Company announcement
No. 39 / 2026
1
Zealand Pharma Announces Financial
Results for the First Half of 2026.
A landmark first half defined by key milestones delivered for leading obesity assets, and a
continued momentum building across all fronts of our Metabolic Frontier 2030 strategy.
• Announced decision to advance petrelintide into Phase
3 trials in H2 2026 following positive Phase 2 results ,
demonstrating double -digit weight loss with a
tolerability profile largely comparable to placebo ,
supporting its potential to redefine the weight
management experience for peopl e living with obesity
or overweight .
• Boehringer Ingelheim presented positive results from
the SYNCHRONIZE
TM
-1 and SYNCHRONIZE
TM
-MASLD
Phase 3 trial s with survodutide , supporting its
potential as a differentiated treatment option for
people living with obesity or overweight and metabolic
dysfunction , with readouts of the remaining key Phase
3 obesity trials expected later in the year.
• Initiated a Phase 1b clinical trial with ZP9830 , a novel
Kv1.3 ion channel blocker, in people with psoriasis ,
marking the f irst step towards establishing proof -of-
concept for ZP9830 with broad potential across
autoimmune and inflammatory diseases.
• Continued active balance sheet management through
launch of a USD 200 million share buyback program
and USD 100 million royalty monetization of a non -
core asset via agreement with Royalty Pharma for
rusfertide .
Copenhagen, Denmark , August 13, 202 6 – Zealand Pharma
A/S (Nasdaq: ZEAL) (CVR -no. 20045078), a biotechnology
company transforming the future of metabolic health, today
announ ced the interim report for the six months ended June
30, 2026, and provided a corporate update.
A first half of defining moments
“In 2026 to date, we have executed with pace and precision
acros s our pipeline ,” Adam Steensberg, President and Chief
Executive Officer at Zealand Pharma said . “We delivered on
the key commitments we set out at the start of the year,
while maintaining our sharp focus on the next wave of
metabolic health innovation .
What stands out this half is not just the depth and breadth
of p rogress , but what it signals about where the field is
heading . At ADA 2026, the consensus among key opinion
leaders on unmet needs in chronic weight management was
clear : tolerability, treatment persistence, and patient
experience now define the conversation , and we believe
amylin is emerging as the answer .
The opportunity in front of us has never been clearer .”
Key financial results for H1 202 6
DKK million
H1-26
H1-25
Revenue
4,525
9,096
Operat ing expenses , excl. OOI
1
-1,204
-968
Operating expenses
1
-1,204
-1,164
Operating profit
3,321
7,931
Net financial items
292
-157
Profit for the period
3,524
7,238
DKK million
Jun -30,
202 6
Dec -31,
202 5
Cash position
2
14,457
15,109
Notes:
1. Operating expenses consist of R&D, S&M, G&A and Other operating
items (OOI) .
2. Cash position includes cash, cash equivalents and marketable
securities .
Q2 2026 Highlights and Recent Developments
Obesity
• Petrelintide, amylin analog. Presented Phase 2
ZUPREME -1 data at the American Diabetes Association’s
2026 Scientific Ses sions. Petrelintide demonstrated
double -digit weight reduction and a tolerability profile
largely comparable to placebo in people living with
overweight or obesity , supporting its potential as a
future first -choice therapy for chronic weight
management.
Company announcement
No. 39 / 2026
2
• Petrelintide, amylin analog. Reached a key milestone
with the announcement of decision to advance
petrelintide monotherapy into Phase 3 registrational
trials , planned for initiation later in 2026 .
• Survodutide, glucagon/GLP -1 receptor dual agonist.
Boehrin ger Ingelheim presented results from the
SYNCHRONIZE
TM
-1 Phase 3 trial in people living with
overweight or obesity. The trial met its primary
endpoints and showed up to 16.6% weight loss with
survodutide. The proportion of lean mass loss reflect ed
no more than 1 1.3% of change in total tissue mass at the
highest dose . The lean loss ratio reported in this
company announcement has been updated from 10.8%
to 11.3% following a recalculation of the dataset .
• Survodutide, glucagon/GLP -1 receptor dual agonist.
Boeh ringer Ingelheim presented positive results from the
SYNCHRONIZE
TM
-MASLD Phase 3 trial in people with
overweight or obesity and MASLD with evidence of
inflammation and/or fibrosis. The trial met its primary
endpoints and show ed that 6 out of 10 survodutide -
treated participants achiev ing liver fat normalization .
• Survodutide, glucagon/GLP -1 receptor dual agonist.
Boehringer Ingelheim announced expansion of the
development program for survodutide with four Phase
3(b) trials initiating in 2026 to address key u nmet needs
in people living with obesity and real -world care.
• ZP6590, GIP receptor agonist. Zealand Pharma ini tiated
a first -in-human clinical trial with ZP6590.
Chronic inflammation
• ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma
initiated a Phase 1b trial with efficacy endpoints ,
investigat ing ZP9830 in people with psoriasis. The tria l
was initiated on the back of positive topline results from
the single ascending dose (SAD) part of the combined
SAD/multiple ascending dose (MAD) Phase 1a clinical
trial with ZP9830 announced earlier in the year .
Corporate
• Camilla Sylvest and Iris Löw -Friedrich were elected to
the Zealand Pharma Board of Directors , both bringing
deep expertise in metabolic health . Two strategically
vital additions as the company enters the next phase of
scaling into a generational biotech.
• On May 7, 2026, Zealand Pharma launched a share buy -
back program of up to USD 200 million / DKK 1.3 billion .
For more information on the share buy -back program,
refer to Zealand Pharma Company Announc ement No.
13/2026 , May 7, 2026. As of August 7, 2026, total
accumulated transactions under the program amount to
DKK 742 million.
• Zealand Pharma entered into a USD 100 million royalty
purchase and sale agreement with Royalty Pharma for
rusfertide. For mor e information, refer to Zealand
Pharma Company Announcement No. 38/2026 , August
12, 2026 .
• Continued to attract top talent and experienced leaders ,
with several senior hires bringing vital experience in
metabolic he alth. This momentum was underscored by
Medwatch’s 2026 Image Report, in which Zealand
Pharma took the number one spot as the most attractive
employer in the Danish Life Science sector.
Upcoming events in the second half of 2026
Obesity
• Petrelintide, amylin analog. In H2 2026, Zealand Pharma
and Roche expect to initiate registrational Phase 3 trials
with petrelintide monotherapy.
• Petrelintide, amylin analog. In H2 2026, Zealand Pharma
expects to report topline results from the Phase 2
ZUPREME -2 trial in people with overweight or obesity
and typ e 2 diabetes.
• Petrelintide/enicepatide (CT -388), amylin+GLP -1/GIP
fixed -dose combination. Zealand Pharma and Roche
expect to initiate the Phase 2 ZYNERGY trial in people
with overweight or obesity in H2 2026 .
