Evotec falls on 9-month miss, 'no signs of recovery'

Evotec SE

06/11/2024 08:32

** Shares of Evotec  EVTG.DE  drop 13% as the results of the
German biotech firm, below analysts' expectations, show "no
signs of recovery yet"
    ** Analysts point to revenue in the quarter falling 3% below
consensus
    ** "As expected, Evotec's 9-month results showed no signs
that the Clinical Research Organization (CRO) business market
environment is recovering as its R&D shared revenues continue to
slump," says Kempen Daily
    ** 9-month total group revenues decreased 1% year-on-year
and group adj. EBITDA decreased to a 6.0 million euro loss
compared to 74.1 million euro profit from last year
    ** The company however maintained its full-year guidance,
with Q4 weighting perhaps "underappreciated" the analyst say
    ** The stock is at the bottom of the German small-caps index
 .SDAXI 

 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))