Evotec’s New COO Takes the Helm as Short Sellers Retreat and Restructuring Bites

Evotec completes boardroom shake-up with new COO, launches aggressive Horizon cost-cutting plan targeting €75M annual savings amid mixed analyst views.

The leadership shake-up at Evotec is entering its final phase just as the company embarks on its most aggressive cost-cutting drive in years. Dr. Ingrid Müller, a veteran of CureVac and Sanofi, will step into the role of Chief Operating Officer on May 1, completing a boardroom overhaul that began last month with the appointment of Dr. Ashiq H. Khan as sales chief. The moves come as the biotech group’s existing finance chief, Paul Hitchin, departs at the end of April for personal reasons, leaving his successor Claire Hinshelwood under immediate pressure to enforce strict financial discipline during the restructuring.

The new management team, led by CEO Christian Wojczewski, is tasked with executing the “Horizon” programme, which will shrink Evotec’s global footprint to just ten sites and deliver annual savings of roughly €75 million from next year. Around a third of that sum is expected to materialise in the current financial year. The company has labelled 2025 a transition year, with revenue forecast to land between €700 million and €780 million and adjusted operating profit capped at €40 million — less than half the original target.

Despite the grim outlook, speculative short sellers have been pulling back. Meldepflichtige short positions fell by 15.1% in late April, reducing the proportion of free float under bearish bets to a fraction of its previous level. The retreat suggests some market participants believe a temporary floor has formed after the sharp sell-off in early April. Evotec’s shares have since recovered, gaining 22% over the past month to close at €5.35 on Friday. Even so, the stock remains down nearly 29% year to date.

Analyst views remain deeply divided, underscoring the uncertainty surrounding the transition. Bank of America has set a price target of just $3.00, while RBC and Berenberg both see the stock at around €10.00. That wide gap reflects the high risk embedded in the current restructuring phase.

The company will provide its first update on progress when it reports first-quarter results on May 6. That will be followed by the annual general meeting in Hamburg on June 11, where the new leadership will face shareholders for the first time. Investors will be watching closely to see whether Evotec’s Biologics segment — a growth driver that has helped offset weakness in the core drug discovery business — can continue to deliver reliable support through the transition.