Evotec swings to 1st-qtr 2007 profit
German drugmaker Evotec AG said that its net profit in the first quarter of 2007 was 2.7 million euros ($3.7 million), up from the 8.8 million-euro loss it recorded in the comparable period in 2006. This equates to net profit of 0.04 per share, compared with the 0.14 per share loss it saw in the first three months of last year.
The firm explained that the turnaround was largely due to non-operating profit of 11.2 million euros on the 23.0 million euro sale of Evotec Technologies to USA-based PerkinElmer (Marketletter December 11, 2006).
On the negative side, Evotec reported that its revenues fell 4% to 15.1 million euros, but added that this was due to the milestone payment it received in the year-earlier period resulting from its collaboration with fellow German company Boehringer Ingelheim. The firm added that the lower US exchange rate had also affected sales.
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