Evotec SE — Investor Presentation 2024

Jan 8, 2024

General company presentation

Disclaimer

This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries) is being delivered on behalf of Evotec SE (the "Company", "we," "our" or "us"). This presentation is made pursuant to Section 5(d) and/or Rule 163B of the Securities Act of 1933, as amended, and is intended solely for investors that are qualified institutional buyers or certain institutional accredited investors solely for the purposes of familiarizing such investors with the Company. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy Evotec securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No representations or warranties, express or implied, are made as to the accuracy or completeness of the statements, estimates, projections or assumptions contained in the presentation, and neither the Company nor any of its directors, officers, employees, affiliates, agents, advisors or representatives shall have any liability relating thereto.

Cautionary Note Regarding Forward-Looking Statements

This presentation contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Many of the forward-looking statements contained in this presentation can be identified by the use of forwardlooking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "should," "target," "would" and other similar expressions that are predictions of or indicate future events and future trends, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forwardlooking statements due to a variety of factors. The forward-looking statements contained in this presentation speak only as of the date of this presentation, and unless otherwise required by law, we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

• Together for Medicines that Matter 1
• PanOmics 2
• iPSCs 3
• Just Evotec Biologics 4
• End-to-End Shared R&D 5
• Financials 6

"The goal of Evolution is not one single human, it is mankind."

Eigen's theories about self-organisation of complex molecules and his development of the evolution machine founded a new branch of science – evolutionary biotechnology.

Manfred Eigen (1927–2019) Co-founder of Evotec, Nobel Prize 1967

Accelerating medicines that matter

About us

4,000+ scientists empowering Partners

Across all disciplines and disease areas from target to commercial manufacturing

Co-creating pipelines

Leveraging our assets, targets or proprietary platforms for licensing, co-development or potential NewCo creation, frequently combining with Partners' programs, and ideas

R&D Biotech that offers accelerated, high-value pipeline-building, services and solutions

Performance - "Beyond FTEs"

Collaborating with "end in mind", result-driven partnership models

Track record - Highest quality, most capitalefficient execution

State-of-the-art services as core offering for partners

Together for medicines that matter

Game changers within business to business / partnered R&D and pipeline building

Need for more precision

Most drugs still provide benefit in only 50% of patients

Need for better disease understanding

More than 30% have a lifetime risk for cancer

Need for better safety earlier 60% of all drugs still do not pass Phase I

Need for wider access

Less than 20% of world's population have access to life changing biotherapeutics

Better pipeline building Right indication, right patients, right dose

Technology convergence A.I./ML coming together with drug discovery, development, safety prediction and molecular diagnostics

Better Access A.I./M and continuous manufacturing for better access to biologics

Better business models Shared economy in R&D

• From fixed to variable costs
• More effective learning curves for all

PanOmics

End-to-End Shared R&D

New technologies leading to new opportunities

Shaping (new) markets

Deteriorating IRRs increase demand for outsourcing & higher efficiency

Precise medicines & diagnostics leading to patient specific treatments

From donor dependency

to scalable off-the-shelf solutions

Regulatory changes (e.g. IRA* ) driving need to increase agility & flexibility

A shared economy model in R&D as basis for success

A stable foundation

Sustainable growth enabled by commitment, culture, values & people Selected ESG-KPIs

