Evotec is a contract research and development organization (CRO/CDMO) that helps pharmaceutical and biotech companies discover, develop, and manufacture drugs. Evotec operates across two segments. The first, Discovery & Preclinical Development (D&PD, ~67% of revenues), provides end-to-end drug discovery and preclinical services — from target identification through IND-enabling studies — to large pharma (including BMS, Bayer, Novo Nordisk, Eli Lilly, and Novartis), smaller biotechs, and academic institutions. The second, Just – Evotec Biologics (JEB, ~33% of revenues), designs, develops, and manufactures biologic drugs using a proprietary continuous manufacturing platform branded J.DESIGN/J.POD. Most revenues (~79%) come from fee-for-service or FTE-based contracts, but Evotec also pursues multi-year strategic partnerships where it contributes proprietary IP in exchange for research payments, milestones, and royalties. Key proprietary platforms include E.MPD (a multi-omics patient database covering chronic kidney disease and metabolic diseases), PanOmics (high-throughput multi-omics analytics), and an iPSC-based disease modeling platform. Evotec's cost structure is heavily fixed, dominated by its 3,600+ scientists and facilities, making profitability sensitive to revenue volume. Following the December 2025 sale of its Toulouse J.POD facility to Sandoz for ~$350M, Evotec is shifting JEB toward a capital-light technology licensing model, monetizing cell lines, media, and process IP rather than owning large-scale manufacturing capacity.