Company announcement
No. 23 / 2025
1
Zealand Pharma Announces Financial
Results for the First Nine Months of 2025.
With petrelintide advancing at full speed and topline data rapidly approaching for both petrelintide
and survodutide, upcoming Capital Markets Day will set the stage for a catalyst-rich 2026.
• Achieved key milestone in the petrelintide Phase 2
ZUPREME-1 trial in people with overweight and
obesity, with the last participant completing the 28-
week primary endpoint visit, paving the way for 42-
week topline data in H1 2026.
• Approaching Phase 3 data in H1 2026 with
survodutide, following last participant last visit in the
76-week SYNCHRONIZE
TM
-1 trial in people with
overweight and obesity without type 2 diabetes.
• Zealand Pharma is excited to outline a catalyst-rich
2026 at its upcoming Capital Markets Day on
December 11, highlighting its ambition to become a
generational biotech company driving the next wave
of innovation in obesity.
Copenhagen, Denmark, November 13, 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 nine months ended
September 30, 2025, and provided a corporate update.
Ready for key near-term data catalysts and
driving the next wave of innovation
Adam Steensberg, President and Chief Executive Officer at
Zealand Pharma said:
“I am highly encouraged by the strong execution across our
clinical programs and the momentum behind our
partnership with Roche. As we enter a catalyst-rich period
for the company, I look forward to our Capital Markets Day
in December, where we will set the stage for the rapidly
approaching Phase 2 and 3 data readouts for petrelintide
and survodutide. We will also share more about our
ambitious research strategy that builds on Zealand
Pharma’s unique expertise in peptide R&D and our strong
foundation to lead the next wave of innovation in obesity”.
Key financial results for Q3 2025 year-to-date
DKK million
Q3-25
YTD
Q3-24
YTD
Revenue
9,146
54
Net operating expenses
1
-1,479
2
-919
Operating result
7,666
2
-873
Net financial items
-62
81
DKK million
Sep-30,
2025
Dec-31,
2024
Cash position
3
16,169
9,022
Notes:
1. Net operating expenses consist of R&D, S&M, G&A and Other
operating items.
2. Excluding transaction-related costs of DKK 196 million related to the
Roche partnership agreement. Operating expenses including
transaction fees for the period amount to DKK 1,675 million.
3. Cash position includes cash, cash equivalents and marketable
securities.
Highlights in the third quarter of 2025
Obesity
• Petrelintide, amylin analog. Reached a key milestone in
the petrelintide monotherapy program with the
completion of the 28-week primary endpoint visit for the
last participant in the Phase 2 ZUPREME-1 trial in people
with overweight and obesity.
Chronic inflammation
• ZP9830, Kv1.3 Ion Channel Blocker. In September 2025,
the last participant was enrolled and randomized in the
first-in-human single ascending dose clinical trial of
ZP9830.
Events after the reporting date
Obesity
• Petrelintide, amylin analog. In November 2025,
enrollment of all trial participants has been completed in
Company announcement
No. 23 / 2025
2
ZUPREME-2, the Phase 2 trial evaluating petrelintide
versus placebo in people with overweight or obesity and
type 2 diabetes.
• Survodutide, glucagon/GLP-1 receptor dual agonist. In
October 2025, the last participant in the Phase 3
SYNCHRONIZE
TM
-1 trial in people with overweight and
obesity without type 2 diabetes completed the 76-week
primary endpoint visit. Baseline characteristics for
SYNCHRONIZE
TM
-1 and SYNCHRONIZE
TM
-2 were
presented at the Obesity Society Annual Meeting
(ObesityWeek) in Atlanta, U.S., in November 2025.
• Dapiglutide, GLP-1/GLP-2 receptor dual agonist.
Development of dapiglutide has been paused as part of
active portfolio management, focusing investments on
programs with the greatest potential for clinical
differentiation and long-term value creation.
Upcoming events next 12 months
Obesity
• Petrelintide, amylin analog. In the first half of 2026,
Zealand Pharma expects to report topline results from
the 42-week Phase 2 ZUPREME-1 trial. In the second half
of 2026, Zealand Pharma and Roche expect to initiate a
Phase 3 program with petrelintide monotherapy.
• Petrelintide, amylin analog. In the second half of 2026,
Zealand Pharma expects to report topline results from
the Phase 2 ZUPREME-2 trial in people with overweight
or obesity and type 2 diabetes.
