Interim report H1 2026: Strong clinical pipeline momentum and business execution position Gubra for an exciting period ahead

• GUB-UCN2, Gubra’s next potential mega program, advanced into clinical development with initiation of a comprehensive Phase 1/2a trial.
• Partnered obesity programs advancing into Phase 2, with Boehringer Ingelheim initiating Phase 2 of BI 3034701 and AbbVie expected to initiate Phase 2 of ABBV-295 imminently.
• CRO business on a positive trajectory, with 11% revenue growth versus H2 2025 and profitability stabilized, supported by targeted commercial initiatives and continued cost discipline.
• Gubra Investor R&D Event on October 27, presenting Gubra’s strategy toward 2030 and key drivers of future value creation.

Today, Gubra released its interim report for the first half of 2026, reflecting significant progress across the R&D pipeline and strong execution across the business. Group revenue amounted to DKK 126 million, while operating profit was DKK -123 million. The full-year 2026 guidance remains unchanged.
 
Markus Rohrwild, CEO of Gubra, says:
"The first half of 2026 has further strengthened my confidence in Gubra and the significant opportunities ahead of us. The progress across the clinical-stage pipeline demonstrates our ability to repeatedly discover and advance differentiated drug candidates, both independently and through leading pharmaceutical partners. With GUB-UCN2 now in clinical development and our partnered pipeline continuing to mature, we are entering an exciting new chapter with multiple opportunities for significant value creation.
 
At the same time, our business model with important synergies across Biotech, CRO, and Ventures provides capabilities that extend well beyond individual drug candidates and offers a unique platform to discover, develop, and accelerate innovation while maintaining financial and strategic flexibility. We enter the second half of 2026 with strong momentum and significant ambition for what Gubra can become.”
 
GUB-UCN2: Advancing the next frontier in obesity treatment
Gubra initiated an ambitious Phase 1/2a clinical trial of GUB-UCN2, the company's next potential mega program. GUB-UCN2 is designed to optimize body composition by reducing fat mass while preserving or increasing skeletal muscle. The trial has a particular focus on muscle volume and muscle function and will evaluate GUB-UCN2 both as a standalone therapy and in combination with incretin-based therapy to generate an extensive clinical dataset supporting future development across multiple indications and patient populations. Clinical data will be released on a sequential basis, with the first data from the single ascending dose study expected in the first half of 2027.
 
Strong momentum for partnered programs
Gubra's partnered programs delivered significant progress during the first half of 2026 and thereafter. Boehringer Ingelheim initiated Phase 2 development of the potential first-in-class GLP-1/GIP/NPY2 receptor agonist BI 3034701, triggering a EUR 10 million milestone payment to Gubra, while AbbVie reported highly encouraging 12/13-week Phase 1 results for the long-acting amylin analog ABBV-295 ahead of its planned Phase 2 initiation in the third quarter of 2026.
 
Beyond obesity, Hemab presented preclinical data for HMB-003, a long-acting plasmin inhibitor, and announced the program's progression to first-in-human studies in the second half of 2026. Amylyx is conducting IND-enabling studies for AMX0318, a GLP-1 receptor antagonist for post-bariatric hypoglycaemia (PBH) and other rare diseases, with an IND filing targeted for 2027. In the second quarter of 2026, Camurus and Gubra selected a development candidate for the PTH analog program for hypoparathyroidism, with the program progressing according to plan. Together, these programs further demonstrate the versatility of Gubra's peptide-based drug discovery platform and its ability to generate differentiated therapeutic candidates across multiple disease areas.
 
Gubra CRO: Positioning the business for renewed growth
During the first half of 2026, Gubra continued to position its CRO business for renewed growth through targeted commercial initiatives and continued cost discipline. While market conditions have been challenging, signs of improvement are emerging, supported by a rebound in biotech funding and the continued trend among large pharmaceutical companies toward leveraging high-quality outsourced vendors to manage costs and access specialized expertise. A sound order book for the second half of 2026 supports our full-year revenue growth guidance of 0-10%.

