Gubra (GUBRA) Q1 2025 earnings summary

Executive summary

• Signed exclusive global license agreement with AbbVie for GUBamy, a long-acting amylin analogue, valued at up to USD 2.2 billion, including USD 350 million upfront and tiered royalties; deal closed April 2025.

• Published strong interim Phase 1 MAD results for GUBamy, showing significant weight reduction (-7.8% vs. +2.0% placebo), best-in-class efficacy, and favorable safety profile.

• UCN2 program demonstrated restoration of lean mass lost from previous GLP-1 treatment in preclinical models; Phase 1 trial expected to start early 2026.

• Initiated strategic expansion into women's health and non-classical peptides as part of 2030 pipeline ambitions.

• CRO segment experienced a slight revenue decline year-over-year, with solid customer demand in Europe.

Financial highlights

• Group revenue for Q1 2025 was DKK 57.5 million, down from DKK 65.0 million in Q1 2024; Discovery & Partnerships segment revenue reached DKK 7 million, up 7% year-over-year.

• Total adjusted costs increased to DKK 61 million in Q1 2025 from DKK 33 million in Q1 2024, reflecting parallel advancement of GUBamy and UCN2 projects.

• Adjusted group EBIT was DKK -43.5 million, compared to DKK -4.0 million in Q1 2024; Discovery & Partnerships adjusted EBIT was -DKK 54 million.

• CRO segment revenue declined 14% year-over-year to DKK 51 million; adjusted EBIT margin dropped to 21% from 39% in Q1 2024.

• Upfront payment from AbbVie deal (USD 350 million) not recognized in Q1 2025, as closing occurred after quarter-end.

Outlook and guidance

• 2025 guidance unchanged: CRO organic revenue growth expected at 10–20%, EBIT margin 25–31%.

• Discovery & Partnerships segment total costs projected at DKK 230–250 million for 2025.