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Evotec (EVT) investor relations material
Evotec Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Group revenues for the first nine months of 2025 were €535.1 million, down 7% year-over-year, mainly due to a 12% decline in D&PD, while JEB grew 11% and outperformed expectations.
A landmark transaction with Sandoz was signed, including the sale of the Toulouse site and a technology license, with upfront and milestone payments totaling over $650 million and future royalties on up to 10 biosimilars.
Strategic partnerships advanced, with up to four molecules expected to enter phase II clinical studies in 2026 and over 100 assets in the pipeline.
The company is transitioning to a higher-margin, asset-light business model, focusing on technology leadership and IP licensing.
Net loss for the period improved to €(118.1)m from €(155.2)m in the prior year, driven by lower reorganization expenses and cost base.
Financial highlights
Group revenues: €535.1m (down 7% year-over-year); D&PD revenues: €391.9m (down 12%); JEB revenues: €143.2m (up 11%).
Gross margin declined to 6.7% from 11.9% year-over-year, mainly due to D&PD underperformance and JEB ramp-up costs.
Adjusted Group EBITDA was negative €16.9m, with D&PD at €(18.8)m and JEB at €1.9m.
Free cash flow for 9M 2025 was €-139.9m, but is expected to turn positive by year-end due to milestone payments and asset sales.
Cash and cash equivalents: €174.0m as of 30 September 2025, down from €306.4m at year-end 2024.
Outlook and guidance
2025 revenue guidance confirmed at €760–800m, with adjusted EBITDA expected between €30–50m.
2028 outlook targets 8–12% revenue CAGR and adjusted EBITDA margin above 20%.
Cost reduction initiatives are ahead of plan, with over €60m targeted for 2025 and further productivity measures planned.
Stable development expected, driven by JEB, with D&PD navigating a challenging market.
Sandoz deal: JEB operational focus and revenue
D&PD underutilization and gross margin plan
Drivers for confirmed 2025/2028 outlook
D&PD market inflection point indicators
JEB asset-lighter model: revenue/margin impact?
AI/NAMs platforms: specific monetization plans?
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Frequently asked questions
Evotec SE is a biotechnology company specializing in drug discovery and development services. The company collaborates with pharmaceutical and biotech firms, academic institutions, and research organizations to identify and develop therapeutic candidates across various disease areas, including neurology, oncology, and metabolic disorders. The company is headquartered in Hamburg, Germany, and its shares are listed on the FSE (Frankfurt Stock Exchange).
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