Henrik Blou, CEO of Gubra said:
“The first half year has been transformational, in a very positive way. We struck the biggest out-licensing deal so far for Gubra for our Amylin anti-obesity asset GUBamy. The partnership with AbbVie really underscores Gubra’s expertise in the metabolic space and our ability to develop novel peptide-based therapeutics. Following the deal, we decided to distribute DKK 1 billion to shareholders as an extraordinary dividend. A real strength for biotech company to be able to distribute a very meaningful amount back to shareholders while still maintaining sufficient capital to realize our strategy in the coming years.

GUBAMY – PROGRESSING AS PLANNED
In the second quarter, we published strong interim clinical results from the first part of the Phase 1 Multiple-Ascending-Dose study (MAD). The results exceeded our expectations. The study showed that GUBamy was well tolerated with adverse events being predominantly GI related, mild and consistent with data from the previous Single-Ascending-Dose study (SAD). On weight reduction, GUBamy delivered a remarkable weight loss. Once-weekly administration for six weeks of 1 mg or 2 mg GUBamy led to a dose dependent mean weight loss compared to a weight gain in the placebo group. LS Mean weight loss in the 2 mg cohort was -7.8% compared to an LS Mean weight gain of +2.0% in the placebo arm on day 43.

The MAD study for testing higher doses during a longer treatment period is ongoing and is progressing as planned. As part of having AbbVie as partner, we are delighted to see them expanding development options in the study. Their experience and scale make a real difference.

ADVANCING OUR UCN2 OBESITY PROGRAM
We are equally enthusiastic about our next-in-line internal obesity program, UCN2, which is designed to promote a high-quality weight loss. Preclinical studies in animal models have demonstrated that UCN2 analogues, when administered alone, selectively reduce fat mass and simultaneously promote gains in lean body mass. When combined with other anti-obesity agents, UCN2 has shown the unique ability to completely prevent the loss of lean mass typically seen in diet-induced obese rats treated with agents such as GLP-1 receptor agonists.

Notably, UCN2 has also been shown to fully reverse the lean mass loss caused by prior semaglutide treatment. This positions UCN2 as a potentially valuable component in combination regimens, acting both as a protective and restorative agent.

Beyond its metabolic effects, treatment with long-acting UCN2 analogues has resulted in improvements in cardiac and kidney function in preclinical models of chronic heart failure and chronic kidney disease.

UCN2 is now being prepared for Phase 1 clinical study to start early 2026.

GROUP REVENUE AND EARNINGS UP VERY SIGNIFICANTLY
Group revenue and EBIT in the first half of 2025 were record-high and amounted to DKK 2.5 billion and DKK 2.3 billion, respectively. This can be compared to the same period last year with DKK 121 million in revenue and DKK -21 million in EBIT. A very significant improvement with the recognition of the upfront payment in the AbbVie-deal as the main explanation.

CRO BUSINESS – REVENUE SLIGHTLY BEHIND LAST YEAR
Our CRO business has grown very significantly over the last two years and revenue has by far outpaced our mid-term annual growth guidance of 10%. In Q2 2025, we reported revenue of DKK 55 million which is 12% up compared to Q2 2024. However, H1 2025 revenue is 2% behind H1 2024, i.e. somewhat below our expectations. The explanation being the US market where we generally see longer decision timelines among our customers. The development in Europe is on the contrary very healthy with high growth in the first half of the year compared to the same period last year. As a result of the slowdown we experience in the US, we have adjusted our full-year 2025 outlook for CRO revenue to be slightly below the revenue level in 2024 (previously 10-20% growth). EBIT- margin expectation for full-year 2025 for the CRO business has been reduced to around 20% (previously 25-31%).

HANDING OVER THE BATON TO INCOMING CEO
After almost 10 years in Gubra it is time for me now to hand over the baton to a new incoming CEO. I am really excited and proud of what we have achieved that has propelled Gubra into a completely different league. I have always admired leaders who found an appropriate point in time to step back, and I feel that now is the right time.

I genuinely wish to thank the founders, the Board and our shareholders for all the trust and also all the fantastic colleagues that have brought Gubra to where we are today. It feels incredibly rewarding to leave the company in such a strong position, with significant potential still ahead, as Markus Rohrwild takes over as CEO starting September 8, 2025.”
 
Key financial highlights for Q2 2025

*Adjusted for special items
 
Outlook for 2025 (revised 20 August 2025)
Our outlook for 2025, which was revised for the CRO business on 20 August 2025, is provided in the table below.

* Previous outlook announced 9 May 2025
 
Conference call
A presentation for analysts and investors will be held today 21 August at 10:00am CET. The event will be hosted by the company’s CEO Henrik Blou, CSO Louise S. Dalbøge and CFO Kristian Borbos. The presentation will be held in English.

To participate in the telephone conference, please use the dial-in details shown below:
DK: +45 32 74 07 10
UK: +44 20 3481 4247
When dialling-in, please state the name of the call “Gubra Q2 2025 earnings release” or the conference ID: 9767544.

The presentation can also be followed live via the link: https://events.q4inc.com/attendee/884989220
It will also be possible to take part of the audiocast afterwards at the same abovementioned link.