olivLaw · European equity research
Gubra A/S GUBRA.CO
Denmark · Nasdaq Copenhagen · ISIN DK0062266474 · Vertical: Listed companies from Denmark
Gubra A/S is a Danish peptide drug discovery company that monetizes its technology through partnerships with large pharmaceutical companies and through its CRO services. Gubra Biotech revenue reached DKK 2,444 million in 2025, and the company is now extending its strategy beyond obesity as several partnered programs advance into Phase 2.
At the close of 05 Nov 2026, Gubra A/S (GUBRA.CO) stock was 297.20 DKK (+0.81% on the day), with market capitalisation 4.8 bn DKK, P/E 2.9 on diluted EPS of 102.70 DKK over the last 12 months, dividend yield 20.59%, beta 1.20, 52-week range 275.20–534.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.2
- neutral
- Bollinger (20, 2)
- 277.36 – 313.82
- in the upper half of the band · %B 0.54 · band width 12.3%
- SMA 50 / 200
- 310.82 / 350.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.53 / -4.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.6% | +0.4% | +1.2 pp | — |
| 3 months | −17.9% | −3.3% | −14.6 pp | — |
| 6 months | −11.4% | +4.0% | −15.3 pp | — |
| Year to date | −42.6% | +8.1% | −50.7 pp | — |
| 1 year | −24.0% | +10.7% | −34.7 pp | −5.3% |
| 3 years | +164.7% | +50.1% | +114.7 pp | −0.6% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 5.0, median 5.0, max 5.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 265.7 m | 2.6 bn |
| Revenue YoY | unavailable | +892.2% |
| Net income | -36.5 m | 1.7 bn |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -2.20 | 102.70 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -13.7% | 64.1% |
| Free cash flow | -20.7 m | 1.7 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.2 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 1.1 bn DKK
- Total assets
- 1.3 bn DKK
- Debt / equity
- unavailable
- Current ratio
- 13.63x
- ROE
- 211.8%
- ROA
- 175.0%
- FCF margin
- 64.3%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 265.7 m | 2.6 bn | esef· 15 Apr 2026verified |
| Cost of revenue | 101.2 m | 80.1 m | esef· 15 Apr 2026verified |
| Gross profit | 164.5 m | 2.6 bn | esef· 15 Apr 2026verified |
| Research & development | 113.0 m | 238.8 m | esef· 15 Apr 2026verified |
| Operating income | -50.0 m | 2.2 bn | esef· 15 Apr 2026verified |
| Interest expense | 7.0 m | 142.0 m | esef· 15 Apr 2026verified |
| Pre-tax income | -42.4 m | 2.2 bn | esef· 15 Apr 2026verified |
| Income tax | -5.9 m | 464.0 m | esef· 15 Apr 2026verified |
| Net income | -36.5 m | 1.7 bn | esef· 15 Apr 2026verified |
| Diluted EPS | -2.20 | 102.70 | esef· 15 Apr 2026verified |
| Dividend per share | 0.00 | 61.20 | esef· 15 Apr 2026verified |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 134.4 m | 32.2 m | esef· 15 Apr 2026verified |
| Current assets | 481.1 m | 1.2 bn | esef· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 15.2 m | 13.2 m | esef· 15 Apr 2026verified |
| Total assets | 612.5 m | 1.3 bn | esef· 15 Apr 2026verified |
| Current liabilities | 79.4 m | 85.1 m | esef· 15 Apr 2026verified |
| Total liabilities | 161.9 m | 173.9 m | esef· 15 Apr 2026verified |
| Equity | 450.6 m | 1.1 bn | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 16.6 m | 16.3 m | esef· 15 Apr 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 5.0 m | 1.7 bn | esef· 15 Apr 2026verified |
| Capex | 25.7 m | 17.2 m | esef· 15 Apr 2026verified |
| Free cash flow | -20.7 m ≈ | 1.7 bn ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | 87.9 m | -800.6 m | esef· 15 Apr 2026verified |
| Financing cash flow | -10.6 m | -1.0 bn | esef· 15 Apr 2026verified |
| Dividends paid | 0 | 1.0 bn | esef· 15 Apr 2026verified |
| Share repurchases | 606.0 k | 4.3 m | esef· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.8 bn DKK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 64.1% | 100 (vs peers) | 12% |
| FCF conversion · Quality | 100.3% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 15.1x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 11.4x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 2.9x | 91 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 35.0% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 20.8% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 59.0% | 87 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns95/100 · 2/2 factors with a value
- Valuation95/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Gubra A/S (GUBRA.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.6 bn DKK in 2025; YoY growth 892.2%; net margin 64.1%; ROE 149.6%.
The estimated value range is 937.06–1,588.61 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1,023.11 DKK, the price of 297.20 DKK leaves a potential of 244.2% (value / price − 1) and a margin of safety of 71.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 64.1%
- FCF conversion: 100.3%
- Interest coverage: 15.1x
- Current ratio: 11.4x
- P/E (TTM): 2.9x
- FCF yield: 35.0%
- Shareholder yield (distributions): 20.8%
- Payout ratio (FCF): 59.0%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for GUBRA.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 196.29 Total return -16% · Per year -16% | 345.44 Total return 40% · Per year 40% | 518.16 Total return 103% · Per year 103% |
| 3 years | 232.83 Total return 38% · Per year 11% | 456.85 Total return 137% · Per year 33% | 746.15 Total return 256% · Per year 53% |
| 5 years | 276.17 Total return 101% · Per year 15% | 604.18 Total return 265% · Per year 30% | 1,074.46 Total return 475% · Per year 42% |
- Exit P/E± 114.21
- Net margin± 79.95
- Annual revenue growth± 59.63
- Annual dilution± 6.72
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Gubra A/S is a Danish peptide drug discovery company that monetizes its technology through partnerships with large pharmaceutical companies and through its CRO services. Gubra Biotech revenue reached DKK 2,444 million in 2025 1, and the company is now extending its strategy beyond obesity as several partnered programs advance into Phase 2.
