EL7.AI
StocksMedium•6 November 2026•
4 min read

Gubra Posts Revenue of DKK 447.7 Million in Its Second-Best Quarter on Record

Key Facts

1Gubra reported third-quarter revenue of DKK 447.7 million and operating profit of DKK 317.7 million.
2Biotech operating profit rose to DKK 303.2 million, from a loss of DKK 13.5 million in the corresponding quarter.
3External contract research revenue grew 6% to DKK 51.8 million in the third quarter.
4The company expects potential initial data from the ABBV-295 trial during the first half of 2027.

Gubra said the third quarter of 2026 was the second-best quarter in its history financially, with group revenue of DKK 447.7 million and operating profit of DKK 317.7 million. In its trading statement issued on 6 November, the company compared revenue with DKK 99.1 million in the same period last year and operating profit with a loss of DKK 6.1 million. Chief Executive Markus Rohrwild said the quarter was "eventful," noting that its financial performance was supported by significant partner milestone payments and solid performance in the contract research business. Performance reflected a surge in biotech activity linked to those payments and operational growth in contract research. The company also reported that two partnered obesity programs advanced to Phase II during the quarter.

Biotech operating profit was DKK 303.2 million in the third quarter, compared with a loss of DKK 13.5 million in the corresponding quarter of 2025. The company attributed the improvement mainly to milestone payments received from partners, which explains a major part of the increase in group revenue and profit. It said its two partnered obesity programs, ABBV-295 and BI 3034701, moved into Phase II clinical development during the quarter. AbbVie and Boehringer Ingelheim began the phases during the same period, triggering the milestone payments cited in the statement. The increase in biotech earnings was therefore linked to program progress and milestone achievements, while contract research improved on revenue growth.

In contract research, external revenue was DKK 51.8 million, up 6% from both the previous quarter and the corresponding quarter of 2025. The segment's operating profit was DKK 17.9 million, compared with DKK 7.6 million a year earlier. The company attributed the improvement in profitability to higher revenue and said strong growth came particularly from kidney studies. These figures distinguish the contribution from service activity from the milestone payments that supported revenue and profit in the biotech segment. Gubra also said CRO performance was solid, alongside clinical progress in its partnered programs.

Gubra narrowed its 2026 forecast for external revenue growth in contract research to 2–6%, from 0–10%. It also lowered its forecast range for the segment's operating margin to 10–13% from 10–15%. Meanwhile, it cut its estimate for annual biotech costs to DKK 315–335 million, from a previous range of DKK 330–360 million. The company said the cost adjustment reflected timing, while the CRO forecast revision followed updated full-year estimates. The changes set out the company's guidance for the current year on the expected revenue and margins of the two segments.

In September, Gubra presented Phase I data for ABBV-295 showing statistically adjusted mean weight reductions of between 7.8% and 9.8% after 12 weeks in the weekly dose groups. The reduction was 9.7% in the every-two-week dose group and 7.9% in the monthly dose group after 13 weeks, compared with about 0.3% for placebo. The company said the maximum reduction recorded in the study was about 10% of body weight over 12–13 weeks. The study consisted mostly of men, at 88%, and the average baseline body mass index was below 30 kg/m². The ongoing Phase 1b trial includes adults with a body mass index of 30 to 45, with treatment lasting up to 20 weeks. The company expects potential initial data from the trial during the first half of 2027.

In another program owned by the company, Gubra expects initial data on safety, tolerability and pharmacokinetics from the single-ascending-dose part of the GUB-UCN2 trial during the first half of 2027. As part of its broader strategy, the company aims to build a portfolio of 8–10 clinical-stage assets by 2030. It also targets nominating 1–2 internally owned drug candidates annually starting that year. The company said on 27 October that it had four clinical-stage assets, including its two partnered obesity programs in Phase II. Gubra is scheduled to hold an analyst and investor presentation on 6 November 2026 at 10:00 a.m. Central European Time to discuss the results.

For the first nine months of 2026, the group recorded revenue of DKK 574.1 million and operating profit of DKK 194.8 million. In the corresponding period of 2025, revenue was DKK 2,591.3 million and operating profit was DKK 2,219.1 million. The company cautioned that the periods are not directly comparable because the business unit structure changed at the start of 2026. These figures provide context for third-quarter performance within the nine-month period, against a different year-on-year comparison basis. The updated guidance and upcoming clinical data dates mark the milestones the company said it will track over the coming year.