Evotec Leans Into Biologics as Horizon Overhaul Sets 2026 Reset

Overview

• Evotec reported Q4 2025 results in line with expectations, posted $0.2098 EPS, and ended the year with about EUR 476 million in cash and no active financial covenants.
• The company began its Horizon transformation with plans to consolidate from 14 to 10 sites, close facilities in Abingdon, Munich, Lyon and Framingham, and reduce roughly 800 roles to target about EUR 75 million in annual savings by end-2027.
• For 2026, management guided group revenue of EUR 700–780 million and adjusted EBITDA of EUR 0–40 million, describing the year as a transition with a stronger second half.
• Just-Evotec Biologics accelerated on the back of a strategic Sandoz agreement valued at $650 million with royalty potential on 10 biosimilars, including an incremental license payment of about EUR 65 million in Q4 2025.
• Partner programs advanced with a Bristol Myers Squibb oncology candidate entering Phase I and triggering $5 million and $10 million milestones, a $25 million neuroscience milestone from BMS, and a Bayer kidney disease program starting Phase II, adding cash and validating the partner-led model.