SWOT
Strengths
- A proprietary peptide discovery platform, validated through several partnerships with large pharmaceutical companies 1.
- Integration of CRO with discovery activities speeds up hypothesis testing and target validation 1.
- A business model combining recurring service revenue with partnership payments and potential royalties 1.
Weaknesses
- Revenue is concentrated in a few partnership agreements, and payment timing depends on external partners 1.
- The Ventures division is loss-making during its build-out phase, adding pressure on operating results 1.
- The CRO division previously saw weak growth linked to difficulties among smaller biotech clients 1.
Opportunities
- The internal GUB-UCN2 program, now in the clinic, could open a new therapeutic area beyond obesity 1.
- Interest in preserving muscle mass during weight loss could extend the platform's applicability to new segments 1.
- If the recovery in biotech funding is confirmed, demand for CRO services could increase 1.
Threats
Risks
- Dependence on external partnershigh
Agreement payments depend on the decisions and execution of partners, who control final development and commercialization 1.
- Uncertainty of clinical resultshigh
Programs in Phase 2 or Phase 1/2a may produce results different from earlier phases, which could change the payment timeline.
- Biotech funding cyclemedium
Smaller biotech clients may reduce research budgets, directly affecting the CRO division 1.
- Costs of laboratory expansionmedium
Doubling laboratory capacity and investing in Ventures could create costs before corresponding revenue arrives 1.
- Wide CRO guidance rangelow
The 0-10% growth range for CRO leaves room for large variation in results, depending on client demand 1.
Investment thesis
What would need to be true (bull case)
- If the partnered programs in Phase 2 progress well, milestone payments and royalties could significantly increase the company's revenue.
- A peptide platform validated by several large partners could generate new agreements in different therapeutic areas.
- Recovering biotech funding could accelerate growth in the CRO division, which already shows positive momentum in the first half of 2026.
What would break the thesis
- Revenue depends on a few agreements, and delay or failure of one program could significantly reduce results.
- The Ventures division and laboratory investments could pressure margins before new revenue offsets the costs.
- Intense competition in obesity could limit the commercial value of Gubra's molecules.
What to watch
- Investor R&D event in London with 2030 strategyQ4 2026
- Full-year CRO result against the growth guidance2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Gubra operates three business units: Gubra Biotech, which discovers and advances peptide molecules to clinical proof of concept before handing them to partners 1, Gubra CRO, which provides preclinical research services to external clients and also supports internal work 1, and Gubra Ventures, launched in 2026 to create and scale opportunities beyond the core pipeline 1. The business model thus combines recurring CRO revenue with partnership payments and potential royalties.
Segments
Gubra CRO
The CRO division provides recurring revenue and proprietary preclinical models. External revenue was DKK 193 million in 2025 1, and in the first half of 2026 revenue rose 11% compared with the second half of 2025 1. Guidance for 2026 calls for growth of 0-10% 1.
Gubra Ventures
Gubra Ventures is a newly launched division intended to expand monetization pathways and diversify risk. The company expects a negative EBIT for 2026 in the range of DKK -5 to -10 million 1, reflecting its build-out phase.
Market context
The obesity treatment market is moving from first-generation incretin-based therapies toward new mechanisms such as amylin analogs and multimodal therapies 1. The biotech CRO services market has been difficult, particularly for smaller biotech clients, but the source points to recovering biotech funding and positive momentum in pharmaceutical and biotech R&D spending 1.
Trends
- Shift toward quality of weight losstailwind
The industry is moving from total weight loss toward improving body composition and cardiometabolic health 1. If this direction holds, Gubra molecules with effects on muscle mass could gain relevance.
- Recovery in biotech fundingmixed
Biotech funding and pharmaceutical R&D spending show signs of recovery, which could support demand for CRO services 1. Market conditions nevertheless remain difficult for some smaller clients.
- Cost pressure and infrastructure investmentheadwind
The company is selectively investing in commercial initiatives and is doubling laboratory capacity at Hørsholm in 2026 while maintaining cost discipline 1. Rising costs without proportional revenue could weigh on margins.
Competitive position
Gubra competes on two fronts: in peptide discovery for metabolic therapies, where it relies on its StreaMLine platform and partnerships with large companies 1, and in preclinical CRO services, where it competes with specialized laboratories. Its partnerships with AbbVie and Boehringer Ingelheim indicate that the platform is validated by large pharmaceutical companies 1.
- Boehringer Ingelheim
Partner for the triple agonist BI 3034701, advanced into Phase 2 and developed separately from Gubra.
- Amylyx
Partner for AMX0318, for which Gubra received a milestone payment, but which competes in developing therapies for rare diseases.
- Preclinical CRO providers
Specialized laboratories competing with Gubra's CRO division for preclinical research contracts from biotech clients.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202515 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Gubra A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.