• 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.
• Survodutide, glucagon/GLP-1 receptor dual agonist.
Topline results from SYNCHRONIZE
TM
-1 and
SYNCHRONIZE
TM
-2, the Phase 3 trials with survodutide in
people with overweight and obesity without and with
type 2 diabetes, respectively, are expected in the first
half of 2026.
Rare diseases
• Glepaglutide in SBS. In the fourth quarter 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.
• Glepaglutide in SBS. 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. The ability of Zealand Pharma to
resubmit the New Drug Application for dasiglucagon for
the treatment of congenital hyperinsulinism is contingent
on an inspection classification upgrade of a third-party
manufacturing facility. Zealand Pharma has implemented
a supply contingency plan that includes the qualification
of an alternative supplier to ensure that the product can
be made available to patients in need as quickly as
possible.
Chronic inflammation
• ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma
expects to report topline data from the first-in-human
single ascending dose clinical trial with ZP9830 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 members of Management
as well as external experts and thought leaders in
obesity. The event will set the stage for the rapidly
approaching Phase 2 and Phase 3 data readouts with
petrelintide and survodutide, which have the potential to
redefine the near-term future of weight management.
Zealand Pharma will also share insights into the
company’s ambitious research strategy aimed at leading
the next wave of innovation.
Company announcement
No. 23 / 2025
3
Financial guidance for 2025
• The financial guidance, originally issued on February 20,
2025, has been narrowed from previously DKK 2.0-2.5
billion. Net operating expenses excluding Other
operating items are now expected to be between DKK
2.0-2.3 billion, reflecting the decision to pause the
development of dapiglutide, previously planned to
advance to Phase 2b development in 2025.
DKK million
Updated
guidance
Nov 13, 2025
4,5
Previous
guidance
Feb 20, 2025
4
Revenue anticipated
from existing and new
license and partnership
agreements
No guidance
No guidance
Net operating expenses
2,000-2,300
2,000-2,500
Notes:
4. Net operating expenses consist of R&D, S&M, and G&A, and excludes
Other operating items.
5. Financial guidance based on foreign exchange rates as of November
12, 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 nine months 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/BI7925746c60164cb2a799f2cd553ae1
ae. The live listen-only audio webcast of the call and
accompanying slides presentation will be accessible at
https://edge.media-server.com/mmc/p/96oja22m.
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
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
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
Company announcement
No. 23 / 2025
4
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: ALange@zealandpharma.com
Neshat Ahmadi
Investor Relations Manager
Zealand Pharma
Email: NeAhmadi@zealandpharma.com
Rachel James-Owens (Media)
Vice President, Corporate Communications & Media
Relations
Zealand Pharma
Email: RJamesOwens@zealandpharma.com
Company announcement
No. 23 / 2025
5
R&D Pipeline
Company announcement
No. 23 / 2025
6
Obesity
Petrelintide (amylin analog) partnered with Roche
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 for a
better patient experience.
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 assessed 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.
Dapiglutide (long-acting GLP-1R/GLP-2R dual agonist)
Background:
Dapiglutide is a long-acting, dual GLP-1R/GLP-2R agonist.
This is a potential first-in-class peptide designed to leverage
the weight loss effects of a potent GLP-1 receptor agonist
Company announcement
No. 23 / 2025
7
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. Survodutide 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™). Results from all clinical trials in
this program are expected during 2026.
SYNCHRONIZE
TM
-1 (ClinicalTrials.gov ID: NCT06066515) and
SYNCHRONIZE
TM
-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
TM
-1 has enrolled
people without type 2 diabetes (eligible HbA1c <6.5%) and
SYNCHRONIZE
TM
-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
Company announcement
No. 23 / 2025
8
weekly subcutaneous injections of either survodutide,
reaching a maximum dose of 3.6 mg or 6.0 mg for
maintenance treatment, or placebo.
SYNCHRONIZE
TM
-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
TM
-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
TM
-CN
(ClinicalTrials.gov ID: NCT06214741), in Japanese people
living with overweight or obesity, SYNCHRONIZE
TM
-JP
(ClinicalTrials.gov ID: NCT06176365), and in people with
overweight or obesity and confirmed or presumed
metabolic dysfunction-associated steatohepatitis (MASH)
(ClinicalTrials.gov ID: NCT06309992) are also ongoing.
