Evotec SE (EVO) Stock Forecast & Price Target

Evotec is viewed positively because preliminary 9M26 revenues of approximately €465.0M, including 3Q26 revenue of €164.9M, show sequential improvement and suggest the company is on track to meet its reaffirmed FY26 revenue guidance of €570–610M. The investment case is strengthened by 1H26 D&PD net sales growth of about 28% YoY, rising proposal value of more than 20%, and inbound inquiries up roughly 30% YoY, indicating a healthier commercial pipeline that could convert into revenue in 4Q26 and 2027. While revenue phasing and long conversion cycles in integrated programs and strategic partnerships remain risks, the established D&PD platform, diversified therapeutic focus, and improving partner engagement support a recovery-oriented fundamental outlook.

Evotec is facing a materially weaker fundamental outlook after cutting FY2026 revenue guidance to €570M-€610M and adjusted EBITDA to -€70M to -€105M, signaling both slower growth and sharply worse profitability. The downgrade reflects delayed milestone timing, softer sales conversion, and under-negotiated new partnerships, while the revised mix leaves the company exposed to its high fixed-cost base and fewer high-margin milestones. Preliminary 2Q26 revenue of €143.5M missed expectations, and although liquidity improved to €465.6M with net cash of about €35M at the end of 2Q26, the core D&PD business still appears under pressure.