Evotec AG (EVO)
NASDAQ:EVO
Top Page
Evotec AG
(NASDAQ:EVO)
Select Model
Select Model
Rating:45Neutral
Price Target:
$2.50
▼(-28.98% Downside)
Action:ReiteratedDate:04/10/26
The score is held down primarily by weak financial performance (persistent losses and negative free cash flow) and bearish longer-term technicals (below key moving averages, negative MACD). The earnings call adds partial support via cost-savings progress, strong biologics performance, and liquidity, but 2026 transition-year guidance and D&PD weakness temper the outlook; valuation is also constrained by negative earnings and no dividend yield.
Positive Factors
Biologics growth & margins
Just‑Evotec Biologics' rapid scale and margin expansion show the company can commercialize higher‑value biologics services. A growing, higher‑margin platform diversifies revenue away from cyclical discovery work and should sustainably lift group profitability and long‑term cash generation as platform-derived royalties and service volumes expand.
Negative Factors
Persistent negative cash flow
Multi‑year negative FCF and a 2025 decline in operating cash flow indicate weak cash conversion and recurring funding needs. Ongoing losses have eroded equity, heightening dilution or asset‑sale risk and limiting the company's ability to self‑fund growth or absorb shocks absent continued monetizations or external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Biologics growth & margins
Just‑Evotec Biologics' rapid scale and margin expansion show the company can commercialize higher‑value biologics services. A growing, higher‑margin platform diversifies revenue away from cyclical discovery work and should sustainably lift group profitability and long‑term cash generation as platform-derived royalties and service volumes expand.
Read all positive factors
Evotec AG (EVO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$940.36M
Dividend YieldN/A
Average Volume (3M)186.07K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth-1.19%
EPS Growth5.06%
CountryUS
Employees4,766
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.05
Shares Outstanding355,755,550
10 Day Avg. Volume383,647
30 Day Avg. Volume186,074
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)1.14
Price to Sales (P/S)1.23
P/FCF Ratio-11.82
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue1.10
Enterprise Value/Gross Profit7.61
Enterprise Value/Ebitda-24.77
Forecast
1Y Price Target
$3.50Price Target Upside-0.57% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.3
Revenue Forecast (FY)$921.65M
Evotec AG Business Overview & Revenue Model
Company Description
Evotec SE operates as drug discovery and development partner for the pharmaceutical and biotechnology industry worldwide. The company is developing pharmaceutical products in various therapeutic areas, such as diabetes and complications of diabete...
How the Company Makes Money
Evotec makes money primarily by providing research and development (R&D) services and by entering into strategic drug discovery collaborations with pharmaceutical and biotechnology partners. Key revenue streams typically include: (1) Fee-for-servi...
Evotec AG Earnings Call Summary
Earnings Call Date:Apr 08, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed a cautiously optimistic outlook driven by a transformational pivot and strong momentum in the Just-Evotec Biologics segment: sizable one-time and structural revenue gains (Sandoz deal, grants, growing non-Sandoz revenues), meaningful cash and cost-savings progress, and improved group EBITDA. However, material weakness persists in the Discovery & Preclinical Development segment (revenue declines and negative segment EBITDA), one-off license timing effects and external headwinds (early-stage funding softness, DoW budget cuts, FX) create near-term pressure. Management has a defined Horizon plan to realize ~EUR 75m run-rate savings and midterm targets (>EUR 1bn revenue by 2030; 20% adjusted EBITDA by 2028), suggesting the company expects the positives and structural actions to outweigh current operational challenges over time.Positive Updates
Strong Q4 Revenue Growth and Constant-Currency Improvement
Group Q4 2025 revenues rose EUR 32.1m (+14.5%) to EUR 253.3m; on a constant currency basis Q4 revenues grew ~21% year-over-year, signaling late-2025 momentum.
Negative Updates
Decline in Full-Year Group Revenues
Full-year 2025 group revenues fell EUR 8.6m (-1.1%) to EUR 788.4m vs 2024 (constant currency FY +1.7%), indicating the company faced a challenging market backdrop for the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Revenue Growth and Constant-Currency Improvement
Group Q4 2025 revenues rose EUR 32.1m (+14.5%) to EUR 253.3m; on a constant currency basis Q4 revenues grew ~21% year-over-year, signaling late-2025 momentum.
