On April 17, 2025 Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809; NASDAQ: EVO) reported its financial results for FY 2024, provided guidance for FY 2025 and outlook for 2028 reflecting the path to sustainable profitable growth, following the completion of its strategic review process (Press release, Evotec, APR 17, 2025, View Source [SID1234651971]).
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Dr Christian Wojczewski, Chief Executive Officer of Evotec, said:
"Evotec’s ambitious new direction paves the way for sustainable profitable long-term growth. We are refocusing Evotec on its core strengths: technology and science leadership, where we deliver maximum impact for customers and patients. By combining cutting-edge technology platforms, disruptive science, and AI-driven innovation, we are accelerating the journey from concept to cure with our partners. We delivered on 2024 financial guidance, and I am excited about the opportunities that lie ahead of us. Together with our talented teams, we are writing the next chapter of Evotec’s success story as a drug discovery pioneer."
Evotec unveils new strategy to refocus on core strengths and define clear roadmap to sustainable profitable growth
· Technology and science leadership – refocusing on our strong, unique heritage
· Two pillars: Drug Discovery & Pre-clinical Development (Shared R&D) and Just – Evotec Biologics
· Drug Discovery & Pre-clinical Development will leverage automation, industrialisation, next generation platforms and AI to accelerate our customers journey and to increase their success rates
· Business model simplified: focus on high-value services and therapeutic areas, asset portfolio streamlined by ~30%, R&D supporting next-generation technology development. Exiting equity participations
· Just – Evotec Biologics growth underpinned by existing partnerships and further strengthened by leveraging its capabilities as a scalable technology and service provider, anticipating pivot to an asset lighter model
· Beating market growth via our scientific and operational expertise, focus, and differentiated technology
· Commitment to operational excellence for a step-change in performance. Driving operational leverage through our backbone with higher focus on automation. Anchored cost-out initiatives via refined footprint, optimised COGS and SG&A delivering > € 50 m gross savings by 2028 on top of Priority Reset (€ 40 m)
2024 revenue and EBITDA within guidance. Priority Reset on track. Q4: Second highest quarterly revenues ever amid challenging market environment
· Group revenues increased by 2% to € 797.0 m (2023: € 781.4 m); Q4 2024 revenues increased by 10% to € 221.2 m from € 201.3 m in Q4 2023
· Evotec’s Just – Evotec Biologics segment saw impressive growth, with revenues rising by 71% year-over-year, contributing € 185.6 m (2023: € 108.4 m) to the overall topline
· Total Shared R&D revenues decreased by 9% to € 611.4 m (2023: € 673.0 m); Demand still affected by temporary Pharma restructuring and selective funding for Biotech
· Adjusted Group EBITDA totalled € 22.6 m (2023: € 66.4 m) driven by a mismatch between revenues and cost base in the Shared R&D segment
· Priority Reset on track to secure an annualised adjusted EBITDA improvement of over € 40 m. One-off costs recognised at € 54.9 m, vs. initial provision of € 68.5 m
· Net debt leverage ratio significantly improved to 1.9x net debt / EBITDA
Strengthened partnerships in 2024 paving the way for 2025 growth in soft market environment
· Group revenue growth expected to accelerate vs. 2024, driven by Just – Evotec Biologics, while Shared R&D revenues expected to remain around 2024 levels
· Tariffs & US government funding development are expected to have a limited impact on Evotec’s business
· Expansion of technology partnership with Sandoz and new customers for long-term development and commercial manufacturing in Biologics
· Progress and extension of multi-year collaboration with Bristol Myers Squibb ("BMS") in neuroscience and targeted protein degradation
· New technology development partnership with Novo Nordisk to support next-generation cell therapies
· New multi-year master research collaboration with Pfizer, initially focusing on early discovery research for metabolic and infectious diseases
Guidance for full-year 2025
· Group revenues expected in the range of € 840 – 880 m (2024: € 797.0 m)
· R&D expenditures are expected in a range of € 40 – 50 m (2024: € 50.8 m)
· Adjusted Group EBITDA is expected to reach € 30 – 50 m (2024: € 22.6 m)
Outlook 2028
· Group revenues CAGR2024-2028 targeted to be in a range of 8 – 12 %
· Adj. EBITDA margin 2028 expected to be above 20%
CAGR: Compound annual growth rate
More detailed information and financial tables are available in the annual report published on the Evotec website under the following link: View Source
Webcast/Conference Call
The Company is going to host a conference call to discuss 2024 results as well as to provide an update on the concluded strategic review process. The conference call will be held in English.
Webcast details
Date: Thursday, 17 April 2025
Time: 2.00 pm CEST (1.00 pm BST, 8.00 am ET)
To join the audio webcast and to access the presentation slides, please register via this link.
The on-demand version of the webcast will be available on our website: www.evotec.com.
Conference call detail
To join via phone, please pre-register via this link
You will then receive a confirmation email with dedicated dial-in details such as telephone number, access code and PIN to access the call.