Earnings release
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Gubra A/S, CVR 30514041 Pag e 1 of 4 Hørsholm Kongevej 11B, DK-2970 Hørsholm, Denmark Telephone number: (+45) 31 52 26 50, email: info@gubra.dk, www.gubra.dk Trading statement Q3-2025: Expanding our R&D activities Today, Gubra releases its results for the third quarter of 2025. In September, Gubra welcomed Markus Rohrwild as our new CEO. The third quarter has been characterized by expansion of our R&D activities with key pipeline programs moving forward, not least our internal UCN2 “healthy weight loss” program. For our CRO business, we have seen a small decline in revenue year-over- year, and we expect full-year 2025 revenue for the CRO business to be 5-10% below the record level in 2024 (previous outlook slightly below) and unchanged EBIT-margin outlook of 20%. Strategic outlook for Gubra Markus Rohrwild, CEO of Gubra said: “As I reflect on my first few months leading Gubra, I am more convinced than ever of the company’s unique position and growth potential. What initially attracted me to Gubra has only been reinforced: a rare combination of scientific excellence, operational execution, and financial strength. At the core of our strategy is a dual business model that unites two complementary pillars: our Biotech business (D&P) as the primary value driver, and our preclinical CRO as a distinctive value enabler. Our Biotech unit offers significant value-creation opportunities through partnerships that generate upfront payments, milestones, and royalties. In parallel, our CRO business – trusted by 16 of the world’s top 20 pharmaceutical companies – provides a highly competitive and profitable platform that differentiates us on quality, speed, and scientific insight. Together, these businesses give us the strategic flexibility to fund innovation internally, advance our pipeline, and build sustainable long- term value. Looking ahead, we will continue to expand and diversify our pipeline through multiple avenues, including the exploration of additional high-value therapeutic areas. At the same time, we will strengthen our core technological and preclinical capabilities to support this growth, ensuring that we continue to leverage the advantages of our CRO business in quality and efficiency while our pipeline progresses toward key value inflection points. Over the coming years, our ambition is to advance multiple programs into the clinic, broaden our partnering landscape, and further establish Gubra as a leading peptide-centric, disease-agnostic techbio company built on a strong and sustainable foundation for long-term growth.” Frontrunners on a unique biology for high quality weight loss Gubra is advancing UCN2 as a next‑generation CRHR2‑selective approach to “high quality weight loss”. We believe that this is one of the most promising mechanisms of action in obesity today, which will be part of shaping the future of obesity treatment. UCN2 is purpose‑built to reduce fat mass while preserving – or even increasing – lean mass. In our pre-clinical models, long‑acting UCN2 analogues selectively lowered fat mass and increased lean mass when administered alone. In combination with GLP-1, UCN2 completely prevented the lean‑mass loss typically seen with GLP‑1 receptor agonists and enhanced fat‑mass reduction. Notably, UCN2 also reversed lean mass loss after prior GLP-1 exposure, positioning it as both protective and restorative in combination regimens.
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Gubra A/S, CVR 30514041 Pag e 2 of 4 Hørsholm Kongevej 11B, DK-2970 Hørsholm, Denmark Telephone number: (+45) 31 52 26 50, email: info@gubra.dk, www.gubra.dk In the third quarter, we also confirmed UCN2-driven muscle growth using our advanced in-house 3D imaging technology. We have shown that GUB-UCN2 significantly increases total muscle volume in hindleg from aged diet-induced obese rats, both as monotherapy and in combination with GLP-1. This effect was not observed in the GLP-1-treated rats. Beyond body composition, UCN2 has delivered cardiac and renal improvements in preclinical models, underscoring its potential to address obesity‑related comorbidities. Collectively, UCN2 aligns with where we believe anti‑obesity therapies are heading, which include novel mechanisms beyond current standards and preservation of muscle mass for high quality weight loss with the prospect of treating key obesity related co-morbidities. With preparations well underway, Gubra is planning to initiate the first‑in‑human Phase 1 study in H1 2026. ABBV-295 (Amylin): Advancing according to plan ABBV-295 is our long-acting amylin analogue that was out-licensed to AbbVie in the spring this year. Differentiators supporting long‑term positioning of ABBV‑295 include a very long half‑life enabling less‑frequent dosing, an attractive tolerability profile, neutral pH formulation that facilitates combination approaches, and IP protection extending beyond 2040. In the initial Phase 1 multiple‑ascending‑dose (MAD) study over 6 weeks, ABBV‑295 delivered competitive efficacy (~8% mean weight loss at 2 mg versus +2% on placebo) with limited side effects. 