Gubra AS (HAM:PI3)

Half Year 2026 Gubra A/S Earnings Call Transcript

Aug 20, 2026 / 08:00 AM GMT

Release Date Price: €48.86 (-5.49%)

Transcript

Key Points

Positve

Gubra AS (HAM:PI3) reported a strong first half of 2026 with significant progress across all business units, including advanced R&D pipeline and improved CRO performance.
The phase 1 MAD results for the long-acting amylin analog (APPV295) showed competitive weight loss of nearly 10% after 12 weeks, with a favorable safety profile and potential for less frequent dosing.
Boehringer Ingelheim has initiated phase 2 development for the triple agonist, validating Gubra's discovery capabilities and providing a €10 million milestone payment in Q3.
The UCN2 program has entered phase 1 with a comprehensive trial design that includes body composition and muscle function endpoints, positioning it as a differentiated asset for obesity and muscle-wasting conditions.
The CRO business showed early signs of recovery with an 11% sequential revenue growth and a return to profitability, supported by a rebound in biotech funding and strong order book.
Gubra Ventures has been established as a new business unit to create additional value through external innovation, with multiple deals under evaluation and the first venture expected to be announced soon.

Negative

The biotech business experienced a significant revenue decline in H1 2026 compared to the prior year, due to the absence of large upfront payments like the AbbVie deal in 2025.
The CRO business has faced several challenging quarters, and while improving, the recovery is still fragile with uncertainty around revenue recognition timing.
The UCN2 phase 1 trial is currently limited to a single site, which may slow patient recruitment and data generation, and the company has not yet provided detailed success criteria for the program.
The company has not declared a dividend for 2026, and management indicated that recurring dividends should not be expected from a biotech company, which may disappoint income-focused investors.
The CRO's growth in new therapeutic areas like women's health is still in early stages and has not yet contributed significantly to revenue, with market development expected to take time.
The company's outlook for 2026 remains unchanged, with CRO revenue growth guidance of only 0-10%, reflecting ongoing uncertainty in the market despite signs of improvement.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GUBRA.CO - Gubra A/S
Half Year 2026 Gubra A/S Earnings Call
Aug 20, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead.

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Unidentified_2 [2]
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Good morning, everyone, and welcome to Cooper's conference call covering our first half 2026 results. My name is Adam, new Head of Investor Relations at Goopra. And joining me today are members of Goopra's leadership team who

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