Evotec Q3 revenue hits €164.9 m as Horizon savings run ahead of plan

Financial results and guidance

Evotec said Group revenue was €164.9 m in the third quarter and €465.0 m for the first nine months of 2026. At constant exchange rates (CER), the figures were €164.2 m and €477.4 m. Adjusted Group EBITDA was -€1.6 m in the quarter and -€44.3 m for nine months (-€1.7 m and -€39.1 m at CER).

The company reaffirmed its guidance for fiscal 2026: Group revenue of €570 to €610 m (€595 to €635 m at CER) and adjusted Group EBITDA of -€105 to -€70 m (-€90 to -€60 m at CER).

CEO Dr. Christian Wojczewski said Q3 revenue was "well above the first two quarters of the year", supported by a robust contribution from the Discovery and Preclinical Development (D&PD) base business. According to Evotec, net sales in that base business, which covers stand-alone services and integrated programs, rose 24% in the first nine months compared with the same period of 2025. The company also pointed to a growing customer base, higher proposal activity, faster proposal turnaround and an expanding strategic partnership pipeline.

Partnerships and platform progress

Evotec confirmed that Just, Evotec Biologics (JEB) has been selected by Vertex Pharmaceuticals for commercial manufacturing of povetacicept at its J.POD® Redmond facility. The company described the agreement as an important step toward commercial readiness for JEB's continuous manufacturing platform and said it is highly confident it can meet its commercial manufacturing and supply commitments to Vertex.

Other highlights included:

• JST-018: A Phase 1 trial began in September 2026 for this investigational antibody cocktail, developed by JEB under the U.S. Department of War's Accelerated Antibodies Program.
• Jazz Pharmaceuticals: Jazz started a Phase 1 trial of a candidate for narcolepsy and idiopathic hypersomnia, discovered in its collaboration with Evotec. Evotec is eligible for milestone payments.
• Plectonic: A September 2026 research collaboration combines Evotec's BiTco platform with Plectonic's LOGIBODY® technology to explore T-cell-engaging approaches for solid tumors.
• Odyssey Therapeutics: An August 2026 collaboration applies Evotec's AI-enabled discovery platform to autoimmune and inflammatory diseases, with milestone payments tied to validated starting points across multiple targets.

Horizon transformation and leadership

Evotec said its Horizon transformation is ahead of plan. By the end of September it had delivered more than 20% of the €75 million annual run-rate savings targeted by the end of 2027, already within the 20-30% contribution planned for full-year 2026. Approximately half of the planned workforce reductions have been implemented. Three of four site closures are expected by year-end, with the fourth in the first quarter of 2027. The company expects to complete the program in full and on schedule by the end of 2027.

On leadership, Dr. Joanna Holbrook succeeded Dr. Cord Dohrmann as Chief Scientific Officer and Management Board member, effective November 1, 2026. Evotec said she brings more than 25 years of experience as a scientist and R&D leader, with expertise in data, AI and novel technologies.

The 2030 framework

Evotec outlined a mid-range framework calling for around €1 billion in Group revenue by 2030, with potential for additional upside. It targets an adjusted EBITDA margin of 20% by the end of 2028, rising above 20% by the end of 2030.

The D&PD base business is expected to contribute approximately 40% of Group revenue in 2030, supported by continued market recovery, commercial investments and differentiated service offerings. D&PD strategic partnerships and innovation-related activities are expected to contribute approximately 20% at above-average margins. That figure uses risk-adjusted assumptions on program progression and does not include future royalty income, so results beyond those assumptions could add revenue.

What it means

The figures show a company still loss-making at the adjusted EBITDA level, but with revenue improving through the year and cost measures delivering early. For investors and partners, the reaffirmed guidance and the more detailed 2030 targets set clear benchmarks against which Evotec's progress can be measured. The Vertex manufacturing selection also gives JEB a concrete commercial reference as it moves toward commercial-scale production.