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) is
investigating 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)
investigates 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
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
Company announcement
No. 23 / 2025
9
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
TM
) 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 has implemented a
supply contingency plan that includes 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)
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).
Company announcement
No. 23 / 2025
10
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)
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
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.
Company announcement
No. 23 / 2025
11
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.
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
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.
1 Zealand Pharma A/S | Interim Financial Statements Q3 2025
Financial highlights and key figures.
* 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. Net operating expenses including
transaction-related costs amount to DKK 1,675.1 million in Q3, 2025 year-to-date.
2 Zealand Pharma A/S | Interim Financial Statements Q3 2025
Financial Review.
• Revenue in the first nine 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 nine months of 2025 of
DKK 1,479 million are mainly driven by clinical
advancement of the obesity pipeline.
• Solid cash position of DKK 16.2 billion as of September
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 nine 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 137 million has been
recognized in Q3 2025 year-to-date, resulting in deferred
revenue of DKK 124 million as of September 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 nine
months of 2025 of DKK 1,075 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 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 fourth quarter of 2025, to
support regulatory submission of glepaglutide for short
bowel syndrome (SBS) in the U.S.
Selling and marketing expenses of DKK 110 million in the
first nine 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 in the first nine
months of 2025 amounted to DKK 294 million, reflecting the
continued strengthening of organizational capabilities in
select corporate functions, investments in IT infrastructure,
and legal expenses related to our patent portfolio.
Financial items
Net financial items in the first nine months of 2025 of DKK -
62 million are mainly driven by exchange rate adjustments
of DKK -300 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 207 million from excess liquidity invested in
marketable securities and a fair value adjustment of DKK 41
million of warrants granted to the European Investment
Bank (EIB).
-69
-3
-65
-29
-263
Q3 2024
-117
-38
-254
Q4 2024
-65
-37
-291
Q1 2025
-42
-464
Q2 2025
-159
-32
-320
Q3 2025
-360
-409
-393
-575
-511
R&D S&M G&A Other operating items
OPEX by quarter excl. transaction fees
1
DKK million
 

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
3 Zealand Pharma A/S | Interim Financial Statements Q3 2025
Corporate tax
In the first nine months of 2025, Zealand Pharma recognized
an expected tax payable of DKK 573 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 929 million of its
unrecognized tax assets, reducing the unrecognized tax
asset balance from DKK 1,522 million as of December 31,
2024 to DKK 593 million as of September 30, 2025.
Equity
As of September 30, 2025, equity is DKK 15.2 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
September 30, 2025, is DKK 16.2 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 1,090,000 treasury shares (DKK
407 million) were acquired during the first nine months 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 up to USD 1.2 billion in
potential development milestone payments, primarily
related to the initiation of Phase 3 trials with petrelintide
monotherapy.
As of September 30, 2025, Zealand Pharma has placed 10.2
billion in low-risk marketable securities in line with the
Group’s treasury policy. Cash and cash equivalents amount
to DKK 6.0 billion, of which 5.4 billion is placed in a money
market fund.
For further information on Marketable securities and Cash
and cash equivalents, please refer to Note 7 and Note 9.
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 September 30, 2025.
Outlook for the year
The financial guidance, originally issued on February 20,
2025, has been narrowed from previously DKK 2.0-2.5
billion. Net operating expenses excluding Other operating
items are now expected to be between DKK 2.0-2.3 billion,
reflecting the decision to pause the development of
dapiglutide, previously planned to advance to Phase 2b
development in 2025. The financial guidance is based on
foreign exchange rates as of November 12, 2025.
 

 


9,022
16,169
7,575
Cash
position
Dec-24
1,2
Cash flow
from
operating
activities
-21
Other cash
adjustments
-407
Purchase
of treasury
shares
Cash
position
Sep-25
1,2
DKK million
Cash position compared to FY24
4 Zealand Pharma A/S | Interim Financial Statements Q3 2025
Interim financial statements.
Unaudited interim condensed consolidated financial statements for Q3 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 Q3 2025
Interim profit and loss statement.
