Evotec Announces 2023 Fiscal Year Results and Strategic Refocus

Evotec SE reported its financial outcomes for the fiscal year 2023, achieving revenues of €781.4 million, marking a 4% increase from the previous year. Despite challenges, including a significant cyber-attack, the company managed a modest growth, with a notable 111% revenue increase in its Just – Evotec Biologics sector.

The company's adjusted EBITDA for the year was €66.4 million, down from €101.7 million in 2022, reflecting impacts from non-recurring cyber-attack costs and higher operational expenses. In response to these challenges, Evotec has planned strategic adjustments to prioritize profitable growth, expecting an annualized EBITDA improvement of over €40 million.

Evotec also highlighted key collaborations, including an extended partnership with Bristol Myers Squibb in neurodegeneration and new agreements in immune-based therapies and biosimilars development. These initiatives demonstrate Evotec’s continued commitment to expanding its strategic partnerships and advancing its pipeline of therapeutic solutions.

Looking ahead to 2024, Evotec anticipates revenue growth in the double-digit percentage range and a reduction in unpartnered R&D expenses. The reorganization of its business segments into Shared R&D and Just – Evotec Biologics will be crucial for streamlining operations and fostering more focused growth sectors.

With these strategic shifts, Evotec aims to fortify its financial and operational foundations while continuing to innovate and collaborate in the biotechnology field, ensuring long-term sustainable growth.