Evotec’s AGM Collides with Activist Demands and a $100 Million Tubulis Payout
30.05.2026 - 07:41:45 | boerse-global.de
Evotec heads into its annual general meeting on June 11 with a crowded agenda—and the clock ticking on a activist-backed restructuring that could reshape the company. The stock, which recouped 3.74% on Friday to close at €5.26, still carries a year-to-date loss of 5.07% and a 12-month slide of 23.18%. At the heart of the tension is a brewing battle over the fate of the company’s U.S. biologics unit, Just – Evotec Biologics, which activist investor MAK Capital values at more than €1 billion—a figure that now exceeds the entire group’s market capitalization.
The U.S. fund, which holds roughly 7% of Evotec, is pushing for a standalone IPO of the biologics subsidiary. It is also demanding faster cost cuts and measurable operational progress by year-end. Management, meanwhile, is pursuing a broader strategic review with the help of Morgan Stanley and Moelis & Company, though no decisions or deadlines have been announced. The AGM effectively becomes a referendum on both the pace and direction of the turnaround.
On the formal agenda, the company proposes expanding the supervisory board from six to seven members. Dr. Wolfgang Hofmann is nominated as an independent member, while Dieter Weinand stands for election as chair. Alongside the governance changes, Evotec wants to launch a Performance Share Plan 2026, authorizing up to €10 million in capital increases and awards on up to 10 million ordinary shares. That would represent a potential dilution of roughly 5.6%, based on the current 177.9 million shares outstanding.
The dilution risk comes as Evotec absorbs heavy first-quarter losses. Revenue plunged 21.7% to €156.6 million, weighed down by the absence of a large Sandoz licensing payment recorded a year earlier and persistent weakness in early-stage drug discovery markets. The group booked a restructuring provision of €75 million under its Horizon program, pushing the operating result to negative €121.4 million and net loss to €121.9 million, or €0.69 per share. Liquidity, however, remains robust at €444.8 million.
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That cash position is about to get a boost. Evotec holds a 3.14% stake in Tubulis and expects upfront proceeds of roughly $100 million from the sale of that interest, with potential milestone payments of up to $58 million to follow. The transaction is slated to close in the second quarter. As the Horizon restructuring consumes cash, the Tubulis inflow provides a welcome buffer—and aligns with management’s strategy of monetizing portfolio assets rather than relying solely on operations.
The Horizon program itself is accelerating. Evotec aims to shrink its global footprint from 14 to 10 sites and eliminate around 800 jobs. Works council consultations in Europe are expected to conclude by mid-2026, with initial personnel adjustments starting in the third quarter. The restructuring charge in Q1 included severance and asset impairments. By the end of 2027, the company targets structural cost savings of roughly €75 million annually, with 20% to 30% of that improvement anticipated in 2026.
Despite the challenging start, management has maintained its full-year outlook: revenue between €700 million and €780 million, with adjusted EBITDA ranging from breakeven to €40 million. The second half of 2026 is expected to show increasing signs of operational improvement, but the company acknowledges this remains a transition year.
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A secondary tailwind comes from the index world. Evotec’s return to the MDAX, expected in June, will boost visibility among active and passive fund managers. Yet as one analyst noted, index inclusion “replaces no operational turnaround.” For now, the market is watching for tangible signals—from the AGM floor, from Horizon execution, and from any definitive move on the future of Just – Evotec Biologics. The June 11 meeting will provide the first real test of whether the board’s expanded oversight can sharpen capital allocation and restore investor confidence.
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