EvoTec 1H adj. EBITDA loss EUR42.7M

Evotec SE reported an adjusted EBITDA loss of EUR42.7 million for the first half of 2026, reflecting ongoing challenges in its transformation efforts under the Horizon initiative. The loss was driven by a combination of one-off restructuring costs, foreign exchange headwinds, and reduced revenue performance compared to the prior year. The company recorded EUR75 million in reorganization cost provisions in the first quarter alone, primarily related to personnel expenses and asset impairments.

Group revenues for the first half of 2026 were impacted by the absence of non-recurring contributions from the prior year, such as the Sandoz license sale in Q1 2025. In Q1 2026, Group revenues totaled EUR156.6 million, down from EUR166.9 million at constant exchange rates (CER). The Drug Discovery and Preclinical Development (D&PD) segment saw a 15% decline in revenues to EUR119.9 million (CER EUR126.6 million), while the Just – Evotec Biologics (JEB) segment also experienced a significant drop, primarily due to absence of incremental license payment from the prior year.

Despite the financial challenges, Evotec has made progress in key partnerships, including nomination of preclinical development candidate in its collaboration with Almirall and new grants from the Gates Foundation for tuberculosis research. The Horizon transformation is now in the implementation phase, with the company targeting structural cost savings of approximately EUR75 million by the end of 2027. Evotec also announced leadership changes, with Claire Hinshelwood succeeding Paul Hitchin as Chief Financial Officer and Dr. Ingrid Müller joining as Chief Operating Officer.

The company has confirmed its full-year 2026 guidance, with revenues expected to range between EUR700-780 million and adjusted Group EBITDA projected at EUR0-40 million. Evotec emphasized that 2026 is a transition year, with the benefits of Horizon expected to become more visible in the second half of the year.