Gubra

AbbVie today reported positive topline results from the multiple ascending dose (MAD) portion of the Phase 1 trial for ABBV-295, Gubra's out-licensed long-acting amylin analog. The study demonstrated dose-dependent weight loss ranging from -7.75% to -9.79% at week 12 for weekly dosing cohorts, and -7.86% to -9.73% at week 13 for less frequent dosing regimens (every other week and monthly after week 5), compared to approximately -0.25% for placebo.

2025 was a pivotal year for Gubra, with revenue of DKK 2.6bn and operating profit of DKK 2.2bn, driven by the landmark out-licensing agreement with AbbVie for the long-acting amylin analogue ABBV-295, with USD 350m in upfront payment, and DKK 1.1bn well-positioned to drive further development   2025 also marked the beginning of a broader transformation evolving from an obesity-focused biotech into a broader, more diversified life science company, with the new Ventures unit set to incubate focused companies in therapeutic areas beyond the core pipeline, with the first venture planned for H2 2026. The company has announced ambitions to establish new flagship therapeutic areas beyond obesity by 2030, and the CRO platform is expanding into new service areas, including sarcopenia and women’s health.

Gubra published its FY 2025 financial statements this morning, highlighting its record year driven by its large partnership agreement with AbbVie for its ABBV-295 amylin-based obesity candidate. The agreement from March 2025 with an upfront payment of USD 350m, milestone payments of up to USD 1.85bn and ongoing royalties to Gubra.

Gubra this morning announced its obesity candidate GUB-UCN2 entering the clinical phase — one of the most important catalysts for the investment case in 2026.

Gubra has entered into an exclusive collaboration and license agreement with Camurus to develop a long-acting treatment for hypoparathyroidism, combining Gubra’s parathyroid hormone (PTH) analogue (discovered via its AI-enabled streaMLine platform) with Camurus’ FluidCrystal® sustained-release technology. The aim is to reduce injection frequency and improve disease control versus current once-daily PTH therapies, addressing a clear unmet need in this rare endocrine disorder.