Record earnings for Gubra; revised outlook for the CRO business
Prenumeration
Beskrivning
| Land | Danmark |
|---|---|
| Lista | Mid Cap Copenhagen |
| Sektor | Hälsovård |
| Industri | Medicinteknik |
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Revenue and earnings for Gubra reached record-high levels in the first nine months of 2025. Group revenue and adjusted EBIT amounted to DKK 2.6 billion and DKK 2.3 billion, respectively, compared with DKK 203 million and a small loss in the same period of 2024. The strong increase was primarily driven by the outlicensing agreement with AbbVie in the Discovery & Partnerships segment. In Gubra’s CRO business, revenue for the first nine months of 2025 declined 5% year-over-year, reflecting macroeconomic headwinds and a more cautious investment environment among some biotech customers. The full-year 2025 CRO revenue is expected to be 5-10% below 2024 levels (previous outlook: slightly below), while the EBIT-margin is expected at around 20% (unchanged).
Over the past two years, the CRO business has grown significantly (70% since 2022), with revenue substantially exceeding Gubra’s mid-term annual growth guidance of 10%. The 2025 slowdown is primarily related to the U.S. market, where macroeconomic uncertainty and tighter funding conditions have led to longer decision-making timelines among some clients. Despite this short-term softness, the business remains profitable and well-positioned for future growth as market conditions stabilize, which we now start to see signs of.
We expect full-year 2025 outlook for CRO revenue to be 5-10% below the CRO revenue level in 2024 of DKK 220 million and EBIT-margin to be around 20%.
Outlook for 2025
| Key ratio | Outlook for 2025 | Previous outlook for 2025* |
| CRO Segment | ||
| Organic revenue growth | Revenue to be 5-10% below 2024 | Revenue to be 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 |
* Previous outlook announced 20 August 2025
Gubra’s trading statement for third quarter 2025 will be published on 7 November 2025.