Just 2025 Q1: Diverging Narratives on Pipeline Strategy and Innovate Growth
Earnings DecryptWednesday, May 7, 2025 3:55 am ET
2min read
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Shared R&D Revenue Performance:
- Evotec's Shared R&D revenue declined to €140.6 million in Q1 2025, from €155.2 million in Q1 2024, a 4% decrease.
- This decline was due to a soft market environment, lower BMS revenue, and softer transactional discovery work.
Just - Biologics Growth:
- The Just - Evotec Biologics segment generated €59.4 million in revenue for Q1 2025, surpassing its tough comparison from Q1 2024.
- Growth was driven by expanded contracts with existing customers and a new customer base.
R&D Expenditure Reduction:
- Evotec's R&D spending decreased by 33% from the prior year, aligning with its new expected run rate for the year.
- This reduction is part of the company's focus on prioritizing investments relevant to its partners.
Covenant Waivers and Liquidity:
- Evotec has covenant waivers in place until Q3 2025, with testing scheduled for Q4 2025.
- The company's liquidity decreased by €26 million to €371 million by the end of March 2025, supported by a drawdown of an R&D financing facility.
EVO Total Revenue YoY, Total Revenue
Shared R&D Revenue Performance:
- Evotec's Shared R&D revenue declined to €140.6 million in Q1 2025, from €155.2 million in Q1 2024, a 4% decrease.
- This decline was due to a soft market environment, lower BMS revenue, and softer transactional discovery work.
Just - Biologics Growth:
- The Just - Evotec Biologics segment generated €59.4 million in revenue for Q1 2025, surpassing its tough comparison from Q1 2024.
- Growth was driven by expanded contracts with existing customers and a new customer base.
R&D Expenditure Reduction:
- Evotec's R&D spending decreased by 33% from the prior year, aligning with its new expected run rate for the year.
- This reduction is part of the company's focus on prioritizing investments relevant to its partners.
Covenant Waivers and Liquidity:
- Evotec has covenant waivers in place until Q3 2025, with testing scheduled for Q4 2025.
- The company's liquidity decreased by €26 million to €371 million by the end of March 2025, supported by a drawdown of an R&D financing facility.
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