integration of Evotec India

Significant pharma licensing deals (e g MedI (e.g. cooperation (e.g. Harvard) mmuneon diabetes target) and new academic target),

G d i d td l t t Good progress in product development partne erships

New management and top-class scientists sig gned up to support long-term growth

Profitable, first tim me in 18 year history

FY 2010 results Evotec Grroup

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Accelerated path t to growth and sustainability

Key figures overview

in € m

  • 6 1) Including impairment and restructuring expenses of € 2 27.7m
  • 2) Including impairment and restructuring expenses of € 2 22.7m

3) Net income before extraordinary effects

Agenda

  • •Highlights 2010
  • • Focus, grow & innovat Drug discovery allianc te strategy – ces & development partnerships
  • • More growth to come thr rough innovation
  • • Financial performance & & growth outlook 2011ff

The external innovvation opportunity

Key growth factors

Capital efficiency is driving pharma outsourcing

Selected comments from tthe research market

"Action Plan 2012"" slightly ahead of plan

Strategy overview

PAGE10

Drug hunting allian unmet medical neences in areas of high ed

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Agenda

  • •Highlights 2010
  • • Focus, grow & innovate Drug discovery alliances strategy – s & development partnerships

• More growth to come t through innovation

• Financial performance & & growth outlook 2011ff

Growth through un disease biology ex niq g yp ue drug discovery platforms, xpertise and novel targets

Research investment focus 2011

Highly differentiated technology platforms: e g platforms: e.g. HCS/HTS/FBS, e-physiology, GPCRs, ion channels, kinases computational , chemistry, proteomics/mass spec., response prediction…

Mechanism-based screening for disease modifying targets i t b li di CNS in metabolic diseases, CNS, chronic kidney disease...

Fully integrated cutting edge disease-focused drug rategic disease focused discovery platforms in metabolic diseases, CNS pain, inflammation, regenerative medicine…

Acquisition of Kin commercially prov axo p y rovides scientifically and ven technology platforms

High-end mass spectrome etry and world-class proteomics expertise

Potentially disease disease biology ex e modify g pp in a roaches based on xpertise and novel targets

For the treatment of diabeetes and other degenerative diseases

Currently available drugs do not affect diseas progression se

  • •Diabetes
  • •Chronic kidney disease
  • •Neurodegenerative diseases
  • •Congestive heart failure

Pharmacological approaches that address underlying causes / stimulate and support endogenous regenerative mechanisms

  • •Protect cells from apoptosis
  • • Restore function
  • •Stimulate proliferation / neogenesis diseases

E t i ti l i Evotec is actively pursuing potentially disease modifying approaches for diabetes

  • • Di P 277 DiaPep277– P t ti b t Protecting beta cells from autoimmune mediated destruction in type 1 diabetes (Phase III)
  • • EVT070 – Improving insulin sensitivity without causing weight gain in type 2 diabetes (Preclinical)
  • • EVT770 – Stimulating beta cell prolif ti i t 1 d t 2 liferation in type 1 and type diabetes (Preclinical)

Potential market foor beta cell regeneration drugs

Currently marketed drugs s as benchmarks

Beta cell regeneration drugs - Expected to compete with

  • •Insulin replacement therapies
  • • Incretinenhancers

Beta cell regeneration drugs - Expected to be superior to insulins and incretin enhancers

  • • Expected to increase functional beta cell mass (subcritical in T1D/T2D)
  • • Provide insulin only when needed (no risk of hypoglycemic events)
  • • Restore first phase insulin secretion (disturbed in T1D/T2D)

CureBetaEvotec's approach h to beta cell regeneration

Pharmacological therapies s that increase beta cell mass

Assemble top-class beta cell team and b t es-in-cl b t ll l tf lass beta cell platform

• Evotec - Harvard collaboration combines best of academia with leading industry expertise and processes

Pursue a systematic and comprehensive search for targets

  • • Identify endogenous mechanisms that control beta cell mass
  • • Conduct mechanism-based screens for path-Select biologically most relevant targets path- ways and genes controlling beta cell mass gy g

irrespective of treatment modality

•Small molecules, biologicals, peptides…

Best of academia adrug discovery and industry in beta cell

Evotec's beta cell team

Regenerative med icine at Evotec

Beta cell regeneration and dbeyond

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Agenda

  • •Highlights 2010
  • • Focus, grow & innovate Drug discovery alliances strategy – s & development partnerships
  • • More growth to come thr rough innovation
  • • Financial performance e & growth outlook 2011ff

A strong Q4

Q4 2010 results

Q
4
2
0
0
9
A
A
t
t
l
l
c
u
a		 Q
Q
4
2
0
1
0
A
A
A
t
t
l
l
c
u
a		 %
v
s
A
A
t
t
l
l
0
9
c
u
a
R
e
e
n
e
s
v
u		 1
3
5		 1
6
4		 2
1
%
+		 Q
4
2
0
0
9
i
l
d
n
c
e
s
a
u
G
i
i
r
o
s
s
m
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r
g
n		 3
%.
5
7		 4
4
4
2
2
%
%		 9
9
%
%
5
5
t
t
-p
s
-		 l
f
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R
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x
•		 1
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9		 3
6
%
+		 d
i
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S
G
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•		 3
6.		 4
4
4
4		 2
2
2
2
%
%
+		 €
1
1
1
1
4
4
m
m
A
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z
•		 1
1
4		 0
4		 Q
4
2
0
1
0
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s
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R
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p
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•		 0
2.		 0
0
0
0		 F
X
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a
n
o
-
€
2
6
O
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s
•		 0
1		 0
1
-		 m
O
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(
(
)
)
t
t
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i
i
l
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p
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a
n
g
n
c
o
m
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s
s		 (
)
9
4		 0
0
7
7
+		 %
%
1
1
0
0
7
7
+
(
)
N
t
i
l
e
n
c
o
m
e
o
s
s		 (
)
1
1
4		 2
2
+		 %
1
1
9
+

