Evotec Shareholders Deliver Rebuke on Pay as New Chairman Takes the Helm
13.06.2026 - 17:13:45 | boerse-global.de
Evotec's annual general meeting on June 11 produced a clear division among investors over executive compensation, even as the company pushed ahead with board renewal and a sweeping cost-cutting drive. The compensation system for management received backing from just 65.71% of votes cast, with more than a third of shareholders opposing the revised framework. The result signals growing unease over pay arrangements at a time when the biotech group’s stock has lost more than a third of its value over the past twelve months.
The performance share plan for 2026 fared slightly better, securing 78.87% approval. Still, roughly 21% of the valid votes were cast against it. The plan creates conditional capital for granting share-based rights to board members, executives, and managers of affiliated companies, while phasing out the earlier programmes from 2015 and 2017. The dissent reflects a familiar tension: equity-based compensation carries dilution risk, and that bites hardest when the share price is falling.
New leadership at the top
Shareholders elected Dieter Weinand and Dr. Wolfgang Hofmann to the supervisory board, with Weinand subsequently taking the chair. He succeeds Prof. Dr. Iris Löw-Friedrich. Weinand brings heavyweight credentials: former Bayer board member, CEO of Bayer Pharmaceuticals, and senior roles at Pfizer, Bristol Myers Squibb, and Sanofi. His appointment is likely to appease activist investors who had pressed for more commercial firepower on the oversight panel.
The board expanded from six to seven seats, with the re-election of Dr. Duncan McHale and Wesley Wheeler. Turnout at the meeting was 43.10% of the share capital — a solid level for a company in the midst of restructuring.
Should investors sell immediately? Or is it worth buying Evotec?
Horizon programme gathers pace
Evotec’s Horizon cost-saving initiative, launched in March 2026, targets a €75 million reduction in annual expenses by the end of 2027. Management plans to halve the number of sites from 19 to 10 and cut around 800 jobs. In the first quarter, the company booked restructuring provisions of €75 million, mostly covering severance and impairments. Revenue for the period fell nearly 22% to €156.6 million, while the loss per share widened to minus €0.69.
For the full year, Evotec expects revenue in a range of €700 million to €780 million, with adjusted EBITDA between zero and €40 million.
Dilution risk from convertible bond
In late May, Evotec placed a €116.1 million convertible bond with a conversion price of €6.53 per share — well above the current trading level of €4.80. The instrument shores up liquidity but introduces dilution potential if the share price recovers. The stock closed on Friday at €4.80, roughly 36% below its level a year ago. Year to date, it is down 13.45%, and it sits about 14% below its 200-day moving average of €5.61.
Evotec at a turning point? This analysis reveals what investors need to know now.
One modest positive: AHL Partners LLP trimmed its short position from 0.78% to 0.68% of outstanding shares.
What lies ahead
The BIO International Convention from June 22 to 25 will be an early test of sentiment, followed by the half-year report on August 13, 2026. Investors will scrutinise whether Horizon has started to deliver measurable operational improvements. Meanwhile, an activist-driven debate over a potential spin-off of the biologics division continues to simmer, though it has yet to secure a clear majority on the supervisory board.
Ad
Evotec Stock: New Analysis - 13 June
Fresh Evotec information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
