Gubra (GUBRA) Q3 2026 earnings summary

Executive summary

• Q3 was the second-best quarter financially, supported by milestone payments from two partnered obesity programs and stronger CRO profitability.

• ABBV-295 and BI 3034701 entered Phase 2; GUB-UCN2 began a Phase 1/2a trial, with a 2030 strategy targeting 8–10 clinical-stage assets.

Financial highlights

• Q3 revenue was DKK 447.7m and EBIT DKK 317.7m, versus DKK 99.1m and EBIT DKK -6.1m in Q3 2025; segment structure changed in 2026.

• 9M revenue was DKK 574.1m and EBIT DKK 194.8m; 9M 2025 comparisons are not directly comparable following the 2026 business-unit setup.

• Q3 Biotech revenue was DKK 394.9m and EBIT DKK 303.2m, primarily driven by USD 50m and EUR 10m milestone payments.

• On an adjusted basis, 9M Biotech revenue was DKK 425m versus DKK 2.4bn in 9M 2025, while adjusted EBIT was DKK 183m versus DKK 2.3bn; prior-year revenue included AbbVie's Q2 upfront payment.

• CRO Q3 external revenue was DKK 51.8m, up 6% YoY and QoQ; adjusted EBIT was DKK 18m, with 9M external revenue of DKK 148m and adjusted EBIT of DKK 19m.

Outlook and guidance

• FY2026 CRO external revenue growth guidance narrowed to 2–6% from 0–10%; EBIT margin guidance narrowed to 10–13% from 10–15%.

• FY2026 Biotech cost guidance decreased to DKK 315–335m from DKK 330–360m, primarily due to cost timing; Ventures and Gubra Green EBIT guidance remains DKK -5m to -10m each.

• Around DKK 50m of CRO studies are expected to be performed for Biotech in 2026 and are excluded from the CRO outlook; mid-term CRO targets are 10% annual revenue growth and a 15% EBIT margin.

• H1 2027 milestones include GUB-UCN2 SAD topline data and MAD initiation, potential ABBV-295 Phase 1b topline data, and HMB-003 Phase 1 initiation.