Gubra (GUBRA) Investor presentation summary

Strategic highlights and partnerships

• Out-licensed ABBV-295 (Amylin) to AbbVie in a USD 2.2 billion deal, including USD 350 million upfront payment.

• Advanced first-in-class triple agonist BI 3034701 into mid-stage clinical development with Boehringer Ingelheim.

• Entered collaboration with Camurus to develop long-acting PTH therapy for hypoparathyroidism.

• UCN2 program to enter clinical trials in H1 2026, focusing on muscle-preserving weight loss and cardiac benefits.

• Expanding pipeline beyond obesity and leveraging AI-driven peptide discovery platform.

Financial performance and outlook

• Achieved record-high revenue of DKK 2.4 billion in the first nine months of 2025, mainly from the AbbVie deal.

• CRO segment revenue declined 5% year-over-year due to macroeconomic headwinds, but order pipeline shows improvement.

• Total adjusted costs increased to DKK 182 million as multiple projects advanced in parallel.

• CRO EBIT margin impacted by one-off CEO compensation; excluding this, Q3 margin reached 19%.

• 2025 guidance: CRO revenue expected 5-10% below 2024, with mid-term target of 10% annual growth.

R&D pipeline and clinical progress

• Pipeline includes internal and partnered programs in obesity, narcolepsy, hypoparathyroidism, rare diseases, and women's health.

• ABBV-295 Phase 1 showed well-tolerated safety profile, 11-day half-life, and up to 7.8% weight loss over six weeks.

• BI 3034701 demonstrated favorable safety and efficacy, advancing to mid-stage clinical trials.

• UCN2 preclinical data showed preservation of lean mass, reduction in fat mass, improved cardiac function, and favorable biomarker profile.

• UCN2 clinical Phase 1 planned for H1 2026, with ongoing non-clinical toxicity studies.