• Survodutide, glucagon/GLP -1 receptor dual agonist.
Results from the Phase 3 SYNCHRONIZE
TM
-2 trial will be
presented at the 62nd Annual Meeting of the European
Association for the Study of Diabetes (EASD) . R esults
from the SYNCHRONIZE
TM
-CVOT trial are expected to be
reported and presented later in the year .
Rare diseases
• Glepaglutide in SBS . Zealand Pharma expects to
complete the EU marketing authorization application
review in H2 2026. In parallel , the company is engaging
in partnership discussions for future commercialization
of glepaglutide for short bowel syndrome (SBS).
Company announcement
No. 39 / 2026
3
• Dasiglucagon in CHI . In H2 2026, Zealand Pharma
expects to resubmit the New Drug Application (NDA) for
congenital hyperinsulinism (CHI) to the U.S. FDA. The
submission will encompass both the three weeks use of
dasiglucagon (Part 1 of the original NDA) as well as the
use beyond three weeks (Part 2 of the original NDA).
Chronic inflammation
• ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma
expects to report topline data from the MAD part of the
Phase 1a clinical trial with ZP9830 in H2 2026 .
Financial guidance for 202 6
The financial guidance for collaboration revenue and
operating expenses for 2026 is unchanged, and is expected
to be DKK 4.5 billion and DKK 2.7 -3.3 billion, respectively .
DKK billion
2026
guidance
3
2025 actual
C ollaboration revenue
4.5
9.2
Operating expenses ,
excl. OOI
2.7-3.3
2.1
Notes:
3. Financial guidance based on foreign exchange rates as of August 12,
202 6.
Conference call today at 2 PM CET / 8 AM ET
Zealand Pharma ’s management will host a conference call
today at 2:00 PM CET / 8:00 AM ET to present results
through the first half of 20 26 followed by a Q&A session.
Participating in the call will be Chief Executive Officer, Adam
Steensberg; Chief Financial Officer, Henriette Wennicke; and
Chief Medical Offi cer, David Kendall . The conference call
will be conducted in English.
To receive t elephone dial -in information and a unique
personal access PIN , please regist er at https://register -
conf.media -
server.com/register/BI5e8456a3bc14478c80422f79bbd72
ef6. The live listen -only audio webcast of the call and
accompanying slide s presentation will be accessible at
https://edge.media -server.com/mmc/p/nghag3p4 .
Participants are advised to register for the call or webcast
approximately 10 minutes before the start. A recording of
the event will be available following the call on the Investor
section of Zealand Pharma ’s website at
https://www.zealandpharma.com/events/ .
Financial Calendar for 202 6
Q3 2026
Q4/FY 2026
November 12, 2026
February 25, 2027
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) is a bio technology
company focused on advancing medicines for obesity and
metabolic health. Combining more than 25 years of peptide
R&D expertise with a proprietary data platform that
leverages advanced data driven and AI/ML approaches,
Zealand Pharma aims to lead a new era in obesity and
metabolic health.
To date, more than ten Zealand Pharma invented drug
candidates have entered clinical development, of which two
products have reached the market and three candidates are
in late -stage development. The Company has collaborations
with global pharmaceutical and biotechnology partners for
research, development, and commercialization.
Founded in 1998, Zealand Pharma is headquartered in
Copenhagen, Denmark, with a U.S. presence in Boston,
Massachusetts. Learn more at www.zealandpharma.com .
Company announcement
No. 39 / 2026
4
Forward -looking Statements
This company announcement contains “ forward -looking
statements ”, as that term is defined in the Private Securities
Litigation Reform Act of 1995 in the United Stat es, as
amended, even though no longer listed in the United States
this is used as a definition to provide Zealand Pharma ’s
expectations or forecasts of future events regarding the
research, development, and commercialization of
pharmaceutical products, the timing of the company ’ s
clinical trials and the reporting of data therefrom and the
company ’ s significant events and potential catalysts in
2026 and financial guidance for 2026. These forward -looking
statements may be identified by words such as “aim,” “
anticipate, ” “ believe, ” “ could, ” “ estimate, ” “
expect, ” “forecast, ” “goal, ” “intend, ” “may, ” “
plan, ” “possible, ” “potential, ” “will, ” “would ”,
and other words and terms of similar meaning. You should
not place undue reliance on these statements, or the
scientific data presented. The reader is cautioned not to rely
on these forward -looking statements. Such forward -looking
statements are subject to risks, uncertainties and inaccurate
assumptions, which may cause actual results to differ
materially from expectat ions set forth herein and may cause
any or all of such forward -looking statements to be
incorrect, and which include, but are not limited to,
unexpected costs or delays in clinical trials and other
development activities due to adverse safety events or
otherwise; unexpected concerns that may arise from
additional data, analysis or results obtained during clinical
trials; our ability to successfully market both new and
existing products; changes in reimbursement rules and
governmental laws and related interp retation thereof;
government -mandated or market -driven price decreases
for our products; introduction of competing products;
production problems; unexpected growth in costs and
expenses; our ability to effect the strategic reorganization of
our businesses in the manner planned; failure to protect and
enforce our data, intellectual property and other
proprietary rights and uncertainties relating to intellectual
property claims and challenges; regulatory authorities may
require additional information or furth er studies, or may
reject, fail to approve or may delay approval of our drug
candidates or expansion of product labelling; failure to
obtain regulatory approvals in other jurisdictions; exposure
to product liability and other claims; interest rate and
curr ency exchange rate fluctuations; unexpected contract
breaches or terminations; inflationary pressures on the
global economy; and political uncertainty. If any or all of
such forward -looking statements prove to be incorrect, our
actual results could differ materially and adversely from
those anticipated or implied by such statements. The
foregoing sets forth many, but not all, of the factors that
could cause actual results to differ from our expectations in
any forward -looking statement. All such forward -looking
statements speak only as of the date of this press
release/company announcement and are based on
information available to Zealand Pharma as of the date of
this release/announcement. We do not undertake to update
any of these forward -looking statement s to reflect events or
circumstances that occur after the date hereof. Information
concerning pharmaceuticals (including compounds under
development) contained within this material is not intended
as advertising or medical advice.
Zealand Pharma ® is a registered trademark of Zealand
Pharma A/S.
Contacts
Eric Rojas (Investo rs)
Vice President, Head of Investor Relations
Neshat Anis Ahmadi (Investors)
Manager , Investor Relatio ns
Zealand Pharma
Rachel James -Owens (Media)
Vice President, Corporate Communications & Media
Relations
Zealand Pharma
Andreas Hylleberg (Media)
Director, External Communications
Zealand Pharma
Amber Fennel, Jessica Hodgson, Sean Leous (Media)
ICR H ealthcare
+44 (0) 7739 658 783
Financial highlights and key figures.
