Monitor H2 2026 for recovery in D&PD activity and Horizon cost savings. The strategic review could lead to a sale or restructuring that unlocks value, but near-term earnings are under pressure. The $100M Tubulis payment in Q2 2026 provides a near-term cash cushion.
Price Chart
Executive Summary
Evotec SE reported Q1 2026 results with a 22% revenue decline to €156.6M and Adjusted EBITDA swinging to -€21.9M from +€3.1M in Q1 2025, driven by the absence of a $25M Sandoz license payment and continued soft market conditions. The company confirmed its full-year 2026 guidance (revenue €700-780M, Adj. EBITDA €0-40M) and initiated a strategic review with Morgan Stanley and Moelis, while the Horizon restructuring program is underway with €75M in reorganization charges. Despite a near-term earnings miss, the liquidity position remains strong at €445M, and the expected $100M cash inflow from the Tubulis sale to Gilead provides a buffer.
Key Facts
- Group revenues declined 22% YoY to €156.6M (Q1 2025: €200.0M)
- Adjusted Group EBITDA of -€21.9M vs +€3.1M in prior year
- Net loss of €121.9M (vs -€31.6M), including €75M in Horizon restructuring costs
- Full-year 2026 guidance confirmed: revenue €700-780M, Adj. EBITDA €0-40M
- Strategic review initiated with Morgan Stanley and Moelis & Co.
- Evotec to receive ~$100M upfront from Tubulis sale to Gilead Sciences, plus up to $58M in milestones
- Cash and cash equivalents of €387.9M with total liquidity of €444.8M
- Horizon program on track: €75M run-rate savings targeted by end of 2027
Financial Impact
Revenue decline of €43.4M YoY; Adj. EBITDA swing of -€25M; net loss widened by €90M due to restructuring provisions.
Risk Factors
- Continued softness in early-stage drug discovery market may delay revenue recovery
- Execution risk on Horizon restructuring and achieving targeted savings
- Potential dilutive financing if strategic review leads to capital raise
- FX headwinds (€3M impact in Q1) may persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-055957 |
| Document: tm2613738d1_ex99-2.htm | 0001104659-26-055957 |
| Document: tm2613738d1_6k.htm | 0001104659-26-055957 |
| Document: 0001104659-26-055957-index-headers.html | 0001104659-26-055957 |
| Document: 0001104659-26-055957-index.html | 0001104659-26-055957 |
| Document: 0001104659-26-055957.txt | 0001104659-26-055957 |
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 29w ago | 6-K | $5.24 $6.69 | ▲ +27.67% | ▲ +14.40% | $3.33 (−36.55%) |
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