Collaborative pipeline building together with our partners Selected KPIs

The growing "iceberg" of first & best-in-class treatment options

140 co-owned projects

	Neuroscience & pain				Oncology				Inflammation & Immunology1 Metabolic diseases			Virology, Anti-bacterial & Global health
Approved	Jingxin																			SK Bio
PhIII
PhII								Carrick					Topas
Clinical	Centrexion	ND								Bayer
PhI	BMS	ND			Kazia	Carrick*	Exscientia	Immunitas		Sernova			Conba	Exscientia	Topas					NIH
	ND	ND			ND	ND	EVT			ND	EVT
	ND	ND			ND	ND	EVT	EVT		ND	EVT		ND
	ND	ND			ND	ND	EVT	EVT		ND	EVT		ND
	ND	ND			ND	ND	EVT	EVT		ND	EVT		ND
	ND	ND			ND	ND	EVT	EVT		ND	EVT		ND			ND	ND		EVT
Pre-clinical &	ND	ND			ND	ND	EVT	EVT		ND	EVT		ND			ND	ND	ND	EVT	EVT
Discovery	ND	ND	ND		ND	ND	ND	EVT		ND	EVT	EVT	ND			ND	ND	ND	EVT	EVT
	ND	ND	ND	EVT	ND	ND	ND	EVT		ND	EVT	EVT	ND			ND	ND	ND	EVT	EVT
	ND	ND	ND	EVT	ND	ND	ND	EVT	EVT	ND	EVT	EVT	ND	EVT		ND	ND	ND	EVT	EVT
	ND	ND	ND	EVT	ND	ND	ND	EVT	EVT	ND	ND	EVT	ND	EVT		ND	ND	ND	EVT	EVT
		>50
	>120
	Partnered Pipeline		Unpartnered Pipeline			Equity Pipeline			Bridges Pipeline
PAGE 11				1 Also includes Women's Health, Respiratory projects

The Equity Pipeline does not contain programs from EVT/partners that are not publicly disclosed

Status as of 30 September 2023

*FDA clearance of IND (https://www.carricktherapeutics.com/news-media/press-releases/detail/20/carrick-therapeutics-announces-u-s-fda-clearance-of-ind)

PanOmics-driven drug discovery for deep disease understanding and effective therapies

It all starts with precise patient data – From human to human

Portfolio of Evotec Molecular Patient Databases (E.MPD)

A.I.-powered insights change the way we work

Overview of PanOmics-driven drug discovery

Fundamental market disruption takes time, but will come!

A.I. in Healthcare

	From	To	We overestimate near
Disease under standing	Mechanistic understanding limited by human capabilities and stochastic patterns.	Target identification through A.I.-assisted analysis of vast datasets in PanOmics for pattern identification understanding of mechanism of underlying diseases	term impact,
Hit ID & Lead optimisation	Wet-lab-based screening of compounds with time and physical constraints	In silico screening of hits and leads for vastly accelerated timelines.
Drug safety	In vivo and in vitro testing	In silico prediction of potential safety issues and toxicity
Clinical development	Trial and error approach for dosage and patient group	In silico prediction of optimal dosing regime, bypassing trial and error and leading to higher POS and lower costs
Drug manufacturing	Increasing regulatory burden for GMP compliance Managed largely by through human workload.	Optimisation of quality control, production consistency and prediction of machine maintenance needs	… but underestimate long-term impact.

Changing the healthcare paradigm with PanOmics

From symptomatic treatments to data-driven healthcare

IPSCs "off-the-shelf" cell therapy based on inducedpluripotent stem cells

From humans for humans

iPSC-based drug discovery and off-the-shelf cell therapy

Off-the-shelf approach will revolutionise cell therapy applications

Benefit of manufacturing process for iPSC-based therapeutics

iPSC-based off-the-shelf therapeutics

• Reduced manufacturing complexity: Patient is not part of manufacturing process
• Unlimited starting material
• Versatile & high-fidelity gene editing
• Consistent quality of final product
• On demand product available to patients
• Broad applicability: Suitable for multiple cell types & disease areas

Evotec's internal and partnership project portfolio

	Field		Program/ Project	Disease area	Protocol	Pre-clinical research	Pre-clinical development	IND / Phase I		iPSC-derived cell types
	Cancer immuno therapy Metabolic disease		 iT	Oncology	Undisclosed				iNK	Natural killer cells
Partnered			E.iBeta (Device)	Diabetes					iT	 and  T cells
			iNK	Oncology					iMAC	Macrophages
	Cancer immuno therapy		iMAC	Oncology					iBeta iCM	Pancreatic islets Cardiomyocytes
			 iT	Oncology					iRPE	Retinal pigment
Partnering oppor tunities	I&I1		iNK,  iT	Fibrosis, SLE2)					iPR	epithelium cells Photoreceptors
	Metabolic disease		E.iBeta (Engineered)	Diabetes
	Other		iCM	Heart failure
			iRPE, iPR	Ophthal mology
			…

Each cell type can deliver multiple differentiated products

Just – Evotec Biologics Artificial Intelligence and continuous manufacturing for better access to biologics

