Evotec losses rise but so do sales

Published: 1-Sep-2005


Despite growing sales, German biotech firm Evotec has reported a rise in second-quarter net losses to €23.4m (US$29m) 'because of large amortisation charges'. But the company said that it was on track to make a smaller loss than the €84.2m loss recorded in 2004.

Group sales rose 8.5% to €18.4m, compared with €16.9m for the same period last year. It said its sales and order book for 2005 increased to €69m in July, compared with €62m a year-ago.

The Hamburg-based company, which provides drug development services and specialises in finding new treatments for diseases of the central nervous system, acquired the 78% of Evotec Neurosciences that it did not already own back in March.

The company said it had written off of some research and development projects at its neurosciences division, which resulted in a one-off charge of €17.9m. Total amortisation for the group was €23.2m. It also recorded a foreign-exchange loss of €1.2m.

Evotec has a number of products in late stage pre-clinical development, such as its subtype selective NMDA receptor antagonist for the treatment of Alzheimers' disease, which is expected to enter clinical trials later this year.

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