HAMBURG (dpa-AFX) - The pharmaceutical drug researcher and developer Evotec has shocked the stock market with its new outlook for the current year. The publication of sales and profit expectations that are now significantly below experts' forecasts pushed the share price down by twelve percent in post-market trading.

The reasons for the more pessimistic outlook for revenues and profits are a slower than expected conversion of orders into revenues as well as continued margin pressure due to still high fixed costs, the company stated in a press release published on Tuesday evening.

Evotec now expects sales of only EUR 790 to 820 million. This corresponds to a low to mid single-digit percentage growth compared to the previous year's figure of just over EUR 781 million. Previously, the Group had expected low double-digit growth. In terms of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), the Group now expects EUR 50 to 60 million after just under EUR 65 million in 2023. Instead of mid-double-digit growth, Evotec now expects a mid-double-digit decline. Analysts surveyed by the Bloomberg news agency have so far predicted average sales of just over 882 million euros and EBITDA of more than 86 million euros./he/gl