Paradigm shift in biologics

New options to cure Rare Diseases

Underserved indications

Reducing burdens for healthcare systems

Underserved populations

US

Case example for top-5 mAb therapy – Psoriatic Arthritis

Comparison of annual treatment costs U.S., in US\$ (000s)¹

US Biologics prices as a % of other countries²

UK		325%
France		316%
Mexico		314%
Japan		304%
Italy		290%
Canada	254%
Germany	245%

Proximity to key markets

J.POD® technology can be quickly established in other countries/regions

Improving equitable access across the globe

Underserved regions

Our continuous platform will even further excel with complex biologics

Trends in global biologics pipelines

Just – Evotec Biologics is building markets faster than expected

Key achievements 2021-2023

Global access with global network

Cloning of J.POD facilities – Status and timing

J.PLANT Seattle, Washington, US

• 500L SUB
• Phase I Clinical
• Over 34 runs
• 100% success years

J.POD® Redmond, Washington, US

• 500L & 1,000L SUB
• Phase I Commercial
• First cGMP run Oct 2021

• 100% Sandoz-owned
• Just-Evotec Biologics "enabled" from design to technology

J.POD® Toulouse, France, EU

• 500L & 1,000L SUB
• Phase I Commercial
• Groundbreaking 2022
• Expected CQV 2024

SUB = Single Use Bioreactor

End-to-End Shared R&D – Integrated business-tobusiness platform for increased probability of success from target to the clinic

Comprehensive integrated research and development

Illustrative functional capabilities of the End-to-End shared R&D continuum

Target ID / Validation	Hit identification	Lead optimisation	Pre-clinical / IND1	Phases I – III	Approval	Market
• Disease area expertise • Exploratory biology • Target validation • Assay Development	• Structural biology • Screening, virtual screening • Molecular design, chemistry	• Molecular optimisation • PK/PD, ADME, PK • Safety, biomarkers • Development readiness	• Regulatory Toxicology • Formulation science • Process development and manufacture	• Translational biology, biomarkers • Clinical development support • API manufacturing, product for clinical testing • Drug Product	• Commercial API and drug product manufacturing

• Comprehensive "under ONE" roof offering of technologies, experience and expertise
• Operational excellence and A.I./M.L.-driven predictive science

The power of trust, excellence & expertise in collaboration

Sharing as basis for success

Serving all key parts of the industry

Central infrastructure for partners with different missions

Partners	Collaboration priorities	Examples
>40 Pharma	Flexible access to technologies and assets
>400 Biotech	Integrated drug discovery & development processes
>30 Academia	Funding & operations for industrial translation
>10 Foundations	Data pooling & advanced analytics of patient data

Collaborative model for efficiency in drug discovery

Platforms & technologies and network for more precision and efficiency

Seattle (US) Dedicated to biologics

J.POD® Redmond (US) Biologics development & cGMP commercial manufacturing

PAGE 32

Branford site (US) Dedicated Sample Management Facility

Princeton (US) Gertrude B. Elion Campus, dedicated to cell & protein production

Framingham (US) Cyprotex - Global leader in ADME-Tox

Alderley Park (UK) Antimicrobial and infectious disease facility; Cyprotex – global leader in ADME-tox

Abingdon (UK)

Dorothy Crowfoot Hodgkin Campus, integrated drug discovery & development

Lyon (FR) Anti-infective drug discovery; BSL 3 laboratory set up

Toulouse (FR)

drug discovery; 2nd

J.POD®

Campus Curie – Oncology & immuno-oncology centre of excellence; integrated

Verona (IT) Campus Levi-Montalcini Integrated drug discovery & development

Modena (IT) Cell therapy manufacturing

Dedicated to gene therapy

Vienna (AU)

Manfred Eigen Campus – A major hub for integrated drug discovery including variety of HTS screening activities; home of neuroscience experts & the basis

Hamburg (GER – HQ)

for leading end-to-end iPSC platform

Munich (GER) Dedicated to unrivalled proteomics and bioinformatics; unique mass spectrometrybased "omics" platform

Göttingen (GER) Manfred Eigen Campus – home of multi-omics data analysis PanHunter, E.MPD & iPSC-derived cells

Cologne (GER) Induced pluripotent stem cell (iPSC) technology

Halle (GER) Centre of excellence for rare disease drug substance manufacturing

Financials

More than 10 years with more than 20% annual growth

Financial overview (2010-today)

• Highly profitable and capital efficient
• Revenue CAGR >20%
• R&D CAGR >30%
• Adj. EBITDA CAGR >35%

