Evotec’s 2023 Performance and 2024 Outlook Disappoint Investors
Evotec’s (NASDAQ: EVO) stock price has taken a significant hit following the release of its 2023 earnings report and a cautious outlook for 2024. The company reported revenue of 781.4 million euros for the previous year, slightly below analysts’ expectations of 782 million euros. This figure represents an 8% increase compared to the 751.4 million euros reported in 2022. However, investors were unimpressed by this performance, leading to a sharp decline in the stock price.
The company’s outlook for 2024 has also raised concerns among analysts. Evotec expects double-digit revenue growth for the current year, which is significantly more cautious than what experts had predicted. This conservative outlook has cast doubt on the company’s ability to maintain its recent growth trajectory.
Evotec Announces New CEO
In addition to the disappointing financial results, Evotec also announced that Christian Wojczewski will take over as the company’s new CEO in July. Wojczewski’s appointment concludes a months-long search for a new leader following the departure of former CEO Werner Lanthaler.
Stock Price Reaction
Evotec’s stock price has dropped by over 30% in pre-market trading on Wednesday. The negative reaction from investors suggests that they are concerned about the company’s performance and its ability to meet future growth targets. It is possible that the stock price could continue to decline in the short term as investors digest the news and reassess their outlook on the company.
