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Evotec
EVT.DE Small CapHealthcare · Drug Manufacturers - Specialty & Generic
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
Evotec SE operates as a drug discovery and development company in the United States, Germany, France, the United Kingdom, Switzerland, and internationally. It operates in two segments, Shared R&D and Just Evotec Biologics. The company is developing pharmaceutical products in various therapeutic areas, such as oncology, autoimmune, cancer, diabetes, heart failure, immunology, pain and inflammation, infectious, kidney, liver, respiratory, fibrotic and metabolic diseases, and rare diseases. It is also developingcentral nervous system (CNS) and cardiometabolic diseases; and animal and women health. The company has collaboration agreements with Mass General Brigham and Joslin Diabetes Center focusing on cardiometabolic diseases; BMS antiviral; Novo Nordisk cell therapy; University of Oxford;
Evotec Stock at a Glance
Evotec (EVT.DE) is currently trading at €5.23 with a market capitalization of $928.8M. The 52-week range spans from €4.00 to €8.57; the current price is 39% below the yearly high. Year-over-year revenue growth stands at -21.7%.
💰 Dividend
Evotec currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.
📊 Analyst Rating
7 analysts rate Evotec (EVT.DE) on consensus: Buy. The average price target is €6.44, implying +23.19% from the current price. Analyst price targets range from €4.00 to €10.00.
Investment Thesis: Strengths & Weaknesses
- Analyst consensus: Buy
- Positive free cash flow
- –Revenue shrinking (-21.7% YoY)
- –Currently unprofitable
Technical Snapshot
The price is in a transition zone relative to the moving averages — no clear signal.
Risk Profile
The data points to market-like volatility.
Trading Data
Related Stocks in the Same Sector
Evotec (EVT.DE) 2026: 4,62 EUR German Drug-Discovery-and-Development CRO at 1,0x P/B Deep-Cyclical-Trough with Triton-Partners Activist Engagement and Just-Evotec-Biologics Platform Optionality
The Real Story
Evotec SE (Xetra: EVT) is a Hamburg-based German biotechnology drug-discovery-and-development contract-research-organization (CRO) founded in 1993 and serving pharmaceutical-and-biotech clients including Sumitomo Pharma, Bristol-Myers Squibb, Bayer, and Sanofi. The company operates two reporting segments: Shared R&D (approximately 78 percent of revenue, drug-discovery-and-translational-research services plus shared-risk-shared-reward partnership-equity-participation in customer-projects) and Just-Evotec Biologics (approximately 22 percent, contract-development-manufacturing-organization for biologics including a major US Department of Defense pandemic-preparedness contract).
The 2023–2025 period was deeply-challenging: October 2023 cybersecurity-attack disrupted operations for approximately 3 months, CEO Werner Lanthaler departure in January 2024 after 15 years, replacement with interim-CEO Mario Polywka then permanent-CEO Christian Wojczewski in mid-2025. Operating-EBITDA collapsed from approximately 180 million EUR in 2022 to approximately 70 million EUR in 2024 and share price fell from over 25 EUR in 2022 to under 5 EUR in 2024–2025. Triton Partners (German-private-equity firm) accumulated approximately 10 percent stake in 2024 and engaged on strategic-direction. Halozyme Therapeutics (NASDAQ: HALO) made a preliminary 2,0 billion EUR-plus-strategic-acquisition-approach in July 2024, which was rejected by Evotec management but signalled strategic-buyer-interest.
What Smart Money Thinks
Evotec has a multi-activist shareholder-register. Triton Partners (German-private-equity firm) holds approximately 9,8 percent — disclosed via voting-rights-notification 2024, signalling activist-engagement on strategic-direction and capital-allocation. BlackRock at approximately 7,2 percent, Allianz Global Investors at approximately 4,9 percent represent broader-institutional flow. Mubadala Investment Company (Abu Dhabi sovereign-wealth-fund) holds approximately 4,1 percent from 2022-strategic-investment. Insider activity: new-CEO Christian Wojczewski purchased approximately 250.000 EUR of shares in late-2025 at approximately 4,80 EUR. Short-interest sits at approximately 8,5 percent of float as of May 2026.
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📈 The 3 Real Bull Points
Halozyme's July 2024 preliminary 2,0 billion EUR-plus acquisition-approach was rejected by Evotec board, but Triton-Partners activist-engagement plus continued strategic-buyer interest creates renewed-strategic-review optionality. A revised Halozyme bid or alternative-strategic-buyer engagement at 7–10 EUR per share (40–115 percent premium versus 4,62 EUR current price) is the empirical-expected-value scenario over 18–36 months.