DKK thousand Note
Q3-25 Q3-24 Q3-25 YTD Q3-24 YTD
Revenue 2 49,569 4,415 9,145,945 53,635
Cost of goods sold - 6,620 -816 -7,466
Gross profit 49,569 11,035 9,145,129 46,169
Research and development expenses -320,036 -263,498 -1,074,499 -665,949
Sales and marketing expenses -31,706 -28,535 -110,285 -50,213
General and administrative expenses -159,147 -65,278 -293,856 -199,800
Other operating expenses 3 - -3,137 -196,422 -3,137
Net operating expenses * -510,889 -360,448 -1,675,062 -919,099
Operating result -461,320 -349,413 7,470,067 -872,930
Financial income 4 108,644 81,051 261,784 144,499
Financial expenses 4 -14,056 591 -324,280 -63,406
Result before tax -366,732 -267,771 7,407,571 -791,837
Corporate tax 5 -37,501 1,375 -573,448 4,043
Net result for the period -404,233 -266,396 6,834,123 -787,794
Earnings/loss per share, basic (DKK) -5.75 -3.77 96.87 -12.12
Earnings/loss per share, diluted (DKK) -5.75 -3.77 95.41 -12.12
*Net operating expenses excluding transaction-related costs associated with the Roche partnership agreement amount to DKK
1,478.7 million in Q3, 2025 year-to-date.
6 Zealand Pharma A/S | Interim Financial Statements Q3 2025
Interim statement of comprehensive
profit and loss.
DKK thousand Note
Q3-25 Q3-24 Q3-25 YTD Q3-24 YTD
Net result for the period -404,233 -266,396 6,834,123 -787,794
Other comprehensive income
Items that will be reclassified to income statement when
certain conditions are met (net of tax):
Exchange differences on translation of foreign operations 95 79 847 35
Total comprehensive result for the period -404,138 -266,317 6,834,970 -787,759
7 Zealand Pharma A/S | Interim Financial Statements Q3 2025
Interim statement of financial position.
DKK thousand Note
Sep-30, 2025 Dec-31, 2024
Intangible assets 12,731 12,620
Property, plant and equipment 55,751 46,479
Right-of-use assets 85,643 78,768
Deferred tax assets 872 985
Other receivables 21,194 19,412
Marketable securities 7 - 819,632
Total non-current assets 176,191 977,896
Inventory - 10,698
Trade receivables 6 352,312 193,559
Other receivables 89,607 87,205
Corporate tax receivable 9,702 10,232
Other investments 8 - 23,626
Marketable securities 7 10,196,723 7,476,351
Cash and cash equivalents 9 5,972,711 726,033
Total current assets 16,621,055 8,527,704
Total assets 16,797,246 9,505,600
Share capital 10 71,365 71,024
Share premium 14,712,961 14,680,771
Currency translation reserve 23,235 22,388
Retained earnings/(losses) 355,040 -6,157,441
Total shareholders' equity 15,162,601 8,616,742
Deferred revenue 2 3,252 -
Borrowings 8 298,450 285,332
Derivative financial liabilities 8 68,957 109,665
Lease liabilities 85,414 90,388
Total non-current liabilities 456,073 485,385
Corporate tax payables 5 573,448 -
Deferred revenue 2 121,136 -
Lease liabilities 22,571 16,036
Trade payables 243,898 254,843
Other payables 217,519 132,594
Total current liabilities 1,178,572 403,473
Total liabilities 1,634,645 888,858
Total shareholders' equity and liabilities 16,797,246 9,505,600
8 Zealand Pharma A/S | Interim Financial Statements Q3 2025
Interim statement of cash flow.
