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1. Company Snapshot

1.a. Company Description

Zealand Pharma A/S, a biotechnology company, engages in the discovery, development, and commercialization of peptide-based medicines in Denmark.It has a portfolio of medicines focusing on gastrointestinal and metabolic diseases, and other specialty disease areas with unmet medical needs.The company Dasiglucagon, a single use syringe or autoinjector for the treatment of severe hypoglycemia; and Dasiglucagon bi-hormone artificial pancreas systems containing both insulin and dasiglucagon.


The company's pipeline includes Dasiglucagon that is in Phase III clinical trials for congenital hyperinsulinism.The company is also developing glepaglutide, a long acting GLP-2 analog, which is in Phase III clinical trials for the treatment of short bowel syndrome.Zealand Pharma A/S has collaboration agreements with Sanofi-Aventis Deutschland GmbH; Boehringer Ingelheim International GmbH; Alexion Pharmaceuticals, Inc.; and Beta Bionics, Inc.


The company was incorporated in 1998 and is headquartered in Copenhagen, Denmark.

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1.b. Last Insights on ZEAL

Zealand Pharma's recent performance has been driven by several positive factors. The company's Q3 2025 earnings call highlights its strong financial position, with robust revenue growth driven by a collaboration with Roche. Additionally, the company has made progress in its obesity treatment trials, including the petrelintide Phase 2 ZUPREME-1 trial. Zealand Pharma's decision to pause development of dapiglutide and focus on other pipeline candidates, such as petrelintide, reflects its evaluation of competitive differentiation in the obesity market. The company will host a Capital Markets Day in London on December 11, 2025.

1.c. Company Highlights

2. Disappointing Earnings Report with Revenue and EPS Miss

The company's financial performance for the first 9 months of 2025 was marked by revenue of DKK 9.1 billion, driven primarily by the initial upfront payment received under the collaboration and license agreement with Roche. The actual EPS came out at '105.61', missing estimates at '109.53'. Net operating expenses totaled DKK 1.5 billion for the first 9 months of 2025, with 73% of that amount dedicated to research and development. Analysts estimate next year's revenue growth at -51.4%, indicating a significant decline.

Publication Date: Nov -14

📋 Highlights
  • Petrelintide Phase II Trial Design: Trial aims to achieve 15-20% weight loss with a focus on real-world efficacy and safety, differing from eloralintide's trial setup.
  • Financial Position: Revenue of DKK 9.1 billion for Q1-Q3 2025, driven by Roche’s upfront payment, with DKK 124 million deferred.
  • Phase II Trial Milestones: ZUPREME-1 and ZUPREME-2 trials completed enrollment; top-line results expected in H1 and H2 2026.
  • Dapiglutide Program Pause: Program suspended to prioritize amylin-based therapies (petrelintide, survodutide) with higher differentiation potential.
  • Market Strategy: Emphasis on patient retention (vs. GLP-1 therapies with high discontinuation rates), targeting sustainable weight loss with fewer side effects.

Financial Position and R&D Expenses

The company's cash position is strong, and it is well-equipped to manage the costs associated with advancing its pipeline, including petrelintide. R&D expenses were mainly driven by the ongoing development of petrelintide, including the large Phase II trials and preparation for Phase III. As Henriette Wennicke highlighted, "Our cash position is strong, and we're well-equipped to manage the costs associated with advancing this program."

Pipeline Updates and Trial Design

The company remains confident in petrelintide's potential, with a strong efficacy, safety, and tolerability profile. The Phase II ZUPREME-1 trial has completed participant enrollment, and top-line results are expected in the first half of 2026. David Kendall emphasized that the absence of a weight loss plateau with amylin is encouraging, and longer exposure will allow the company to assess whether this is a continued effect.

Valuation Metrics

With a P/E Ratio of 5.25, P/B Ratio of 2.25, and P/S Ratio of 3.85, the company's valuation metrics indicate a relatively low price compared to its earnings and sales. The EV/EBITDA ratio is 3.88, suggesting a reasonable enterprise value relative to its EBITDA. The company's ROE is 64.52%, indicating a strong return on equity.

