Gubra (GUBRA) Q1 2026 earnings summary

Executive summary

• Achieved strong momentum in Q1 2026, with significant biotech pipeline progress, facility expansion, and the launch of Gubra Ventures to drive innovation and external asset creation.

• Advanced multiple clinical assets, including ABBV-295, BI 3034701, and a triple agonist, all moving into Phase 2 trials in 2026.

• Submitted clinical trial application for GUB-UCN2, with first patient visit expected in H2 2026.

• CRO business showed sequential revenue growth but faces macroeconomic headwinds, especially from smaller biotech clients.

• Expanded leadership team, including appointments in Ventures and clinical development.

Financial highlights

• Group revenue for Q1 2026 was DKK 75.8 million, up from DKK 57.5 million in Q1 2025, driven by milestone payments from the Amylyx collaboration.

• Biotech segment revenue reached DKK 28.0 million, up from DKK 6.9 million year-over-year, with EBIT improving to DKK -39.2 million from DKK -54.2 million.

• CRO segment external revenue was DKK 47.7 million, up 26% sequentially from Q4 2025 but down 6% year-over-year; EBIT turned positive from a Q4 loss but declined versus Q1 2025.

• Group EBIT improved to DKK -41.3 million from DKK -43.5 million year-over-year; EBIT margin improved to -54% from -76%.

• Ventures segment reported EBIT of DKK -1.7 million in its first quarter.

Outlook and guidance

• CRO external revenue growth guidance for 2026 reduced to 0-10%; EBIT margin expectation lowered to 10-15%.

• Biotech segment 2026 revenue guidance set at DKK 330-360 million, with total costs in the same range.

• Ventures and Green segments each expected to post EBIT of DKK -5 to -10 million in 2026.

• Cautiously optimistic for gradual CRO market recovery in H2 2026, with focus on commercial execution and U.S. expansion.