Company announcement
No. 1 4 / 2026
1
Zealand Pharma Announces Financial
Results for the First Three Months of 2026.
A defining start to 2026, marked by pivotal progress for leading obesity asset s, petrelintide and
survodutide, and strong momentum in driving the next wave of metabolic health innovation .
• Announced decision to advance petrelintide into Phase
3 trials in H2 2026 following positive topline results
from the Phase 2 ZUPREME -1 trial, demonstrating
double -digit weight loss with a placebo -like
tolerability, supporting its potential to redefine the
weight management experience for people living with
obesity or overweight .
• Announced Boehringer Ingelheim’s positive topline
results from the SYNCHRONIZE
TM
-1 Phase 3 trial with
survodutide , supporting its potential as a meaningful
and differentiated treatment option for people living
with obesity or overweight and metabolic dysfunction.
• Announced the establishment of a new research hub
in Cambridge, Massachusetts , and entered into an
agreement with DCAI to access a world -leading AI
supercomputer , both key pillars to strengthen and
accelerate drug discovery in line with Metabolic
Frontier 2030 strategy .
• Announced initiation of a USD 200 million share buy-
back program , reflecting financial flexibility and a
strengthened financial outlook following positive
developments for leading obesity programs.
Copenhagen, Denmark , May 7, 202 6 – Zealand Pharma A/S
(Nasdaq: ZEAL) (CVR -no. 20045078), a biotechnology
company transforming the future of metabolic health, today
announced the interim report for the three months ended
March 31, 2026, and provided a corporate update.
A defining quarter
Adam Steensberg, President and Chief Executive Officer at
Zealand Pharma said:
“In this first part of 2026, we leveraged our agility, speed and
proven scientific foundation to execute on our Metabolic
Frontier 2030 strategy : A new research hub in Cambridge, AI
partnership s, Phase 2 topline results with petrelintide
followed by confirmation of Phase 3 advancement, and
Phase 3 results with survodutide from Boehringer Ingelheim .
These advancements not only build on our momentum , but
significantly strengthen our long -term financial outlook ,
enabling a share buy -back program while cementing our
commitment to invest heavily in our pipeline .”
Key financial results for Q1 202 6
DKK million
Q1-26
Q1-25
Revenue
34
8
Net operat ing expenses , excl. OOI
1
-573
-393
Net operating expenses
1
-573
-415
Operating result
-539
-407
Net financial items
145
70
DKK million
Mar-31,
202 6
Dec -31,
202 5
Cash position
2
14,468
15,109
Notes:
1. Net o perating expenses consist of R&D, S&M, G&A and Other
operating items (OOI) .
2. Cash position includes cash, cash equivalents and marketable
securities .
Q1 2026 Highlights and Recent Developments
Obesity
• Petrelintide, amylin analog . Reached a key milestone in
the monotherapy program with the announcement of
positive Phase 2 ZUPREME -1 topline results for
petrelintide . Petrelintide demonstrated double -digit
weight reduction and placebo -like tolerability ,
supporting its potential as a future foundational, first -
choice therapy for chronic weight management.
• Petrelintide, amylin analog . In April 2026, Zealand
Pharma and Roche announced that they will advance
petrelintide monotherapy into Phase 3 trials for chronic
weight management with planned initiation of the Phase
3 program in the second half of 2026.
Company announcement
No. 1 4 / 2026
2
• Survodutide, glucagon/GLP -1 receptor dual agonist . In
April 2026, Zealand Pharma and Boehringer Ingelheim
reported positive topline results from the 76 -week
SYNCHRONIZE
TM
-1 Phase 3 trial with survodutide in
people with overweight or obesity without type 2
diabetes. Participants treated with survodutide achieved
a significant weight loss of up to 16.6 % and delivered
meaningful metabolic improvements.
Chronic inflammation
• ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma
reported positive topline results from the single
ascending dose (SAD) part of the combined SAD/multiple
ascending dose (MAD) Phase 1a clinical trial with ZP9830 .
