Today, Gubra releases its Annual Report for 2025 showing the strongest financial results in Gubra's history. Group revenue and operating profit amounted to DKK 2.6 billion and DKK 2.2 billion, respectively. Several operational advancements were made across the company in 2025, not least the landmark outlicensing deal of the anti-obesity asset ABBV-295 (long-acting amylin analog) to AbbVie.
Markus Rohrwild, CEO of Gubra says:
"2025 was a defining year for Gubra - not only because of the record financial results, but because of the collective dedication with which we advanced our science, strengthened our platforms and portfolio, and positioned the company for sustainable long-term growth".
Our Biotech AI platform is the engine
For the Biotech business, the progress during 2025 shows the value embedded into Gubra's R&D portfolio. The outlicensing deal of ABBV-295 to AbbVie with a total value of $2.2bn is just one validation of this. Gubra generates novel peptide drug development candidates through the proprietary AI-driven discovery platform streaMLine and develops them to a maximum early value inflection stage.
Aside from ABBV-295, Gubra's partner Boehringer-Ingelheim is advancing the first-in-class long-acting triple agonist for obesity into mid-stage development and together with Swedish Camurus, Gubra initiated a research collaboration to develop an extended-release therapy for hypoparathyroidism. In 2025, Gubra also showed compelling preclinical data from the not yet partnered GUB-UCN2 lead asset designed for healthy weight loss.
"The progress in 2025 collectively shows the strength of our technology platform to generate novel peptides that are widely recognized by our partners. Technology remains at the heart of Gubra. With our streaMLine platform and advanced 3D-imaging and automation capabilities, we have created an integrated engine that accelerates therapeutic discovery across disease areas. The streaMLine platform now supports more programs in more therapeutic areas than ever before. Its rapid design-build-test cycle reinforces our fundamental belief: innovation in therapeutics increasingly depends on innovation in technology," Markus Rohrwild says.
CRO set to grow
Gubra's CRO business has seen revenue grow organically by almost 70% between 2022-2024. 2025 presented a slight revenue decline, driven by macroeconomic headwinds and constrained funding environments for small biotech companies, resulting in longer decision cycles.
"Encouragingly, we now see signs of improvement in the order pipeline. This underpins our confidence in continued robust growth and strong profitability within this business segment", Markus Rohrwild continues.
Stronger operating model for the future
Starting in 2026, Gubra has strengthened the operating model and will operate through three synergistic business units - Biotech, CRO, and Ventures - all anchored in Gubra's commitment to society and sustainability. While highly complementary, each unit has a distinct business model designed to maximize value creation. Furthermore, the leadership team is strengthened with the recruitment of Thomas Langenickel as Chief Medical and Development Officer, Grigo Gaurav as Chief Technology Officer and Zoë Johnson as Head of Gubra Ventures.
Gubra Ventures is Gubra's new business unit. Ventures will incubate high-potential assets in a dedicated venture structure, attract external capital, specialized talent, and strategic partners without diluting the focus of Gubra Biotech. To support continued growth, Gubra is expanding their facilities in the DTU Science Park. With the new facilities, Gubra will increase its total laboratory and office space by 70%.
Strong outlook for 2026
There is strong momentum for 2026. In the Biotech business, there are three potential multibillion obesity drugs (GUB-UCN2, ABBV-295 and the triple agonist) in Phase 1 or Phase 2 development with potential readouts for the partnered assets.
The mega-program GUB-UCN2 for healthy weight loss will enter first-in-human studies in H1 2026. The ambitious Phase 1/2a trial design with close to 200 participants sets the stage for exploring GUB-UCN2 across multiple indications and patient populations. The trial will evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of GUB-UCN2, with a particular focus on muscle volume and muscle function endpoints - both as a standalone therapy and in combination with incretin-based therapy for obesity.
In the new business unit Ventures, Gubra is currently looking at interesting opportunities and expects to create the first venture in H2 2026.
For the CRO business, the orderbook is promising and we expect to see revenue growth of 5-15% compared with 2025 and sound profitability.
"I'm very excited about the time ahead for Gubra. Not the least due to our great people who make it all possible and because everything we do is founded in our commitment to society and sustainability," Makus Rohrwild says.
Key financial highlights for 2025
| Key ratio | Biotech segment | CRO segment | Group | |||
| DKK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Revenue | 2,444.3 | 45.6 | 192.5 | 220.2 | 2,636.8 | 265.7 |
| Organic revenue growth | 5,269% | 25% | -13% | 31% | 892% | 30% |
| Reported Cost of Sales & Opex | -320.3 | -157.6 | -166.1 | -157.7 | -487.4 | -315.5 |
| Adj. Cost of Sales & Opex* | -251.5 | -157.2 | -164.3 | -155.9 | -416.8 | -313.1 |
| Reported EBIT | 2,124.2 | -112.2 | 26.6 | 62.2 | 2,150.1 | -50.0 |
| Adjusted EBIT* | 2,193.0 | -108.6 | 28.4 | 66.5 | 2,220.7 | -42.4 |
| Reported EBIT-margin | 87% | -246% | 14% | 28% | 82% | -19% |
| Adjusted EBIT-margin* | 90% | -238% | 15% | 30% | 84% | -16% |
*Adjusted for non-recurring items
Financial outlook for 2026
| Key ratio | 2026 Outlook | Mid-term guidance | Results 2025 |
| Biotech Segment | |||
| Revenue | No guidance | DKK 2,444m | |
| Total Costs | DKK 330-360m | DKK 251m | |
| CRO Segment | |||
| Revenue | 5-15% growth | 10% annual growth | DKK 193m |
| EBIT-margin | 20-25% | 15% | |
| Gubra Ventures EBIT | DKK -5 to -10m | n/a | |
| Gubra Green EBIT | DKK -5 to -10m | DKK -1m |
Conference call for investors
A presentation for analysts and investors will be held today, February 27, at 10:00am CET. The event will be hosted by the company's CEO Markus Rohrwild, CFO Kristian Borbos, CSO Louise S. Dalbøge, CDMO Thomas Langenickel, Head of Ventures Zoë Johnson and Head of 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:
https://player.videosync.fi/hca/2026-02-27-gubra/dial-in
The conference can also be followed live via the webcast link:
https://hca.videosync.fi/2026-02-27-gubra/register
It will also be possible to access the webcast afterwards at the abovementioned link.
Contacts at Gubra
Media: Sofia Pitt Boserup (sbo@gubra.dk, +45 4188 9586)
Investors: Kristian Borbos (kbo@gubra.dk, +45 3080 8035) and Emma Jappe Lange (ejl@gubra.dk, +45 5361 6755)
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 300 employees and had revenue of DKK 2.6 billion (around $400 million) in 2025. See www.gubra.dk for more information.
