XCSE:ZEAL ESEF Annual Report
ZEALAND PHARMA A/S (XCSE:ZEAL)
ESEF Annual Report
2025-08-21
For: 2025-06-30
View Original
Added on
September 22, 2026
Company announcement
No. 18 / 2025
1
Zealand Pharma Announces Financial
Results for the First Half of 2025.
Petrelintide collaboration with Roche off to a strong start, while key leadership appointments and
solid financial position enable exciting next chapter for Zealand Pharma.
• Collaboration and license agreement with Roche to co-
develop and co-commercialize petrelintide as a future
foundational therapy for weight management off to a
strong start, with further insight and updates expected
at Roche’s Pharma Day in September and Zealand
Pharma’s Capital Markets Day in December.
• Petrelintide program advancing at full speed, with
ZUPREME Phase 2 trials progressing towards key
milestones, and Roche breaking ground this August on
new high-volume, high-throughput manufacturing
facility dedicated to next-generation obesity medicines.
• Strengthening of leadership team to optimally position
Zealand Pharma for future growth, with Utpal Singh as
Chief Scientific Officer to drive the next wave of
innovation and Steven Johnson as Chief Development
Officer to spearhead development and regulatory
strategies.
Copenhagen, Denmark, August 14, 2025 – Zealand Pharma
A/S (Nasdaq: ZEAL) (CVR-no. 20045078 ), a biotechnology
company focused on the discovery and development of
innovative peptide-based medicines, today announced the
interim report for the six months ended June 30, 2025, and
provided a corporate update.
Zealand Pharma ready for catalyst-rich and
exciting chapter from position of strength
Adam Steensberg, President and Chief Executive Officer at
Zealand Pharma said:
“I am very satisfied to see our historic and transformative
partnership with Roche on petrelintide off to a strong start
and progressing at full speed. Our organizational strength
and very solid financial position empower us to unlock the
full value potential of petrelintide and to accelerate
investments in the next wave of innovation. With petrelintide
Phase 2 data and survodutide Phase 3 data in obesity rapidly
approaching, we are entering a pivotal new chapter for the
company.”
Key financial results for H1 2025
DKK million
H1-25
H1-24
Revenue
9,096
49
Operating expenses
1
-968
2
-559
Operating result
8,128
2
-524
Net financial items
-157
-1
DKK million
June-30,
2025
Dec-31,
2024
Cash position
3
16,578
9,022
Notes:
1. Operating expenses consist of R&D, S&M, and G&A.
2. Excluding transaction-related costs of DKK 196 million related to the
Roche partnership agreement. Operating expenses including
transaction fees in H1 2025 amount to DKK 1,164 million.
3. Cash position includes cash, cash equivalents and marketable
securities.
Highlights in the second quarter of 2025
Obesity
• Petrelintide, amylin analog. In May 2025, Zealand
Pharma announced the closing of the collaboration and
license agreement with Roche. The two companies will
co-develop and co-commercialize petrelintide and
potential combination products, including
petrelintide/CT-388, aiming to establish the leading
amylin-based franchise for weight management and
related indications. The companies will share profits and
losses on a 50/50 basis for petrelintide and
petrelintide/CT-388 in the U.S. and Europe, and Zealand
Pharma is eligible to receive royalties on net sales in the
rest of the world. Total deal consideration amounts to
USD 5.3 billion, including upfront cash payments of USD
1.65 billion and potential development milestone
payments of USD 1.2 billion, primarily linked to initiation
of Phase 3 trials with petrelintide monotherapy.
• Petrelintide, amylin analog. In April 2025, Zealand
Pharma initiated the Phase 2 ZUPREME-2 trial with
Company announcement
No. 18 / 2025
2
petrelintide in people with overweight or obesity and
type 2 diabetes, investigating the efficacy and safety of
petrelintide over a treatment duration of 28 weeks.
• Petrelintide, amylin analog. In June 2025 at the
American Diabetes Association’s 85th Scientific Sessions
in Chicago, Illinois, Zealand Pharma presented additional
data from the 16-week Phase 1b trial showing greater
weight loss efficacy in the few female participants. No
differences were observed between females and males
for any adverse events, including gastrointestinal.
• Dapiglutide, GLP-1/GLP-2 receptor dual agonist. Results
from Part 1 of the Phase 1b trial investigating the efficacy
and safety of dapiglutide over a treatment duration of 13
weeks were presented at the American Diabetes
Association’s 85th Scientific Sessions in Chicago, Illinois
in June 2025.
• Dapiglutide, GLP-1/GLP-2 receptor dual agonist. In June
2025, Zealand Pharma announced positive topline
results from Part 2 of the Phase 1b trial with higher doses
of dapiglutide, demonstrating a placebo-adjusted weight
loss of 11.4% from baseline after 28 weeks despite a
relatively lean and almost entirely male trial population.
Rare diseases
• Glepaglutide in SBS. In June 2025, Zealand Pharma
submitted a Marketing Authorization Application (MAA)
to the European Medicines Agency (EMA) for
glepaglutide administered twice weekly for the
treatment of adult patients with SBS.
Corporate
• Appointed Utpal Singh as Chief Scientific Officer. Utpal
joined the executive team in April 2025 to lead discovery
research and translational sciences at Zealand Pharma.
Utpal brings nearly 25 years of pharmaceutical industry
experience spanning the full drug discovery and
development lifecycle.
• Appointed Steven Johnson as Chief Development
Officer. Steven joined the executive team in May 2025 to
lead regulatory and development strategies at Zealand
Pharma. Steven brings nearly 30 years of comprehensive
global drug development experience, gained across
leading pharmaceutical companies, contract research
organizations, and the U.S. FDA.
Upcoming events next 12 months
Obesity
• Petrelintide, amylin analog. In the first half of 2026,
Zealand Pharma expects to report topline results from
the Phase 2 ZUPREME-1 trial and complete the Phase 2
ZUPREME-2 trial with petrelintide.
• Petrelintide/CT-388, amylin+GLP-1/GIP fixed-dose
combination. Zealand Pharma and Roche expect to
initiate Phase 2 with petrelintide/CT-388 in the first half
of 2026.
• Dapiglutide, GLP-1/GLP-2 receptor dual agonist. In the
second half of 2025, Zealand Pharma expects to initiate
a Phase 2 trial in a dedicated obesity-related
comorbidity.
• Survodutide, glucagon/GLP-1 receptor dual agonist.
Topline data from SYNCHRONIZE
TM
-1 and
SYNCHRONIZE
TM
-2, the Phase 3 trials with survodutide in
people with overweight or obesity without and with type
2 diabetes, respectively, are expected in the first half of
2026.
Rare diseases
• Glepaglutide in SBS. In the second half of 2025, Zealand
Pharma expects to initiate a Phase 3 clinical trial of
glepaglutide (EASE-5) that is anticipated to provide
further confirmatory evidence for a regulatory
submission in the U.S. Following the submission of the
MAA to the EMA in June 2025, the company expects
potential regulatory approval in the EU in the first half of
2026. In parallel, the company is engaging in partnership
discussions for future commercialization.
• Dasiglucagon in CHI. Zealand Pharma is ready to
resubmit the New Drug Application for dasiglucagon for
up to three weeks of dosing and to submit the requested
analyses from existing continuous glucose monitoring
datasets to support use beyond three weeks. The
regulatory submissions are, however, contingent on an
inspection classification upgrade of a third-party
manufacturing facility. In parallel, Zealand Pharma is
implementing a supply contingency plan, including the
qualification of an alternative supplier to ensure that the
product can be made available to patients in need as
quickly as possible.
Company announcement
No. 18 / 2025
3
Chronic inflammation
• ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma
expects to complete the first-in-human clinical trial with
ZP9830 in the fourth quarter of 2025 and report topline
data in the first half of 2026.
Corporate
• Zealand Pharma Capital Markets Day. Zealand Pharma
will host a Capital Markets Day in London on December
11, 2025. Speakers will include Management as well as
external experts and thought leaders in obesity.
Financial guidance for 2025
• Guidance unchanged from February 20, 2025, excluding
transaction-related costs associated with the Roche
collaboration.
DKK million
2025
Guidance
4,5
2024
Actuals
Revenue anticipated
from existing and new
license and partnership
agreements
No guidance
63
Net operating expenses
2,000-2,500
1,327
Notes:
4. Excluding transaction-related costs related to the Roche collaboration.
5. Financial guidance based on foreign exchange rates as of August 13,
2025.
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 2025 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 Officer, David Kendall. The conference call
will be conducted in English.
To receive telephone dial-in information and a unique
personal access PIN, please register at https://register-
conf.media-
server.com/register/BI38dbf0632d0e4bcfa7d2cd384405fa
1f. The live listen-only audio webcast of the call and
accompanying slides presentation will be accessible at
https://edge.media-server.com/mmc/p/w964yrhw.
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 2025
Q3 2025
November 13, 2025
Q4/FY 2025
February 19, 2026
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology
company focused on the discovery and development of
peptide-based medicines. More than 10 drug candidates
invented by Zealand Pharma have advanced into clinical
development, of which two have reached the market and
three candidates are in late-stage development. The
company has development partnerships with a number of
pharma companies as well as commercial partnerships for
its marketed products.