Future Prospects

The company is optimistic about the market, despite the recent Lilly-Trump deal, and is designing its programs and go-to-market strategy together with Roche. The focus is on developing therapies that patients will stay on, increasing the volume of patients who get these therapies. With a strong pipeline and upcoming data releases, the company is poised for potential growth.

3. NewsRoom

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REMINDER: Zealand Pharma’s Capital Markets Day on December 11, 2025

Dec -01

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Short Bowel Syndrome Market to Register Stunning Growth at a CAGR of 5% During the Forecast Period (2025-2034) Owing to the Launch of Novel GLP-2 Analogues | DelveInsight

Nov -24

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Could Zealand Pharma’s (CPSE:ZEAL) Shift from Dapiglutide Reveal a New R&D Playbook?

Nov -14

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Lundbeck sparks bidding war with Alkermes; Pfizer closes Metsera deal

Nov -14

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Zealand Pharma AS (ZLDPF) Q3 2025 Earnings Call Highlights: Strong Financial Position and ...

Nov -13

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Zealand Pharma Announces Financial Results for the First Nine Months of 2025

Nov -13

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Alvotech (ALVO) Reports Q3 Loss, Misses Revenue Estimates

Nov -12

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Zealand Pharma to participate in the Jefferies Global Healthcare Conference

Nov -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.97%)

6. Segments

Peptide-based Medicines

Expected Growth: 8.97%

Zealand Pharma A/S's peptide-based medicines growth is driven by increasing demand for novel treatments, expanding pipeline of diabetes and obesity therapies, strategic partnerships, and growing adoption in emerging markets. Additionally, the company's focus on research and development, coupled with a strong intellectual property portfolio, contributes to its 8.97% growth.

7. Detailed Products

Lioplant

A peptide-based treatment for short bowel syndrome, which helps to reduce symptoms and improve nutritional absorption.

Glepaglutide

A long-acting GLP-2 analog for the treatment of short bowel syndrome, promoting intestinal growth and improving nutrient absorption.

Dasiglucagon

A stable and soluble glucagon analog for the treatment of severe hypoglycemia, providing rapid and effective glucose elevation.

8. Zealand Pharma A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Zealand Pharma A/S has a moderate threat of substitutes due to the availability of alternative treatments for diabetes and obesity. However, the company's focus on peptide-based therapies provides some differentiation.

Bargaining Power Of Customers

Zealand Pharma A/S has a low bargaining power of customers due to the specialized nature of its products and the lack of direct competition.

Bargaining Power Of Suppliers

Zealand Pharma A/S has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials and manufacturing services.

Threat Of New Entrants

Zealand Pharma A/S has a high threat of new entrants due to the growing interest in peptide-based therapies and the relatively low barriers to entry in the biotech industry.

Intensity Of Rivalry

Zealand Pharma A/S operates in a moderately competitive industry, with several established players and a growing number of new entrants.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.17%
Debt Cost 7.35%
Equity Weight 88.83%
Equity Cost 7.35%
WACC 7.35%
Leverage 12.57%

11. Quality Control: Zealand Pharma A/S passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Genmab

A-Score: 5.9/10

Value: 3.7

Growth: 9.7

Quality: 9.4

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

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Alkermes

A-Score: 5.2/10

Value: 4.4

Growth: 8.4

Quality: 8.9

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

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ALK-Abelló

A-Score: 5.0/10

Value: 0.5

Growth: 8.2

Quality: 7.5

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

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Jazz Pharmaceuticals

A-Score: 4.9/10

Value: 5.6

Growth: 7.1

Quality: 2.4

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

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Camurus

A-Score: 4.4/10

Value: 0.0

Growth: 9.3

Quality: 9.0

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

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Zealand Pharma

A-Score: 3.2/10

Value: 7.0

Growth: 2.2

Quality: 9.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

508.0$

Current Price

508$

Potential

-0.00%

Expected Cash-Flows