Gubra (GUBRA) Q3 2026 earnings summary

Executive summary

• Q3 was the second-best quarter historically, with Phase 2 milestone payments from AbbVie and Boehringer Ingelheim, stronger CRO profitability, and GUB-UCN2 entering Phase 1/2a.

• The 2030 ambition includes 8–10 clinical-stage assets, 1–2 internally generated candidates advanced annually, and 2–3 ventures.

Financial highlights

• Q3 2026 revenue was DKK 447.7m and EBIT DKK 317.7m; 9M revenue was DKK 574.1m and EBIT DKK 194.8m.

• Biotech Q3 revenue was DKK 394.9m and EBIT DKK 303.2m, driven by Phase 2 milestones of USD 50m from AbbVie and EUR 10m from Boehringer Ingelheim.

• Biotech 9M revenue was DKK 425m vs DKK 2.4bn in 9M 2025, which included AbbVie’s upfront payment.

• CRO Q3 external revenue was DKK 51.8m, up 5.6% YoY and 6.5% QoQ; adjusted EBIT was DKK 18m, with a 25% margin.

Outlook and guidance

• 2026 CRO external revenue growth guidance was narrowed to 2–6% from 0–10%; EBIT margin guidance to 10–13% from 10–15%.

• 2026 Biotech cost guidance decreased to DKK 315–335m from DKK 330–360m, primarily due to timing.

• Mid-term CRO targets include 10% average annual organic revenue growth and a 15% EBIT margin; 2026 internal CRO studies for Biotech are expected to total DKK 50m and are excluded from external-revenue guidance.

• Initial GUB-UCN2 SAD topline data and ABBV-295 Phase 1b topline data are expected in H1 2027; some CRO studies planned for Q4 may shift to Q1.