Gubra (GUBRA) Q2 2025 earnings summary

Executive summary

• Achieved record revenue in H1 2025, driven by a landmark $2.2 billion out-licensing deal with AbbVie for GUBamy, including a $350 million upfront payment and future royalties.

• Paid an extraordinary DKK 1 billion dividend to shareholders following the AbbVie deal.

• CEO succession announced, with Markus Rohrwild to take over from September 8, 2025.

Financial highlights

• Group revenue reached DKK 2,492.1 million in H1 2025, up from DKK 120.6 million in H1 2024, mainly due to the AbbVie deal.

• Discovery & Partnerships segment revenue surged to DKK 2,386.6 million in H1 2025, up from DKK 30 million in H1 2024.

• CRO segment revenue grew 12% year-over-year in Q2 but declined 2% for H1 year-over-year due to US market headwinds.

• CRO EBIT margin was 25% in Q2 2025, at the lower end of guidance.

• Net profit for H1 2025 was DKK 1,762.9 million, versus a loss of DKK 20.1 million in H1 2024.

Outlook and guidance

• CRO segment revenue for 2025 expected to be slightly below 2024, with EBIT margin guidance revised down to around 20%.

• Discovery & Partnerships segment total costs guided at DKK 230–250 million for 2025.

• No revenue guidance for Discovery & Partnerships due to volatility in partnership deals.