German contract researcher Evotec grew its revenue by 50% in the first 9 months of 2015, executing its hybrid model and expanding its list of Big Pharma partners.
The company booked €88.2 million ($94.6 million) in the first three quarters. EVT Execute, Evotec's CRO division, grew 52% to €93.4 million ($100.1 million), while EVT Innovate, which outlicenses proprietary treatments, rose 34% to €14.3 million ($15.3 million). Intersegment eliminations, in which Execute sells services to Innovate, totaled €13.2 million ($14.2 million), accounting for the net revenue difference.
Evotec's net income came in at €10.7 million ($11.5 million) for the first 9 months, besting the €8 million ($8.6 million) loss it posted in the same period last year.
Now the company is expecting full-year revenue to grow 45% over 2014. Evotec has raised its expectations three times this year, starting out with a 10% growth projection that moved to 20%, 35% and now 45%.
Fueling that optimism is a string of partnerships with the likes of Sanofi ($SNY), Roche ($RHHBY), Johnson & Johnson ($JNJ) and, most recently, Pfizer ($PFE). Evotec has also entered into R&D deals with research foundations and academic institutes, lending its development expertise and compound library out in exchange for service fees.
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