Single doses of ZP9830 were well tolerated with no
serious or severe adverse events or dose -limiting safety
findings observed at any dose level. ZP9830 exhibited a
pharmacokinetic profile in line with predictions based on
preclinical data, and exploratory pharmacodynamic
biomarkers showed robust, dose -dependent activity
consistent with Kv1.3 target engagemen t.
Corporate
• Zealand Pharma announced the establishment of a new
research hub in Cambridge, Massachusetts, enhancing
the company’s research platform through AI -driven drug
discovery, advanced automation, and next -generation
molecule creation, accelerating the translati on of
scientific insights into innovative medicines.
• Zealand Pharma a nnounced an agreement with the
Danish Centre for AI Innovation (DCAI) to strengthen and
accelerate drug discovery through access to Gefion, a
world leading AI supercomputer . This positions the
company to lead the next generation of metabolic health
innovation while maintaining the rigorous scientific
standards that underpin Zealand Pharma’s leadership in
peptide therapeutics.
• On M ay 7, 2026, Zealand Pharma launched a share buy -
back program of up to USD 200 million / DKK 1.3 billion .
For more information on the share buy -back program,
refer to Zealand Pharma Company Announcement No.
13/2026 , May 7, 2026.
Upcoming events next 12 months
Obesity
• Petrelintide, amylin analog. Additional data from the
Phase 2 ZUPREME -1 trial will be presented at the
American Diabetes Association’s (ADA) 2026 Scientific
Session in New O rleans, Louisiana. In the second half of
2026, Zealand Pharma and Roche expect to initiate
registrational Phase 3 trials 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/enicepatide (CT -388), amylin+GLP -1/GIP
fixed -dose combination. Zealand Pharma and Roche
expect to initiate Phase 2 in the first half of 2026.
• Survodutide, glucagon/GLP -1 receptor dual agonist.
Boehringer Ingelheim will present the full data from the
SYNCHRONIZE
TM
-1 and SYNCHRONIZE
TM
-MASLD Phase
3 trial s at th e ADA 2026 Scientific Session s in New
Orleans, Louisiana .
• Survodutide, glucagon/GLP -1 receptor dual agonist.
Results from the Phase 3 SYNCHRONIZE
TM
-2 and
SYNCHRONIZE
TM
-CVOT trials are expected to be
reported and presented at scientific meetings in 2026.
Rare diseases
• Glepaglutide in SBS . Zealand Pharma 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. In the second half of 2026, Zealand
Pharma expects to resubmit the New Drug Application
(NDA) for three weeks of dosing to the U.S. FDA (Part 1 of
the original NDA) and to submit the required and detailed
analyses from existing continuous glucose monitorin g
datasets to support the use of dasiglucagon beyond
three weeks (Part 2 of the original NDA) .
Chronic inflammation
• ZP9830, Kv1.3 Ion Channel Blocker . Zealand Pharma
expects to report topline data from the MAD part of the
Phase 1a clinical trial with ZP9830 in the second half of
2026 and expand the development program of ZP9830
with initiation of a Phase 1b/2a trial.
Company announcement
No. 1 4 / 2026
3
Financial guidance for 202 6
The financial guidance for net operating expenses for 202 6,
issued on February 19, 2026, is unchanged, and is expected
to be between DKK 2.7 -3.3 billion.
Following the confirmation of Phase 3 progression for
petrelintide monotherapy, planned for initiation in the
second half of 2026, Zealand Pharma has recognized USD
700 million / DKK 4.5 billion as collaboration revenue in the
second quarter of 2026.
DKK billion
2026
guidance
3
2025 actual
Collaboration revenue
4.5
9.2
Net operating
expenses , excl. OOI
2.7-3.3
2.1
Notes:
3. Financial guidance based on foreign exchange rates as of May 6, 202 6.
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 three months of 20 26 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 t elephone dial -in information and a unique
personal access PIN , please regist er at https://register -
conf.media -
server.com/register/BIfa8ab29b9ec44d37a6996cacd0392a
11. The live listen -only audio webcast of the call and
accompanying slide s presentation will be accessible at
https://edge.media -server.com/mmc/p/2hhbncr5/ .
