Why Is Evotec (EVO) Stock Down 33% Today?


  • Evotec (EVO) stock is falling alongside its latest earnings report.
  • The company’s outlook for 2024 is lacking.
  • Its revenue for 2023 also came in below estimates.
EVO Stock - Why Is Evotec (EVO) Stock Down 33% Today?

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Evotec (NASDAQ:EVO) stock is taking a beating on Wednesday following the release of the company’s earnings report for the full year of 2023!

Evotec is sliding lower today alongside the company’s outlook for 2024. This has it expecting double-digit revenue growth compared to 2023’s 781.4 million euros. RBC Capital notes this is “significantly more cautious” than what experts are predicting for 2024 revenue.

The company’s 2023 revenue of 781.4 million euros has also failed to impress investors. That’s lower than the 782 million euros that Wall Street was expecting for the year, even if it’s up 8% compared to the 751.4 million euros reported in 2022.

Evotec interim CEO Mario Polywka said the following in the earnings report:

“Our central focus for 2024 is to protect our strong balance sheet and refocus the Company on profitable growth. Through the planned priority reset and measures to rightsize our operational and corporate structure, we are taking the necessary steps to ensure that we continue to work with our partners to shape the medicines that matter for many years to come.”

More EVO Stock New

Alongside this earnings report comes the announcement of a new CEO for Evotec. Christian Wojczewski will be taking over as the next CEO of the company when July starts. This ends the search for a new CEO that started in January.

EVO stock is down 33.1% as of Wednesday morning.

There are more stock market stories available below!

We have all of the hottest stock market news ready to go on Wednesday! A few examples include what’s happening with Zapata Computing (NASDAQ:ZPTA), PHX Minerals (NYSE:PHX) and Chicken Soup for the Soul (NASDAQ:CSSE) stock this morning. All of that news is good to go at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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