Zealand Pharma (ZEAL) Q4 2025 earnings summary

Executive summary

• 2025 was a transformative year, highlighted by a landmark Roche partnership for petrelintide, record DKK 9.2bn revenue, and strong cash reserves, with strategic partnerships and pipeline progress in obesity, rare diseases, and inflammation.

• The company launched the Metabolic Frontier 2030 strategy, targeting five product launches and over ten clinical programs by 2030, leveraging proprietary data and AI-driven research.

• Entering 2026, the company anticipates a catalyst-rich year with key Phase II and III data readouts for petrelintide and survodutide, and regulatory submissions in obesity and rare diseases.

• Embedded sustainability across operations, achieving all 2025 climate targets, joining the UN Global Compact, and committing to Science Based Targets.

Financial highlights

• Full-year 2025 revenue reached DKK 9,215m, mainly from Roche upfront payment for petrelintide, with net profit of DKK 6,455m and operating profit of DKK 7.0bn before tax.

• Net operating expenses were DKK 2,101m, with 76% allocated to R&D, mainly for petrelintide clinical advancement.

• Cash, cash equivalents, and marketable securities totaled DKK 15,109m at year-end, a 13x rise since 2022.

• Share price ended at DKK 466.4, down 35% from prior year; market capitalization DKK 32.9bn.

Outlook and guidance

• 2026 net operating expenses are guided at DKK 2,700–3,300m, driven by R&D for petrelintide and pipeline expansion.

• Eligible for up to USD 700m in Roche milestones in 2026, including USD 575m for Phase 3 initiation and USD 125m anniversary payment.

• Key 2026 objectives include reporting Phase 2 data for petrelintide, initiating Phase 3 with Roche, advancing rare disease programs, and expanding the Boston research site.