EVO - Life Science-Focused Evotec Shares Plunge To 6 Year Lows On Gloomy Annual Forecast | Benzinga
European life science company Evotec SE (NASDAQ:EVO) announced a priority reset to optimize its business to meet evolving market demand and focus on profitable growth in 2024 and beyond.
The company is focusing on and rightsizing organizations to overcome the challenging market environment and return to sustainable and profitable growth.
Shared R&D and Just–Evotec Biologics will replace EVT Execute & EVT Innovate segments in a streamlined reporting structure as of Q1 2024.
The priority reset is anticipated to result in an expected annualized EBITDA improvement of greater than 40 million euros.
2023 revenues increased 4% Y/Y to 781.4 million euros (+6% at constant FX rates).
Revenues from Just – -Evotec Biologics are up 111% to 108.4 million euros.
Base business excluding Just–Evotec Biologics is ...