An increasingly binary Amylin case

Competitor amylin data supportive for GUBamy. Strong share price skews risk/reward and limits near-term upside. HOLD (Buy), TP DKK 500 (225), a strong company but fully valued.

Accelerating value generation

Taking stock of a successful first year

Gubra's first year as a public company has been a success. Amylin Phase I project is only just getting discovered. We hike our TP to DKK 225 (135) on raised Amylin assumptions: BUY.

Strong CRO growth and Amylin de-risked

CRO delivers at a high pace

Gubra had hiked full-year guidance on 26 October on the back of strong performance in Q3, where it delivered DKK 43.6m in CRO revenues (+44% y-o-y, +7% vs ABGSCe) and translated the growth into a 31% adjusted EBIT margin for DKK 12.8m in reported EBIT.

Upgrade Underpins Uniqueness

Strong Q2 confirms value generation story

Strong but also undramatic Q2, shows case is on track. CRO with attractive 23% growth and 24% adj EBIT margin. We reiterate BUY on long-term value generation.

CRO continues its strong momentum in Q2

A nice M&A add-on

Phase I and B-I de-risks the partnership story

Strong Start to life as a listed company

GUtsy and BRAiny growth

We initiate coverage of Gubra with a BUY and a TP of DKK 135. High quality CRO growing ~10% p.a. with 35-40% margins. And building portfolio of attractive future biotech cash streams.