Gubra (GUBRA) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in 2024, with CRO/service business revenue up 31% and EBIT margin at 30%, both surpassing initial guidance.

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

• Advanced internal pipeline, including Amylin (Gubamy) and UCN2 programs, with positive early clinical data.

• Entered a new partnership with Amylyx for a GLP-1 receptor antagonist targeting rare and post-bariatric surgery diseases.

• Launched an updated 2030 strategy, increasing ambition for clinical pipeline and new flagship areas.

Financial highlights

• CRO segment revenue grew 31% year-over-year in 2024, 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 due to higher project costs.

• Company-wide yearly revenue growth averaged 30% since 2008.

• Total revenue base now at DKK 265 million.

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, reflecting increased clinical activity.

• Plan to maintain 1-3 clinical projects in pipeline, up from previous 1-2.

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