Evotec's H1/2021 numbers were much In line with consensus. At €271m compared to €231m (H1/2021 vs. 2020) the 17% growth in group H1/2021 revenues highlights the robust health of the underlying business. The sharp €47m to €36m YoY fall in H1 EDITDA is due to the continued investment in R&D and pre-production capacity build up of J.POD. With COVID delayed milestones expected in H2, management confirmed its previous €550m - €570m topline guidance, but indicated an EBITDA near the bottom of the €105m - €120m range. The results reflect EVOTEC's accelerating transition from plain-vanilla CRO to a best-in-class drug developer. With the company reiterating its bullish 2025E CAGR guidance of >15% and 25% for revenues and EBITDA respectively, management remains confident of the impact of the J.POD biologics roll out in 2021 - 2023E and royalty streams from its extensive partnered programme from 2024E / 2025E. With COVID further driving the demand for biologics and positive news in the partnered pipeline from Bayer, neither J.POD nor innovate is adequately valued by the market, in our view. With the proposed offering American Depository Shares potentially stoking the appetite and valuation, we see substantial upside from current levels. We reiterate our OUTPERFORM recommendation with an increased target price of €44.