The stock may face near-term pressure due to 2026's conservative guidance despite strong 2025 EBITDA growth. Investors should monitor the Horizon transformation's progress and the Q2 2026 Gilead-Tubulis monetization for potential upside.
Price Chart
Executive Summary
Evotec reported full-year 2025 results with €788.4 million in revenue, a slight decline from 2024, but a significant increase in adjusted EBITDA to €41.1 million driven by the Sandoz transaction and cost savings. The company announced a transformation year for 2026 with guidance for lower revenue and EBITDA, while highlighting progress in key partnerships and upcoming monetizations.
Key Facts
- Full-year 2025 revenue: €788.4 million (down 1.1% YoY), adjusted EBITDA: €41.1 million (up from €22.6 million in 2024)
- Q4 2025 revenue: €253.3 million (14% increase YoY), adjusted EBITDA: €58.0 million (103% increase YoY)
- Just-Evotec Biologics segment revenue grew 39% to €259.4 million in 2025, driven by Sandoz transaction
- Drug Discovery segment revenue declined 13.5% to €528.9 million in 2025
- 2026 guidance: revenue of €700-780 million, adjusted EBITDA of €0-40 million
- €75 million in expected run-rate cost savings by end of 2027 from Horizon transformation
- Expected $100 million from Gilead-Tubulis acquisition in Q2 2026
Financial Impact
Revenue decreased slightly year-over-year but EBITDA nearly doubled to €41.1 million. The Sandoz transaction contributed €65 million in Q4. 2026 guidance indicates a transition year with lower profitability expected.
Risk Factors
- 2026 revenue and EBITDA guidance is lower than 2025 actuals, indicating a transition year
- Drug Discovery segment continues to face market softness with declining revenues
- Execution risk in the Horizon transformation to achieve €75 million in cost savings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-040768 |
| Document: tm2611375d1_6k.htm | 0001104659-26-040768 |
| Document: 0001104659-26-040768-index-headers.html | 0001104659-26-040768 |
| Document: 0001104659-26-040768-index.html | 0001104659-26-040768 |
| Document: 0001104659-26-040768.txt | 0001104659-26-040768 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 6, 2026 24w ago | 6-K | $6.69 $6.69 | · 0.00% | ▲ +2.06% | $3.33 (+50.30%) |
Apr 30, 2026 25w ago | 6-K | $5.24 $6.69 | ▲ +27.67% | ▲ +24.56% | $3.33 (−36.55%) |
Apr 8, 2026 28w ago | 6-K | $5.24 $6.69 | ▲ +27.67% | ▲ +17.21% | $3.33 (−36.55%) |
Apr 8, 2026 28w ago | 20-F | $5.24 $6.69 | ▲ +27.67% | ▲ +17.21% | $3.33 (−36.55%) |
Apr 7, 2026 28w ago | 6-K | $5.24 $6.69 | ▲ +27.67% | ▲ +14.40% | $3.33 (−36.55%) |
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