Read all positive updates
Company Guidance
For full‑year 2026 Evotec guided group revenues of approximately EUR 700–780m (EUR 730–810m at constant exchange rates) and adjusted group EBITDA of roughly EUR 0–40m (EUR 10–50m at constant FX), while expecting an FX headwind of ~3.5%; management views 2026 as a transition year with a weaker H1 and H2 strengthening as ~20–30% of the targeted EUR 75m Horizon run‑rate savings (~EUR 15–22.5m) materialize in 2026, plus an estimated ~EUR 20m year‑on‑year earnings benefit in Just‑Evotec Biologics from removal of the Toulouse cost drag; Just‑Evotec Biologics non‑Sandoz/non‑DoW activities are expected to grow ~40% y/y (noting the non‑repeat of the ~EUR 65m Sandoz license in Q4‑2025), D&PD is expected to recover to low‑to‑mid single‑digit growth (soft H1, low single‑digit H2), and the company expects its partnered Phase II program count to increase from 2 to 4 during 2026.Evotec AG Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
55
Neutral
Cash Flow
34
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 757.26M | 796.97M | 781.43M | 751.45M | 618.03M |
| Gross Profit | 62.66M | 114.88M | 175.05M | 174.06M | 151.54M |
| EBITDA | -39.76M | -80.66M | 24.13M | -57.61M | 316.63M |
| Net Income | -99.43M | -196.08M | -83.91M | -175.66M | 215.51M |
Balance Sheet | |||||
| Total Assets | 1.78B | 1.91B | 2.25B | 2.26B | 2.24B |
| Cash, Cash Equivalents and Short-Term Investments | 476.19M | 396.80M | 604.11M | 707.31M | 858.50M |
| Total Debt | 447.50M | 443.54M | 815.35M | 506.67M | 512.92M |
| Total Liabilities | 964.64M | 959.98M | 1.13B | 1.07B | 857.48M |
| Stockholders Equity | 813.36M | 952.52M | 1.12B | 1.19B | 1.38B |
Cash Flow | |||||
| Free Cash Flow | -78.74M | -114.02M | -179.56M | 24.46M | 3.29M |
| Operating Cash Flow | -9.06M | 18.22M | 36.44M | 205.81M | 122.24M |
| Investing Cash Flow | 159.86M | -71.19M | -13.29M | -412.80M | -243.85M |
| Financing Cash Flow | -30.93M | -161.42M | 71.96M | -58.15M | 398.43M |
Evotec AG Technical Analysis
Neutral
3.52
Price Trends
3.01
Negative
3.13
Negative
3.47
Negative
Market Momentum
-0.09
Negative
47.50
Neutral
63.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVO, the sentiment is Neutral. The current price of 3.52 is above the 20-day moving average (MA) of 2.49, above the 50-day MA of 3.01, and above the 200-day MA of 3.47, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 47.50 is Neutral, neither overbought nor oversold. The STOCH value of 63.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EVO.
Evotec AG Risk Analysis
Evotec AG disclosed 10 risk factors in its most recent earnings report. Evotec AG reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Financial risks Q4, 2022
2.
HR risks Q4, 2022
3.
Strategic risks Q4, 2022
Evotec AG Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $963.25M | 163.97 | 0.95% | ― | 3.14% | ― | |
67 Neutral | $1.76B | 14.40 | 15.55% | ― | 48.87% | ― | |
61 Neutral | $924.19M | 12.76 | 12.76% | ― | -0.03% | -27.66% | |
57 Neutral | $1.13B | 21.64 | 24.11% | ― | 26.34% | -32.79% | |
55 Neutral | $2.92B | -72.78 | -3.67% | ― | 4.54% | -130.59% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $940.36M | -9.36 | -18.11% | ― | -1.19% | 5.06% |
* Healthcare Sector Average
EVO
Evotec AG
2.63
-0.67
-20.30%
PCRX
Pacira Pharmaceuticals
23.79
-1.18
-4.73%
SUPN
Supernus Pharmaceuticals
50.68
19.08
60.38%
ANIP
ANI Pharmaceuticals
78.36
9.64
14.03%
AMPH
Amphastar Pharmaceuticals
20.37
-4.05
-16.58%
COLL
Collegium Pharmaceutical
35.47
8.74
32.70%
Evotec AG Corporate Events
Evotec Posts Strong 2025 Results and Accelerates Horizon Transformation With Major Biologics Deals
Apr 8, 2026
Evotec SE reported that its fourth-quarter and full-year 2025 revenues reached €253.3 million and €788.4 million, respectively, with adjusted EBITDA of €58.0 million and €41.1 million, landing at the high end of guidance an...
Evotec Names New Supervisory Board Chair and Expects $100 Million Windfall From Tubulis Deal
Apr 7, 2026
On April 7, 2026, Evotec SE announced that its Supervisory Board has proposed industry veteran Dieter Weinand as Chairman of the Supervisory Board, with his election to be voted on at the Annual General Meeting scheduled for June 11, 2026. He is s...
Evotec Launches ‘Horizon’ Transformation to Streamline Operations and Target €1 Billion Revenue by 2030
Mar 10, 2026
On 10 March 2026, Evotec SE unveiled “Horizon,” the next phase of its strategic transformation, introducing a new operating model built around operations, science and commercial execution to drive above-market growth and agility. The p...
Evotec Discloses Increased Goldman Sachs Stake After Crossing Voting-Rights Threshold
Jan 16, 2026
On 16 January 2026, Evotec SE reported that it had submitted several Notifications of Major Holdings to the German financial regulator BaFin, reflecting changes in significant shareholdings in the company earlier in the month. The filings detail t...
Evotec Reports New 5.03% Major Shareholding via Shares and Equity Swaps
Jan 13, 2026
On January 12 and 13, 2026, Evotec SE reported changes in significant shareholdings to the German financial regulator, reflecting updated notifications of major holdings by investors including entities associated with Michael Kaufman. The filings ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.