Evotec draws attention with a strong Q4, but keeps a cautious tone for 2026
📈 Evotec closed Q4 2025 with a clear improvement as revenue reached €253.3 million, up 14.5% year over year, while adjusted EBITDA jumped to €58.0 million. Gross margin also improved sharply to 31.0%, pointing to much better earnings quality than a year earlier.
🧬 The main driver came from Just-Evotec Biologics, especially thanks to the €65 million license payment tied to the Sandoz deal, while the drug discovery and preclinical segment remained under pressure. This suggests current growth is being led more by biologics than by a broad-based recovery across the business.
⚙️ Although FY2025 still landed near the high end of previous guidance, the 2026 outlook remains cautious, with revenue projected at €700–780 million and adjusted EBITDA at just €0–40 million. That signals Evotec is accepting a transition year in order to execute its Horizon restructuring plan.
🔭 Over the longer term, the company still targets more than €1 billion in revenue by 2028 and an EBITDA margin above 20%. The story here is therefore not just one strong quarter, but whether the restructuring can turn into profitable growth from 2027 onward.