Financial highlights (DKK million) Note
Q2-26 Q2-25 Q2-26 YTD Q2-25 YTD
Revenue 2 4,491 9,088 4,525 9,096
Cost of goods sold - - - -1
Gross profit 4,491 9,088 4,525 9,095
Research and development expenses -516 -464 -985 -754
Sales and marketing expenses -28 -41 -49 -79
General and administrative expenses -88 -70 -170 -135
Operating expenses ** -632 -575 -1,204 -968
Operating profit ** 3,859 8,513 3,321 8,127
Net financial items 4 147 -227 292 -157
Result before tax ** 4,006 8,286 3,613 7,970
Corporate tax 5 -89 -537 -89 -536
Profit for the period ** 3,917 7,749 3,524 7,434
Earnings per share, basic (DKK) 55.68 107.09 50.00 102.39
Earnings per share, diluted (DKK) 55.34 105.61 49.58 100.65
Statement of financial position (DKK million) Note
Jun-30, 2026 Dec-31, 2025
Cash and cash equivalents 13 4,038 4,577
Marketable securities 11 10,419 10,532
Cash, cash equivalents and marketable securities 14,457 15,109
Total assets 19,762 15,949
Total shareholders' equity 18,000 14,831
Cash flow (DKK million) Note
Q2-26 YTD Q2-25 YTD
Cash from/(used in) operating activities -266 8,019
Cash from/(used in) investing activities 107 -1,020
Cash used in financing activities -443 -311
Purchase of intangible assets -2 -3
Purchase of property, plant and equipment -23 -13
Free cash flow * -289 8,006
Other Note
Jun-30, 2026 Dec-31, 2025
Share price (DKK) 289.3 466.4
Number of shares ('000 shares) 72 72
Market capitalization (mDKK) * 20,076 32,931
Equity ratio (%) * 91% 93%
Equity per share (DKK) * 259.39 210.04
Average number of full time employees 547 418
Number of full-time employees at the end of the period 578 481
* For basis of calculation refer to 2025 Annual Report p. 184.
** Excluding transaction-related costs of DKK 196 million associated with the Roche partnership agreement, of which DKK 175
million related to Q2, 2025. Operating expenses including transaction-related costs amounted to DKK 1,164 million in Q2, 2025
year-to-date.
Financial Review.
• Revenue in the first six months of 2026 of DKK 4.5 billion
is driven by the partnership agreement with Roche for
petrelintide.
• Operating expenses in the first six months of 2026 of DKK
1.2 billion are mainly driven by the development of
petrelintide and continued progress across the early R&D
portfolio.
• Solid cash position of DKK 14.5 billion as of June 30,
2026, allowing Zealand Pharma to maximize the value of
petrelintide, invest significantly in the early-stage
research pipeline, leverage external innovation to
enhance R&D capabilities, and initiate a share buy-back
program of up to USD 200 million / DKK 1.3 billion.
• Entered a USD 100 million royalty purchase and sale
agreement with Royalty Pharma for Zealand Pharma’s
economic interests related to rusfertide, including royalty
rights on the potential future global net sales of
rusfertide.
Revenue
Revenue in the first six months of 2026 of DKK 4.5 billion is
driven by recognition of the Phase 3 initiation development
milestone of USD 575 million (DKK 3.7 billion) and the first
anniversary payment of USD 125 million (DKK 798 million)
from the collaboration and license agreement with Roche.
Of the initial upfront payment of USD 1.4 billion (DKK 9.2
billion) received in June 2025, DKK 262 million of the initial
upfront payment is associated with the progression of the
Phase 2 trials with petrelintide, ZUPREME-1 and ZUPREME-2,
and is recognized as revenue as the trials progress and
complete. Total revenue already recognized over time
relating to this performance obligation amounts to DKK 250
million, resulting in a remaining obligation of DKK 12 million
as of June 30, 2026.
For further details on revenue and revenue recognition in
accordance with the International Financial Reporting
Standards (IFRS), please refer to Note 2. Revenue.
Operating expenses
Research and development expenses in the first six months
of 2026 of DKK 985 million are mainly driven by the Phase 2
ZUPREME program with petrelintide as well as preparations
for initiation of Phase 3 registrational trials, planned for later
in 2026. Expenses also reflect increased investments into the
research project portfolio, and progression of the
development of ZP9830, the Kv1.3 Ion Channel Blocker, as
well as development activities related to the ongoing Phase
3 trial EASE-5, to support regulatory submission of
glepaglutide for short bowel syndrome (SBS) in the U.S.
Sales and marketing expenses of DKK 49 million in the first
six months of 2026 are mainly driven by pre-commercial
activities associated with petrelintide and to a lesser extent
the rare disease portfolio.
General and administrative expenses in the first six months
of 2026 amounted to DKK 170 million, driven by continued
organizational scaling, IT infrastructure and facility
investments.
Financial items
Net financial items in the first six months of 2026 of DKK 292
million are mainly driven by interest income of DKK 146
million from excess liquidity invested in marketable
securities and cash equivalents, and exchange rate
adjustments of DKK 208 million, which primarily relate to
USD deposits and currency revaluation on accounts
receivables and cash equivalents.
Corporate tax
In the first six months of 2026, Zealand Pharma recognized a
tax expense of DKK 89 million. This reflects an effective tax
rate of 2.4%. Zealand Pharma has utilized DKK 372 million of
its unrecognized tax assets, reducing the unrecognized tax
3 Zealand Pharma A/S | Interim Financial Statements Q2 2026
asset balance from DKK 514 million as of December 31,
2025, to DKK 142 million as of June 30, 2026.
Equity
As of June 30, 2026, equity is DKK 18.0 billion, reflecting an
increase compared to December 31, 2025 (DKK 14.8 billion).
The increase is mainly driven by the result for the period.
Cash position
Cash, cash equivalents and marketable securities as of June
30, 2026, is DKK 14.5 billion, reflecting a decrease compared
to the DKK 15.1 billion in cash, cash equivalents and
marketable securities as of December 31, 2025. The
decrease is mainly driven by operating expenses incurred
during the period and the share buyback, partly offset by the
anniversary payment from Roche (USD 125 million / DKK 798
million).
As of June 30, 2026, Zealand Pharma has placed DKK 10.4
billion into low-risk marketable securities in line with the
Group’s treasury policy. Cash and cash equivalents amount
to DKK 4.0 billion, of which 2.5 billion is placed in a money
market fund.
For further information on Marketable securities and Cash
and cash equivalents, please refer to Note 11 and Note 13.
Events after the reporting date
On August 12, 2026, Zealand Pharma announced that it
enters into a USD 100 million royalty purchase and sale
agreement with Royalty Pharma for its economic interest
related to rusfertide. For further information about the
agreement, refer to Zealand Pharma Company
Announcement No. 38 / 2026, August 12, 2026.
