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    Joseph Hedden • Rx Securities

    Joseph Hedden's questions to Evotec SE (EVO) leadership

    Joseph Hedden's questions to Evotec SE (EVO) leadership • Q2 2025

    Question

    Joseph Hedden from Rx Securities inquired about metrics for the kidney disease franchise within the DP&D segment and asked for details on the types of new customers being added to the Just Evotec Biologics business.

    Answer

    Chief Scientific Officer Cord Dohrmann highlighted the strategic value of the kidney disease platform in securing top-tier pharma partnerships, noting the most advanced program is in Phase 1, but did not provide specific revenue metrics. CEO Christian Wojczewski described the new Just customers as ranging from small to large companies, with a significant portion of H1 growth coming from three large pharma companies for earlier-stage work.

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    Joseph Hedden's questions to Evotec SE (EVO) leadership • Q1 2025

    Question

    Joseph Hedden from Rx Securities asked for the basis of management's confidence in a second-half recovery for the Shared R&D segment, inquiring about underlying metrics and the dependency on BMS work packages versus a broader market rebound. He also requested details on the phasing of ramp-up costs for the Just-Evotec facility in Toulouse.

    Answer

    CEO Christian Wojczewski reiterated that the market remains soft and a potential H2 recovery is at the top end of expectations, noting that new business is arriving in smaller, more conservative chunks. He explained that the BMS collaboration's revenue profile naturally fluctuates with scientific progress but is expected to grow mid-term. Executive Paul Hitchin added that the Toulouse ramp-up costs, which began in Q4 2024, will continue through 2025 as planned, and the strong Q1 for Just-Evotec was partly due to the phasing of work packages.

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    Joseph Hedden's questions to Evotec SE (EVO) leadership • Q1 2025

    Question

    Joseph Hedden questioned the basis for confidence in a second-half recovery for Shared R&D and the role of BMS work packages in that outlook. He also asked about the cost phasing for the Just-Evotec Biologics' Toulouse facility ramp-up for the remainder of the year.

    Answer

    CEO Christian Wojczewski reiterated that the market outlook hasn't changed since April, with business coming in smaller increments. He explained that the BMS collaboration's revenue profile varies quarterly based on scientific progress but is expected to grow long-term. CFO Paul Hitchin added that while Just-Evotec's Q1 was strong due to timing, ramp-up costs for Toulouse will continue through 2025 as planned.

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    Joseph Hedden's questions to Evotec SE (EVO) leadership • Q1 2024

    Question

    Joseph Hedden asked for more detail on the Just - Evotec Biologics quarter, specifically the contribution from Sandoz. He also inquired about the status of the former Bayer alliances in endometriosis and PQS, and the reasoning for exiting the gene therapy business.

    Answer

    CBO Matthias Evers described Q1 for Just as exceptionally strong and confirmed Sandoz is a significant partner but did not provide a breakdown. CSO Cord Dohrmann stated that the Bayer Women's Health collaborations were discontinued, while partnerships in kidney disease and a new one in cardiology are ongoing. COO Craig Johnstone explained the gene therapy exit was due to the high R&D investment required to remain competitive and operational complexity.

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