Evotec slashes 2026 revenue target, expects negative EBITDA, shares fall 14%

The German drug‑development group Evotec announced a significant reduction in its 2026 outlook. Group revenues are now projected at €570‑610 million, down from the previous €700‑780 million range. Adjusted EBITDA is expected to be a loss of €70‑€105 million, contrasting with the earlier expectation of a breakeven to €40 million profit.

The shortfall stems mainly from three sources: about 40 % of the gap is linked to timing shifts and revised milestone payment schedules in existing partnerships; roughly 45 % reflects weaker contributions from potential new strategic partnerships; and around 15 % is due to lower than anticipated revenue realization. First‑half 2026 figures showed revenues of €300.1 million and an EBITDA of –€42.7 million, both missing analyst forecasts. Liquidity is projected at approximately €465.6 million. Following the announcement, Evotec’s shares fell roughly 14 % in after‑hours trading.