DKK thousand
Note
Q3-25 YTD Q3-24 YTD
Net result for the period 6,834,123 -787,794
Adjustment for other non-cash items 11 969,263 -3,579
Changes in working capital 11 -437,427 -11,755
Financial income received 219,166 64,834
Financial expenses paid -10,363 -17,591
Corporate taxes (paid)/received -10 5,546
Cash flow from/(used in) operating activities 7,574,752 -750,339
Proceeds from sale of marketable securites 7 10,305,038 2,187,719
Purchase of marketable securities 7 -12,184,593 -9,661,225
Purchase of intangible assets -2,614 -1,278
Purchase of property, plant and equipment -16,521 -8,877
Proceeds from sale of equity investment in Beta Bionics Inc. 8 23,626 -
Cash flow used in investing activities -1,875,064 -7,483,661
Proceeds from borrowings - 369,867
Lease installments -14,180 -11,856
Proceeds from issuance of shares - 8,492,671
Purchase of treasury shares 10 -407,171 -351,834
Proceeds from issuance of shares related to exercise of share-based
compensation
10 32,531 30,727
Costs related to issuance of shares - -236,479
Cash flow from/(used in) financing activities -388,820 8,293,096
Increase in cash and cash equivalents 5,310,868 59,096
Cash and cash equivalents at beginning of period 726,033 449,311
Exchange rate adjustments -64,190 2,611
Cash and cash equivalents at end of period 5,972,711 511,018
9 Zealand Pharma A/S | Interim Financial Statements Q3 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 - - - 6,834,123 6,834,123
Other comprehensive income for the period - - 847 - 847
Total comprehensive income - - 847 6,834,123 6,834,970
Transactions with owners:
Purchase of treasury shares - - - -407,171 -407,171
Exercise of warrants 341 32,190 - - 32,531
Share-based compensation expenses - - - 85,529 85,529
Equity at September 30, 2025 71,365 14,712,961 23,235 355,040 15,162,601
Equity at January 1, 2024 58,751 6,406,225 22,704 -4,894,841 1,592,839
Net result for the period - - - -787,794 -787,794
Other comprehensive income for the period - - 35 - 35
Total comprehensive income - - 35 -787,794 -787,759
Transactions with owners:
Purchase of treasury shares - - - -270,804 -270,804
Exercise of warrants 161 30,566 - - 30,727
Share-based compensation expenses - - - 61,986 61,986
Capital increases 12,112 8,480,559 - - 8,492,671
Costs related to capital increases - -236,479 - - -236,479
Equity at September 30, 2024 71,024 14,680,871 22,739 -5,891,453 8,883,181
10 Zealand Pharma A/S | Interim Financial Statements Q3 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 Q3, 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 Q3 2025
2. Revenue
Revenue can be specified as follows:
DKK thousand
Q3-25 Q3-24 Q3-25 YTD Q3-24 YTD
F. Hoffmann-La Roche Ltd. (Roche) 41,614 - 9,120,916 -
Novo Nordisk A/S 7,955 10,906 24,213 45,791
Alexion Pharmaceuticals Inc. - 129 - 378
Total revenue from license and collaboration agreements 49,569 11,035 9,145,129 46,169
Product sales - -6,620 816 7,466
Sale of goods revenue - -6,620 816 7,466
Total revenue 49,569 4,415 9,145,945 53,635
Total revenue recognized over time 49,569 11,035 161,355 31,169
Total revenue recognized at a point in time - -6,620 8,984,590 22,466
DKK thousand
Q3-25 Q3-24 Q3-25 YTD Q3-24 YTD
Milestone revenue - - - 15,000
License revenue for intellectual property - - 8,983,774 -
Royalty revenue 947 240 2,616 717
Reimbursement revenue for R&D services 48,622 10,795 158,740 30,452
Product sales - -6,620 815 7,466
Total revenue by revenue stream 49,569 4,415 9,145,945 53,635
Total revenue in Q3, 2025 year-to-date of DKK 9,145.9 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 Q3 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 Q3, 2025 year-to-date
revenue from delivery of the specified development activities has been recognized with 137.1 million, resulting in a remaining
obligation as of September 30, 2025 of DKK 124.4 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
Q3-25 Q3-24 Q3-25 YTD Q3-24 YTD
Transaction fees related to Roche partnership agreement - - -196,422 -
Settlement of legal disputes - -3,137 - -3,137
Total other operating items - -3,137 -196,422 -3,137
Presentation in income statement:
Other operating expenses - -3,137 -196,422 -3,137
Other operating expenses of DKK 196.4 million in Q3, 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 Q3 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
Q3-25 Q3-24 Q3-25 YTD Q3-24 YTD
Interest income 108,949 68,492 206,932 107,030
Interest expenses from financial liabilities measured at
amortized cost
-6,490 -8,316 -20,583 -23,967
Interest expenses from lease liabilities -507 -469 -1,405 -1,812
Fair value adjustment of marketable securities 16,883 22,576 36,356 35,902
Fair value adjustment of other investments - 881 - 1,567
Fair value adjustment of derivatives -17,188 14,717 18,496 -28,436
Exchange rate adjustments -6,659 -16,183 -299,751 -5,283
Other financial expenses -400 -56 -2,541 -3,908
Financial items in total 94,588 81,642 -62,496 81,093
Presentation in income statement:
Financial income 108,644 81,051 261,784 144,499
Financial expenses -14,056 591 -324,280 -63,406
Interest income in Q3, 2025 year-to-date of DKK 206.9 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 Q3, 2025 year-to-date of DKK 20.6 million relate to the
EIB loan (Tranche A) disbursed on March 11, 2024.