Zealand Pharma was founded in 1998 and is headquartered
in Copenhagen, Denmark, with a presence in the U.S. For
more information about Zealand Pharma’s business and
activities, please visit www.zealandpharma.com.
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 States, 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 2025
and financial guidance for 2025. 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 expectations
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 interpretation 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
Company announcement
No. 18 / 2025
4
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 further 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
currency 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 statements 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.
Contacts
Adam Lange
Vice President, Investor Relations
Zealand Pharma
Email: [email protected]
Neshat Ahmadi
Investor Relations Manager
Zealand Pharma
Email: [email protected]
Anna Krassowska, PhD
Vice President, Investor Relations & Corporate
Communications
Zealand Pharma
Email: [email protected]
Company announcement
No. 18 / 2025
5
R&D Pipeline
Company announcement
No. 18 / 2025
6
Obesity
Petrelintide (amylin analog) partnered with Roche
Second quarter 2025 update:
• Announced closing of the global collaboration and
license agreement with Roche for petrelintide.
• Initiated ZUPREME-2, a Phase 2 trial with petrelintide in
people with overweight or obesity and type 2 diabetes.
• Presented additional data from the 16-week Phase 1b
trial at ADA 2025.
Background:
Petrelintide (formerly ZP8396) is a long-acting amylin analog
that reduces food intake by restoring leptin sensitivity and
increasing satiety, in contrast to GLP-1RAs that reduce food
intake by suppressing appetite. The molecule is designed to
be chemically and physically stable around neutral pH, and
allow for co-formulation with other peptides, including GLP-
1RA-based molecules. Petrelintide holds potential as a next-
generation, best-in-class alternative to GLP-1RA-based
therapies and a future foundational therapy for the
treatment of overweight and obesity, targeting weight loss
comparable with GLP-1RA-based therapies but with
significantly improved gastrointestinal tolerability.
In March 2025, Zealand Pharma announced a collaboration
and license agreement with Roche to co-develop and co-
commercialize petrelintide as a future foundational therapy
for weight management and rapidly expand into related
indications.
Zealand Pharma conducted a Phase 1b, randomized,
multiple ascending dose (MAD) clinical trial of petrelintide in
normal weight and overweight healthy participants
(ClinicalTrials.gov ID: NCT05613387). The MAD trial
consisted of Part 1 and Part 2. Part 1 included 20
participants (eligible BMI 21.0–29.9) receiving six once-
weekly subcutaneous doses of petrelintide or placebo. Part
2 included 48 participants (eligible BMI 27.0–39.9) receiving
16 once-weekly doses of petrelintide or placebo using a
dose up-titration scheme.
Part 1 results were presented at the Obesity Society Annual
Meeting (ObesityWeek) in October 2023. Low doses of 0.6
mg and 1.2 mg petrelintide administered once weekly for six
weeks led to 5.3% and 5.1% mean weight loss from baseline
in enrolled participants (mean body weight of 82 kg and BMI
of 25.4). In the 6-week trial, petrelintide was judged to be
well tolerated, with no serious or severe adverse events and
no withdrawals. The most common adverse events were
related to the gastrointestinal system, such as nausea. All
gastrointestinal side effects were mild, and most occurred
within two days of the first dose. Based on the mild adverse
event profile, Zealand Pharma initiated Part 2 of the MAD
trial, exploring higher doses of petrelintide over 16 weeks
using a dose up-titration scheme, with results presented at
the Obesity Society Annual Meeting (ObesityWeek) on
November 5, 2024.
In Part 2 of the MAD trial, 48 participants were randomized
(3:1) to receive 16 once-weekly doses of petrelintide or
placebo within three dose cohorts using a dose escalation
scheme. 79% of the 48 trial participants were male and mean
BMI at baseline was 29.9 kg/m
2
. Participants randomized to
petrelintide received the three different maintenance doses
of 2.4 mg, 4.8 mg and 9.0 mg for twelve, eight and six weeks,
respectively. After 16 weeks, mean body weight reductions
were 4.8%, 8.6% and 8.3% for the three petrelintide-treated
groups, respectively, versus 1.7% for the pooled placebo
group. A greater treatment response was observed in
female participants across the three petrelintide-treated
cohorts. Petrelintide was well tolerated, with no serious or
severe adverse events. All gastrointestinal adverse events
were mild, except for two moderate events (nausea and
vomiting) reported by one participant who discontinued
treatment. No other participants discontinued treatment due
to AEs. No other events of vomiting occurred, and two
events of diarrhea were reported, both of which were mild.
There was no clear pattern of differences between men and
women for any AE, including GI AEs. The terminal half-life of
approximately 240 hours, or 10 days, was confirmed.
Zealand Pharma reported topline results from the Phase 1a,
first-in-human, randomized, single ascending dose (SAD) trial
to assess the safety, tolerability, pharmacokinetics, and
pharmacodynamics of petrelintide in healthy volunteers
(ClinicalTrials.gov ID: NCT05096598) in March 2023. Healthy
participants with a mean BMI of 25.8 were randomized (6:2)
within seven dose cohorts and treated with either
subcutaneous petrelintide or placebo. After one week,
participants treated with petrelintide had reductions in
mean body weight of 2.6%, 3.6% and 4.2% from baseline
following single doses of 0.7, 1.4 and 2.4 mg petrelintide.
Body weight reductions were well-sustained during the
additional five weeks of observation without further doses
of petrelintide. Placebo-treated participants had a mean
body weight increase of 0.6% after one week that continued
to increase in most participants during the follow-up period.
The plasma half-life of petrelintide was 230 hours, or
approximately 10 days, supporting once-weekly dose
administration. Petrelintide was well tolerated in this trial,
with no serious or severe adverse events and no
withdrawals. The detailed results were presented at the ADA
83rd Scientific Sessions in June 2023.
Company announcement
No. 18 / 2025
7
Dapiglutide (long-acting GLP-1R/GLP-2R dual agonist)
Second quarter 2025 update:
• Presented results from Part 1 (13-week study) of the
Phase 1b trial at ADA in June 2025.
• Announced topline results from Part 2 (28-week study)
of the Phase 1b trial in June 2025.
Background:
Dapiglutide is a long-acting, dual GLP-1R/GLP-2R agonist for
the potential treatment of obesity. This is a potential first-in-
class peptide designed to leverage the weight loss effects of
a potent GLP-1 receptor agonist and address comorbidities
associated with low-grade inflammation through improved
intestinal barrier function by GLP-2.
In June 2025, Zealand Pharma presented detailed results
from Part 1 of the Phase 1b dose-titration trial at the
American Diabetes Association’s (ADA) 85th Scientific
Sessions (ClinicalTrials.gov ID: NCT06000891). Topline
results had been reported in September 2024. A total of 54
participants (85% male) with a median age of 46 years and a
median BMI at baseline of 30 kg/m
2
were randomized to
receive 13 weekly doses of either dapiglutide or placebo
(14:4) within three dose cohorts (7.5 mg, 10 mg, and 13 mg).
At week 13, the estimated mean body weight decreased by
up to 8.3% on a placebo-corrected basis among participants
on dapiglutide treatment (up to 6.2% mean weight loss on
dapiglutide; 2.1% mean weight gain on placebo). No lifestyle
medications, such as diet or exercise, were included in the
trial. Dapiglutide treatment with doses up to 13 mg was
assessed to be safe and well-tolerated, with no severe
TEAEs and one serious AE, which was deemed not related to
the drug. The most common TEAEs were GI-related,
including nausea and vomiting. GI AEs were consistent with
the profile reported with other incretin-based therapies.
Only two participants discontinued treatment due to GI AEs
(moderate vomiting).
In June 2025, Zealand Pharma reported topline results from
Part 2 of the Phase 1b trial (ClinicalTrials.gov ID:
NCT06000891), investigating higher doses of dapiglutide
over a treatment period of 28 weeks. A total of 30
participants (~93% male) with a median age of 44.5 years and
a median BMI at baseline of 28.8 kg/m
2
were randomized to
receive 28 weekly doses of either dapiglutide or placebo
(2:1) within one dose cohort. At week 28, the estimated mean
body weight decreased by 11.4% from baseline on a
placebo-corrected basis among participants on dapiglutide
treatment (11.6% mean weight loss on dapiglutide; 0.2%
mean weight loss on placebo). No lifestyle modifications,
such as diet or exercise, were included in the trial.
Zealand Pharma had previously reported data from two
clinical trials with low doses of dapiglutide, including a
company-sponsored 4-week Phase 1 trial and a 12-week
mechanistic investigator-led trial named DREAM.
An investigator-led randomized, double-blind, placebo-
controlled clinical trial in up to 54 people living with
overweight and obesity, named DREAM (ClinicalTrials.gov
ID: NCT05788601), evaluated the potential for weight loss
and aimed to gain key mechanistic insights into the effects
of dapiglutide on inflammatory markers following a 12-week
treatment period. Treatment with low doses of dapiglutide
at 4 mg and 6 mg resulted in mean weight loss change from
baseline of 2.9% and 4.3% after 12 weeks, respectively,
compared to 2.2% with placebo. Dapiglutide was assessed
to be well tolerated, with no treatment emergent adverse
events (TEAEs) leading to treatment discontinuation and
fewer gastrointestinal TEAEs compared to what have been
reported from other trials with incretin-based therapies,
suggesting that doses of dapiglutide investigated were at the
lower end of the therapeutic range in an obesity setting.
