Evotec's Horizon Savings Beat the Clock, but Deutsche Bank Won't Buy the 2030 Story
Published on 11/08/2026 at 06:21 | Editorial boerse-global.de
Evotec has edged ahead of schedule on the savings programme underpinning its turnaround, the company said on Thursday — a claim that landed alongside third-quarter figures showing a sharply narrower loss, a fresh manufacturing win with Vertex Pharmaceuticals, and a confirmed 2026 outlook. Investors took the update in stride, lifting the shares 4.0% on Friday.
The Horizon cost programme is running ahead of plan, according to Evotec, which paired that disclosure with progress reports on partnerships and development programmes. Management framed the medium-term ambition around group revenue of roughly EUR 1 billion by 2030, with an adjusted EBITDA margin of 20% targeted for the end of 2028 and above 20% by the close of 2030.
A better quarter, a weaker nine months
Revenue for the third quarter of 2026 came in at EUR 164.9 million, while adjusted EBITDA improved to minus EUR 1.6 million from minus EUR 15.0 million a year earlier. The nine-month picture was less flattering: sales fell 13.1% to EUR 465.0 million, and adjusted EBITDA stood at minus EUR 44.3 million.
Guidance for 2026 was reaffirmed on Thursday. Evotec continues to expect group revenue of EUR 570 million to EUR 610 million and an adjusted EBITDA of between minus EUR 105 million and minus EUR 70 million.
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Deutsche Bank holds its ground
Deutsche Bank Research kept Evotec at "Hold" with a EUR 3.50 price target on Friday, with media reports indicating the broker still finds the medium-term goals overly ambitious despite the improved third-quarter showing. The reservations surfaced only after the stronger quarterly results had been published.
H.C. Wainwright took the opposite view. The firm raised its target to USD 5 from USD 4 and reiterated its buy recommendation, pointing to upgraded expectations for revenue growth and profitability following the quarterly report, according to media accounts. Berenberg, meanwhile, lifted its target to EUR 3.75 from EUR 3.60 while keeping a "Hold" rating, media reports said.
Vertex hands Evotec a commercial role
Among Thursday's operational announcements was Vertex Pharmaceuticals' selection of Just – Evotec Biologics for commercial manufacturing of povetacicept, to be produced at the J.POD facility in Redmond.
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Evotec's next confirmed engagement is its participation in BioEurope 2026 in Cologne, running from 9 November to 11 November 2026. A webcast is also listed on the corporate calendar for 24 November.
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