Gubra Ventures: Building an additional platform to accelerate value creation
Gubra continued to build out Gubra Ventures during the first half of 2026. Zoë Johnson joined as Head of Gubra Ventures & Business Development, supporting the company’s ambition to accelerate value creation through dedicated venture structures in collaboration with external investors and strategic partners.

Gubra Green: Advancing planetary health
Gubra Green, our dedicated platform for climate and nature investments, continued to scale its impact during the first half of 2026. The hybrid solar and battery park Spectra entered operation in June, producing more than Gubra’s electricity consumption while the 8 MWh battery system generates additional revenue to Gubra Green.

Furthermore, Gubra Green expanded its nature portfolio through two large-scale restoration land investments: Understed Bakker and Hem Skov. Together, these projects span approximately 700 hectares and represent a significant commitment to biodiversity restoration and ecosystem resilience. Through Gubra Green, the company continues to apply a long-term, science-based approach to supporting planetary health as a foundation for human health.
 
Key financial highlights for H1 2026

 
Key financial highlights for Q2 2026

*Not applicable due to change in business units per January 1, 2026.
 
Outlook for 2026

Comment on guidance: In addition to performing CRO studies for external customers, the CRO business also performs studies for Gubra’s Biotech business unit. This is not included in the outlook above. Studies for a total value of around DKK 50 million are expected to be performed for the Biotech business unit in 2026.
 
Conference call for analysts and investors
A presentation for analysts and investors will be held today, 20 August 2026, at 10:00 am CET. The event will be hosted by the company’s CEO Markus Rohrwild, CFO Kristian Borbos, CSO Louise S. Dalbøge, CMDO Thomas Langenickel, Head of Gubra Ventures & BD Zoë Johnson, and Head of Gubra CRO Trine Nygaard Hamann. The presentation will be held in English.
 
To participate in the conference, please register here to receive the dial-in details:
Dial-in: https://player.videosync.fi/hca/2026-08-20-gubra/dial-in.
 
The conference can also be followed live via webcast: https://hca.videosync.fi/2026-08-20-gubra.
A replay of the webcast will be available afterwards via the same link.
 
Gubra R&D Event on 27 October 2026
Gubra will host an R&D Event for investors, analysts, and other stakeholders in London on October 27, 2026.
Registration link for in-person and virtual attendance: https://gubra-rd-event-2026-oct-27.open-exchange.net/.
 
Contacts at Gubra
Media: Marianne Thomas (mho@gubra.dk, +45 2483 2663)
Investors: Kristian Borbos (kbo@gubra.dk, +45 3080 8035) and Adam Lange (adl@gubra.dk, +45 6646 1589)
 
About Gubra
Gubra, founded in 2008 in Denmark and listed on NASDAQ Copenhagen, is a disease-agnostic techbio company specialized in peptide-based drug discovery and preclinical contract research services. Gubra’s activities are focused on the early stages of drug development and are organized in three main business units – Biotech, CRO, and Ventures. The business areas create a unique entity capable of generating a steady cash flow from the CRO business while investing in high-impact biotech R&D projects with significant value inflection potential through partnerships. Gubra has around 330 employees and had revenue of DKK 2.6 billion (around $400 million) in 2025.
See www.gubra.dk for more information.

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The stated revenue guidance is based on expected global and domestic economic conditions and is subject to known and unknown risks, assumptions, uncertainties and other factors that may cause actual results to differ materially. Investors are cautioned not to place undue reliance on this guidance and Gubra cannot guarantee a particular result. This guidance assumes no significant changes in the global or regional macroeconomic and political environment that would impact Gubra’s business, including major healthcare reforms, legislative changes, or legal outcomes. It also assumes stable currency exchange rates from current level, particularly the U.S. dollar or Euro against the Danish krone and reflects current estimates of gross-to-net developments in U.S. sales. The guidance excludes potential effects from new significant business development transactions, significant impairments of intangible assets, and any shifts in international trade policy, such as pharmaceutical tariffs or further healthcare reforms.