Outlook for the year
The financial guidance for collaboration revenue and
operating expenses for 2026 is unchanged, and is expected
to be DKK 4.5 billion and DKK 2.7-3.3 billion, respectively.
DKK billion
2026
guidance
2
2025 actual
Collaboration revenue
4.5
9.2
Operating expenses
1
2.7-3.3
2.1
1. Operating expenses consist of R&D, S&M, G&A and excludes Other
operating items (OOI).
2. The financial guidance is based on foreign exchange rates as of August
12, 2026.
4 Zealand Pharma A/S | Interim Financial Statements Q2 2026
Interim financial statements.
Unaudited interim condensed consolidated financial statements for Q2 2026:
Interim income statement .....................................................................................................................................................................................5
Interim statement of comprehensive income ....................................................................................................................................................6
Interim statement of financial position ...............................................................................................................................................................7
Interim statement of cash flow ............................................................................................................................................................................8
Interim statement of changes in equity ..............................................................................................................................................................9
Notes to the interim condensed consolidated financial statements. ............................................................................................................. 10
1. Basis of preparation and changes to the Group’s accounting policies ................................................................................................. 10
2. Revenue............................................................................................................................................................................................................. 11
3. Other operating items .................................................................................................................................................................................... 12
4. Financial items ................................................................................................................................................................................................. 13
5. Corporate tax .................................................................................................................................................................................................. 13
6. Intangible assets .............................................................................................................................................................................................. 14
7. Prepayments .................................................................................................................................................................................................... 15
8. Trade receivables ........................................................................................................................................................................................... 15
9. Trade payables ................................................................................................................................................................................................ 15
10. Other payables .............................................................................................................................................................................................. 16
11. Marketable securities ................................................................................................................................................................................... 16
12. Financial instruments ................................................................................................................................................................................... 17
13. Cash and cash equivalents ......................................................................................................................................................................... 19
14. Share capital .................................................................................................................................................................................................. 19
15. Cash flow adjustments ................................................................................................................................................................................. 20
16. Capital Management .................................................................................................................................................................................... 21
17. Contingent assets and liabilities ................................................................................................................................................................. 21
18. Significant events after the reporting period ........................................................................................................................................... 21
Statement by the Executive Management and the Board of Directors. ........................................................................................................ 22
5 Zealand Pharma A/S | Interim Financial Statements Q2 2026
Interim income statement.
DKK million Note
Q2-26 Q2-25 Q2-26 YTD Q2-25 YTD
Revenue 2 4,491 9,088 4,525 9,096
Cost of goods sold - - - -1
Gross profit 4,491 9,088 4,525 9,095
Research and development expenses -516 -464 -985 -754
Sales and marketing expenses -28 -41 -49 -79
General and administrative expenses -88 -70 -170 -135
Other operating expenses 3 - -175 - -196
Operating expenses * -632 -750 -1,204 -1,164
Operating profit 3,859 8,338 3,321 7,931
Financial income 4 200 63 372 153
Financial expenses 4 -53 -290 -80 -310
Result before tax 4,006 8,111 3,613 7,774
Corporate tax 5 -89 -537 -89 -536
Profit for the period 3,917 7,574 3,524 7,238
Earnings per share, basic (DKK) 55.68 107.09 50.00 102.39
Earnings per share, diluted (DKK) 55.34 105.61 49.58 100.65
* Operating expenses excluding transaction-related costs associated with the Roche partnership agreement amounted to DKK
575 million in Q2, 2025 and DKK 968 million in Q2, 2025 year-to-date.
6 Zealand Pharma A/S | Interim Financial Statements Q2 2026
Interim statement of comprehensive
income.
DKK million Note
Q2-26 Q2-25 Q2-26 YTD Q2-25 YTD
Profit for the period 3,917 7,574 3,524 7,238
Items that will be reclassified to income statement when
certain conditions are met (net of tax):
Exchange differences on translation of foreign operations -2 - -2 1
Total comprehensive result for the period 3,915 7,574 3,522 7,239
7 Zealand Pharma A/S | Interim Financial Statements Q2 2026
Interim statement of financial position.
DKK million Note
Jun-30, 2026 Dec-31, 2025
Intangible assets 6 839 45
Property, plant and equipment 87 70
Right-of-use assets 81 82
Deferred tax assets 1 1
Prepayments 7 45 61
Other receivables 19 20
Total non-current assets 1,072 279
Prepayments 7 299 242
Trade receivables 8 3,816 174
Other receivables 87 114
Corporate tax receivables 31 31
Marketable securities 11 10,419 10,532
Cash and cash equivalents 13 4,038 4,577
Total current assets 18,690 15,670
Total assets 19,762 15,949
Share capital 14 72 72
Share premium 14,741 14,729
Currency translation reserve 22 24
Retained earnings 3,165 6
Total shareholders' equity 18,000 14,831
Borrowings 12 312 303
Derivative financial liabilities 12 43 70
Lease liabilities 70 80
Total non-current liabilities 425 453
Corporate tax payables 5 87 -
Deferred revenue 2 12 65
Lease liabilities 29 23
Trade payables 9 245 347
Other payables 10 895 230
Derivative financial instruments 12 69 -
Total current liabilities 1,337 665
Total liabilities 1,762 1,118
Total shareholders' equity and liabilities 19,762 15,949
8 Zealand Pharma A/S | Interim Financial Statements Q2 2026
Interim statement of cash flow.
DKK million Note
Q2-26 YTD Q2-25 YTD
Net result for the period 3,524 7,238
Adjustment for other non-cash items 15 -145 426
Changes in working capital 15 -3,820 263
Financial income received 186 100
Financial expenses paid -11 -8
Cash flow from/(used in) operating activities -266 8,019
Proceeds from sale of marketable securites 11 4,919 7,695
Purchase of marketable securities 11 -4,787 -8,723
Purchase of intangible assets -2 -3
Purchase of property, plant and equipment -23 -13
Proceeds from sale of equity investment in Beta Bionics Inc. - 24
Cash flow from/(used in) investing activities 107 -1,020
Lease installments -17 -9
Purchase of treasury shares 14 -438 -332
Proceeds from issuance of shares related to exercise of share-based
compensation
14 12 30
Cash flow used in financing activities -443 -311
Increase/decrease in cash and cash equivalents -602 6,688
Cash and cash equivalents at beginning of period 4,577 726
Exchange rate adjustments 63 -170
Cash and cash equivalents at end of period 4,038 7,244
9 Zealand Pharma A/S | Interim Financial Statements Q2 2026
Interim statement of changes in equity.
