contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


gubra-one-pager-strong-differentiated-obesity-pipeline-and-valuation-update

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Equity Research Analyst

Philip Coombes

Head of Equities

Michael Friis

Gubra is a pharmaceutical company. The company's operations are focused on the early stages of drug development. They primarily conduct research and development in the area of metabolic and fibrotic diseases. The company's product portfolio includes several brands and drugs, and the operations are conducted on a global level, with the largest presence in North America and the Nordic region. The headquarters are located in Hørsholm, Denmark.

Gubra

The latest Gubra one-pager follows the continued progress in the company’s obesity pipeline, including development under the partnership with AbbVie for ABBV-295, which released an upfront payment of USD 350m in Q2 2025. Our model suggests that Discovery & Partnerships (D&P) is the primary value driver for Gubra, led by the potential for ABBV-295 for a further USD 1.875bn in milestones and royalties, and followed by the early-stage, but high-potential UCN2 Gubra-owned pipeline asset. We still assume the CRO has significant value despite a more challenging 2025 after a long period of strong growth, and highlight a range of CRO valuations based on peer company valuations.

The latest Gubra one-pager follows the continued progress in the company&#x2019;s obesity pipeline, including development under the partnership with AbbVie for ABBV-295, which released an upfront payment of USD 350m in Q2 2025. Our model suggests that Discovery &amp; Partnerships (D&amp;P) is the primary value driver for Gubra, led by the potential for ABBV-295 for a further USD 1.875bn in milestones and royalties, and followed by the early-stage, but high-potential UCN2 Gubra-owned pipeline asset. We still assume the CRO has significant value despite a more challenging 2025 after a long period of strong growth, and highlight a range of CRO valuations based on peer company valuations.
Our model, which includes ABBV-295 (Phase I), UCN2 (pre-clinical), and the obesity candidates partnered with Boehringer Ingelheim (Phase I and pre-clinical), with ABBV-295 reflecting the majority of value based on its partnership agreement and clinical development stage. Our latest model suggests a market-implied PoS of around 32% in the base case, which is above the historical benchmark for peptide-based obesity candidates in Phase I, making it to market of 26%, however, below the benchmark for a Phase II candidate, making it to market of around 46%. Read the full one-pager for deeper company and valuation perspectives.
You can also catch up on the latest presentation of the Q3 2025 results with Gubra CFO Kristian Borbos and Gubra Strategy and IR Lead Emma Jappe Lange here: <a href="https://www.inderes.dk/videos/gubra-praesentation-af-q3-2025-handelsopdatering">https://www.inderes.dk/videos/gubra-praesentation-af-q3-2025-handelsopdatering</a>
Disclaimer: HC Andersen receives payment from Gubra for a Digital IR and research agreement. The authors Philip Coombes and Michael Friis do not own shares in Gubra. This is not a piece of advice to buy, not to buy, sell, or not to sell shares. / Philip Coombes 08:00 01/12/2025.