Fair value adjustment of derivatives of DKK 18.5 million in Q3, 2025 year-to-date comprises a DKK 40.7 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 299.8 million in Q3, 2025 year-to-date relate to USD deposits, currency revaluation on
accounts receivables and cash equivalents.
5. Corporate tax
For the nine months period ended September 30, 2025, Zealand Pharma has recognized an expected tax payable for the year of
DKK 573.4 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 928.8 million. This utilization resulted in reducing the
unrecognized tax asset balance from DKK 1,521.7 million at the end of 2024 to DKK 592.8 million as of September 30, 2025.
14 Zealand Pharma A/S | Interim Financial Statements Q3 2025
6. Trade receivables
Trade receivables can be specified as follows:
DKK thousand
Sep-30, 2025 Dec-31, 2024
Trade receivables 6,780 499
Receivables related to license and collaboration agreements 118,614 86,670
Prepaid expenses 226,918 106,390
Total trade receivables 352,312 193,559
Non-current - -
Current 352,312 193,559
As of September 30, 2025, receivables related to license and collaboration agreements amount to DKK 118.6 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 56.7 million as well as receivables from the Novo
Nordisk A/S license and development agreement of DKK 26.4 million.
Prepaid expenses of DKK 226.9 million (2024: 106.4 million) comprise large prepayments for drug substance related to
petrelintide.
7. Marketable securities
As of September 30, 2025, Zealand Pharma has placed DKK 10,197 million into low-risk marketable securities in line with the
Group’s treasury policy. The investments can be specified as follows:
DKK thousand
Sep-30, 2025 Dec-31, 2024
DKK portfolio:
DK bonds 7,185,218 7,341,039
Total DKK portfolio
7,185,218 7,341,039
EUR portfolio:
IG Corporate bonds (investment grade) 3,011,505 954,944
Total EUR portfolio
3,011,505 954,944
Total portfolio
10,196,723 8,295,983
Non-current -
819,632
Current 10,196,723
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 September 30, 2025, all outstanding securities mature within
56 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 Q3 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 September 30, 2025, these investments amount to DKK
5,375 million, refer to note 9. Cash and cash equivalents.
8. Financial instruments
As of September 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 nine months period ending September 30, 2025.
DKK thousand
Sep-30, 2025 Dec-31, 2024
Categories of financial instruments:
Trade receivables excluding prepaid expenses 125,395 87,169
Other receivables 110,801 106,617
Financial assets measured at amortized cost 236,196 193,786
Marketable securities (Level 1) 10,196,723 8,295,983
Other investments (Level 3) - 23,626
Financial assets measured at fair value through profit and loss 10,196,723 8,319,609
Borrowings 298,450 285,332
Lease liabilities 107,985 106,424
Trade payables 243,898 254,843
Other payables 217,519 132,594
Financial liabilities measured at amortized cost 867,852 779,193
Cash-settled warrant liability from EIB loan, Tranche A (Level 3) 68,957 109,665
Financial liabilities measured at fair value through profit and loss 68,957 109,665
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 - -40,708
Carrying amount at September 30, 2025 - 68,957
16 Zealand Pharma A/S | Interim Financial Statements Q3 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 69.0 million as of September 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, referring to note 4. Financial items.
