Evotec (EVT) Company presentation summary

Strategic vision and value creation

• Focus on unleashing innovation in drug discovery to develop life-changing medicines.

• Four levers drive mid-term value: above-market growth, operational excellence, monetization of technology/assets, and asset pipeline returns.

• Commitment to operational excellence includes cost-out plans and productivity improvements.

• Asset-light model accelerated by sale of biologics manufacturing site to Sandoz, retaining high-value IP and R&D competencies.

• Milestone and royalty potential projected at over €500m by 2028, with upside to €1.2bn by 2030.

Market positioning and commercial model

• Operates in attractive markets with global R&D spend of $260bn and strong outsourcing trends.

• Biologics CDMO market shows robust growth, with >10% CAGR expected.

• Versatile commercial model offers tailored research services, strategic partnerships, and integrated deals.

• Next-generation CDMO model leverages innovation, IP licensing, and proprietary manufacturing platforms.

Financial performance and outlook

• FY 2024 revenues reached €797m, with JEB segment growing 71% and D&PD segment facing a soft market.

• 9M 2025 shows JEB ahead of plan, D&PD behind expectations, and overall group revenues slightly down.

• Significant reduction in net debt due to Sandoz deal proceeds and disciplined cash management.

• 2025 guidance: revenues €760–800m, R&D expenditure €40–50m, adjusted EBITDA €30–50m.

• Mid-term outlook targets 8–12% revenue CAGR (2024–2028) and >20% EBITDA margin by 2028.