Evotec: The Convertible Bond Weighs Down the Stock Again
Starting in the north, our peer group analysis brings us to the Hamburg-based drug developer Evotec. Over the past three years, the stock has already taken a significant hit, as the company appears to be repositioning itself following the departure of longtime CEO Lanthaler. The first quarter was once again somewhat bumpy. Revenue fell significantly from EUR 200 million to EUR 157 million, while adjusted EBITDA slipped clearly into the red at EUR -21.9 million. Despite the difficult start, however, Evotec is sticking to its outlook. “We expect business performance to improve over the course of the year, supported by a recovery in the market environment,” said CEO Christian Wojczewski.
Last week, the Hamburg-based company then surprised the market with a EUR 116 million refinancing in the form of a convertible bond. The company attributed the increased financing needs to its ongoing restructuring program, “Project Horizon.” Operationally, the focus thus remains clearly on restructuring, while the capital market must reassess financing costs and potential dilution risks. Analysts at Berenberg and RBC nevertheless renewed their “Buy” recommendations with price targets of EUR 9.40 and EUR 10.00, respectively—around 100% upside potential! From a technical chart perspective, the all-time low of EUR 4.01 seems to be gradually receding into the distance. Watch this space!
BioNxt Solutions: Semaglutide Within Reach
The shares of BioNxt Solutions have not yet managed to make a splash in 2026. But yesterday’s announcement is now reshuffling the deck. The Canadian company is now seriously entering the multi-billion-dollar GLP-1 market, better known as semaglutide. While investors worldwide are betting on obesity and diabetes therapies, BioNxt is positioning itself not as just another drug developer, but as a technology provider for the next generation of drug delivery. This is where the strategic appeal lies. The company is developing a sublingual thin-film formulation of semaglutide that dissolves directly under the tongue, potentially addressing the shortcomings of traditional tablets and injections.
The timing could hardly be better. GLP-1 therapies are currently emerging as one of the most dynamic growth markets in the global pharmaceutical industry. Billions in revenue, exploding demand, and a growing focus on patient-friendly applications are opening the door for new delivery technologies. BioNxt is focusing on three key areas: convenience, mobility, and needle-free administration—all characteristics that can determine acceptance and adherence in chronic therapies.
BioNxt is not starting from scratch. On the contrary, the company’s proprietary oral dissolvable film (ODF) platform has already been established and technologically validated through previous programs. In particular, the cladribine project in the field of multiple sclerosis delivered promising preclinical data and generated valuable expertise in formulation, manufacturing, and pharmaceutical development. This foundation could now be applied to the significantly larger GLP-1 market. With the entry into the active development phase, the semaglutide program is gaining operational depth for the first time. Formulation development, analytical characterization, and proof-of-concept work are already underway in collaboration with the German development partner Gen-Plus GmbH. If the feasibility of sublingual semaglutide administration is demonstrated, BioNxt could enter a market currently dominated by a few heavyweights but one that still holds considerable potential for technological innovation.
This sounds like a new investment story. Small platform companies with viable drug delivery technology often become sought-after acquisition targets or licensing partners for larger pharmaceutical groups during boom phases. At the same time, the current valuation of just EUR 33 million remains comparatively low relative to the addressable market opportunity. Of course, the company remains an early-stage biotech with corresponding development risks. But those looking to position themselves early for the next stages of development may find a high-growth, technologically compelling, and still relatively undiscovered turnaround story here. Accumulate!
Formycon – Almost Forgotten
Formycon, Germany’s biosimilar hope, has now also weathered a 75% price decline over a three-year period. Since March, the chart has been stabilizing, and there was news again yesterday. With the Europe-wide launch of FYB203, the Munich-based company is strategically expanding its commercial biosimilar portfolio with another key ophthalmic product. The drug, launched under the brand names Ahzantive and Baiama, targets high-volume indications such as age-related macular degeneration and positions itself as a biosimilar to the blockbuster Eylea. The market launch in core markets such as Germany, France, and Italy signals the transition from the development phase to the monetization phase. Crucial to this is the previously reached licensing and settlement agreement with Regeneron Pharmaceuticals and Bayer AG, which significantly reduces regulatory and patent risks. With three in-house developments now on the market, Formycon is strengthening its position as a specialized biosimilar provider in the high-margin ophthalmology market. Additional growth potential stems from the planned US launch in the fourth quarter of 2026, which could significantly expand revenue. Analysts on the LSEG Refinitiv platform are now calculating a P/E ratio of just 14.5 for 2027. From a technical charting perspective, the bottoming-out phase since March also looks quite promising!
BioNTech – Founders Step Down from the Helm
The Mainz-based COVID-19 vaccine star BioNTech is undergoing a strategic reorientation following the pandemic-driven exceptional boom. The massive price decline of nearly 80% since 2021 illustrates the magnitude of the challenges. It primarily reflects the transition from highly profitable short-term vaccine revenues to a capital-intensive research model without immediate follow-on products. The market now once again views BioNTech primarily as a biotech company rather than a global pharmaceutical group. Accordingly, the focus is on development risks, long approval cycles, and the commercialization of the oncology pipeline. While mRNA-based cancer immunotherapies in particular are considered technologically promising, they are not expected to generate significant revenue until the medium term. The departure of founders Uğur Şahin and Özlem Türeci from the operational center is also weighing on the company; analysts now face the task of assessing a new scientific identity. At the same time, the company is responding to post-pandemic weak demand with restructuring and site closures. The company’s substantial cash position of approximately EUR 17 billion, which was intended for distribution to shareholders, remains attractive. From a risk perspective, the current premium for a pure-play biotech company is still too high.
Despite geopolitical headwinds, global stock markets are hitting new highs almost daily. This applies above all to the red-hot high-tech stocks on the NASDAQ. Most trading volume is currently bypassing the biotech sector. However, some charts, such as those for BioNxt, Evotec, or Formycon, are now showing interesting bottoming patterns. From a purely cyclical perspective, a sector rotation in favour of biotechs is long overdue.
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