Evotec Analysts Split on Valuation as Q3 Loss Narrows and Science Chief Named
Published on 11/07/2026 at 17:32 | Editorial boerse-global.de
Evotec's third-quarter update drew a fresh round of price-target revisions from sell-side analysts, yet the brokerage community remains sharply divided on whether the German drug developer's shares deserve a buy rating at all. The stock finished Friday's session up 4.0% at €3.14, a move the company's own release did not explicitly link to the quarterly figures.
H.C. Wainwright raised its target on Evotec's US ADS to $5 from $4 while reiterating a Buy recommendation, citing improved expectations for revenue growth and profitability following the quarterly report. Deutsche Bank Research, by contrast, kept Evotec at Hold with a €3.50 target. Analyst Fynn Scherzler described the medium-term objectives as overly ambitious despite the stronger third quarter.
A third research house lifted its target to €3.75 from €3.60 but likewise stayed at Hold, pointing to higher estimates for the current fiscal year and expectations of lower capital expenditure. That revision matches the one Berenberg made on Friday, when analyst Christian Ehmann called the quarter solid while maintaining a Hold rating. The two upgrades thus leave the houses recommending different courses of action even as their targets converge.
Revenue Edges Up, Losses Narrow
For the three months to the end of September 2026, Evotec reported group revenue of €164.9 million, compared with €163.9 million a year earlier. Adjusted EBITDA improved to minus €1.6 million from minus €15.0 million in the prior-year quarter — still negative, but a markedly smaller operating loss.
Should investors sell immediately? Or is it worth buying Evotec?
The nine-month picture is less flattering. Revenue for the first three quarters of 2026 came in at €465.0 million, a decline of 13.1%, while adjusted EBITDA stood at minus €44.3 million.
Management reaffirmed its full-year 2026 guidance alongside the results: revenue of €570 million to €610 million and adjusted EBITDA of minus €105 million to minus €70 million. Evotec expects both metrics to land at the upper end of their respective ranges. Further out, the company has set its sights on roughly €1 billion in group revenue by 2030 — a figure Deutsche Bank's Scherzler evidently regards as a stretch.
Boardroom Addition
Separately, Evotec appointed Dr. Joanna Holbrook as Chief Scientific Officer and a member of the management board. The appointment took effect as announced, giving Holbrook both the scientific leadership role and a seat on the executive team.
Evotec at a turning point? This analysis reveals what investors need to know now.
On the shareholder register, JPMorgan Chase & Co. disclosed on 30 October a total position of 6.11% of voting rights, down from 6.54% previously. Shares accounted for 3.74% of the total, with instruments making up the remaining 2.37%.
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