Phase 1 results of dapiglutide in healthy volunteers
demonstrated dose-dependent weight loss of up to 4.3%
from baseline body weight after only four weeks of
treatment (ClinicalTrials.gov ID: NCT04612517). Dapiglutide
also delayed gastric emptying and reduced plasma glucose
and insulin concentrations in a dose-dependent manner.
Pharmacokinetics showed a mean half-life of 123-129 hours
across the four dose cohorts, which supports once-weekly
dose administration. No trial participants developed anti-
drug antibodies. Multiple weekly doses of dapiglutide were
well-tolerated and the safety profile was as expected for
GLP-1 and GLP-2 receptor agonists.
Survodutide (long-acting dual GCGR/GLP-1R agonist)
licensed to Boehringer Ingelheim
Background:
Survodutide (formerly BI456906) is a long-acting
glucagon/GLP-1 receptor dual agonist for once-weekly
subcutaneous administration that activates two key gut
hormone receptors simultaneously and may offer better
efficacy and a differentiated profile than current single-
hormone receptor agonist treatments. Survodutide is
targeting the treatment of obesity and metabolic
dysfunction-associated steatohepatitis (MASH) and fibrosis.
In 2023, Boehringer Ingelheim advanced survodutide into a
global Phase 3 program in people living with overweight or
obesity (SYNCHRONIZE™). Participant enrollment in all
clinical trials in this program has been completed.
Company announcement
No. 18 / 2025
8
SYNCHRONIZE-1 (ClinicalTrials.gov ID: NCT06066515) and
SYNCHRONIZE-2 (ClinicalTrials.gov ID: NCT06066528) are
Phase 3 trials investigating survodutide in people with
obesity (eligible BMI ≥30) or overweight (eligible BMI ≥27)
with comorbidities, including dyslipidemia, hypertension and
obstructive sleep apnea. SYNCHRONIZE-1 has enrolled
people without type 2 diabetes (eligible HbA1c <6.5%) and
SYNCHRONIZE-2 has enrolled people with type 2 diabetes
(eligible HbA1c ≥6.5% <10%). For both trials, the primary
endpoints are percentage change in body weight at week 76
and the proportion of people who achieve body weight loss
of 5% or more at week 76. Over 700 participants have been
enrolled in each of the two trials, randomized to receive
weekly subcutaneous injections of either survodutide,
reaching a maximum dose of 3.6 mg or 6.0 mg for
maintenance treatment, or placebo.
SYNCHRONIZE-CVOT (ClinicalTrials.gov ID: NCT06077864)
is a Phase 3 trial that has enrolled people with overweight or
obesity with cardiovascular disease, chronic kidney disease,
or risk factors for cardiovascular disease. In SYNCHRONIZE-
CVOT, the primary endpoint is the time to first occurrence
of any one of five major adverse cardiac events (5P-MACE):
cardiovascular death, non-fatal stroke, non-fatal myocardial
infarction, ischemia-related coronary revascularization and
heart failure events.
Phase 3 trials with survodutide in Chinese people living with
overweight or obesity, SYNCHRONIZE-CN (ClinicalTrials.gov
ID: NCT06214741), and in Japanese people living with
overweight or obesity, SYNCHRONIZE-JP (ClinicalTrials.gov
ID: NCT06176365), are also ongoing. A Phase 3 trial in people
with overweight or obesity and confirmed or presumed
metabolic dysfunction-associated steatohepatitis (MASH)
(ClinicalTrials.gov ID: NCT06309992) has also been initiated
and is fully enrolled.
In October 2024, Boehringer Ingelheim announced U.S. FDA
Breakthrough Therapy Designation (BTD) and initiation of
two Phase 3 trials with survodutide in MASH, LIVERAGE and
LIVERAGE-Cirrhosis.
LIVERAGE (ClinicalTrials.gov ID: NCT06632444) will examine
whether survodutide can improve MASH and/or fibrosis
after 52 weeks of treatment and reduce the risk of end-stage
liver disease outcomes after approximately seven years of
treatment in approximately 1,800 adults living with MASH
and moderate or advanced liver fibrosis (stages 2 or 3). The
U.S. FDA has granted Breakthrough Therapy Designation for
survodutide for the treatment of adults with non-cirrhotic
MASH and moderate or advanced fibrosis. LIVERAGE-
Cirrhosis (ClinicalTrials.gov ID: NCT06632457) will examine
whether survodutide can reduce the risk of end-stage liver
disease outcomes after approximately four and a half years
of treatment in approximately 1,590 adults living with MASH
and compensated cirrhosis (fibrosis stage 4), a condition
where the liver presents severe scarring.
The MASH program has also received Fast Track
Designation from the U.S. FDA, PRIME designation (Priority
Medicines) from the European Medicines Agency (EMA) and
Breakthrough Therapy Designation from the Center for Drug
Evaluation of China’s National Medical Products
Administration (NMPA). In people living with overweight and
obesity, it is estimated that 75% have metabolic dysfunction-
associated fatty liver disease (MAFLD) and 34% have MASH.
Advancement of survodutide to Phase 3 trials in people with
overweight or obesity and in people with MASH was based
on positive results in three separate Phase 2 trials in obesity,
type 2 diabetes and MASH.
One Phase 2 randomized, placebo-controlled, double-blind
trial evaluated survodutide compared to placebo in people
with overweight or obesity (ClinicalTrials.gov ID:
NCT04667377). Participants received multiple rising doses
of survodutide in one of four dose groups or placebo and
included 20 weeks of dose escalation and 26 weeks of
maintenance. Based on the planned maintenance dose
assigned at randomization regardless of whether the
planned dose was reached during the dose escalation
phase, survodutide achieved up to 14.9% mean weight loss
from baseline after 46 weeks. An analysis based on the
actual maintenance dose regardless of assignment at
randomization, showed up to 18.7% mean weight loss after
46 weeks. Bodyweight reductions with survodutide had not
reached a plateau at week 46, suggesting additional weight
loss could be achieved with longer treatment duration. Up to
40% of people who reached the highest two doses of
survodutide, 3.6 mg and 4.8 mg, achieved a weight loss of at
least 20%.
Serious adverse events were reported by 4.2% of
participants on survodutide versus 6.5% of those on
placebo. Treatment discontinuation due to adverse events
occurred in 24.6% and 3.9% of participants on survodutide
and placebo, respectively, mainly due to gastrointestinal
adverse events. Most treatment discontinuations due to
adverse events occurred during the rapid 20-week dose-
escalation phase with up-titration every second week. Thus,
the safety and tolerability profile of survodutide was in line
with other incretin-based pharmacotherapies. The
treatment discontinuation rate of survodutide was also
roughly similar to the treatment discontinuation rates seen
with other incretin-based pharmacotherapies in previous
Phase 2 trials in type 2 diabetes and obesity. Boehringer
Ingelheim and Zealand Pharma expect that treatment
discontinuations due to adverse events can be mitigated
Company announcement
No. 18 / 2025
9
with more gradual dose escalation over a longer duration in
Phase 3. The detailed results from the Phase 2 trial were
presented at the ADA 83
rd
Scientific Sessions in June 2023.
Additional data, presented at the 59
th
Annual Meeting of the
European Association for the Study of Diabetes (EASD) in
October 2023, demonstrated reductions in absolute waist
circumference (up to 16.0 cm), absolute body weight (up to
19.5 kg) and absolute systolic and diastolic blood pressure
(up to 8.6 mmHg and 4.8 mmHg, respectively).
A second Phase 2 randomized, placebo-controlled, double-
blind trial evaluated survodutide in people with type 2
diabetes on stable metformin background therapy
(ClinicalTrials.gov ID: NCT04153929). Participants received
multiple rising doses of survodutide in one of six dose
groups, placebo or open-label weekly semaglutide 1.0 mg
for 16 weeks. Treatment with survodutide led to dose-
dependent decreases in HbA1c, with mean reductions of -
0.93% to -1.88% at 16 weeks across the six dose groups,
compared with -0.25% seen with placebo. Treatment with
open-label weekly semaglutide at 1.0 mg led to a decrease
in HbA1c of -1.47%. Boehringer Ingelheim presented these
results at the 58th Annual Meeting of the European
Association for the Study of Diabetes (EASD) in September
2022.
A third Phase 2 trial assessed survodutide in metabolic
dysfunction-associated steatohepatitis (MASH), formerly
known as non-alcoholic steatohepatitis (NASH), and liver
fibrosis stages F1/F2/F3 (ClinicalTrials.gov ID:
NCT04771273). The double-blind, placebo-controlled trial
studied three doses of survodutide at 2.4 mg, 4.8 mg and 6.0
mg. At the highest dose, 83.0% of adults treated with
survodutide achieved a biopsy-proven improvement in
MASH after 48 weeks without worsening of fibrosis stages
F1, F2 and F3 (mild to moderate or advanced scarring),
versus 18.2% with placebo [response difference: 64.8% (CI
51.1% - 78.6%), p<0.0001]. Survodutide also met all
secondary endpoints, including a statistically significant
improvement in liver fibrosis. The detailed results were
presented at the European Association for the Study of the
Liver (EASL) congress in Milan on June 7, 2024. Up to 64.5%
of adults with fibrosis stages F2 and F3 (moderate to
advanced scarring) achieved a biopsy-proven improvement
in fibrosis without worsening of MASH after 48 weeks of
survodutide treatment, versus 25.8% with placebo
[response difference: 38.6% (CI 18.1% - 59.1%), p=0005].