The fair value measurement of the warrants is partly determined based on unobservable input (level 3), being the expected
volatility for the Zealand Pharma share which is unobservable since there are no traded Zealand Pharma warrants. Since
expected volatility has significant impact on the valuation, especially considering the long term, i.e. 20 years, it is classified as a
level 3 input in the fair value hierarchy. As of September 30, 2025, the applied volatility is 56% 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
September 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 -13.6 million
▪ Expected volatility +20%, increase in fair value of DKK 8.3 million
▪ Expected dividend +1%, decrease in fair value of DKK -12.9 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 September 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 Q3 2025
9. Cash and cash equivalents
Cash and cash equivalents can be specified as follows:
DKK thousand
Sep-30, 2025 Dec-31, 2024
Cash 598,130 480,303
Cash equivalents 5,374,581 245,730
Total cash and cash equivalents 5,972,711 726,033
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
Sep-30, 2025 Dec-31, 2024
Share capital at start of period 71,024 58,751
Shares issued for cash - 12,112
Exercise of warrants 341 161
Share capital at end of period 71,365 71,024
New shares from exercise of warrants in Q3, 2025 year-to-date were issued at a weighted average subscription price of DKK
95.4. Total proceeds from exercise of share-based compensation amount to DKK 32.5 million.
Treasury shares
As of September 30, 2025, there were 1,077,582 treasury shares, equivalent to 1.5% 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 Q3 2025 year-to-date Zealand Pharma acquired 1,090,000 treasury shares through a share buyback program with Danske
Bank to support Zealand Pharma’s Long Term Incentive programs. 207,000 of the treasury shares were acquired in Q3, 2025.
Potential dilutive effects
In the calculation of the diluted loss per share in Q3, 2025 1,526,537 potential ordinary shares related to share-based payment
instruments have been excluded as they are anti-dilutive. In the Q3, 2025 year-to-date calculation of the diluted earnings per
share the same 1,526,537 potential dilutive ordinary shares are included in the calculation due to the net profit for the period.
(1,755,202 for 2024).
18 Zealand Pharma A/S | Interim Financial Statements Q3 2025
11. Cash flow adjustments
DKK thousand Note
Q3-25 YTD Q3-24 YTD
Depreciation, amortization and impairment losses 19,393 19,572
Deferred revenue 2 124,389 -
Share-based compensation expenses 85,529 61,986
Changes in provisions 104,008 -
Financial income -261,784 -144,499
Financial expenses 324,280 63,405
Corporate tax
5 573,448 -4,043
Adjustments for non-cash items in total 969,263 -3,579
Adjustment for deferred revenue of DKK 124.4 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 Q3, 2025 year-to-date adjustments for financial income of DKK 261.8 million relate mainly to accrued interest on marketable
securities, fair value adjustments on marketable securities and derivative financial liabilities.
Adjustments for financial expenses in Q3, 2025 year-to-date of DKK 324.3 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
Q3-25 YTD Q3-24 YTD
Changes in accounts receivable -39,420 -58,341
Changes in prepaid expenses -126,732 74
Changes in other receivables 577 -3,961
Changes in inventory 10,698 7,132
Changes in accounts payable -290,053 -6,904
Changes in other liabilities 7,503 50,245
Changes in working capital in total -437,427 -11,755
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 Q3 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 September 30, 2025.
20 Zealand Pharma A/S | Interim Financial Statements Q3 2025
Statement by the Executive Management
and the Board of Directors.
The Board of Directors and the Executive Management
have today discussed and approved the interim report of
Zealand Pharma A/S for the period January 1, 2025 to
September 30, 2025.
The interim report has not been audited or reviewed by the
company’s independent auditors.
The interim report has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU and
additional Danish disclosure requirements for interim
financial reporting of listed companies.
In our opinion, the interim consolidated financial statements
give a true and fair view of the Group’s consolidated assets,
liabilities and financial position as of September 30, 2025
and of the results of the Group’s consolidated operations
and cash flows for the period January 1, 2025 to
September 30, 2025.
Furthermore, in our opinion, the Management review
includes a fair review of the development in the Group’s
operations and financial conditions, the results for the
period, cash flows and financial position while also
describing the most significant risks and uncertainty factors
that may affect the Group.
Copenhagen, November 13, 2025
Management
Adam Sinding Steensberg Henriette Wennicke
President and Executive Vice President and
Chief Executive Officer Chief Financial Officer
Board of Directors
Alf Gunnar Martin Nicklasson Kirsten Aarup Drejer Jeffrey Berkowitz
Chairman Vice Chairman Board member
Bernadette Mary Connaughton Leonard Kruimer Elaine Sullivan
Board member Board member Board member
Enrique Alfredo Conterno Martinelli Anneline Nansen Frederik Barfoed Beck
Board member Board member Board member
Employee elected Employee elected
Ludovic Tranholm Otterbein Adam Krisko Nygaard
Board member Board member
Employee elected Employee elected
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