Gubra A/S reported a return to profitability in its contract research organization (CRO) segment for the first half of 2026, with external revenue rising 11% sequentially to DKK 96 million. The CRO business posted an EBIT margin of 1% in H1 2026, reversing a loss of 10% in Q4 2025, though adjusted EBIT stood at DKK 2 million after accounting for DKK 2 million in one-off facility setup costs.
The biotech unit, which includes Gubra’s proprietary drug programs, reported DKK 30 million in revenue for H1 2026, down sharply from DKK 2.4 billion in the same period a year earlier—a figure that included a $350 million upfront payment from AbbVie. Adjusted EBIT for the biotech segment remained negative at DKK 120 million, compared with a positive DKK 2.2 billion in H1 2025.
Gubra’s CRO division, which serves 17 of the world’s 20 largest pharmaceutical companies, generated DKK 96 million in external revenue, up from DKK 87 million in H2 2025. Organic revenue growth over the past decade has averaged a 14% compound annual rate. The segment’s EBIT margin guidance for 2026 ranges between 10% and 15%, with external revenue growth projected at 0–10%.
Pipeline advancements were a key focus of the H1 2026 presentation. AbbVie’s ABBV-295, partnered with Gubra, demonstrated up to 9.8% weight loss at week 12 in Phase 1 trials, compared with 0.3% for placebo, in a population with a mean baseline BMI below 30 kg/m². A Phase 2 trial is expected to begin in Q3 2026, with topline data from a Phase 1b study potentially available in 2027.
Gubra’s GUB-UCN2 program, described as a potential “next mega program,” targets body composition by reducing fat mass while preserving or increasing lean mass. Preclinical data in diet-induced obese rats showed a 20% reduction in fat mass as monotherapy and 45% in combination with semaglutide, alongside an 18% increase in lean mass as monotherapy. A Phase 1/2a trial is planned to enroll 188 participants across multiple dosing cohorts.
The company also highlighted progress on BI 3034701, a triple receptor agonist for overweight and obesity, with a Phase 2 trial set to enroll 300 participants across six dose groups and a 42-week treatment period. Boehringer Ingelheim triggered a EUR 10 million milestone payment in July 2026 for Phase 2 initiation.
Gubra’s share price fell 1.87% to $387.60 following the presentation, with a 52-week range of $293 to $557.50 and a market capitalization of $1.01 billion. The company reaffirmed its 2026 guidance, projecting total biotech costs of DKK 330–360 million and negative EBIT of DKK 5–10 million for its Ventures and Green divisions.