Strong top-line gro owth and consequent refocusing

Key financials FY 2010: Co ondensed profit & loss statement (IFRS)

2
0
0
9
A
l
t
c
a
u		 2
0
0
1
0
A
l
t
c
a
u		 %
s
v
A
A
l
l
0
9
t
t
c
a
u
R
e
v
e
n
u
e
s		 4
2
7		 3
5
5		 2
9
%
+
G
i
i
r
o
s
s
m
a
r
g
n		 4
3
%.
2		 4
4
%.
1		 0
%.
9
t
+
-p
s
R
&
D
e
p
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n
s
e
s
x
•		 2
0
9		 6
1		 7
1
%
-		 O
i
t
p
e
r
a
n
g
i
d
t
n
c
o
m
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a
n
n
e
S
G
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x
p
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n
s
e
s
•		 1
6
7.		 1
1
6
6
0
0		 4
4
%
%
-		 i
n
c
o
m
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A
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&
i
i
t
t
t
m
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r
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a
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m
p
a
r
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n
•		 1
8
3		 0
7		 i
i
f
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l
t
s
g
n
c
a
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p
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R
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r
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p
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s
u
u
x
•		 4
8.		 0
0
0
0
O
h
i
t
t
e
r
o
p
e
r
a
n
g
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p
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s
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s
x
•		 0
1
-		 0
1
-
O
O
(
(
)
)
t
t
i
i
i
i
l
l
p
e
r
a
n
g
n
c
o
m
e
o
s
s		 (
)
4
2
3		 1
7.
+		 %
1
0
4
+
N
i
(
l
)
t
e
n
c
o
m
e
o
s
s		 (
4
)
5
5		 3
0
+		 1
0
%
7
+

29% growth and st integrated alliance trongg g g ross margin driven through es and milestones

Milestones & gross margin n

Full year operating g profit of € 1.7m, net result € 3.0m

Overview with amortizatioon & impairment

Strong and stable despite acquisition liq y uidit of € 70.4m at year end – ns

Cash development 2010

Significant investm balance sheetments in research reflected on

Overview balance sheet

Investmentfocus ovaluable R assets, on p gy latform technology and most , consequent SG&A reduction

Overview R&D spend & SG G&A

Strong outlook for r 2011ff

Discovery alliance order b book1) overview – status March 2011

Acceleration of gro owth in 2011ff

Initial guidance for 2011

A
t
l
c
u
a
s
2
0
1
0		 G
i
d
u
a
n
c
e
2
0
1
1
R
e
v
e
n
u
e
s		 5
5		 6
4
6
6
-
&
U
t
d
R
D
n
p
a
r
n
e
r
e
e
x
p
e
n
s
e
s		 1
0
<		 1
0
<
)
1
O
t
i
i
p
e
r
a
n
g
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c
o
m
e		 2 C
t
i
d
o
n
n
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f
i
t
b
i
l
i
t
p
r
o
a
y
2
)
L
i
i
d
i
t
t
d
q
u
y
a
y
e
a
r
e
n		 0
7		 6
5
>

1) Before potential impairments

2) Excluding potential M&A activities, and payments from mpotential earn-out milestones to former shareholders of Kinaxo or DeveloGen

Most significant u since 2000 initiatepg g radin p g ro ramme d

Planned investment progr ramme 2011 and other corporate updates

  • • Maj pg g p or upgrading and expansion in Hambu with new high-tech facility by end 2011
  • • Expansion across all sites and the addition Evotec Munichn of
  • • Significant increase in CAPEX to ca. €8m enhance facilities and provide capacity and expansion. Key investments include: to
  • Improved ADMET and analytical platform capability and capacity; d
  • Upgrading of screening and ion channel platform;
  • Comprehensive chemistry upgrade in U.K. and India
  • • NASDAQ d i t ti f ll deregistration process formally completed by March 2011

urg Manfred Eigen Campus in Hamburg g p g

Nobel Prize in Chemistry 1967 Prof. Manfred Eigen (Co founder of Evotec)

Global reach for g lobal projects

Evotec employees worldw wide

Strong news flow to come

Outlook and next steps fo or 2011 ff

Key milestones for 2011

Grow discovery alliances, build joint innovation 1 j alliances

  • • Build at least two signific cant new integrated technology/disease alliances
  • • Deliver significant and a accelerated preclinical/clinical milestones
  • • Show expansion succes ssof existing alliances alliances

  • • Show operational synerg gies of acquisitions

  • • At least 1 strategic deal for an early asset

  • • Generate more innovatioon upsides (e.g. Harvard cooperation, …)

Manage •and path to profitability 3

Generate

progress &

biotech values

  • Prepare growth of reven innovationnues by more than 15% y-o-y into 2012ff
  • • Build profitability, withou ut infringing innovation power
  • • Keep strong strategic ca ash position

2

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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