Evotec AG (EVTA) Q3 2026 Earnings Report

The call was predominantly positive. Q3 performance improved materially, D&PD commercial indicators strengthened, Horizon savings were ahead of plan, the Vertex commercial-manufacturing selection advanced JEB, and full-year guidance was reaffirmed with expectations toward the upper end of the ranges. These positives outweighed the weaker nine-month revenue and EBITDA results, lower liquidity, delayed revenue conversion, lower expected Q4 milestones, and the planned 2027 manufacturing pause.

For full year 2026, Evotec reaffirmed group revenues of EUR 570 million-EUR 610 million on a reported basis and EUR 595 million-EUR 635 million at constant exchange rates, with adjusted group EBITDA between minus EUR 105 million and minus EUR 70 million, or between minus EUR 90 million and minus EUR 60 million at constant exchange rates; based on current visibility, both revenue and adjusted EBITDA are expected to finish toward the upper end of their respective guidance ranges. Horizon targets approximately EUR 75 million in run rate savings by the end of 2027, with 20%-30% planned for 2026 and more than 20% already delivered by the end of September. By 2030, Evotec’s ambition is around EUR 1 billion in group revenues, with an adjusted EBITDA margin of 20% by the end of 2028 and above 20% by the end of 2030; the framework comprises around 40% D&PD base business, another 20% D&PD strategic partnerships, and approximately 40% JEB, with D&PD base revenues expected to reach approximately EUR 400 million at a CAGR of around 10%, strategic partnerships approximately EUR 200 million at a CAGR of around 5%, and JEB approximately EUR 400 million at a CAGR of around 20%.