DKK million
Share
capital
Share
premium
Currency
translation
reserve
Retained
earnings/(acc
umulated
losses)
Total
Equity at January 1, 2026 72 14,729 24 6 14,831
Profit for the period
Exchange differences on translation of foreign
operations
Total comprehensive income - - -2 3,524 3,522
Transactions with owners:
Purchase of treasury shares - - - -438 -438
Exercise of warrants - 12 - - 12
Share-based compensation expenses - - - 73 73
Equity at June 30, 2026 72 14,741 22 3,165 18,000
Equity at January 1, 2025 71 14,681 22 -6,157 8,617
Profit for the period - - - 7,238 7,238
Exchange differences on translation of foreign
operations
Total comprehensive income - - 1 7,238 7,239
Transactions with owners:
Purchase of treasury shares - - - -332 -332
Exercise of warrants - 30 - - 30
Share-based compensation expenses - - - 55 55
Equity at June 30, 2025 71 14,711 23 804 15,609
10 Zealand Pharma A/S | Interim Financial Statements Q2 2026
Notes to the interim condensed
consolidated financial statements.
1. Basis of preparation and changes to the Group’s accounting policies
Basis of preparation
The interim condensed consolidated financial statements of Zealand Pharma A/S (The Group) have been prepared in accordance
with IAS 34, Interim Financial Reporting, as adopted by EU and additional requirements of the Danish Financial Statements Act.
The interim condensed consolidated financial statements are presented in Danish kroner (DKK) which is also the functional
currency of the parent company.
The accounting policies used in the interim condensed consolidated financial statements are consistent with those used in the
Group’s annual financial statement for the year ended December 31, 2025.
Rounding
All figures in the interim condensed consolidated financial statements are rounded to the nearest million Danish kroner (DKK),
unless otherwise specified.
New standards, interpretations and amendments adopted by the Group
No amendments that apply for the first time in 2026 have an impact on the interim condensed consolidated financial statements
of the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet
effective.
Significant accounting estimates and judgements
The preparation of the interim condensed consolidated financial statements requires Management to make judgements and
estimates that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. In
applying our accounting policies, Management is required to make judgements and estimates about the carrying amounts of
assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the
period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if
the revision affects both current and future periods.
The estimates used are based on assumptions assessed to be reasonable by Management. However, estimates are inherently
uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and unexpected events or circumstances may
occur. Furthermore, we are subject to risks and uncertainties that may result in deviations in actual results compared with
estimates.
Except for the items listed below, no material changes in significant accounting estimates and judgements have occurred since
the Annual Report 2025. Please refer to note 1.3 in the 2025 Annual Report for further information:
• Ongoing estimate of fair value of cash-settled warrant liability from disbursement of EIB loan, Tranche A (Borrowings
including derivative financial liabilities). Refer to note 12. Financial instruments.
11 Zealand Pharma A/S | Interim Financial Statements Q2 2026
2. Revenue
Revenue can be specified as follows:
DKK million
Q2-26 Q2-25 Q2-26 YTD Q2-25 YTD
F. Hoffmann-La Roche Ltd. (Roche) 4,490 9,079 4,522 9,079
Novo Nordisk A/S 1 9 3 16
Total revenue from license and collaboration agreements 4,491 9,088 4,525 9,095
Product sales - - - 1
Sale of goods revenue - - - 1
Total revenue 4,491 9,088 4,525 9,096
Total revenue recognized over time 21 104 53 112
Total revenue recognized at a point in time 4,470 8,984 4,472 8,985
DKK million
Q2-26 Q2-25 Q2-26 YTD Q2-25 YTD
Milestone revenue 4,469 - 4,469 -
License revenue for intellectual property - 8,984 - 8,984
Royalty revenue 1 1 3 2
Reimbursement revenue for R&D services 21 103 53 109
Product sales - - - 1
Total revenue by revenue stream 4,491 9,088 4,525 9,096
Total revenue in the six months period ending June 30, 2026, of DKK 4,525 million is mainly driven by recognition of the
anniversary milestone and Phase 3 initiation development milestone from the Roche collaboration signed in March 2025.
On May 9, 2026, being the first anniversary of the agreement’s effective date, DKK 798 million (USD 125 million) was recognized
as milestone revenue at point in time, as the agreement has not been terminated before the first anniversary.
In addition, the Phase 3 initiation development milestone of DKK 3,671 million (USD 575 million) was recognized as milestone
revenue during the period. The recognition is based on the result of Phase 2 clinical data (ZUPREME 1) including a written
commitment as per Joint Steering Committee (JSC) between Roche and Zealand Pharma to advance petrelintide into Phase 3
trials for chronic weight management, with initiation planned for the second half of 2026. This was announced in a company
announcement on April 29, 2026. Management assessed it as highly probable that the milestone would be achieved, and the
associated transaction price was recognized as milestone revenue at point in time.
To hedge against the foreign exchange risk associated with the USD-denominated milestone revenue, Zealand Pharma has
executed two FX forward contracts involving the sale of USD and the purchase of DKK. The contracts were not designated as
qualifying hedges and thus measured at fair value through profit or loss. The first FX contract related to the anniversary payment
was settled on June 11, 2026, and DKK 18 million has been recognized under financial items, refer to note 4. Financial items. The
second FX forward contract related to the Phase 3 initiation milestone will be settled in October 2026. As of June 30, 2026, the
fair value of the second FX forward contract amounted to DKK 69 million, refer to note 12. Financial instruments.
On March 12, 2025, Zealand Pharma and Roche entered into a collaboration and license agreement to co-develop and co-
commercialize petrelintide, and on May 9, 2025, the collaboration agreement between Zealand Pharma and Roche became
effective. Under the agreement Zealand Pharma received in June 2025 DKK 9,246 million in upfront payment and is eligible for up
to USD 1,225 million in development milestones and USD 2,400 million in net sales-based milestones, as well as tiered double-
digit royalties up to high teens % on net sales outside of the U.S. and Europe, and compensation on a time and material basis. In
the Collaboration Territory, the parties share Joint Commercialization Costs and Net Profits/Net Losses equally (50/50 split) for
the Collaboration Products. All milestones are contingent upon the occurrence of future events outside the control of Zealand
Pharma, and such milestones will be recognized when their achievement is deemed to be highly probable, and a significant
12 Zealand Pharma A/S | Interim Financial Statements Q2 2026
revenue reversal would not occur. Royalties and net sales-based milestones under the agreement will be recognized when the
related sales milestone is reached.
The initial upfront payment of DKK 9,246 million (USD 1.4 billion) was fixed and was allocated based on Management’s estimate
of stand-alone selling prices for each of the two distinct performance obligations listed below. A total of DKK 262 million was
allocated to the clinical development performance obligation by considering Zealand Pharma’s total investment in the clinical
trial costs. The outstanding amount of DKK 8,984 million of the first upfront payment was allocated to the performance obligation
related to the petrelintide license provided to Roche using the residual approach.
