Gubra (GUBRA) Q1 2026 earnings summary

Executive summary

• Achieved strong momentum in Q1 2026 with significant biotech pipeline progress, facility expansion at DTU Science Park, and strengthened leadership, including new CDMO and Ventures head appointments.

• Launched Gubra Ventures to invest in adjacent scientific areas, accelerate innovation, and diversify monetization pathways.

• Multiple pipeline assets, including ABBV-295 and BI 3034701 (triple agonist), are advancing to Phase 2 in 2026; UCN2 clinical trial application submitted, with first patient visit expected in H2 2026.

• CRO business showed sequential revenue growth but faces macroeconomic headwinds and longer decision cycles, especially among small biotech clients.

Financial highlights

• Group revenue for Q1 2026 was DKK 75.8 million, up from DKK 57.5 million in Q1 2025, driven by a milestone from the Amylyx collaboration.

• Biotech segment revenue reached DKK 28 million in Q1 2026, up from DKK 6.9 million in Q1 2025, with EBIT improving to DKK -39 million from DKK -54 million.

• CRO segment revenue increased 26% sequentially from Q4 2025 but declined 6% year-over-year; EBIT turned positive from a Q4 loss but was down versus Q1 2025.

• Group EBIT was DKK -41.3 million, an improvement from DKK -43.5 million in Q1 2025; EBIT margin improved to -54% from -76% year-over-year.

Outlook and guidance

• Biotech segment 2026 revenue guidance set at DKK 330-360 million, with total costs in the same range.

• CRO segment expects 0-10% external revenue growth and EBIT margin of 10-15% for 2026.

• Ventures and Green segments each expected to post EBIT of DKK -5 to -10 million in 2026.

• Cautiously optimistic for gradual CRO market recovery in H2 2026, with focus on commercial execution and U.S. expansion.