Just-Evotec Biologics operates a state-of-the-art biologics-CDMO facility with continuous-manufacturing technology and a US-DoD pandemic-preparedness contract worth approximately 500 million USD over 10 years. The continuous-manufacturing platform is structurally-differentiated versus traditional-batch-CDMO peers (Lonza, Catalent, Samsung Biologics) and supports premium-pricing-and-margin-progression as biotech-customers prioritize sustainability-and-speed-to-clinic.
CEO Wojczewski's 2025–2026 cost-base-reduction program (approximately 100 million EUR annual run-rate from headcount-reduction, real-estate-rationalization, and operating-model-simplification) combined with full-recovery from the 2023-cybersecurity-event creates operating-EBITDA inflection. Consensus models 2026 EBITDA at approximately 100–120 million EUR and 2027 EBITDA at approximately 130–160 million EUR — material recovery from 2024 trough of 70 million EUR.
📉 The 3 Real Bear Points
The 2022–2024 biotech-funding-winter has compressed customer-pipeline-spending across the broader-CRO sector. Evotec's Shared-R&D-segment revenue declined approximately 14 percent year-over-year in 2024 and recovery-pace through 2026–2027 is uncertain. If biotech-funding-environment remains challenged, Shared-R&D revenue-trajectory could compress 8–15 percent versus consensus.
Approximately 30–35 percent of Evotec revenue derives from shared-risk-shared-reward-equity-participation in customer-drug-discovery-projects, with milestone-and-royalty-revenue that is structurally-lumpy quarter-to-quarter. The earnings-volatility creates periodic miss-versus-consensus risk that compresses near-term-multiple.
Just-Evotec Biologics has required approximately 380 million USD of capex investment over 2020–2024 to establish the US continuous-manufacturing facility, with payback-period dependent on customer-pipeline-utilization through 2026–2028. If customer-uptake disappoints (CDMO-capacity-overhang from broader-industry-build-out), Just-Evotec Biologics could underperform and create impairment-risk.
Valuation in Context
Evotec at 4,62 EUR per share with approximately 177,5 million shares outstanding has a market capitalization of approximately 820 million EUR. With approximately 350 million EUR of net-debt-and-lease-obligations, enterprise value is approximately 1,17 billion EUR against trailing-twelve-month revenue of approximately 770 million EUR (approximately 1,5x EV/sales).
On forward-earnings, Evotec trades at negative forward-P/E reflecting the 2024–2025 loss-trajectory. Consensus expects 2026 EPS of approximately 0,08 EUR and 2027 EPS of approximately 0,32 EUR as the EBITDA-inflection completes. Applying a peer-blended fair-multiple of 22–30x to base-case fiscal-2027 EPS of approximately 0,32 EUR produces a 12-month fair-value range of approximately 7,00–9,60 EUR per share — implying approximately 51–108 percent upside. Halozyme-or-strategic-buyer renewed-bid at 7–10 EUR provides additional value-realization channel. The bear-case (biotech-funding-trough extends, Just-Evotec-Biologics-underperforms) supports a 3,20–3,80 EUR range. The bull-case (strategic-buyer-engagement materializes, EBITDA exceeds 160 million EUR) supports a 11–14 EUR range over 24 months.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: Shared-R&D-revenue trajectory, Just-Evotec-Biologics-pipeline-update, cost-base-reduction-execution, Triton-Partners engagement-status, any renewed-strategic-buyer-engagement update.
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2026 Q4:
Q3 2026 earnings (early November 2026) plus fiscal-2027 preliminary guidance. Watch-items: EBITDA-trajectory toward 100+ million EUR FY guidance, continued customer-pipeline-recovery, Halozyme-engagement-update.
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2027 Q1:
Fiscal-2026 full-year results plus fiscal-2027 guidance. Bullish 130+ million EUR EBITDA fiscal-2027 guidance plus strategic-buyer-engagement update would unlock 8–10 EUR range.
💬 Daniel's Take
Evotec is a deep-cyclical German drug-discovery-and-development CRO and biologics-CDMO with renewed-strategic-review optionality from Halozyme-and-Triton-Partners engagement, post-cybersecurity-and-CEO-transition recovery setup, and 1,0x P/B deep-value valuation. Position-sizing: 0,5–1,2 percent in deep-value-cyclical-special-situation sleeve, 18–36 month patience. Sizing-up zones 3,50–3,90 EUR on any biotech-funding-narrative-driven correction.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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