1. Delivery of the petrelintide license (completed in May 2025)
2. Delivery of specified development activities, i.e. the execution of Phase 2b clinical trials for ZUPREME 1 and 2 (ongoing)
The revenue allocated to the clinical trials obligation is deferred according to the progression and costs related to ZUPREME 1
and 2 and has and will be recognized as reimbursement revenue as the Phase 2b clinical trials progress. Total revenue already
recognized over time relating to this performance obligation amounts to DKK 250 million, resulting in a remaining obligation as of
June 30, 2026, of DKK 12 million.
From the Effective Date, Zealand Pharma shares Joint Development Costs equally (50/50 split) with Roche, except that the
ongoing Zealand Pharma Phase 2b clinical trials are conducted at the sole expense of Zealand Pharma. Any cost
reimbursement/cost sharing with Roche will not be recognized as revenue but accounted for as a decrease in the related
research and development expenses and sales and marketing expenses, respectively. Roche is responsible for investments into
commercial manufacturing and supply.
As part of the agreement, Zealand Pharma has acquired the rights to co-develop a combination product of petrelintide and CT-
388 (Roche owned asset, the Current Fixed-Dose Combination Product). The CT-388 license rights are recognized as an
intangible asset, refer to note 6. Intangible assets.
Further details on the Roche agreement are provided in note 2.1 of the 2025 Annual Report.
3. Other operating items
DKK million
Q2-26 Q2-25 Q2-26 YTD Q2-25 YTD
Transaction fees related to Roche partnership agreement - -175 - -196
Total other operating items - -175 - -196
Presentation in income statement:
Other operating expenses - -175 - -196
In the six months period ending June 30, 2026, other operating expenses of DKK 196 million comprised legal and advisory fees
related to the collaboration and license agreement between Zealand Pharma and Roche.
13 Zealand Pharma A/S | Interim Financial Statements Q2 2026
4. Financial items
Financial items include interest and banking fees from managing financial transactions, as well as foreign exchange rate
adjustments, fair value adjustments of derivative financial liabilities, and fair value adjustments of marketable securities.
DKK million
Q2-26 Q2-25 Q2-26 YTD Q2-25 YTD
Interest income 72 56 146 98
Interest expenses from financial liabilities measured at
amortized cost
-8 -7 -12 -14
Interest expenses from lease liabilities - - -1 -1
Fair value adjustment of marketable securities 38 2 18 19
Fair value adjustment of derivatives -87 5 -60 36
Exchange rate adjustments 136 -281 208 -293
Other financial expenses -4 -2 -7 -2
Financial items in total 147 -227 292 -157
Presentation in income statement:
Financial income 200 63 372 153
Financial expenses -53 -290 -80 -310
For the six months period ending June 30, 2026, interest income of DKK 146 million comprises interest on marketable securities
and cash equivalents. The increase compared to the six months period ending June 30, 2025, is a result of the excess liquidity
from entering the partnership collaboration with Roche invested into marketable securities, refer to note 11. Marketable
securities. Interest income on marketable securities is based on coupon rates provided by SEB and Danske Bank. Interest income
from cash equivalents relates to the money market fund held at J.P. Morgan, refer to note 13. Cash and cash equivalents.
Interest expenses from financial liabilities measured at amortized cost in the six months period ending June 30, 2026, amount to
DKK 12 million and relate to the EIB loan (Tranche A) disbursed on March 11, 2024.
Fair value adjustment of derivatives amounted to DKK 60 million in the six months period ending June 30, 2026, and comprises a
fair value adjustment of DKK 87 million from the effect of the two FX forward contracts related to the Roche anniversary
payment and Phase 3 initiation milestone as mentioned in note 2. Revenue. This is partly offset by a DKK 27 million fair value
adjustment of the warrants granted to the European Investment Bank (EIB) with the disbursement of the loan’s first tranche
(Tranche A). Refer also to note 12. Financial instruments for further information.
In the first six months of 2026, positive exchange rate adjustments amount to DKK 208 million and relate to USD deposits and
currency revaluation on accounts receivable and cash equivalents.
5. Corporate tax
For the six months period ended June 30, 2026, Zealand Pharma has recognized a tax expense of DKK 89 million. This reflects an
effective tax rate (ETR) of 2.4% and is consistent with forecasts.
The Group has partly utilized its unrecognized tax assets amounting to DKK 372 million. This utilization resulted in reducing the
tax asset balance from DKK 514 million at the end of 2025 to DKK 142 million as of June 30, 2026 (full year estimate).
14 Zealand Pharma A/S | Interim Financial Statements Q2 2026
6. Intangible assets
Please refer to accounting policies in note 3.1 Intangible assets in the Annual Report 2025.
DKK million
Licenses, rights
and patents
Software
Cost at January 1, 2026 32 19
Additions 794 2
Cost at June 30, 2026 826 21
Amortization and impairment at January 1, 2026 - -6
Amortization for the period - -2
Amortization and impairment at June 30, 2026 - -8
Carrying amount at June 30, 2026 826 13
Amortization and impairment for the financial period has been charged as:
General and administrative expenses - -2
Total - -2
DKK million
Licenses, rights
and patents
Software
Cost at January 1, 2025 - 16
Additions 32 3
Cost at December 31, 2025 32 19
Amortization and impairment at January 1, 2025 - -3
Amortization for the period - -3
Amortization and impairment at December 31, 2025 - -6
Carrying amount at December 31, 2025 32 13
Amortization and impairment for the financial period has been charged as:
General and administrative expenses - -3
Total - -3
As of June 30, 2026, DKK 839 million are recognized as intangible assets. The increase is primarily attributable to an addition of
DKK 794 million (USD 125 million) related to the CT-388 license rights.
As part of the Roche collaboration and license agreement, Zealand Pharma has acquired the rights to co-develop a combination
product of petrelintide and CT-388 (Roche owned asset, the Current Fixed-Dose Combination Product). Roche does not provide
any rights nor collaborate with Zealand Pharma to develop CT-388 as a monotherapy. The CT-388 license is contractually
identifiable and provides rights for Zealand Pharma to participate in the development and commercialization of the combination
drug candidate in line with the lead candidate of the agreement. These rights are recognized as a separately acquired intangible
asset in accordance with IAS 38, measured on a cost accumulation approach under which the cost of the license is capitalized as
the contractual installments become payable. The combination product is subject to similar terms and conditions as the lead
candidate, which means 50/50 profit sharing, similar royalties and net sales-based milestones.
On May 9, 2026, being the first anniversary of the agreement’s effective date, the first installment of the CT-388 license
consideration became due, and Zealand Pharma has recognized DKK 794 million (USD 125 million) as an intangible asset, which
will be settled on the initiation of the first Phase 3 clinical trial for petrelintide. The three remaining installments of the CT-388
license consideration, totaling USD 225 million, will be capitalized as they become due during 2026-2027.
