Revenue and earnings for Gubra Group have been record-high in the second quarter of 2025 driven by the outlicensing deal with AbbVie in our Discovery & Partnerships business. While the CRO business also experienced revenue growth in the second quarter of 12% year-over-year, the full-year outlook for CRO revenue in 2025 has been revised to be slightly below CRO revenue level in 2024 (previous outlook 10-20% revenue growth). Outlook for EBIT-margin in the CRO business has been revised to around 20% (previously 25-31%).
Our CRO business has grown very significantly over the last two years where revenue has by far outpaced our mid-term annual growth guidance of 10%. In 2025, we have experienced a decline in revenue from the US driven by macroeconomic uncertainty encompassing a difficult funding environment for some of our customers. This has translated into longer decision timelines. The development in Europe is on the contrary sound. As a result of the slowdown we experience in the US, we have adjusted our full-year 2025 outlook for CRO revenue to be slightly below the CRO revenue level in 2024 (previous outlook 10-20% revenue growth). EBIT-margin outlook for full-year 2025 for the CRO business has been adjusted to be around 20% (previously 25-31%).
Outlook for 2025
| Key ratio | New outlook for 2025 | Previous outlook for 2025* |
| CRO Segment | ||
| Organic revenue growth | Revenue to be slightly below 2024 | 10-20% growth |
| EBIT-margin | Around 20% | 25-31% |
| Discovery & Partnerships Segment | ||
| Total costs (adj. for special items) | DKK 230-250 million | DKK 230-250 million |
* Previous outlook announced 9 May 2025
First half results 2025 will be published in Gubra’s half-year report 2025 on 21 August 2025.
