Gubra (GUBRA) Q4 2024 earnings summary

Executive summary

• Achieved strong performance in 2024, with CRO organic revenue growth of 31% and adjusted EBIT margin of 30%, both exceeding initial guidance.

• Discovery & Partnerships segment revenue grew 25% year-over-year, partly due to milestone payments.

• Obesity and kidney disease were the main growth drivers, with significant progress in the amylin and UCN2 drug development programs.

Financial highlights

• CRO business revenue up 31% year-over-year, with adjusted EBIT up 44% to DKK 66.5m and margin rising to 30% from 27% in 2023.

• Discovery & Partnerships revenue increased 25% year-over-year, but adjusted EBIT loss widened to DKK -109m from DKK -80m due to higher project costs.

• Company-wide yearly revenue growth averaged 30% since inception (2008–2024).

Outlook and guidance

• 2025 guidance: CRO organic revenue growth of 10–20% and EBIT margin of 25–31%.

• Discovery & Partnerships segment total costs expected at DKK 230–250 million.

• Mid-term target: 10% annual CRO revenue growth and sustained high profitability.