Treatment with survodutide did not show unexpected safety
or tolerability issues, including at the highest dose of 6.0 mg,
which is also the maximum maintenance dose in both the
Phase 3 program in people with overweight or obesity
(SYNCHRONIZE) and in the Phase 3 trials in MASH (LIVERAGE
and LIVERAGE-Cirrhosis).
Survodutide is licensed to Boehringer Ingelheim from
Zealand Pharma, with Boehringer Ingelheim solely
responsible for development and commercialization
globally. Zealand Pharma is eligible to receive up to EUR 315
million in outstanding milestone payments and high-single to
low-double digit percentage royalties on global sales.
Rare diseases
Dasiglucagon for congenital hyperinsulinism (CHI)
Background:
Dasiglucagon is a glucagon analog that is stable in aqueous
solution and is thus suitable for chronic pump use. Three
clinical trials, including two pivotal studies and an ongoing
long-term extension trial, evaluate the potential for chronic
dasiglucagon infusion delivered subcutaneously via a pump
to prevent hypoglycemia in children with CHI. The U.S. FDA
and the European Commission have both granted orphan
drug designation to dasiglucagon for the treatment of CHI.
Zealand Pharma is ready to resubmit the New Drug
Application (NDA) for dasiglucagon for up to three weeks of
dosing and to submit the requested detailed analyses from
existing continuous glucose monitoring (CGM) datasets to
support use beyond three weeks. CGM was included as a
secondary outcome measure in the Phase 3 program. The
regulatory submissions are, however, contingent on an
inspection classification upgrade of a third-party
manufacturing facility. Zealand Pharma is implementing a
supply contingency plan, including the qualification of an
alternative supplier to ensure that the product can be made
available to patients in need as quickly as possible.
The global, 2-part, Phase 3 trial 17103 (ClinicalTrials.gov ID:
NCT04172441) evaluated the efficacy of dasiglucagon in
reducing glucose requirements in 12 children (ranging in age
from 7 days to 12 months) with persistent CHI requiring
continuous intravenous glucose administration to prevent or
manage hypoglycemia.
In Part 1 of the Phase 3 trial, dasiglucagon significantly
reduced the requirement for intravenous (IV) glucose to
maintain glycemia in newborns and infants with CHI.
Dasiglucagon significantly reduced the mean IV glucose
infusion rate (GIR) in the last 12 hours of the 48 hour
treatment period by 55% as compared to placebo (4.3
mg/kg/min for dasiglucagon and 9.4 mg/kg/min for placebo
with a treatment difference of 5.2 mg/kg/min; p=0.0037).
Dasiglucagon also reduced GIR over the entire 48-hour
treatment period by 3.5 mg/kg/min compared to placebo
(p=0.0107). Dasiglucagon treatment resulted in a reduction
of 31 g/day in total carbohydrate intake (IV and gastric)
Company announcement
No. 18 / 2025
10
compared to placebo (107 g/day for dasiglucagon vs. 138
g/day for placebo; p=0.024), a 22% reduction in
carbohydrate calories. Dasiglucagon was observed to be
well tolerated in Part 1 of the trial, with skin reactions and
gastrointestinal disturbances as the most frequently
reported adverse events (no serious adverse events
reported).
In the 21-day open-label Part 2 of the Phase 3 trial,
dasiglucagon reduced time in hypoglycemia and enabled
discontinuation of intravenous glucose in most infants and
limited the need for pancreatectomy. Continuous
subcutaneous infusion of dasiglucagon enabled reduction
and either periodic or permanent discontinuation of IV
glucose infusion in 10 out of 12 infants during the study
period. Seven infants, who did not require pancreatectomy,
were completely weaned off IV glucose at the completion of
the trial. During the 21-day treatment with dasiglucagon,
CGM measures of hypoglycemia trended lower with median
time <70 mg/dL reduced from 7.0% to 5.2% and <54 mg/dL
reduced from 1.9% to 0.88%. There was no increase in
hyperglycemia. The safety profile of dasiglucagon in Part 2
was consistent with Part 1, with no adverse event requiring
discontinuation of treatment and no serious adverse events
reported.
The open-label Phase 3 trial 17109 (ClinicalTrials.gov ID:
NCT03777176) evaluated the efficacy of dasiglucagon in
reducing hypoglycemia in 32 children (ranging in age from 3
months to 12 years) with CHI with more than three
hypoglycemic events per week despite previous near-total
pancreatectomy and/or maximum medical therapy. Data
reported in December 2020 showed that dasiglucagon on
top of standard of care (SOC) did not significantly reduce the
rate of hypoglycemia compared to SOC alone when
assessed by the primary endpoint, intermittent self-
measured plasma glucose. However, dasiglucagon
treatment resulted in a 40–50% reduction in hypoglycemia
compared to SOC alone, when assessed by blinded
continuous glucose monitoring.
The Phase 3 trial 17106 (ClinicalTrials.gov ID: NCT03941236)
is evaluating the long-term safety of dasiglucagon in 42 of
the 44 children older than 1 month with CHI who completed
either of the Phase 3 trials 17103 or 17109.
Glepaglutide (long-acting GLP-2 analog) for short bowel
syndrome (SBS)
Second quarter 2025 update:
• Zealand Pharma submitted a Marketing Authorization
Application (MAA) to the European Medicines Agency
(EMA) for glepaglutide in short bowel syndrome.
Background:
Glepaglutide is a long-acting GLP-2 analog that is stable in
aqueous solution. Zealand Pharma is developing
glepaglutide as a ready-to-use, fixed dose product designed
for subcutaneous delivery via auto-injector for the potential
treatment of SBS. The Phase 3 program, named EASE,
includes four clinical trials (EASE-1-4) evaluating the
potential for glepaglutide to reduce or eliminate the need for
parenteral support in SBS patients with intestinal failure. The
U.S. FDA has granted orphan drug designation to
glepaglutide for the treatment of SBS.
In December 2024, Zealand Pharma received a Complete
Response Letter (CRL) from the U.S. FDA for the glepaglutide
NDA for the treatment of adult patients with SBS with
intestinal failure (IF). The submitted NDA included a single
randomized, placebo-controlled Phase 3 trial (EASE-1). In the
CRL, the FDA recommended an additional placebo-
controlled clinical trial to provide further evidence
confirming the efficacy and safety of the to-be-marketed
dose of twice-weekly glepaglutide. In the second half of
2025, Zealand Pharma expects to initiate a single Phase 3
clinical trial (EASE-5) that is anticipated to provide further
confirmatory evidence for a regulatory submission in the
U.S.
In June 2025, Zealand Pharma submitted a Marketing
Authorization Application (MAA) to the European Medicines
Agency (EMA) for glepaglutide administered twice weekly for
the treatment of adult patients with SBS. The submission is
based on results from EASE-1, supported by interim results
from two ongoing long-term extension trials (EASE-2 and
EASE-3) and results from a mechanistic trial (EASE-4).
EASE-1 (ClinicalTrials.gov ID: NCT03690206) is a
randomized, double-blind Phase 3 trial that enrolled a total
of 106 SBS patients with intestinal failure who were
dependent on parenteral support for at least three days per
week. Patients were evenly randomized to receive treatment
with 10 mg glepaglutide administered either once or twice
weekly, or placebo. The primary endpoint in the trial was the
absolute change in weekly parenteral support volume from
baseline at 24 weeks.
In EASE-1, glepaglutide given twice weekly significantly
reduced the total weekly volume of parenteral support at 24
weeks as compared to placebo (p=0.0039). When
administered once weekly, glepaglutide treatment also
resulted in a numeric reduction in weekly parenteral
support, however this did not achieve statistical significance.
At 24 weeks, the average reduction in parenteral support
from baseline was 5.13 Liters/week for patients treated with
glepaglutide twice weekly and was 3.13 Liters/week for
Company announcement
No. 18 / 2025
11
patients treated with glepaglutide once weekly. Placebo
treatment resulted in a reduction in parenteral support of
2.85 Liters/week. Clinical response, defined as a patient
achieving at least 20% reduction in weekly parenteral
support volume from baseline at both 20 and 24 weeks, was
significantly higher with twice weekly glepaglutide compared
to placebo (p=0.0243). Among patients receiving
glepaglutide twice weekly, 65.7% achieved a clinical
response, whereas 45.7% and 38.9% of patients achieved a
clinical response in the once weekly and placebo treatment
groups, respectively.
In the twice weekly dosing group, 14% of patients (n=5) were
completely weaned off parenteral support (enteral
autonomy). In total, 9 patients treated with glepaglutide
achieved enteral autonomy, while no placebo-treated
patients were able to discontinue parenteral support.
Glepaglutide appeared to be safe and was well-tolerated in
the trial. The most frequently reported adverse events were
injection site reactions and gastrointestinal events. These
results were presented at the ASPEN 2023 Nutrition Science
& Practice Conference in April 2023 and Digestive Diseases
Week in May 2023.