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. This partnership pairs Gubra’s peptide‑centric obesity expertise with AbbVie’s strong global development and commercial platform and deep U.S. presence – a highly complementary fit. We view ABBV‑295 as a blueprint for partnering success and hope to replicate this model across our pipeline, positioning Gubra for a series of value‑creating partnerships in the years ahead. Small decline in our CRO business after record-year 2024 Our CRO business has grown organically by almost 70% since 2022. In 2025, we have seen a small decline in revenue with the first nine months being 5% below the corresponding record-period last year. Macroeconomic headwinds including challenging funding conditions for small biotech companies have meant that customers are taking longer to commit to new studies. Looking ahead, we see signs of improvement in the order pipeline. Key financial highlights for 9M 2025 Key ratio CRO segment D&P segment Group DKK million 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Revenue 154.6 162.1 2,436.6 40.6 2,591.3 202.7 Organic revenue growth -5% 31% 59% 28% 12% 31% Reported Cost of Sales & Opex -122.7 -111.9 -249.0 -112.7 -372.4 -224.7 Adj. Cost of Sales & Opex* -122.7 -108.9 -181.9 -112.3 -305.2 -222.4 Reported EBIT 32.0 50.1 2,187.7 -72.2 2,219.1 -22.2 Adjusted EBIT* 32.0 53.6 2,254.8 -69.5 2,286.3 -15.9 Reported EBIT-margin 21% 31% 90% -178% 86% -11% Adjusted EBIT-margin* 21% 33% 93% -171% 88% -8% *Adjusted for special items
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Gubra A/S, CVR 30514041 Pag e 3 of 4 Hørsholm Kongevej 11B, DK-2970 Hørsholm, Denmark Telephone number: (+45) 31 52 26 50, email: info@gubra.dk, www.gubra.dk Key financial highlights for Q3 2025 Key ratio CRO segment D&P segment Group DKK million Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Revenue 49.1 54.6 50.1 27.5 99.1 82.1 Organic revenue growth -10% 25% 82% 181% 21% 54% Reported Cost of Sales & Opex -41.5 -36.0 -63.6 -42.4 -105.3 -78.5 Adj. Cost of Sales & Opex* -41.5 -36.0 -63.6 -42.4 -105.3 -78.4 Reported EBIT 7.6 18.7 -13.5 -14.9 -6.1 3.6 Adjusted EBIT* 7.6 19.1 -13.5 -14.7 -6.1 4.4 Reported EBIT-margin 15% 34% -27% -54% -6% 4% Adjusted EBIT-margin* 15% 35% -27% -53% -6% 5% *Adjusted for special items. No special items in Q3 2025. Discovery & Partnerships business – financial results Revenue in the third quarter of 2025 amounted to DKK 50.1 million compared to DKK 27.5 million in Q3 2024. The increase was primarily due to revenue recognition related to the AbbVie-deal in H1 2025. Total costs increasing as expected as a number of projects are pushed forward in parallel (ABBV-295 and UCN2 in particular). EBIT amounted to DKK -13.5 million in Q3 2025 compared to DKK -14.7 million as adjusted EBIT in Q3 2024. CRO business – financial results Revenue in the third quarter of 2025 amounted to DKK 49.1 million. Compared to the corresponding quarter in 2024, revenue was down by 10%. Reported EBIT amounted to DKK 7.6 million in Q3 2025 with EBIT-margin of 15% compared to adjusted EBIT of DKK 19.1 million in Q3 2024 (reported DKK 18.7 million). Adjusting for costs related to the compensation package for the former CEO, EBIT-margin was 19% in Q3 2025 (corresponding figure for 9M 2025 was 22%). For Q3 2024 adjusted EBIT-margin was 35% with reported EBIT-margin of 34%. Outlook for 2025 We expect full-year 2025 CRO revenue to be 5-10% below the level in 2024 (previous expectation was a small decline). Our EBIT margin expectation for the full year is unchanged at around 20%. For D&P , total adjusted costs are expected to amount to DKK 230-250 million (unchanged). Key ratio Outlook for 2025 Previous outlook for 2025* CRO Segment Organic revenue growth Revenue to be 5-10% below 2024 Slightly below 2024 EBIT-margin Around 20% Around 20% Discovery & Partnerships Segment Total costs (adj. for special items) DKK 230-250 million DKK 230-250 million * Announced 21 August 2025
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Gubra A/S, CVR 30514041 Pag e 4 of 4 Hørsholm Kongevej 11B, DK-2970 Hørsholm, Denmark Telephone number: (+45) 31 52 26 50, email: info@gubra.dk, www.gubra.dk Conference call A presentation for analysts and investors will be held today 7 November at 10:00am CET. The event will be hosted by the company’s CEO Markus Rohrwild, 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 70 71 71 73 UK: +44 20 8610 3526 When dialling-in, please state the name of the call “Gubra Q3 2025 earnings release” or the conference ID: 77009. The presentation can also be followed live via the link: https://events.q4inc.com/attendee/919308397 It will also be possible to access the audiocast afterwards at the same 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 organised in two main business units – Biotech (D&P) and CRO Services. The two business areas are highly synergistic and 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. In 2024, Gubra had approx. 260 employees and revenue of DKK 266 million. See www.gubra.dk for more information.