15 Zealand Pharma A/S | Interim Financial Statements Q2 2026
In 2025, the addition of intangible assets of DKK 32 million (USD 5 million) related to the agreement with OTR Therapeutics
entered on December 8, 2025. Refer to note 6.7 in the Annual Report for further information on the agreement.
7. Prepayments
As of June 30, 2026, prepayments amount to DKK 344 million (2025: 303 million) and comprise prepayments for drug substance
and drug product as well as prepayments for research activities. Out of the total DKK 344 million, DKK 299 million is short-term
and DKK 45 million is long-term.
8. Trade receivables
Trade receivables can be specified as follows:
DKK million
Jun-30, 2026 Dec-31, 2025
Trade receivables - -
Receivables related to license and collaboration agreements 3,816 174
Total trade receivables 3,816 174
Non-current - -
Current 3,816 174
As of June 30, 2026, receivables related to license and collaboration agreements amount to DKK 3,816 million (2025: DKK 174
million) and relate to cost sharing of development costs related to the Roche partnership, as well as a contract asset related to
the Phase 3 development milestone for petrelintide which will be invoiced upon initiation of the Phase 3 clinical trials, refer to
note 2. Revenue.
9. Trade payables
Trade payables can be specified as follows:
DKK million
Jun-30, 2026 Dec-31, 2025
Trade payables 144 257
Accruals development projects 101 90
Total trade payables 245 347
Non-current - -
Current 245 347
16 Zealand Pharma A/S | Interim Financial Statements Q2 2026
10. Other payables
Other payables can be specified as follows:
DKK million
Jun-30, 2026 Dec-31, 2025
Employee benefits 98 114
Accrued interest - -
Other payables 797 116
Total other payables 895 230
Non-current - -
Current 895 230
Other payables of DKK 797 million mainly relate to the consideration payable for the CT-388 license rights, recognized in May
2026 as an intangible asset, refer to note 6. Intangible assets. Other payables of DKK 116 million in 2025 comprise an accrual for
legal expenses, please refer to the 2025 Annual Report note 3.10.
11. Marketable securities
As of June 30, 2026, Zealand Pharma has placed DKK 10,419 million into low-risk marketable securities in line with the Group’s
treasury policy. The investments can be specified as follows:
DKK million
Jun-30, 2026 Dec-31, 2025
DKK portfolio:
DK bonds 8,912 8,447
Total DKK portfolio
8,912 8,447
EUR portfolio:
IG Corporate bonds (investment grade) 1,507 2,085
Total EUR portfolio
1,507 2,085
Total portfolio
10,419 10,532
Non-current -
-
Current 10,419
10,532
Zealand Pharma has invested surplus liquidity in low-risk fixed income instruments to preserve capital and ensure liquidity. These
investments include short-dated investment grade securities. As of June 30, 2026, all outstanding securities mature within 45
months (2025: within 57 months) in line with the Group’s treasury policy guidelines. All securities in the portfolio have an
investment-grade rating of AAA to BBB-. Zealand Pharma recognizes marketable securities at settlement date.
Marketable securities acquired in 2026 are managed and evaluated on a fair value basis in accordance with its stated investment
guidelines and the information provided internally to Management. This classification is consistent with prior year's classification.
Refer to note 12. Financial instruments for information on fair value measurement and the fair value hierarchy.
17 Zealand Pharma A/S | Interim Financial Statements Q2 2026
12. Financial instruments
As of June 30, 2026, and December 31, 2025, the following financial instruments are measured at fair value through profit or
loss. The fair value of marketable securities is measured using inputs categorized as Level 1, whereas the cash-settled warrant
liability is measured using significant unobservable inputs categorized as Level 3 in the fair value hierarchy.
The US-dollar forward contracts are measured at fair value and classified as Level 2 in the fair value hierarchy. The fair value is
determined using valuation techniques based on observable market inputs, primarily forward exchange rates and interest rates,
and is not based on quoted prices in active markets (Level 1) or unobservable inputs (Level 3).
No transfers occurred between the levels of the fair value hierarchy in the six months period ending June 30, 2026.
DKK million
Jun-30, 2026 Dec-31, 2025
Categories of financial instruments:
Trade receivables excluding prepaid expenses 3,816 174
Other receivables 106 134
Financial assets measured at amortized cost 3,922 308
Marketable securities (Level 1) 10,419 10,532
Financial assets measured at fair value through profit and loss 10,419 10,532
Borrowings 312 303
Lease liabilities 99 103
Trade payables 245 347
Other payables 895 230
Financial liabilities measured at amortized cost 1,551 983
Cash-settled warrant liability from EIB loan, Tranche A (Level 3) 43 70
US-dollar forward contracts (Level 2) 69 -
Financial liabilities measured at fair value through profit and loss 112 70
Financial
liabilities
(Level 3)
Carrying amount at January 1, 2026 70
Fair value adjustment of warrant liability from EIB loan, Tranche A -27
Fair value adjustment of US-dollar forward contracts 69
Carrying amount at June 30, 2026 112
Fair value measurement of warrants, derivative financial liability (EIB, Tranche A)
Fair value of the warrants granted to the European Investment Bank (EIB) with the disbursement of the loan’s first tranche
(Tranche A), classified as a derivative financial liability, is determined using Black-Scholes valuation technique in line with Zealand
Pharma’s existing warrant compensation programs. The warrants will become exercisable as the loan(s) is/are repaid (ignoring
events as delisting, default e.g. which could also lead to exercisability). Each Tranche has a maturity date of 6 years from
disbursement. If not exercised, any warrant will expire 20 years from the signing date of the contract. Based on this, the
calculation of fair value assumes an initial expected life of 20 years for the options (contractual term).
Other inputs used are i) the current stock price of the Zealand Pharma share on the date of measurement, ii) expected volatility
(see below), iii) expected dividend (see below) and iv) the risk-free interest rate determined using a 20-year Danish government
bond.
18 Zealand Pharma A/S | Interim Financial Statements Q2 2026
The strike price is a 5-day volume weighted average (VWAP) calculated from the date of the disbursement offer acceptance on
February 26, 2024, from which date Zealand Pharma had an unconditional right to receive the proceeds for Tranche A.
Fair value of the warrants amounted to DKK 43 million as of June 30, 2026. On initial recognition in March 2024, Management has
determined that the transaction price is equal to fair value and that consequently, there is no day 1 gain/loss to account for in
financial items. The warrants are subsequently measured at fair value through profit and loss (FVTPL) and adjustments are
included under financial items, referring to note 4. Financial items.
