Results for: Evotec

Evotec SE (EVO) stock surged on Wednesday after the company announced significant advancements in its strategic partnership with Bristol-Myers Squibb Company (BMY). This collaboration, focused on developing a molecular glue-based pipeline, has yielded a $50 million program-based payment for Evotec, driven by the expansion of the pipeline beyond oncology. The partnership, which began in 2018 and was extended for another 8 years in 2022, continues to deliver on its promise of innovative drug development.

Evotec’s stock (NASDAQ: EVO) experienced a sharp decline following the release of its financial report for 2023 and a conservative outlook for 2024. The company posted revenue of 781.4 million euros for the previous year, falling short of analysts’ expectations of 782 million euros. Although this figure represents an 8% increase compared to 2022, it has led to concerns among investors. Moreover, Evotec’s forecast for double-digit revenue growth in 2024 has been deemed cautious by industry experts.