Gubra (GUBRA) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with revenue of DKK 2.6 billion and net profit of DKK 1.7 billion, driven by a landmark AbbVie deal for the amylin compound and ABBV-295, including a DKK 350 million upfront payment.

• Expanded into three synergistic business units: Biotech (peptide therapeutics), CRO (preclinical research), and Ventures (asset incubation), with significant leadership changes including CEO succession and facility expansions.

• Returned DKK 1 billion to shareholders as an extraordinary dividend and ended the year with strong liquidity of DKK 1.1 billion.

• Advanced three potential obesity blockbuster programs, with two partnered programs expected to deliver clinical data in 2026.

Financial highlights

• Biotech segment revenue surged to DKK 2,444 million in 2025 from DKK 46 million in 2024, mainly due to the AbbVie deal; adjusted EBIT for Biotech reached DKK 2,193 million.

• CRO segment revenue declined 13% year-over-year to DKK 193 million, with EBIT margin dropping from 30% to 15% and EBIT decreasing to DKK 28 million.

• CRO segment saw a decline from 2024 due to weaker demand from smaller US biotech clients, but overall earnings remained solid.

• 2025 revenue reached DKK 2.6 billion, net profit DKK 1.7 billion, mainly from AbbVie upfront payment.

Outlook and guidance

• CRO segment targets 5-15% revenue growth and 20-25% EBIT margin in 2026, with expectations to grow CRO revenue by 10%-15% and maintain healthy margins.

• Biotech segment expects no revenue guidance for 2026 after the exceptional 2025; total costs guided at DKK 330-360 million.

• First patients for UCN2 clinical trial expected to be dosed in H1 2026, with multiple readouts in 2027 and 2028.

• Pipeline expansion, new flagship therapeutic areas, and new ventures are planned, with more details to be released mid-year; Ventures arm expects to launch its first venture in H2 2026.