In total, 102 of 106 participating patients completed EASE-1,
of which 96 continued into the ongoing two-year, long-term
safety and efficacy extension trial, EASE-2. EASE-2
(ClinicalTrials.gov ID: NCT03905707) is a randomized,
double-blind trial in which SBS patients continued their
assigned treatment from EASE-1 with glepaglutide 10 mg
once or twice weekly. Patients who received placebo in
EASE-1 were re-randomized to treatment with either
glepaglutide 10 mg once or twice weekly. In an interim
analysis conducted at six months, clinical response to
glepaglutide across the key efficacy endpoints was
generally maintained or showed continued improvement.
Data also demonstrated that additional patients on both
doses weaned off parenteral support successfully.
Patients who complete EASE-2 are eligible to participate in
EASE-3 (ClinicalTrials.gov ID: NCT04881825), evaluating
glepaglutide administered once weekly using an auto-
injector. An interim analysis of EASE-3, conducted with the
first 43 patients rolled over from EASE 2, showed that the
reduction in prescribed PS was generally maintained.
Glepaglutide appeared to be safe and well-tolerated in
EASE-2 and EASE-3, with a profile consistent with that
observed in EASE-1. Both EASE-2 and EASE-3 long-term
extension trials are ongoing.
In addition, in EASE-4 (ClinicalTrials.gov ID: NCT04991311),
a Phase 3b trial to assess long-term effects of glepaglutide
on intestinal fluid and energy uptake, glepaglutide 10 mg
once-weekly increased intestinal absorption and reduced
the need for parenteral support in people with SBS. In
March 2025, the results were presented at the American
Society for Parenteral and Enteral Nutrition (ASPEN) 2025
Nutrition Science & Practice Conference.
Inflammation
Zealand Pharma is pursuing multiple programs in
inflammatory diseases which will be detailed more as they
progress through development.
ZP9830 (Kv1.3 Ion Channel Blocker)
ZP9830 is a potent and selective Kv1.3 blocker with
potential to treat a broad range of T-cell-mediated
autoimmune diseases.
Kv1.3 is a potassium conducting ion channel, which is
selectively upregulated on T effector memory cells. T
effector memory cells are dependent on Kv1.3 to function
and play a key role in autoimmunity and chronic
inflammation by releasing pro-inflammatory cytokines,
which drive tissue damage. The specific and selective
location of the Kv1.3 on the effector memory T cells makes
it an attractive pharmaceutical target, as blocking Kv1.3 is
believed to preserve the protective effects of the rest of the
immune system.
The anti-inflammatory effects of blocking the Kv1.3 ion
channel have been demonstrated in pre-clinical models of
autoimmune diseases, demonstrating concentration-
dependent inhibition of pro-inflammatory cytokine release
from stimulated human whole blood.
In December 2024, Zealand Pharma initiated the first-in-
human clinical trial of ZP9830. This Phase 1 single ascending
dose (SAD) trial will investigate the safety and tolerability of
ZP9830, its pharmacokinetic profile to determine the
appropriate dose levels for potential future clinical trials,
and the pharmacodynamics to evaluate its effect on the
body’s immune system.
Zealand Pharma expects to report topline results from the
Phase 1 SAD trial of ZP9830 in the first half of 2026.
ZP10068 (Complement C3 inhibitor)
ZP10068 is an investigational, long-acting inhibitor of
Complement C3, which has the potential to treat a broad
range of complement-mediated diseases.
The complement system is a part of the innate immune
system, and a central component of the complement
Company announcement
No. 18 / 2025
12
cascade is the C3 protein. Since C3 is at the core of the
complement system, its inhibition is believed to block all
downstream effects of the complement cascade.
In 2024, Alexion Pharmaceuticals discontinued development
of ZP10068 citing business reasons and transferred the
asset back to Zealand Pharma. Zealand Pharma will evaluate
the potential for advancing ZP10068 into the first-in-human
clinical trials in 2025.
1 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Financial highlights and key figures.
Financial highlights (DKK thousand) Note
Q2-25 Q2-24 Q2-25 YTD Q2-24 YTD
Revenue 2 9,088,284 34,131 9,096,376 49,220
Cost of goods sold -410 -9,489 -815 -14,086
Gross profit 9,087,874 24,642 9,095,561 35,134
Research and development expenses -464,145 -211,516 -754,465 -402,451
Sales and marketing expenses -41,218 -12,435 -78,579 -21,678
General and administrative expenses -69,242 -68,369 -134,709 -134,523
Net operating expenses *** -574,605 -292,320 -967,753 -558,652
Operating result *** 8,513,269 -267,678 8,127,808 -523,518
Net financial items 4 -227,403 -26,390 -157,084 -548
Result before tax *** 8,285,866 -294,068 7,970,724 -524,066
Corporate tax 5 -537,323 1,316 -535,946 2,667
Net result for the period *** 7,748,543 -292,752 7,434,778 -521,399
Earnings/loss per share, basic (DKK) 107.08 -4.67 102.39 -8.39
Earnings/loss per share, diluted (DKK) 105.61 -4.67 100.66 -8.39
Statement of financial position (DKK thousand) Note
Jun-30, 2025 Dec-31, 2024
Cash and cash equivalents 9 7,244,047 726,033
Marketable securities 7 9,333,831 8,295,983
Cash, cash equivalents and marketable securities 16,577,878 9,022,016
Total assets 17,180,064 9,505,600
Total shareholders' equity 15,608,794 8,616,742
Cash flow (DKK thousand) Note
Q2-25 YTD Q2-24 YTD
Undrawn borrowing facilities * - 350,000
Cash (used in)/provided by operating activities 8,018,526 -455,005
Cash used in investing activities -1,019,635 -1,408,895
Cash (used in)/provided by financing activities -310,539 8,565,334
Purchase of intangible assets -2,614 -990
Purchase of property, plant and equipment -12,877 -8,625
Free cash flow ** 8,005,649 -463,630
Other Note
Jun-30, 2025 Dec-31, 2024
Share price (DKK) 354.7 715.5
Number of shares ('000 shares) 71,344 71,024
Market capitalization (mDKK) ** 24,964 50,550
Equity ratio (%) ** 91% 91%
Equity per share (DKK) ** 221.77 121.96
Average number of full time employees 393 289
Number of full-time employees at the end of the period 424 335
* The revolving credit facility provided by Danske Bank (RCF) was terminated in Q3, 2024. EIB loan Tranches B and C are excluded as they are
dependent on predefined milestones being met.
** For basis of calculation refer to 2024 Annual Report p. 187.
*** Excluding transaction-related costs of DKK 196.4 million associated with the Roche partnership agreement, of which DKK 174.9 million relates
to Q2, 2025. Net operating expenses including transaction-related costs amount to DKK 1,164.2 million in Q2, 2025 year-to-date.
2 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Financial Review.
• Revenue in the first six months of 2025 of DKK 9.1 billion
is mainly driven by the initial upfront payment under the
collaboration and license agreement with Roche for
petrelintide, which closed in May 2025.
• Operating expenses in the first six months of 2025 of
DKK 968 million, excluding DKK 196 million in
transaction costs related to the Roche collaboration and
license agreement, are mainly driven by clinical
advancement of the obesity pipeline.
• Very solid cash position of DKK 16.6 billion as of June
30, 2025, allowing Zealand Pharma to honor all cost
obligations under the collaboration and license
agreement with Roche and accelerate investments in the
early-stage research pipeline.
Revenue
Revenue in the first six months of 2025 of DKK 9.1 billion is
mainly driven by the initial upfront payment under 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, the vast majority, DKK 9.0 billion,
was recognized as revenue in connection with the closing of
the agreement in May 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 will be recognized as revenue as the trials progress
and complete. Of this amount, DKK 95 million was
recognized in the second quarter of 2025, resulting in
deferred revenue of DKK 167 million as of June 30, 2025.
For further details on revenue and revenue recognition in
accordance with the International Financial Reporting
Standards (IFRS), please refer to Note 2.
Net operating expenses
Research and development expenses in the first six months
of 2025 of DKK 754 million are mainly driven by
development of the company’s obesity assets, including the
large Phase 2 trials with petrelintide. To a lesser extent,
expenses also reflect preparations for Phase 2 with
dapiglutide, increased investments in ZP9830, the Kv1.3 Ion
Channel Blocker, as well as development and regulatory
activities related to the rare disease programs, including
preparations for the Phase 3 trial EASE-5, which is planned
for initiation in the second half of 2025, to support
regulatory submission of glepaglutide for short bowel
syndrome (SBS) in the U.S.
Selling and marketing expenses of DKK 79 million in the first
six months of 2025 are mainly driven by pre-commercial
activities associated with petrelintide and the rare disease
portfolio, dasiglucagon for congenital hyperinsulinism (CHI)
and glepaglutide for SBS.
General and administrative expenses of DKK 135 million in
the first six months of 2025 are flat compared to the first six
months of 2024. The expenses reflect the continued
strengthening of organizational capabilities in select
corporate functions, sustained investments in IT
infrastructure, and legal expenses related to our patent
portfolio.