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 202 6
Q2 2026
Q3 2026
August 13, 202 6
November 12, 2026
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology
company focused on advancing medicines for obesity and
metabolic health. Combining more than 25 years of peptide
R&D expertise with a proprietary data platform that
leverages advanced data driven and AI/ ML approaches,
Zealand Pharma aims to lead a new era in obesity and
metabolic health.
To date, more than ten Zealand Pharma invented drug
candidates have entered clinical development, of which two
products have reached the market and three candidates are
in late -stage development. The Company has collaborations
with global pharmaceutical an d biotechnology partners for
research, development, and commercialization.
Founded in 1998, Zealand Pharma is headquartered in
Copenhagen, Denmark, with a U.S. presence in Boston,
Massachusetts. Learn more at www.zealandpharma.com .
Company announcement
No. 1 4 / 2026
4
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 c atalysts in
2026 and financial guidance for 2026. 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 ar e 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;
prod uction 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 uncertaint ies relating to intellectual
property claims and challenges; regulatory authorities may
require additional information or further studies, or may
reject, fail to approve or may delay approval of our drug
candidates or expansion of product labelling; failur e 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 Ze aland 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.
Zealand Pharma ® is a registered trademark of Zealand
Pharma A/S.
Contacts
Eric Rojas (Investo rs)
Vice President, Head of Investor Relations
Email: erojas@zealandpharma.com
Adam Lange (Investors)
Vice President, Investor Relations
Zealand Pharma
Email: ALange@zealandpharma.com
Neshat Ahmadi (Investors)
Manager , Investor Relations
Zealand Pharma
Email: NeAhmadi@zealandpharma.com
Rachel James -Owens (Media)
Vice President, Corporate Communications & Media
Relations
Zealand Pharma
Email: RJamesOwens@zealandpharma.com
Andreas Hylleberg (Media)
Director, External Communications
Zealand Pharma
Email: AHylleberg@zealandpharma.com
Amber Fennel, Jessica Hodgson, Sean Leous (Media)
ICR Healthcare
Email: ZealandPharma@icrhealthcare.com
+44 (0) 7739 658 783
Financial highlights and key figures.
Financial highlights (DKK million) Note
Q1-26 YTD Q1-25 YTD
Revenue 2 34 8
Cost of goods sold - -
Gross profit 34 8
Research and development expenses -469 -290
Sales and marketing expenses -22 -37
General and administrative expenses -82 -65
Net operating expenses ** -573 -392
Operating result ** -539 -384
Net financial items 4 145 70
Result before tax ** -394 -314
Corporate tax - 1
Net result for the period ** -394 -313
Loss per share, basic/diluted (DKK) -5.58 -4.74
Statement of financial position (DKK million) Note
Mar-31, 2026 Dec-31, 2025
Cash and cash equivalents 11 3,849 4,577
Marketable securities 9 10,619 10,532
Cash, cash equivalents and marketable securities 14,468 15,109
Total assets 15,301 15,949
Total shareholders' equity 14,469 14,831
Cash flow (DKK million) Note
Q1-26 YTD Q1-25 YTD
Cash used in operating activities -672 -501
Cash from/(used in) investing activities -116 555
Cash used in financing activities -8 -1
Purchase of intangible assets -1 -2
Purchase of property, plant and equipment -10 -6
Free cash flow * -682 -507
Other Note
Mar-31, 2026 Dec-31, 2025
Share price (DKK) 295.0 466.4
Number of shares ('000 shares) 72 72
Market capitalization (mDKK) * 20,845 32,931
Equity ratio (%) * 95% 93%
Equity per share (DKK) * 204.77 210.04
Average number of full time employees 525 418
Number of full-time employees at the end of the period 544 481
* For basis of calculation refer to 2025 Annual Report p. 184.
** Excluding transaction related costs of DKK 22 million in Q1, 2025 year-to-date associated with the Roche partnership agreement. Net operating
expenses including transaction-related costs amounted to DKK 415 million in Q1, 2025 year-to-date. No transaction costs are recognized in 2026.
Financial Review.
• Revenue in the first three months of 2026 of DKK 34
million is mainly driven by the partnership agreement with
Roche for petrelintide.
• Operating expenses in the first three months of 2026 of
DKK 573 million are mainly driven by the development of
petrelintide and continued progress across the early
project portfolio.