Resilient with strong comeback in H2

Guidance 2023

	Guidance 20234	YE 2022	Comments
Group revenues (at constant fx-rates1 )	€ 750– 790 m (€ 765 – 805 m)	€ 751.2 m	At least stable despite approx. € 70 m one-off effect
Unpartnered R&D2	€ 60 – 70 m	€ 69.9 m	Stable
Adjusted EBITDA3 (at constant fx-rates1 )	€ 60 – 80 m (€ 70 – 90 m)	€ 101.0 m3	Mitigation of large parts of approx. € 90 m one-off effect

Approx. € 200 m continued investments for enabling and supporting growth (e.g., capacity expansion in biologics manufacturing, iPSC, E.MPD, CO² e reduction…)

Our mid-term aspirations are unchanged

2020-2025 estimated key performance indicator goals1

"Evotec inside" – further progressing

Selected pipeline events within next 12-24 months

Phase II data with BMS in CNS (EVT8683)

Phase II initiation with Bayer in Kidney Disease

Phase I data with Kazia in Oncology (EVT801)

Phase I initiations with Kidney Diseases with other partners

Phase I initiation with BMS in CNS

Phase I initiation with BMS in Oncology

Phase I initiation with Sernova in Diabetes

Phase I data in Chikungunya virus (EVT894)

Progress of multiple co-owned equity companies (not disclosed) (e.g., Topas, …)

Upcoming important dates

Financial calendar 2024

FY 2023 results / Sustainability Report	24 April 2024
Q1 2024 results	22 May 2024
Annual General Meeting 2024	10 June 2024
H1 2024 results	14 August 2024
Capital Markets Day (Toulouse)	10 October 2024
9M 2024 results	06 November 2024

Appendix

Experienced management team with long-term mission

The management team

Mario Polywka Interim CEO (for 2024)

Experience

• Since 2019 Member of Evotec's Supervisory Board
• 2018, Retired from the Management Board of Evotec
• 2007-2018, COO of Evotec
• 1991 Founding chemist of Oxford Asymmetry International plc (OAI), which was merged with Evotec BioSystems in 2000 Laetitia Rouxel

CFO (since April 2023)

Experience

• 2021-2023: Global CFO of Wavin
• 2018-2021: Divisional CFO, SVP M&A of Coty
• 1996-2018: Different finance functions & leadership roles at Pfizer, J&J and Danone

Matthias Evers

CBO (since 2022)

Experience

• 2002-2022: McKinsey & Company
• Significant exposure to the U.S., China, India, and Europe, where he supported R&D organisations to excel at innovation
• Areas of expertise: convergence of biology and technology
• Advisor and speaker at highprofile science events

Craig Johnstone COO (since 2019)

Experience

• 2015: Directeur General and Site Head, Evotec (France) SAS
• 2012-2017: SVP Drug Discovery and Innovation Efficiency; Global Head, Integrated Drug Discovery, Evotec
• 1994-2012: Project, function, & leadership roles at AstraZeneca, Prosidion and Rapier Research
• Fellow of the Royal Society of Chemistry and Chartered Chemist, BSc in Chemistry and a PhD in organic and organometallic synthesis and accredited LEAN Sigma Black Belt

Cord Dohrmann CSO (since 2010)

Experience

• 1999-2010: Leading DeveloGen from a start-up to an internationally recognised metabolic disease company
• 20 years in biomedical research at leading academic institutions and in the biotech industry
• Member of the German Science Council (Wissenschaftsrat) (since 2021)

Global view and deep experience for best governance

Independent and diverse Supervisory Board

• Since 2014 Member of Evotec's Supervisory Board (2021 Chairperson)
• Since 2008, CMO of UCB S.A., Brussels (Belgium)
• 2001-2009, Member of the Executive Board of Schwarz Pharma AG, responsible for global R&D

Iris Löw-Friedrich CMO – UCB S.A.

Roland Sackers CFO & Managing Director QIAGEN N.V.

• Since 2019 Member of Evotec's Supervisory Board
• 2018, Retired from the Management Board of Evotec
• 2007-2018, COO of Evotec
• 1991 Founding chemist of Oxford Asymmetry International plc (OAI), which was merged with Evotec

Mario Polywka BioSystems in 2000 Interim CEO of Evotec SE*

Elaine Sullivan CEO Keltic Pharma Therarpeutics Ltd.

