Evotec Cuts Workforce by 400 People

400 positions have been cut by the German life science business Evotec as a result of “a more difficult market environment.”

According to the business’s CEO Christian Wojczewski, an expedited transformation program will result in cost reductions of at least €40 million ($44 million) by the end of the following year.

The firm closed its gene therapy division in May following a 2% decline in group sales for the first quarter of 2024. According to Evotec, the reorganisation would result in the closure of its Austrian location, affecting 40 workers. In addition, the firm declared that it would be closing its chemical operations in Lyon, France, and that it would be classifying its manufacturing operations in Halle/Westphalia, Germany, as non-core.

Evotec’s CEO Christian Wojczewski stated: “2024 has been a particularly challenging year, both in terms of growth and profitability. We are now focusing on preparing ourselves for the next stage in the company’s growth journey, in order to make Evotec stronger for the next chapter, we will conduct a strategic review, and accelerate our transformation towards sustainable profitable growth.”