Evotec's group revenues up 10% to €79.8 million for fiscal year 2005

By Lisa Kerner

Erie, Pa., March 28 - Evotec AG said its 2005 group revenues increased by 10% to €79.8 million from €72.7 million in 2004. And the company said it expects full-year 2006 revenues to grow by 0% to 5% over 2005.

Fourth-quarter 2005 revenues were up 5% to €26.5 million from €25.3 million in 2004.

The company attributed this growth to a strong performance in Evotec's Services Division, where revenues grew by 12% to €61.0 million from €54.5 million in 2004 and outperforming guidance of approximately €54 million.

Evotec also noted growth across all product lines, in particular chemical and pharmaceutical development services.

Net loss for 2005 of €33.6 million was lower than the previous year's €77.8 million net loss.

On Dec. 31, Evotec's cash and cash equivalents totaled €53.5 million.

"In 2004, we embarked on a major strategic expansion of our business by increasing our focus on building a product pipeline in the central nervous system (CNS) therapeutic area," president and chief executive officer Joern Aldag said in a company news release.

"We began our implementation of this strategy by acquiring full ownership of Evotec Neurosciences, and now have three compounds in clinical trials - with two of these having already successfully completed several phase 1 studies."

Evotec said it over-performed on each of its major goals for 2005, with phase 2 clinical trials for two of its compounds slated to begin this year.

Located in Hamburg, Germany, Evotec discovers and develops novel small molecule drugs.

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