Financial items
Financial items in the first six months of 2025 of DKK -157
million are driven by exchange rate adjustments of DKK -
293 million, which primarily relate to USD deposits and
currency revaluations on accounts receivables and cash
equivalents. This is partly offset by interest income of DKK
98 million from excess liquidity invested in marketable
securities and fair value adjustment of DKK 58 million of
warrants granted to the European Investment Bank (EIB).
-69
-68
-12
-212
Q2 2024
-3
-65
-29
-263
Q3 2024
-117
-38
-254
Q4 2024
-65
-37
-291
Q1 2025
-42
-464
Q2 2025
-292
-360
-409
-393
-575
R&D S&M G&A Other operating items
OPEX by quarter excl. transaction fees
1
DKK million
3 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Corporate tax
In the first six months of 2025, Zealand Pharma recognized
an expected tax payable of DKK 536 million for the year.
This is driven by the expected positive result before tax,
following the initial upfront payment under the Roche
collaboration and license agreement. The expected tax
payable reflects an effective tax rate of 8%.
Zealand Pharma has utilized DKK 922 million of its
unrecognized tax assets, reducing the unrecognized tax
asset balance from DKK 1,522 million as of December 31,
2024 to DKK 600 million as of June 30, 2025.
Equity
On June 30, 2025, equity is DKK 15.6 billion, reflecting a
significant increase compared to December 31, 2024 (DKK
8.6 billion). The increase is mainly driven by the result for
the period.
Cash position
Cash, cash equivalents and marketable securities as of
June 30, 2025 is DKK 16.6 billion, reflecting a significant
increase compared to the DKK 9.0 billion in cash, cash
equivalents and marketable securities as of December 31,
2024. The increase is mainly driven by the initial upfront
payment of USD 1.4 billion (DKK 9.2 billion) under the Roche
collaboration and license agreement, partly offset by net
operating expenses incurred during the period and a share
buyback program in which 883,000 treasury shares (DKK
332 million) were acquired in the second quarter of 2025 to
support Zealand Pharma’s Long Term Incentive Programs.
Under the terms of the collaboration and license agreement
with Roche, Zealand Pharma is eligible to receive an
additional USD 250 million over the first two anniversaries
of the collaboration, as well as USD 1.2 billion in potential
development milestone payments, primarily related to the
initiation of Phase 3 trials with petrelintide monotherapy.
As of June 30, 2025, Zealand Pharma has placed DKK 9.3
billion in low-risk marketable securities in line with the
company’s treasury policy. Cash and cash equivalents
amount to DKK 7.2 billion, of which DKK 6.7 billion are
placed in a money market fund.
For further information on the marketable securities, please
refer to Note 7 and to Note 9 for further information on
cash and cash equivalents.
Events after the reporting date
No events have occurred subsequent to the balance sheet
date that could significantly impact the interim financial
statements as of June 30, 2025.
Outlook for the year
There are no changes to the outlook for the year compared
to the FY 2024 Company announcement on February 20,
2025. Financial guidance is confirmed with net operating
expenses for 2025 still expected to be between DKK 2.0-2.5
billion, excluding transaction-related costs associated with
the Roche collaboration. The financial guidance is based on
foreign exchange rates as of August 13, 2025.
9,022
16,578
8,019
Cash
position
Dec-24
1,2
Cash flow
from
operating
activities
-131
Other cash
adjustments
-332
Purchase
of treasury
shares
Cash
position
Jun-25
1,2
DKK million
Cash position compared to FY24
4 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Interim financial statements.
Unaudited interim condensed consolidated financial statements for Q2 2025:
Interim profit and loss statement ........................................................................................................................................................................... 5
Interim statement of comprehensive profit and loss......................................................................................................................................... 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. Trade receivables ............................................................................................................................................................................................... 14
7. Marketable securities ......................................................................................................................................................................................... 14
8. Financial instruments.......................................................................................................................................................................................... 15
9. Cash and cash equivalents ............................................................................................................................................................................... 17
10. Share capital ...................................................................................................................................................................................................... 17
11. Cash flow adjustments .................................................................................................................................................................................... 18
12. Capital Management ........................................................................................................................................................................................ 18
13. Contingent assets and liabilities .................................................................................................................................................................... 18
14. Significant events after the reporting period .............................................................................................................................................. 19
Statement by the Executive Management and the Board of Directors. .......................................................................................................... 20
5 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Interim profit and loss statement.
DKK thousand Note
Q2-25 Q2-24 Q2-25 YTD Q2-24 YTD
Revenue 2 9,088,284 34,131 9,096,376 49,220
Cost of goods sold -410 -9,489 -815 -14,086
Gross profit 9,087,874 24,642 9,095,561 35,134
Research and development expenses -464,145 -211,516 -754,465 -402,451
Sales and marketing expenses -41,218 -12,435 -78,579 -21,678
General and administrative expenses -69,242 -68,369 -134,709 -134,523
Other operating expenses 3 -174,846 - -196,422 -
Net operating expenses * -749,451 -292,320 -1,164,175 -558,652
Operating result 8,338,423 -267,678 7,931,386 -523,518
Financial income 4 62,804 31,152 153,140 63,448
Financial expenses 4 -290,207 -57,542 -310,224 -63,996
Result before tax 8,111,020 -294,068 7,774,302 -524,066
Corporate tax 5 -537,323 1,316 -535,946 2,667
Net result for the period 7,573,697 -292,752 7,238,356 -521,399
Earnings/loss per share, basic (DKK) 107.08 -4.67 102.39 -8.39
Earnings/loss per share, diluted (DKK) 105.61 -4.67 100.66 -8.39
*Net operating expenses excluding transaction-related costs associated with the Roche partnership agreement amount to DKK
574.6 million in Q2, 2025 and DKK 967.8 million in Q2, 2025 year-to-date.
6 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Interim statement of comprehensive
profit and loss.
DKK thousand Note
Q2-25 Q2-24 Q2-25 YTD Q2-24 YTD
Net result for the period 7,573,697 -292,752 7,238,356 -521,399
Other comprehensive income/loss
Items that will be reclassified to income statement when
certain conditions are met (net of tax):
Exchange differences on translation of foreign operations 78 -60 752 -44
Total comprehensive result for the period 7,573,775 -292,812 7,239,108 -521,443
7 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Interim statement of financial position.
DKK thousand Note
Jun-30, 2025 Dec-31, 2024
Intangible assets 13,591 12,620
Property, plant and equipment 54,567 46,479
Right-of-use assets 79,589 78,768
Deferred tax assets 873 985
Other receivables 16,542 19,412
Marketable securities 7 - 819,632
Total non-current assets 165,162 977,896
Inventory 10,296 10,698
Trade receivables 6 325,313 193,559
Other receivables 91,708 87,205
Corporate tax receivable 9,707 10,232
Other investments 8 - 23,626
Marketable securities 7 9,333,831 7,476,351
Cash and cash equivalents 9 7,244,047 726,033
Total current assets 17,014,902 8,527,704
Total assets 17,180,064 9,505,600
Share capital 10 71,344 71,024
Share premium 14,711,084 14,680,771
Currency translation reserve 23,140 22,388
Retained earnings/(losses) 803,226 -6,157,441
Total shareholders' equity 15,608,794 8,616,742
Deferred revenue 2 12,613 -
Borrowings 8 293,996 285,332
Derivative financial liabilities 8 51,769 109,665
Lease liabilities 85,460 90,388
Total non-current liabilities 443,838 485,385
Corporate tax payables 5 535,946 -
Deferred revenue 2 153,882 -
Lease liabilities 17,496 16,036
Trade payables 312,266 254,843
Other payables 107,842 132,594
Total current liabilities 1,127,432 403,473
Total liabilities 1,571,270 888,858
Total shareholders' equity and liabilities 17,180,064 9,505,600
8 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Interim statement of cash flow.
DKK thousand
Note
Q2-25 YTD Q2-24 YTD
Net result for the period 7,238,356 -521,398
Adjustment for other non-cash items 11 960,989 51,875
Changes in working capital 11 -272,829 4,464
Financial income received 99,747 18,132
Financial expenses paid -7,726 -13,556
Corporate taxes (paid)/received -11 5,478
Cash flow from/(used in) operating activities 8,018,526 -455,005
Proceeds from sale of marketable securites 7 7,695,444 920,784
Purchase of marketable securities 7 -8,723,214 -2,320,064
Purchase of intangible assets -2,614 -990
Purchase of property, plant and equipment -12,877 -8,625
Proceeds from sale of equity investment in Beta Bionics Inc. 8 23,626 -
Cash flow used in investing activities -1,019,635 -1,408,895
Proceeds from borrowings - 369,867
Lease installments -8,764 -7,676
Proceeds from issuance of shares - 8,492,752
Purchase of treasury shares 10 -332,408 -81,030
Proceeds from issuance of shares related to exercise of share-based
compensation
10 30,633 25,541
Costs related to issuance of shares - -234,120
Cash flow from/(used in) financing activities -310,539 8,565,334
Increase in cash and cash equivalents 6,688,352 6,701,434
Cash and cash equivalents at beginning of period 726,033 449,311
Exchange rate adjustments -170,338 4,568
Cash and cash equivalents at end of period 7,244,047 7,155,313
9 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Interim statement of changes in equity.