• Solid cash position of DKK 14.5 billion as of March 31,
2026, allowing Zealand Pharma to maximize the value of
petrelintide, invest significantly in the early-stage
research pipeline, leverage external innovation to
enhance R&D capabilities, and initiate a share buy-back
program of up to USD 200 million / DKK 1.3 billion.
Revenue
Revenue in the first three months of 2026 of DKK 34 million
is mainly driven by 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, 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. Total revenue already recognized
over time relating to this performance obligation amounts to
DKK 228 million, resulting in a remaining obligation of DKK 34
million as of March 31, 2026.
For further details on revenue and revenue recognition in
accordance with the International Financial Reporting
Standards (IFRS), please refer to Note 2. Revenue.
Net operating expenses
Research and development expenses in the first three
months of 2026 of DKK 469 million are mainly driven by the
Phase 2 ZUPREME program with petrelintide as well as Phase
3 preparations. To a lesser extent, expenses also reflect
increased investments into the research project portfolio,
and ZP9830, the Kv1.3 Ion Channel Blocker, as well as
development activities related to the ongoing Phase 3 trial
EASE-5, to support regulatory submission of glepaglutide for
short bowel syndrome (SBS) in the U.S.
Sales and marketing expenses of DKK 22 million in the first
three months of 2026 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 three
months of 2026 amounted to DKK 82 million, driven by
continued organizational scaling, IT infrastructure and facility
investments.
Financial items
Net financial items in the first three months of 2026 of DKK
145 million are mainly driven by interest income of DKK 74
million from excess liquidity invested in marketable
securities and cash equivalents, and exchange rate
adjustments of DKK 72 million, which primarily relate to USD
deposits, currency revaluation on accounts receivables and
cash equivalents.
Equity
As of March 31, 2026, equity is DKK 14.5 billion, reflecting a
slight decrease compared December 31, 2025 (DKK 14.8
billion). The decrease is mainly driven by the result for the
period.
Cash position
Cash, cash equivalents and marketable securities as of
March 31, 2026, is DKK 14.5 billion, reflecting a decrease
compared to the DKK 15.1 billion in cash, cash equivalents
and marketable securities as of December 31, 2025. The
decrease is mainly driven by net operating expenses
incurred during the period.
3 Zealand Pharma A/S | Interim Financial Statements Q1 2026
As of March 31, 2026, Zealand Pharma has placed DKK 10.6
billion into low-risk marketable securities in line with the
Group’s treasury policy. Cash and cash equivalents amount
to DKK 3.8 billion, of which 2.6 billion is placed in a money
market fund.
For further information on Marketable securities and Cash
and cash equivalents, please refer to Note 9 and Note 11.
Events after the reporting date
On May 7, 2026, Zealand Pharma announced initiation of a
share buy-back program. Zealand Pharma will buy back own
shares for up to USD 200 million / DKK 1.3 billion during
2026. For further information about the share buy-back
program, refer to Zealand Pharma Company Announcement
No. 13 / 2026, May 7, 2026.
Outlook for the year
The financial guidance for net operating expenses for 2026,
issued on February 19, 2026, is unchanged, and is expected
to be between DKK 2.7-3.3 billion.
Following the confirmation of Phase 3 progression for
petrelintide monotherapy, planned for initiation in the second
half of 2026, Zealand Pharma has recognized USD 700 million
/ DKK 4.5 billion as collaboration revenue in the second
quarter of 2026.
DKK billion
2026
guidance
2
2025 actual
Collaboration revenue
4.5
9.2
Net operating
expenses
1
2.7-3.3
2.1
1. Net operating expenses consist of R&D, S&M, G&A and excludes Other
operating items (OOI).
2. The financial guidance is based on foreign exchange rates as of May 6,
2026.
4 Zealand Pharma A/S | Interim Financial Statements Q1 2026
Interim financial statements.
