Evotec plans to lay off 400 workers and shutter facilities as the German manufacturer and biotech continues to grapple with pharma’s cutback on R&D activities, causing the company to lay off 400 workers and shutter facilities.
“The market environment has given us no new signals of recovery to happen within 2024 as we hoped for. We expect a broader recovery now, earliest in 2025 as we continue to face stagnation of early-stage R&D spending,” Evotec CEO Christian Wojczewski said Wednesday during his first investor call after joining the company in July.
Many pharma companies are pulling back their spending on early-stage pipelines and discovery efforts, and manufacturers are feeling the tightening of purse strings. Earlier this month, Charles River also gloomily predicted that this trend will continue well into next year.
Christian Wojczewski
Evotec is having to further shrink its manufacturing footprint and has identified 400 jobs globally that could