The fair value measurement of the warrants is partly determined based on unobservable input (Level 3), being the expected
volatility for the Zealand Pharma share which is unobservable since there are no traded Zealand Pharma warrants. Since
expected volatility has significant impact on the valuation, especially considering the long term, i.e. 20 years, it is classified as a
level 3 input in the fair value hierarchy. As of June 30, 2026, the applied volatility is 63% based on volatility for the Zealand
Pharma share in the past 5 years. Also impacting the fair value is expected dividend over the next 20 years (Level 3). As of June
30, 2026, the applied expected dividend yield is 0%.
An increase in volatility will increase the fair value of the warrants. Further, an increase in expected dividend will decrease the
fair value and vice versa. The below summarizes the effect of altering the unobservable inputs that would change the fair value
significantly.
▪ Expected volatility -20%, decrease in fair value of DKK -10 million
▪ Expected volatility +20%, increase in fair value of DKK 6 million
▪ Expected dividend +1%, decrease in fair value of DKK -8 million
For further information on fair value measurement of the prepayment option related to the EIB loan (Tranche A) refer to note 4.6
in the 2025 Annual Report.
Fair value measurement of FX forward contracts (Level 2)
As of June 30, 2026, the fair value of the US-dollar forward contract hedging the Phase 3 initiation milestone amounted to DKK 69
million, which has been recognized as a derivative financial liability. The contract will be settled in October 2026. Refer to note 2.
Revenue and note 4. Financial items for further information.
Other fair value measurements
For information about fair value measurements of marketable securities, please refer to note 11. Marketable securities.
19 Zealand Pharma A/S | Interim Financial Statements Q2 2026
13. Cash and cash equivalents
Cash and cash equivalents can be specified as follows:
DKK million
Jun-30, 2026 Dec-31, 2025
Cash 1,504 651
Cash equivalents 2,534 3,926
Total cash and cash equivalents 4,038 4,577
Investment in Money Market Fund
As part of Zealand Pharma’s treasury policy, Zealand Pharma has invested in a money market fund managed by J.P. Morgan.
These investments are classified as cash equivalents due to their high liquidity and short-term maturity profile.
Pledges provided in relation to the EIB loan
The EIB loan contains a negative pledge clause preventing Zealand Pharma A/S or any of its subsidiaries from creating or
permitting to subsist any new security over any of its assets.
14. Share capital
DKK million Note
Jun-30, 2026 Dec-31, 2025
Share capital at start of period 72 71
Exercise of warrants - 1
Share capital at end of period 72 72
New shares from exercise of warrants in the six months period ending June 30, 2026, were issued at a weighted average
subscription price of DKK 182.27. Total proceeds from exercise of share-based compensation amount to DKK 12 million.
Treasury shares
On May 7, 2026, Zealand Pharma announced initiation of a share buy-back program. Zealand Pharma will buy back own shares
for up to DKK 1.3 billion (USD 200 million), covering a maximum of 7,152,557 shares to (i) meet obligations arising under the
Company’s share-based incentive program and (ii) reduce the share capital (potentially through subsequent cancellation of the
repurchased shares, subject to any necessary additional corporate resolutions) as applicable. The program commenced on May
7, 2026, and will be completed no later than October 31, 2026, unless terminated or suspended earlier by the Company.
In the six months period ending June 30, 2026, Zealand Pharma has acquired 1,529,000 of its own shares under the program. The
total amount incurred to acquire the shares, including directly attributable costs, was DKK 438 million and was recognized as a
deduction from equity. As of June 30, 2026, Zealand Pharma held 2,185,254 treasury shares, corresponding to approximately
3,1% of Zealand Pharma’s share capital (2025: 907,905 treasury shares, 1.3%). The treasury shares are allocated to performance
share units (PSUs) and restricted share units (RSUs).
Potential dilutive effects
In the calculation of the diluted earnings per share for the six months period ending June 30, 2026, 590,251 potential dilutive
ordinary shares are included in the calculation due to the net profit for the period (2025: 1,045,798).
20 Zealand Pharma A/S | Interim Financial Statements Q2 2026
15. Cash flow adjustments
DKK million Note
Q2-26 YTD Q2-25 YTD
Depreciation, amortization and impairment losses 21 12
Deferred revenue 2 53 167
Share-based compensation expenses 73 55
Changes in provisions - 35
Financial income -372 -153
Financial expenses 80 310
Adjustments for non-cash items in total -145 426
Adjustment for deferred revenue of DKK 53 million relates to the Roche partnership agreement. For further information on the
deferral of revenue related to execution of Phase 2b trials for ZUPREME 1 and 2, refer to note 2. Revenue.
In the six months period ending June 30, 2026, adjustments for financial income of DKK 372 million mainly relate to accrued
interest on marketable securities, fair value adjustments on marketable securities and positive exchange rate adjustments on
USD deposits, accounts receivable and cash equivalents.
Adjustments for financial expenses in the six months period ending June 30, 2026, of DKK 80 million include amortization of loan
costs related to the EIB loan (Tranche A) and fair value adjustments of derivative financial liabilities.
DKK million Note
Q2-26 YTD Q2-25 YTD
Changes in accounts receivable -3,525 -147
Changes in prepaid expenses -43 -129
Changes in other receivables - 3
Changes in accounts payable -115 -4
Changes in other liabilities -225 4
Changes in corporate tax payables 5 88 536
Changes in working capital in total -3,820 263
Changes in accounts receivable mainly relate to the Phase 3 development milestone related to the Roche collaboration and
license agreement, refer to note 2. Revenue.
Changes in other liabilities mainly relate to the consideration payable for the CT-388 license rights, refer to note 6. Intangible
assets.
21 Zealand Pharma A/S | Interim Financial Statements Q2 2026
16. Capital Management
The Group’s capital management objectives are unchanged from the ones described in the 2025 Annual Report.
17. Contingent assets and liabilities
Zealand Pharma is entitled to potential milestone payments and royalties on successful commercialization of products
developed under license and collaboration agreements with partners. Since the size and timing of such payments are uncertain
until the milestones are reached or sales are generated, future payments under these agreements qualify as contingent assets.
However, it is impossible to estimate the amount of variable consideration for these contingent assets, and as such, no assets
have been recognized.
As part of the license and collaboration agreements that Zealand Pharma has entered, once a product is developed and
commercialized, Zealand Pharma may be required to make milestone and royalty payments. It is not possible to measure the
value of such future payments, but Zealand Pharma expects to generate future income from such products which will exceed any
milestone and royalty payments due, and as such, no liabilities have been recognized. Refer to notes 6.3 and 6.7 in the Annual
Report 2025.
18. Significant events after the reporting period
On August 12, 2026, Zealand Pharma announced that it enters into a USD 100 million royalty purchase and sale agreement with
Royalty Pharma for its economic interest related to rusfertide. For further information about the agreement, refer to Zealand
Pharma Company Announcement No. 38 / 2026, August 12, 2026.
22 Zealand Pharma A/S | Interim Financial Statements Q2 2026
Statement by the Executive Management
and the Board of Directors.
Management
Board of Directors