Gubra A/S reported a return to profitability in the first half of 2026, driven by growth in its contract research organization (CRO) segment, even as its biotech unit posted a loss amid rising R&D investments.
The Copenhagen-listed company, which operates across biotech development and preclinical research services, posted a DKK 96 million increase in CRO external revenue to DKK 96 million in H1 2026, up 11% sequentially from DKK 87 million in H2 2025. The CRO division’s EBIT margin improved from negative 10% in Q4 2025 to positive 1% in H1 2026, reflecting operational discipline and new commercial initiatives.
Gubra Biotech, meanwhile, reported negative DKK 120 million in EBIT for H1 2026, compared with a DKK 2.2 billion profit in H1 2025, which included a USD 350 million upfront payment from AbbVie. Total biotech costs for 2026 are guided at DKK 330–360 million. The unit’s revenue fell to DKK 30 million in H1 2026 from DKK 2.4 billion in the prior-year period.
The company’s obesity pipeline advanced on multiple fronts. AbbVie’s ABBV-295, in which Gubra is a partner, reported Phase 1 Multiple Ascending Dose topline data in March 2026, showing up to 9.8% weight loss at week 12 with once-weekly dosing versus 0.3% for placebo in participants with a mean baseline BMI below 30 kg/m². Phase 2 initiation is expected in Q3 2026, with topline data anticipated by October 2026. The results will be presented at the European Association for the Study of Diabetes conference on September 30, 2026.
Gubra also highlighted progress on BI 3034701, a candidate from Boehringer Ingelheim, for which a €10 million milestone payment was received in July 2026 following Phase 2 initiation. The trial targets enrollment of approximately 300 participants with overweight and obesity, evaluating six active dose groups against placebo over 42 weeks, with the primary endpoint measuring percentage change in body weight at week 42.
Gubra’s internal obesity candidate, GUB-UCN2, showed preclinical promise when combined with semaglutide, achieving approximately 45% fat mass reduction while increasing lean mass by 12%, compared to 40% fat mass reduction with a 5% lean mass decrease for semaglutide alone. A Phase 1/2a trial is planned to enroll approximately 188 participants, with initial Single Ascending Dose data expected in H1 2027.
The company’s StreaMLine™ peptide discovery platform was cited as a key enabler of efficiency gains in molecule development. Gubra serves 17 of the 20 largest global pharmaceutical companies and maintains a 14% 10-year organic revenue CAGR in its CRO segment.
Shares of Gubra traded at DKK 389.20, down 1.47% on the day, with a market capitalization of $1.01 billion and a P/E ratio of 3.46. The stock remains approximately 30% below its 52-week high of DKK 557.50 but has recovered 16.3% from its 52-week low of DKK 293.
