German pharmaceutical company Evotec reported a "challenging" first quarter as it revealed a loss from the same period last year.
Group revenues decreased by 2%, excluding currency effects, to €208.7 million ($226.6 million) from €213.6 million last year.
Adjusted EBITDA totalled €7.8 million, compared to €34 million previously.
The Hamburg-based firm, which specializes in drug discovery and development, expects group revenue to grow by "a double digit percentage" for the year, after coming in at €781.4 million in 2023.
Laetitia Rouxel, chief financial officer, said on Wednesday that despite the current "challenging environment" the company was on a "path back to sustainable profitable growth."
