Evotec SE

EVT: XETR (DEU)

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Evotec Earnings: Biologics Strength Anchors 2024 as No-Moat Firm Sharpens Strategic Focus

Rachel Elfman ,

Apr 17, 2025

No-moat Evotec reported solid fourth-quarter and full-year 2024 results that aligned with our expectations. Our EUR 8.50 per share fair value estimate is intact, and we revised our USD estimate to $4.82 to reflect the current exchange rate. Full-year revenue increased 2% to EUR 797 million, driven by an impressive 71% growth in the Just-Evotec Biologics segment. However, this was offset by a 9% decline in shared R&D, which remained under pressure due to ongoing weakness in pharma and biotech research and development spending.

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Evotec SE

Evotec Earnings: Biologics Strength Anchors 2024 as No-Moat Firm Sharpens Strategic Focus

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