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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 impacted by several factors. The company's upcoming full-year 2025 financial results announcement and conference call on February 19, 2026, may have led to investor caution. Additionally, the company's decision to convene its Annual General Meeting on March 26, 2026, may have contributed to short-term uncertainty. Despite a transformative partnership with Roche for petrelintide, investors may be awaiting more concrete results. The company's positive Phase 1a topline results with Kv1.3 channel blocker ZP9830, announced on February 18, 2026, could provide some support.

1.c. Company Highlights

2. Zealand Pharma's 2025 Earnings: A Breakthrough Year Ahead

Zealand Pharma reported revenue of DKK 9.2 billion in 2025, driven primarily by the initial upfront payment from Roche for the petrelintide partnership. The company incurred net operating expenses of DKK 2.1 billion, mainly due to the clinical advancement of the petrelintide program. The actual EPS loss was '-5.79573', beating analyst estimates of '-8.03534'. The company's cash position stood strong at DKK 15.1 billion at the end of 2025. Analysts estimate a revenue growth of -9.9% for the next year.

Publication Date: Feb -22

📋 Highlights
  • 2025 Breakthrough Year:: Zealand Pharma highlights 2025 as a landmark year with a DKK 9.2B revenue boost from Roche's upfront payment and a DKK 15.1B cash position, driven by petrelintide's clinical advancements.
  • 2026 Catalyst-Rich Year:: 2026 targets key Phase II petrelintide data and Phase III survodutide readouts, alongside USD 700M in potential Roche milestone payments (USD 125M anniversary + USD 575M development).
  • Petrelintide Weight Loss Goal:: Aims for 15–20% body weight reduction in Phase III trials, with improved tolerability over incretin-based therapies to position it as a chronic treatment.
  • Cost-Sharing Partnership:: 50-50 cost-sharing with Roche for Phase IIIa/IIIb petrelintide trials, reducing financial risk while expanding the obesity treatment paradigm.
  • Injectable Market Focus:: Maintains confidence in the injectable segment (projected largest obesity market), targeting GLP-1-like pricing (DKK range) but with superior tolerability for long-term patient adherence.

Financial Performance and Guidance

The company's financial performance was significantly influenced by the Roche partnership. For 2026, Zealand Pharma guided for net operating expenses to be in the range of DKK 2.7 billion to DKK 3.3 billion. The company is eligible for potential milestone payments from Roche, including an anniversary payment of USD 125 million and a potential development milestone payment of USD 575 million.

Petrelintide Program Update

Zealand Pharma's goal with petrelintide is to achieve 15% to 20% body weight reduction in longer-term Phase III trials, with a safety and tolerability profile that is significantly better than existing incretin-based therapies. The company is confident in petrelintide's potential, citing its unique mechanism of action as an amylin analog. As Adam Steensberg, President and Chief Executive Officer, emphasized, 2025 is a landmark year for the company, particularly with the partnership with Roche.

Valuation and Growth Prospects

Zealand Pharma's valuation metrics indicate a 'P/E Ratio' of 4.3, 'P/B Ratio' of 1.87, 'P/S Ratio' of 3.0, and 'EV/EBITDA' of 3.4. The 'ROE (%)' stands at 47.89%, and 'ROIC (%)' is 40.56%. These metrics suggest that the market has factored in significant growth prospects for the company, driven by the potential of its obesity pipeline, including petrelintide and survodutide.

Pipeline and Future Developments

The company is advancing its pipeline with multiple catalysts expected in 2026, including Phase II data for petrelintide and key readouts from the Phase III program in obesity with survodutide. Zealand Pharma is also exploring the potential of GIP analogs and has a new research site in Boston, focusing on high-throughput research labs and partnerships.

3. NewsRoom

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Assessing Zealand Pharma (CPSE:ZEAL) Valuation After Profit Swing And Positive ZP9830 Phase 1a Data

14:07

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Zealand Pharma AS (ZLDPF) Q4 2025 Earnings Call Highlights: Strong Revenue and Strategic ...

Feb -19

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Zealand Pharma convenes its Annual General Meeting 2026

Feb -19

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Zealand Pharma Announces Financial Results for the Full Year 2025

Feb -19

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Zealand Pharma announces positive Phase 1a topline results with Kv1.3 channel blocker ZP9830

Feb -18

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Zealand Pharma conference call on February 19 at 2pm CET (8am ET) to present full year 2025 financial results

Feb -12

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Roche Obesity Shot Helps Patients Lose Weight in Midstage Trial

Jan -27

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Assessing Zealand Pharma (CPSE:ZEAL) Valuation After Prolonged Share Price Weakness

Jan -24

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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

Stock-Card
Genmab

A-Score: 5.8/10

Value: 3.2

Growth: 9.7

Quality: 9.5

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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ALK-Abelló

A-Score: 5.0/10

Value: 0.2

Growth: 8.2

Quality: 7.8

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Alkermes

A-Score: 5.0/10

Value: 4.9

Growth: 8.4

Quality: 8.9

Yield: 0.0

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

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Jazz Pharmaceuticals

A-Score: 4.9/10

Value: 4.8

Growth: 7.1

Quality: 4.7

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Camurus

A-Score: 4.7/10

Value: 0.2

Growth: 9.3

Quality: 9.1

Yield: 0.0

Momentum: 7.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Zealand Pharma

A-Score: 3.3/10

Value: 7.0

Growth: 2.2

Quality: 9.9

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

378.3$

Current Price

378.3$

Potential

-0.00%

Expected Cash-Flows