DKK thousand
Share
capital
Share
premium
Currency
translation
reserve
Retained
earnings/(los
ses)
Total
Equity at January 1, 2025 71,024 14,680,771 22,388 -6,157,441 8,616,742
Net result for the period - - - 7,238,356 7,238,356
Other comprehensive income for the period - - 752 - 752
Total comprehensive income - - 752 7,238,356 7,239,108
Transactions with owners:
Purchase of treasury shares - - - -332,408 -332,408
Exercise of warrants 320 30,313 - - 30,633
Share-based compensation expenses - - - 54,719 54,719
Equity at June 30, 2025 71,344 14,711,084 23,140 803,226 15,608,794
Equity at January 1, 2024 58,751 6,406,225 22,704 -4,894,841 1,592,839
Net result for the period - - - -521,398 -521,398
Other comprehensive loss for the period - - -44 - -44
Total comprehensive income - - -44 -521,398 -521,442
Transactions with owners:
Exercise of warrants 138 25,403 - - 25,541
Share-based compensation expenses - - - 40,613 40,613
Capital increases 12,112 8,480,559 - - 8,492,671
Costs related to capital increases - -234,120 - - -234,120
Equity at June 30, 2024 71,001 14,678,067 22,660 -5,375,626 9,396,102
10 Zealand Pharma A/S | Interim Financial Statements Q2 2025
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, 2024.
New standards, interpretations and amendments adopted by the Group
No amendments that apply for the first time in 2025 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 2024. Please refer to note 1.3 in the 2024 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 8. Financial instruments.
▪ Ongoing judgement on classification of marketable securities acquired in Q2, 2025 year-to-date. Refer to note 7. Marketable
securities.
▪ Judgement on classification of investment in money market fund managed by J.P. Morgan. Refer to note 9. Cash and cash
equivalents.
▪ Estimate of stand-alone selling prices for each of the two performance obligations identified under the Roche partnership
agreement (Revenue). Refer to note 2. Revenue.
11 Zealand Pharma A/S | Interim Financial Statements Q2 2025
2. Revenue
Revenue can be specified as follows:
DKK thousand
Q2-25 Q2-24 Q2-25 YTD Q2-24 YTD
F. Hoffmann-La Roche Ltd. (Roche) 9,079,302 - 9,079,302 -
Novo Nordisk A/S 8,572 24,479 16,259 34,885
Alexion Pharmaceuticals Inc. - 163 - 249
Total revenue from license and collaboration agreements 9,087,874 24,642 9,095,561 35,134
Product sales 410 9,489 815 14,086
Sale of goods revenue 410 9,489 815 14,086
Total revenue 9,088,284 34,131 9,096,376 49,220
Total revenue recognized over time 104,100 9,643 111,787 20,135
Total revenue recognized at a point in time 8,984,185 24,489 8,984,590 29,086
DKK thousand
Q2-25 Q2-24 Q2-25 YTD Q2-24 YTD
Milestone revenue - 15,000 - 15,000
License revenue for intellectual property 8,983,774 - 8,983,774 -
Royalty revenue 1,345 216 1,669 477
Reimbursement revenue for R&D services 102,755 9,426 110,118 19,657
Product sales 410 9,489 815 14,086
Total revenue by revenue stream 9,088,284 34,131 9,096,376 49,220
Total revenue in Q2, 2025 year-to-date of DKK 9,096.4 million is driven by the Roche partnership agreement signed in March
2025.
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 DKK 9,245.3 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 US and Europe, and compensation on a time and material basis. All
milestones are contingent of 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 revenue reversal would not occur.
Royalties and net sales-based milestones under the agreement will be recognized when the related sales occur. The agreement
with Roche is considered a contract with a customer as defined in IFRS 15. Thus, Zealand Pharma recognizes revenue from Roche
as a customer under the collaboration agreement the amount of the transaction price that is allocated to the respective
performance obligation when (or as) the performance obligation is satisfied.
Within the Roche agreement, Zealand Pharma identified two distinct performance obligations:
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 initial upfront payment of DKK 9,245.3 million (USD 1.4 billion) is fixed and was allocated based on Management’s estimate of
stand-alone selling prices for each of the two performance obligations. A total of DKK 261.5 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 8,983.8 million of the first upfront payment was consequently allocated to the performance obligation related to
the petrelintide license provided to Roche using the residual approach. Future milestone payments and royalties have been
considered variable due to general development risks.
12 Zealand Pharma A/S | Interim Financial Statements Q2 2025
The performance obligations related to the delivery of the license for petrelintide were completed at a point in time (May 2025)
and revenue of DKK 8,983.8 million in license revenue was recognized at the point in time the license was transferred to Roche
and Roche was able to use and benefit from the license, i.e. the effective date on May 9, 2025 following regulatory approval of
the agreement. Also, the license was identified as a separate performance obligation as Roche, irrespectively of the completion
of the phase 2b clinical trials, has access to the intellectual property of petrelintide.
The upfront payment of USD 1.4 billion was received in June 2025. To hedge against the foreign exchange risk associated with
part of this upfront payment, Zealand Pharma has executed an FX forward contract (partial hedge) involving the sale of USD and
the purchase of EUR. The contract was not designated as a qualifying hedge and thus measured at fair value through profit or
loss. At maturity on June 10, 2025, DKK 22.3 million has been recognized under financial expenses, refer to note 4. Financial
items.
The agreement contains two additional upfront payments, both pending the passing of time to achieve first and second
anniversaries of the agreement’s effective date, each of USD 125 million. These upfront payments are considered variable and
excluded from the transaction price as they are dependent on future events outside the control of Zealand Pharma.
Consequently, these milestones will be recognized as license revenue at a point in time following the first and second anniversary
of the agreement.
The revenue allocated to the clinical trials obligation is deferred according to the progression and costs related to ZUPREME 1
and 2 and will be recognized as reimbursement revenue as the phase 2b clinical trials progress. As of Q2, 2025 year-to-date
revenue from delivery of the specified development activities has been recognized with 95.0 million, resulting in a remaining
obligation as of June 30, 2025 of DKK 166.5 million.
After delivery of the license and prior to co-commercialization, Zealand Pharma shares further development and commercial
costs equally (50/50 split) with Roche. 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.
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). 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. 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. Zealand Pharma expects to recognize the patent rights for CT-388 as an intangible
asset based on a cost accumulation approach. The payment for the CT-388 license will become due in four installments
throughout 2026-2027, totaling USD 350 million.
For further information on the accrual of clinical trials refer to note 2.5 in the 2024 Annual Report. For further information on the
Novo Nordisk agreements refer to note 2.1 in the 2024 Annual Report.
3. Other operating items
DKK thousand
Q2-25 Q2-24 Q2-25 YTD Q2-24 YTD
Transaction fees related to Roche partnership agreement -174,846 - -196,422 -
Total other operating items -174,846 - -196,422 -
Presentation in income statement:
Other operating expenses -174,846 - -196,422 -
Other operating expenses of DKK 196.4 million in Q2, 2025 year-to-date comprise 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 2025
4. Financial items
Financial items include interests and banking fees from managing financial transactions, as well as foreign exchange rate
adjustments, fair value adjustments of other investments, derivative financial liabilities and marketable securities.
DKK thousand
Q2-25 Q2-24 Q2-25 YTD Q2-24 YTD
Interest income 56,361 18,764 97,983 38,538
Interest expenses from financial liabilities measured at
amortized cost
-6,889 -10,131 -14,093 -15,651
Interest expenses from lease liabilities -451 -658 -898 -1,342
Fair value adjustment of marketable securities 1,728 9,194 19,473 13,326
Fair value adjustment of other investments - 329 - 686
Fair value adjustment of derivatives 4,715 -43,153 35,684 -43,153
Exchange rate adjustments -281,132 2,865 -293,092 10,898
Other financial expenses -1,735 -3,600 -2,141 -3,850
Financial items in total -227,403 -26,390 -157,084 -548
Presentation in income statement:
Financial income 62,804 31,152 153,140 63,448
Financial expenses -290,207 -57,542 -310,224 -63,996
Interest income in Q2, 2025 year-to-date of DKK 98.0 mainly relates to excess liquidity from recent capital increases, as well as
the USD 1.4 billion upfront paid by Roche on June 9, 2025 invested in marketable securities in line with the Group’s treasury
policy. Refer to note 7. Marketable securities.
Interest expenses from financial liabilities measured at amortized cost in Q2, 2025 year-to-date of DKK 14.1 million relate to the
EIB loan (Tranche A) disbursed on March 11, 2024.
Fair value adjustment of derivatives of DKK 35.7 million in Q2, 2025 year-to-date comprises a DKK 57.9 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 to note 8. Financial instruments for further information. This is partly offset by a fair value adjustment of DKK
22.2 million from the effect of the FX forward contract (partial hedge) related to the Roche upfront payment as mentioned in note
2. Revenue
Exchange rate adjustments of DKK 293.1 million in Q2, 2025 year-to-date relate to USD deposits, currency revaluation on
accounts receivables and cash equivalents.
5. Corporate tax
For the six months period ended June 30, 2025, Zealand Pharma has recognized an expected tax payable for the year of DKK
535.9 million. This reflects an effective tax rate (ETR) of 8% and is consistent with forecasts.
The Group has partly utilized its unrecognized tax assets amounting to DKK 922.0 million. This utilization resulted in reducing the
unrecognized tax asset balance from DKK 1,521.7 million at the end of 2024 to DKK 599.7 million as of June 30, 2025.
