Evotec's loss deepens 58% on costs
German small-molecule drug developer Evotec's first-quarter 2009 net loss deepened by 58% year-on-year, despite higher sales and lower costs, due to charges.
Revenue increased to 8.2 million euros ($11.2 million), up 13%. R&D costs were down 19% to 10.3 million euros, as a result of cost-cutting efforts.
However, the company's net loss reached 21.8 million euros, or 0.21 euros per share, versus a loss of 13.8 million euros, or 0.19 euros per share. The firm says this was primarily due to an impairment charge of 6.6 million euros and restructuring expenses of 1.4 million euros. As of March 31, the firm had 79.0 million euros of liquid assets remaining, a decrease of 15% on the end of last year.
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