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.

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: https://www.inderes.dk/videos/gubra-praesentation-af-q3-2025-handelsopdatering

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.