Evotec's Revenue Fog Keeps Buyers Away as November Deadline Looms
Published on 09/27/2026 at 09:40 | Editorial boerse-global.de
Berenberg has no intention of moving off the fence on Evotec. Following a sit-down with chief executive Christian Wojczewski, the Hamburg-based drug discovery group's rating was left untouched at "Hold" on Friday, with the private bank keeping its price target pinned at EUR 3.60. The stance captures a company still working through a sweeping realignment after a bruising first half.
The market's mood was no brighter. Evotec shares closed Friday at EUR 2.79, having earlier touched a fresh 52-week low of EUR 2.71 before clawing back only a sliver of that decline. Year to date, the stock has shed 49%, planting it among the worst performers in Germany's small and mid-cap universe.
A Forecast Cut That Still Stings
Regaining capital-market confidence now sits at the top of Wojczewski's agenda. The task grew harder in July, when Evotec slashed its guidance for the full year: revenue is now expected between EUR 570 million and EUR 610 million, down from an earlier target of EUR 700 million to EUR 780 million. Adjusted EBITDA is projected to land between a loss of EUR 70 million and EUR 105 million.
Those reduced targets were reaffirmed roughly a month ago alongside the release of final first-half figures. Barely a week before that, finance chief Claire Hinshelwood took the stage at an investor conference, pointing to encouraging operating indicators and revenue streams still to come.
Should investors sell immediately? Or is it worth buying Evotec?
Why Analysts Stay Cautious
The hesitancy among analysts rests on more than just the numbers. Christian Ehmann has tied his restraint to the ongoing commercial overhaul and to milestone payments that have slipped, two forces that together cloud revenue visibility for the foreseeable future.
Resources are being absorbed by the revamp of sales and marketing operations, while delayed milestone receipts from development partnerships weigh on near-term cash inflows. Management has insisted at investor events that key business metrics are broadly pointing the right way, yet the market still lacks hard evidence of a durable turnaround in operating earnings. Any early rally has been quickly met with profit-taking.
Science Marches On Regardless
None of this has stopped Evotec from pushing its collaborations and research programs forward. Through its research alliances, the company pairs its own platforms with external partners' technologies in pursuit of new therapeutic approaches.
Its US subsidiary, Just – Evotec Biologics, is also making headway in the clinic. An antibody program targeting orthopoxviruses, run in cooperation with the United States Department of Defense, entered Phase I in September.
All Eyes on November 5
Whether those operational milestones can lift the shares off their lows will hinge on what the board reveals in the autumn. Evotec has scheduled the release of its interim report for the third quarter and the first nine months of the current financial year for November 5. That is when management must demonstrate whether its efficiency measures are taking hold and whether milestone planning has become any more predictable.
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