Unaudited interim condensed consolidated financial statements for Q1 2026:
Interim statement of loss ......................................................................................................................................................................................... 5
Interim statement of comprehensive 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 ........................................................................................................................................................................................ 13
4. Financial items ..................................................................................................................................................................................................... 13
5. Prepayments ........................................................................................................................................................................................................ 14
6. Trade receivables ............................................................................................................................................................................................... 14
7. Trade payables .................................................................................................................................................................................................... 14
8. Other payables .................................................................................................................................................................................................... 14
9. Marketable securities ......................................................................................................................................................................................... 14
10. Financial instruments ....................................................................................................................................................................................... 16
11. Cash and cash equivalents ............................................................................................................................................................................. 17
12. Share capital ...................................................................................................................................................................................................... 18
13. Cash flow adjustments .................................................................................................................................................................................... 18
14. Capital Management ........................................................................................................................................................................................ 19
15. Contingent assets and liabilities .................................................................................................................................................................... 19
16. 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 Q1 2026
Interim statement of loss.
DKK million Note
Q1-26 YTD Q1-25 YTD
Revenue 2 34 8
Cost of goods sold - -
Gross profit 34 8
Research and development expenses -469 -290
Sales and marketing expenses -22 -37
General and administrative expenses -82 -65
Other operating expenses 3 - -22
Net operating expenses * -573 -414
Operating result -539 -406
Financial income 4 172 90
Financial expenses 4 -27 -20
Result before tax -394 -336
Corporate tax - 1
Net result for the period -394 -335
Loss per share, basic/diluted (DKK) -5.58 4.74
* Net operating expenses excluding transaction-related costs associated with the Roche partnership agreement amounted to DKK 393 million in
Q1, 2025 year-to-date.
6 Zealand Pharma A/S | Interim Financial Statements Q1 2026
Interim statement of comprehensive loss.
DKK million Note
Q1-26 YTD Q1-25 YTD
Net result for the period -394 -335
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 - -
Total comprehensive result for the period -394 -335
7 Zealand Pharma A/S | Interim Financial Statements Q1 2026
Interim statement of financial position.
DKK million Note
Mar-31, 2026 Dec-31, 2025
Intangible assets 45 45
Property, plant and equipment 77 70
Right-of-use assets 87 82
Deferred tax assets 1 1
Prepayments 5 53 61
Other receivables 20 20
Total non-current assets 283 279
Prepayments 5 311 242
Trade receivables 6 106 174
Other receivables 102 114
Corporate tax receivable 31 31
Marketable securities 9 10,619 10,532
Cash and cash equivalents 11 3,849 4,577
Total current assets 15,018 15,670
Total assets 15,301 15,949
Share capital 12 72 72
Share premium 14,730 14,729
Currency translation reserve 23 24
Retained earnings/(accumulated losses) -356 6
Total shareholders' equity 14,469 14,831
Borrowings 10 307 303
Derivative financial liabilities 10 43 70
Lease liabilities 78 80
Total non-current liabilities 428 453
Deferred revenue 2 33 65
Lease liabilities 29 23
Trade payables 7 260 347
Other payables 8 82 230
Total current liabilities 404 665
Total liabilities 832 1,118
Total shareholders' equity and liabilities 15,301 15,949
8 Zealand Pharma A/S | Interim Financial Statements Q1 2026
Interim statement of cash flow.
DKK million Note
Q1-26 YTD Q1-25 YTD
Net result for the period -394 -335
Adjustment for other non-cash items 13 -71 -42
Changes in working capital 13 -280 -181
Financial income received 76 60
Financial expenses paid -3 -3
Corporate taxes paid - -
Cash flow used in operating activities -672 -501
Proceeds from sale of marketable securites 9 3,694 3,102
Purchase of marketable securities 9 -3,799 -2,563
Purchase of intangible assets -1 -2
Purchase of property, plant and equipment -10 -6
Proceeds from sale of equity investment in Beta Bionics Inc. - 24
Cash flow from/(used in) investing activities -116 555
Lease installments -9 -4
Proceeds from issuance of shares related to exercise of share-based
compensation
12 1 3
Cash flow used in financing activities -8 -1
Increase/decrease in cash and cash equivalents -796 53
Cash and cash equivalents at beginning of period 4,577 726
Exchange rate adjustments 68 -3
Cash and cash equivalents at end of period 3,849 776
9 Zealand Pharma A/S | Interim Financial Statements Q1 2026
Interim statement of changes in equity.
