EVOTEC

Evotec, based in Hamburg, is a drug-discovery partner that runs research and early development for pharmaceutical and biotech companies, combining fee-for-service work with a share in the future royalties of the medicines it helps create. That model gives it broad exposure to the drug-development pipeline without betting on a single molecule. Evotec pays little or no dividend, reinvesting heavily in research capacity and its royalty pipeline, so its score on a dividend measure is low. This is a life-science growth stock valued for its long-term drug-discovery platform rather than for income.