Today, Gubra announces preliminary Q3 and 9M 2023 results for the CRO business and revises its revenue and EBIT outlook for 2023 upwards, driven by strong performance in Q3 2023 as well as current trading and solid orderbook. The 2023 outlook for organic revenue growth is now expected to be 25-28% (previously around 16-21%) and adjusted EBIT-margin is expected to be 26-28% (previously around 25%). Outlook for the Discovery & Partnership business is unchanged. The organic revenue growth rate y/y in the CRO business was 44% in the third quarter (28% in 9M). Adjusted EBIT-margin in the CRO business in the third quarter was 31% (28% in 9M).
The strong revenue growth for the CRO business has been prevalent across disease categories and most notably within Liver, Obesity and Kidney studies. The growth within Liver has followed the positive trend seen since Q4-2022 where positive late-stage clinical data rejuvenated the interest in this field. This has translated into increased demand for Gubra’s pre-clinical liver models. Within, obesity the increased focus in the pharmaceutical industry on this disease has led to high activity in this branch of the Gubra model-portfolio. Finally, the kidney disease category has experienced substantial growth in 2023. During the past years, Gubra has developed a large and mature kidney model catalogue, and we are experiencing traction from both big pharma and small biotech.
Upgraded outlook for 2023
| Key ratio | New outlook for 2023 | Previous outlook for 2023 |
| CRO Segment | ||
| Organic revenue growth vs. 2022 | 25-28% | 16-21% |
| EBIT-margin excl. special items | 26-28% | Around 25% |
| Discovery & Partnership Segment | ||
| Number of new partnerships | 1-2 new partnerships | 1-2 new partnerships |
| Total costs* excluding special Items | DKK 105-110 million | DKK 105-110 million |
| Total costs* excluding the Amylin Pipeline Asset and special Items | DKK 85-95 million | DKK 85-95 million |
* Cost of sales and operating costs
More details of the third quarter results for 2023 will be published in Gubra’s trading statement on 8 November 2023.
