Gubra reported H1 2026 results this morning under the heading of strong clinical pipeline momentum and business execution, and the CRO business is showing signs of bottoming out with management expressing some optimism going forward.

On the pipeline, GUB-UCN2 advanced into clinical development with the initiation of the Phase 1/2a trial. The trial enrolls approximately 188 healthy participants and people living with obesity, with and without related comorbidities, and investigates GUB-UCN2 both as standalone therapy and in combination with incretin-based therapy. Data will be released sequentially, with topline data from the SAD part expected in H1 2027.

Boehringer Ingelheim initiated Phase 2 for the potential first-in-class GLP-1/GIP/NPY2 triple agonist BI 3034701 in obesity, triggering a milestone payment to Gubra of EUR 10 million. The trial includes approximately 300 participants with overweight and obesity across six active dose groups versus placebo, with 42 weeks of treatment and percentage change in body weight at week 42 as the primary endpoint.

For ABBV-295, the Phase 2 trial in obesity is now listed on ClinicalTrials.gov. Gubra will announce formal trial initiation upon first participant first visit, which is expected any day, in line with the general principle of communicating partnership milestones as they occur. The 12/13-week Phase 1 data toplined in March 2026 will be presented at EASD on 30 September. Topline data from the ongoing 20-week Phase 1b trial are now expected in H1 2027, where the updated study completion date from Q4 2026 to Q1 2027 reflects an expansion of the trial, with two existing arms extended from 13 to 20 weeks and two new 20-week treatment arms added. The trial is designed to generate additional clinical insights to support later-stage development and Phase 3 planning alongside the Phase 2 dose-finding trial.

Financially, Group revenue was DKK 126.3 million in H1 2026 against DKK 2,492.1 million in H1 2025, where the comparison is dominated by the DKK 2.4 billion upfront payment from the AbbVie agreement recognised last year. Biotech external revenue was DKK 30.0 million and CRO external revenue DKK 96.4 million. Group EBIT was a loss of DKK 122.9 million and the net result a loss of DKK 110.0 million. Biotech EBIT was a loss of DKK 120.0 million with total adjusted costs of DKK 150.0 million, against unchanged full-year cost guidance of DKK 330 to 360 million. In Q2 alone, revenue was DKK 50.6 million and EBIT a loss of DKK 81.6 million. Cash, cash equivalents and marketable securities stood at DKK 901.3 million at 30 June, and equity at DKK 1,045.7 million.

In CRO, external revenue increased 11% versus H2 2025 and profitability returned to positive territory with EBIT of DKK 1.5 million, corresponding to a margin of 1%, affected by DKK 2 million in one-off costs for new lab and office facilities. A sound H2 order book supports the unchanged 2026 guidance of 0-10% revenue growth and a 10-15% EBIT margin. Management notes that while market conditions have been challenging, signs of improvement are emerging, supported by a rebound in biotech funding and the continued trend among large pharma companies toward leveraging high-quality outsourced vendors for preclinical studies.

Elsewhere, Gubra Ventures was launched during the period with the first venture expected to be established in H2 2026, and lab and office facilities were expanded by 70% to nearly 10,000 square metres, with laboratory capacity expected to double during 2026.

Looking ahead, the catalyst calendar is well filled with the imminent Phase 2 initiation of ABBV-295, the EASD presentation on 30 September, and the Investor R&D Event in London on 27 October, where management will provide a deep dive into Gubra's innovation model, pipeline opportunities and strategy toward 2030, with particular focus on GUB-UCN2.

Management will present the H1 2026 results followed by a Q&A session on Inderes. Sign up and submit your questions.

https://www.inderes.dk/videos/gubra-praesentation-af-h1-2026

Disclaimer: HC Andersen Capital receives payment from Gubra for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis 08:00 20/08-2026