• Since 2019 Member of the Supervisory Board (2021 Vice Chair Person) and Chairman of the Audit Committee of Evotec
• Since 2004, CFO of QIAGEN N.V.
• 1999-2004, Auditor at Arthur Andersen

Camilla Macapili Languille Head of Life Sciences Mubadala Investment Company

• Since 2022 Member of Evotec's Supervisory Board
• Since 2013, Different positions at Mubadala Investment Company, (UAE)
• 2011-2013, Senior Manager Mergers & Acquisitions Daiwa Capital Advisory Partners (France)
• 2007-2010: Investment Manager at Virgin Management Ltd. (UK)

• 2005-2007, Analyst at JPMorgan Securities, Inc. (UK/USA)

• Since 2015 Member of Evotec's Supervisory Board

• 2015-2019, CEO of Carrick Therapeutics Ltd,
• 2011-2014, VP Global External R&D at Eli Lilly & Company, Inc
• 1995-2010, Various positions in the area of drug discovery and development at AstraZeneca
• Constanze Ulmer-Eilfort Partner at Peters,
• Since 2021 Member of Evotec's Supervisory Board
• Since 2000, Equity Partner at Baker McKenzie
• Since 2017, Member of the Global Executive Committee of Baker McKenzie
• S4DX GmbH, Chair of the Advisory Committee

Schönberger & Partner

*On 3rd January 2024, Dr Mario Polywka has agreed to step in as interim CEO after Dr Werner Lanthaler stepped down as CEO. His Supervisory Board mandate is inactive while he works in his role as interim CEO for up to 12 months.

Strong Sustainability Governance in place

Supervisory Board assumes responsibility for sustainability

Keeping the promise ESG Goals 2023

Approve and implement the SBTi initiative action plan at all Evotec sites and invest one percent of 2022 revenues to achieve SBTi targets

Conduct engagement survey by mid 2023 Define and communicate a management plan for 2024 and beyond based on results of engagement survey

Engage sustainability champions at each site to create governance structures fostering environmental and social goals as well as site specific sustainability projects

Approx. 8% revenue one-off impact due to cyber-attack

Revenue guidance bridge

Manageable one-off effects and reflecting market sentiment

• Revenues (net), missed in Q2 2023, representing ~8% of initial revenue guidance
• Missed revenues largely related to development processes – awaiting remaining re-audits in August
• Visible partnering pipeline strong but seeing buyers' dynamics in more service-oriented business
• Earlier and better than anticipated effects from advanced payments mitigating parts of negative effects

Embracing the moment to learn, grow, and become even more efficient

Better, safer, more agile

Value Protection Programme (VPP) 1

Optimised capital allocation 2

Strategic review 3

Bouncing back better

• Securing liquidity and profitability
• Improving processes and systems
• Improving GMP compliance
• Preparing focused ERP build-out in UK and J.POD Toulouse (EU)
• Continued investments in Focus Areas for technology leadership

Identified savings potential of € 25 m in 2023

Offsetting one-off burdens

Adj. EBITDA guidance bridge

Better, safer & more efficient

• Net impact of one-off costs to re-build business and missed revenues of € 80 – 85 m
• Biggest impact from missing revenues of Development / API manufacturing business
• Value Protection Plan to build a leaner & safer organisation resulting in recurring savings as of 2024
• Adj. EBITDA guidance includes one-off items of € ~90 m

How to get there … Mid-term adj. EBITDA bridge

Well-balanced cascade

• Average annual growth of Base Business adj. EBITDA of 15% due to
  • − Robust top-line growth
  • − Operating leverage
  • − Efficiency (Value Protection Programme)
• Incremental income from Milestones, Upfronts, Licenses of € 45 m due to increasing breadth and depth of pipeline
• Accelerated growth of Just – Evotec Biologics

EVOequity complements co-owning strategy

Operational VC model – diversified portfolio with multiple shots on goal

At Equity Holding (≥20%) or significant influence

Minority Shareholdings (<20%)

BRIDGEs

Shareholders supporting sustainable growth

Shareholder structure¹

Volker Braun SVP Head of Global Investor Relations & ESG

+49 (0) 151 1940 5058 (m) volker.braun@evotec.com