Evotec SE: Negative pre: 1H26/2Q big miss; FY26 guide cut (mostly on strategic timing)

研报英文原文证据摘录

Evotec SE: Negative pre: 1H26/2Q big miss; FY26 guide cut (mostly on strategic timing)

and accelerated Stock Data

in the 2nd quarter – which mgmt. attributes to improving market conditions more broadly.

Mgmt also highlighted growing proposal activity, and inquiries/top of funnel across Price 2.43 USD

D&PD. Just-Evotec Biologics also is seeing high capacity utilization and expansion of the Price Objective 3.00 USD

customer base. However, this increased commercial activity will only show up in Date Established 14-Aug-2024

revenues in 4Q and 2027, and is not sufficient to offset the strategic account shortfall. Investment Opinion C-3-9

52-Week Range 2.31 USD - 4.42 USD

Mrkt Val (mn) / Shares Out 429 USD / 176.7Horizon progressing, cost savings on track

Mgmt. reiterated Horizon implementation remains on track, with initial restructuring (mn)

actions already implemented and reiterated its €75mn annual run-rate by end of FY27 Free Float 0%

cost savings target, with 20-30% of savings expected to benefit FY26. While we view Average Daily Value (mn) 0.08 USD

Horizon as an important step toward improving the cost base, today’s guide cut BofA Ticker / Exchange EVO / NAS

demonstrates that cost savings alone cannot offset revenue volatility. Bloomberg / Reuters EVO US / EVO.OQ

ROE (2026E) -23.0%

Net Dbt to Eqty (Dec-2025A) 3.7%We think very limited read-throughs to rest of universe

We view the announcement as specific to EVO rather than indicative of a broader

slowdown in CRO demand. If anything, EVO’s constructive commentary on underlying CRO: Contract research organization

market conditions is consistent with what we’re seeing elsewhere – improving

fundamentals across the CRO sector, including healthier biotech funding, improving D&PD: Discovery & Preclinical