14 Zealand Pharma A/S | Interim Financial Statements Q2 2025
6. Trade receivables
Trade receivables can be specified as follows:
DKK thousand
Jun-30, 2025 Dec-31, 2024
Trade receivables 2,166 499
Receivables related to license and collaboration agreements 88,545 86,670
Prepaid expenses 234,602 106,390
Total trade receivables 325,313 193,559
Non-current - -
Current 325,313 193,559
As of June 30, 2025, receivables related to license and collaboration agreements amount to DKK 88.5 million (2024: DKK 86.7
million) and include withholding tax receivable from the Boehringer Ingelheim (BI) milestone payment of DKK 35.5 million, an
accrual for development costs related to the Roche partnership of DKK 24.0 million as well as receivables from the Novo
Nordisk A/S license and development agreement of DKK 29.0 million.
Prepaid expenses of DKK 234.6 million (2024: 106.4 million) comprise large prepayments for drug substance related to
petrelintide.
7. Marketable securities
As of June 30, 2025, Zealand Pharma has placed DKK 9,334 million into low-risk marketable securities in line with the Group’s
treasury policy. The investments can be specified as follows:
DKK thousand
Jun-30, 2025 Dec-31, 2024
DKK portfolio:
DK bonds 6,155,820 7,341,039
Total DKK portfolio
6,155,820 7,341,039
EUR portfolio:
IG Corporate bonds (investment grade) 3,178,011 954,944
Total EUR portfolio
3,178,011 954,944
Total portfolio
9,333,831 8,295,983
Non-current -
819,632
Current 9,333,831
7,476,351
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, 2025, all outstanding securities mature within 59
months (2024: 19 months) in line with the Group’s treasury policy guidelines. All securities in the portfolio have an investment
graded rating of AAA to BBB-. Zealand Pharma recognizes marketable securities at settlement date.
Marketable securities acquired in 2025 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 8. Financial instruments for information on fair value measurement and the fair value hierarchy.
15 Zealand Pharma A/S | Interim Financial Statements Q2 2025
In Q1 2025, Management exercised judgement regarding the presentation of marketable securities in the 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. Consequently, comparative figures have been adjusted, resulting in the reclassification of DKK 245.7 million from
marketable securities to cash equivalents as of December 31, 2024. As of June 30, 2025, these investments amount to DKK 6,363
million, refer to note 9. Cash and cash equivalents.
8. Financial instruments
As of June 30, 2025, and December 31, 2024, 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 fair value of other
investments is based on inputs categorized as Level 3 in the fair value hierarchy. Cash-settled warrant liability is measured using
significant unobservable inputs categorized as Level 3 in the fair value hierarchy.
No transfers occurred between the levels of the fair value hierarchy in the three months period ending June 30, 2025.
DKK thousand
Jun-30, 2025 Dec-31, 2024
Categories of financial instruments:
Trade receivables excluding prepaid expenses 90,710 87,169
Other receivables 108,250 106,617
Financial assets measured at amortized cost 198,960 193,786
Marketable securities (Level 1) 9,333,831 8,295,983
Other investments (Level 3) - 23,626
Financial assets measured at fair value through profit and loss 9,333,831 8,319,609
Borrowings 293,996 285,332
Lease liabilities 102,956 106,424
Trade payables 312,266 254,843
Other payables 107,842 132,594
Financial liabilities measured at amortized cost 817,060 779,193
Cash-settled warrant liability from EIB loan, Tranche A (Level 3) 51,769 109,665
Financial liabilities measured at fair value through profit and loss 51,769 109,665
Financial
assets
(Level 3)
Financial
liabilities
(Level 3)
Carrying amount at January 1, 2025 23,626 109,665
Derecognition from sale of equity investment in Beta Bionics Inc. -23,626 -
Fair value adjustment of warrant liability from EIB loan, Tranche A - -57,896
Carrying amount at June 30, 2025 - 51,769
16 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Fair value measurement of other investments
Other investments consist of an investment in Beta Bionics, Inc., the developer of iLet™, a fully integrated dual-hormone pump
(bionic pancreas) for autonomous diabetes care. In October 2024 a termination agreement was signed and the partnership with
Beta Bionics was concluded. Fair value of DKK 23.6 million as of December 31, 2024 reflected the agreed selling price. In
January 2025 the sale of all shares in Beta Bionics was completed.
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 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.
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 51.8 million as of June 30, 2025. 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, refer 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, 2025, the applied volatility is 57% 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, 2025, 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 -12.0 million
▪ Expected volatility +20%, increase in fair value of DKK 7.2 million
▪ Expected dividend +1%, decrease in fair value of DKK -9.8 million
Fair value measurement of prepayment option (EIB loan, Tranche A)
The loan agreement contains a prepayment option whereby Zealand Pharma may irrevocably prepay all or part of any Tranche,
together with accrued interest, prepayment fee and indemnities, if any, and any amount due in connection to such Tranche. By
prepaying any Tranche, Zealand Pharma will have to pay a low single digit prepayment fee of the prepayment amount. The fee
will decrease up until the maturity date of any Tranche, i.e. over a 6-year period.
The prepayment option will result in repayment of an amount which is not approximately equal to the loan's amortized cost at
each point of exercise, and consequently, the prepayment option shall be separated as a non-closely related embedded
derivative. As of June 30, 2025, the prepayment option does not have any significant fair value.
Other fair value measurements
For information about fair value measurements of marketable securities, please refer to note 7. Marketable securities.
17 Zealand Pharma A/S | Interim Financial Statements Q2 2025
9. Cash and cash equivalents
Cash and cash equivalents can be specified as follows:
DKK thousand
Jun-30, 2025 Dec-31, 2024
Cash 580,944 480,303
Cash equivalents 6,663,103 245,730
Total cash and cash equivalents 7,244,047 726,033
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.
10. Share capital
DKK thousand
Jun-30, 2025 Dec-31, 2024
Share capital at start of period 71,024 58,751
Shares issued for cash - 12,112
Exercise of warrants 320 161
Share capital at end of period 71,344 71,024
New shares from exercise of warrants in Q2, 2025 year-to-date were issued at a weighted average subscription price of DKK
95.8. Total proceeds from exercise of share-based compensation amount to DKK 30.6 million.
Treasury shares
As of June 30, 2025, there were 962,019 treasury shares, equivalent to 1.3% of the share capital (2024: 376,933, 0.5%). The
treasury shares are allocated to performance share units (PSUs) and restricted share units (RSUs).
In Q2 2025 Zealand Pharma acquired 883,000 treasury shares through a share buyback program with Danske Bank to support
Zealand Pharma’s Long Term Incentive programs.
Potential dilutive effects
In the calculation of the diluted earnings per share in Q2, 2025 year-to-date 1,217,648 potential dilutive ordinary shares are
included in the calculation due to the net profit for the period (2024: 1,755,202).
18 Zealand Pharma A/S | Interim Financial Statements Q2 2025
11. Cash flow adjustments
DKK thousand Note
Q2-25 YTD Q2-24 YTD
Depreciation, amortization and impairment losses 12,170 13,381
Deferred revenue 2 166,495 -
Share-based compensation expenses 54,719 40,613
Changes in provisions 34,574 -
Financial income -153,140 -63,448
Financial expenses 310,224 63,997
Corporate tax
5 535,947 -2,668
Adjustments for non-cash items in total 960,989 51,875
Adjustment for deferred revenue of DKK 166.5 million relates to the Roche partnership agreement, refer to note 2. Revenue for
further information on the deferral of revenue related to execution of phase 2b trials for ZUPREME 1 and 2.
In Q2, 2025 year-to-date adjustments for financial income of DKK 153.1 million relate mainly to accrued interest on marketable
securities, fair value adjustments on marketable securities and derivative financial liabilities.
Adjustments for financial expenses in Q2, 2025 year-to-date of DKK 310.2 million include amortization of loan costs related to
the EIB loan (Tranche A) and exchange rate adjustments on USD deposits, accounts receivables and cash equivalents.
DKK thousand
Q2-25 YTD Q2-24 YTD
Changes in accounts receivable -147,045 -16,399
Changes in prepaid expenses -128,869 -25,402
Changes in other receivables 3,156 -723
Changes in inventory 402 7,132
Changes in accounts payable -4,708 37,305
Changes in other liabilities 4,235 2,551
Changes in working capital in total -272,829 4,464
12. Capital Management
The Group’s capital management objectives are unchanged from the ones described in the 2024 Annual Report.
In Q1 2025, Management exercised judgement regarding the presentation of marketable securities in the money market fund
managed by J.P. Morgan. Consequently, these investments are classified as cash equivalents due to their high liquidity and short-
term maturity profile. Refer to notes 7. Marketable securities and 9. Cash and cash equivalents.
13. 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.
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
19 Zealand Pharma A/S | Interim Financial Statements Q2 2025
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 2024.
14. Significant events after the reporting period
No events have occurred subsequent to the balance sheet date that could significantly affect the interim financial statements as
of June 30, 2025.
20 Zealand Pharma A/S | Interim Financial Statements Q2 2025
Statement by the Executive Management
and the Board of Directors.
Management
Board of Directors