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    Charles Weston

    Director and equity research analyst at RBC Capital Markets

    Charles Weston is a Director and equity research analyst at RBC Capital Markets, specializing in coverage of the European biotechnology and life sciences sector with emphasis on listed therapeutics and healthcare companies. He covers notable firms including Oxford Nanopore Technologies and Oxford BioMedica, providing published research and market forecasts. According to performance data tracked by TipRanks, Weston has a success rate of about 26% with an average return of -12.9% on rated stocks. He has contributed to significant industry insights through major RBC sector reports and investor conferences, bringing over a decade of sector expertise and holding professional credentials in investment research.

    Charles Weston's questions to Evotec (EVO) leadership

    Charles Weston's questions to Evotec (EVO) leadership • Q2 2025

    Question

    Charles Weston of RBC Capital Markets inquired about the recovery assumptions in the 2025 guidance, the revenue mix of the R&D business, the financial rationale of the Sandoz deal, and the expected revenue phasing for the second half of the year.

    Answer

    CEO Christian Wojczewski and CFO Paul Hitchin clarified that the guidance does not assume a significant recovery in early-stage funding for H2 2025. They declined to provide a detailed revenue breakdown but confirmed strategic partnerships are growing relative to transactional business. Regarding the Sandoz deal, they positioned it as a strategic move involving a ~$300M site consideration plus future revenues, milestones, and royalties. Mr. Hitchin added that H2 revenue would be Q4-weighted, with significant growth expected from the Just Evotec Biologics segment.

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    Charles Weston's questions to Evotec (EVO) leadership • Q1 2025

    Question

    Charles Weston asked for details on the customer pipeline and concentration outside of BMS and Sandoz for both business segments, clarification on the debt covenant waiver timeline, and more color on the expected Q2 working capital improvement.

    Answer

    CEO Christian Wojczewski stated that customer concentration peaked in 2023 and has since moderated with the addition of new accounts. CFO Paul Hitchin clarified that covenant waivers are in place until Q3 2025, with testing to occur in Q4 on Q3 results. He also confirmed that working capital will benefit from BMS payments in Q2 and ongoing Just-Evotec work order receipts.

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    Charles Weston's questions to Evotec (EVO) leadership • Q1 2025

    Question

    Charles Weston of RBC Capital Markets posed three questions: 1) Details on the customer and product pipeline concentration for both Shared R&D and Just-Evotec Biologics, excluding major partners BMS and Sandoz. 2) Clarification on the debt covenant waiver, specifically its testing period. 3) More color on the expected Q2 working capital improvement beyond the anticipated BMS payment.

    Answer

    CEO Christian Wojczewski addressed the pipeline, stating that customer concentration peaked in 2023/2024 and has since decreased as the company successfully adds new accounts, particularly in the Just-Evotec business. Executive Paul Hitchin handled the financial questions, clarifying that the covenant waiver is in place until Q3 2025, with testing to occur in Q4 based on Q3 results. He added that working capital will be bolstered by BMS payments in Q2 and throughout the year, supplemented by standard payments from Just-Evotec work orders.

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    Charles Weston's questions to Evotec (EVO) leadership • Q1 2025

    Question

    Inquired about the customer and product pipeline concentration outside of major partners, the specifics of the debt covenant waiver, and the drivers of working capital improvement in Q2 and beyond.

    Answer

    The company explained that customer concentration peaked in 2023 and has since softened, with a more diversified client base. The covenant waiver is in place until Q3 2025, with testing to occur in Q4 on Q3 results. Working capital is expected to improve from BMS payments in Q2 and other regular payments from Just-Evotec work orders.

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    Charles Weston's questions to Evotec (EVO) leadership • Q1 2024

    Question

    Charles Weston asked for clarification on the 2024 EBITDA guidance, the drivers behind the 70% growth in Discovery sales, and the status of programs tied to 2025 milestone guidance. He also followed up on R&D spending focus, the nature of Just - Evotec Biologics' growth guidance, and the reported revenue concentration from partner BMS.

    Answer

    Laetitia Rouxel, CFO, clarified that the EBITDA guidance is for mid-double-digit percentage growth, with the market consensus of around €95 million being a directional target. Matthias Evers, CBO, attributed Discovery growth to integrated offerings, not yet to BIOSECURE Act tailwinds, and stated that 2025 could be a much stronger year for milestones if programs progress. Cord Dohrmann, CSO, confirmed R&D spending continues on internal assets, and Matthias Evers clarified Just Biologics' growth guidance was in absolute euro terms and confirmed the BMS revenue figures in the annual report reflect a sustainable, pipeline-building partnership.

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    Charles Weston's questions to Evotec (EVO) leadership • Q2 2023

    Question

    Asked about the impact of competition on pricing for commoditized services, the company's ability to manage costs through hiring, and the expected trajectory of EBITDA growth towards the 2025 target.

    Answer

    The company is not engaging in price-cutting but is using value-based pricing. A value protection plan is in place, with hiring slowed in some areas but remaining strong for Just-Evotec Biologics. The path to 2025 EBITDA is back-end loaded, relying on base business growth, the realization of a large existing milestone pool, and the ramp-up of Just-Evotec Biologics' profitability in 2025.

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    Charles Weston's questions to SOAGY leadership

    Charles Weston's questions to SOAGY leadership • Q1 2025

    Question

    Inquired about the status of the company's own inventory reduction program, its margin impact in Q1, and if further reductions are expected.

    Answer

    The inventory reduction program is finished. There was no negative margin impact in Q1 as seen in the prior year because production was not aimed at reducing overall inventory. No further significant reductions in inventory days are expected in 2025.

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