Today, Gubra announces preliminary Q2 and H1 2023 revenue figures for the CRO business and revises its revenue outlook for 2023 upwards, driven by strong performance in Q2 2023 as well as current trading and solid orderbook. The 2023 outlook for organic revenue growth is now expected to be 16-21% (previously around 10%). Outlook for the Discovery & Partnership business is unchanged. The organic revenue growth rate in the CRO business was 23% in the second quarter (21% in H1). The adjusted EBIT-margin in 2023 for the CRO business is still expected at around 25% due to increase in number of employees and cost recognition of a long-term incentive programs to employees implemented in Q2.
The strong revenue growth for the CRO business has been prevalent across disease categories and most notably within Liver 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. Also the increased focus in the pharmaceutical industry on obesity 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 to small biotech.
Upgraded outlook for 2023
|Key ratio||New outlook for 2023||Previous outlook for 2023|
|Organic revenue growth vs. 2022||16-21%||Around 10%|
|EBIT-margin excl. special items||Around 25%||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 half-year results for 2023 will be published in Gubra’s half-year report for 2023 on 25 August 2023.