EVO · Evotec SE

Evotec SE's 2025 financial performance met the high end of guidance with group revenues of €788.4 million and adjusted EBITDA of €41.1 million, driven by successful cost discipline measures that yielded €60 million in annualized structural savings and a significant license payment from the Sandoz transaction. The company is undergoing a fundamental transformation through its Horizon operating model, announced in March 2026, which includes reducing its global footprint to 10 sites, establishing Centers of Excellence, and strengthening commercial leadership. This transformation is expected to deliver approximately €75 million in structural run-rate cost savings by the end of 2027, with the first financial benefits becoming visible in the second half of 2026. Management has designated 2026 as a transition year, with guidance reflecting this period of change: group revenues of €700-780 million and adjusted EBITDA of €0-40 million. The company's medium-term framework through 2030 anticipates revenue growth to over €1 billion with an adjusted EBITDA margin reaching 20% by 2028. Business highlights include strong performance in the Just – Evotec Biologics segment, which saw 39% revenue growth to €259.4 million, and progress across key partnerships with Bristol Myers Squibb and Bayer, accompanied by milestone payments. The company also expects to receive approximately $100 million from the Tubulis sale to Gilead Sciences in Q2 2026. Evotec closed 2025 with a solid liquidity position of €476 million and reduced capital expenditures by 38% year-on-year as it shifts toward a CAPEX-lighter operating model.