Evotec Wins Vertex Manufacturing Nod as Analysts Keep Their Distance
Published on 11/08/2026 at 18:41 | Editorial boerse-global.de
Evotec has secured a commercial manufacturing role with Vertex Pharmaceuticals, but the vote of confidence from a major drugmaker did little to shift the cautious stance of the research houses covering the German biotech. Vertex has selected Just – Evotec Biologics to produce povetacicept at the Redmond site, the company confirmed on Thursday alongside its third-quarter release.
The quarterly figures themselves offered a mixed picture. Revenue for the three months to September came in at EUR 164.9 million, while adjusted group EBITDA landed at minus EUR 1.6 million — a sharp improvement on the minus EUR 15.0 million recorded in the same period a year earlier.
Nine-Month Loss Still Weighs Heavily
Over the first nine months of 2026, Evotec booked revenue of EUR 465.0 million and an adjusted EBITDA loss of EUR 44.3 million. Management left its full-year guidance untouched: revenue of EUR 570 million to EUR 610 million for 2026, with adjusted EBITDA expected between minus EUR 105 million and minus EUR 70 million.
The Horizon cost programme is moving faster than planned. By the end of September, more than 20% of the targeted EUR 75 million improvement to the cost base had been realised, the company said.
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Longer-term ambitions, however, have been trimmed. Evotec now targets revenue of around EUR 1 billion for 2030, down from its earlier pledge of more than EUR 1 billion. The goal of a 20% adjusted EBITDA margin by the end of 2028 stands, with the margin set to exceed 20% by the close of 2030.
Berenberg Lifts Target, Deutsche Bank Stands Pat
Berenberg raised its price target to EUR 3.75 from EUR 3.60 on Friday while keeping its rating at "Hold." Analyst Christian Ehmann called the third quarter solid and the longer-term objectives ambitious.
Deutsche Bank Research also reaffirmed "Hold" with a EUR 3.50 target on Friday, describing the mid-term goals as overambitious despite the stronger third quarter. Neither broker moved to a buy recommendation.
Evotec at a turning point? This analysis reveals what investors need to know now.
Shares in Evotec climbed 4.0% on Friday. The company's own announcements did not identify a specific trigger for the session's gain.
In a separate disclosure, J.P. Morgan Securities LLC reported holdings of 6.11% in voting rights and instruments as of 30 October, down from 6.54% previously. The relevant threshold was also touched on 30 October.
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