Equity at January 1, 2026 72 14,729 23 6 14,830
Net result for the period - - - -394 -394
Exchange differences on translation of
foreign operations
Total comprehensive income - - - -394 -394
Transactions with owners:
Exercise of warrants - 1 - - 1
Share-based compensation expenses - - - 32 32
Equity at March 31, 2026 72 14,730 23 -356 14,469
Equity at January 1, 2025 71 14,681 22 -6,157 8,617
Net result for the period - - - -335 -335
Exchange differences on translation of
foreign operations
Total comprehensive income - - - -335 -335
Transactions with owners:
Exercise of warrants - 3 - - 3
Share-based compensation expenses - - - 23 23
Equity at March 31, 2025 71 14,684 22 -6,469 8,308
10 Zealand Pharma A/S | Interim Financial Statements Q1 2026
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, 2025.
Rounding
All figures in the interim condensed consolidated financial statements are rounded to the nearest million Danish kroner (DKK),
unless otherwise specified.
New standards, interpretations and amendments adopted by the Group
No amendments that apply for the first time in 2026 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 2025. Please refer to note 1.3 in the 2025 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 10. Financial instruments.
11 Zealand Pharma A/S | Interim Financial Statements Q1 2026
2. Revenue
Revenue can be specified as follows:
DKK million Note
Q1-26 YTD Q1-25 YTD
F. Hoffmann-La Roche Ltd. (Roche) 32 -
Novo Nordisk A/S 2 8
Total revenue from license and collaboration agreements 34 8
Product sales - -
Total revenue 34 8
Total revenue recognized over time 32 8
Total revenue recognized at a point in time 2 -
DKK million
Q1-26 YTD Q1-25 YTD
Royalty revenue 2 -
Reimbursement revenue for R&D services 32 8
Product sales - -
Total revenue by revenue stream 34 8
Total revenue in Q1, 2026 year-to-date of DKK 34 million is mainly driven by the Roche partnership agreement signed in March
2025. In addition, DKK 2 million in royalty revenue relates to the global license and development agreement with Novo Nordisk
A/S, which was terminated on January 9, 2026.
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 in June 2025 DKK 9,246 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 U.S. and Europe, and compensation on a time and material basis. In
the Collaboration Territory, the parties share Joint Commercialization Costs and Net Profits/Net Losses equally (50/50 split) for
the Collaboration Products. 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 milestone is reached. 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.
For the upfront payment, 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 9,246 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 262 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 8,984 million of the first upfront payment was allocated to the performance obligation related to the petrelintide
license provided to Roche using the residual approach. Future milestone payments and royalties are subject to uncertainty due
to general development risks.
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 8,984 million in license revenue was recognized at the point in time the license was transferred to Roche and
12 Zealand Pharma A/S | Interim Financial Statements Q1 2026
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 revenue allocated to the clinical trials obligation is deferred according to the progression and costs related to ZUPREME 1
and 2 and has and will be recognized as reimbursement revenue as the phase 2b clinical trials progress. Total revenue already
recognized over time relating to this performance obligation amounts to DKK 229 million, resulting in a remaining obligation as of
March 31, 2026 of DKK 33 million.
From the Effective Date, Zealand Pharma shares Joint Development Costs equally (50/50 split) with Roche, except that the
ongoing Zealand Pharma Phase 2b clinical trials are conducted at the sole expense of Zealand Pharma. 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. In the Collaboration Territory, the parties
share Joint Commercialization Costs and Net Profits/Net Losses equally (50/50 split) for the Collaboration Products. Roche is
responsible for investments into commercial manufacturing and supply.
Further details on the Roche (including anniversary payments and CT‑388) and Novo Nordisk agreements are provided in note
2.1 of the 2025 Annual Report.
13 Zealand Pharma A/S | Interim Financial Statements Q1 2026
3. Other operating items
DKK million
Q1-26 YTD Q1-25 YTD
Transaction fees related to Roche partnership agreement - -22
Total other operating items - -22
Presentation in income statement:
Other operating expenses - -22
In Q1, 2025, other operating expenses of DKK 22 million comprised legal and advisory fees related to the collaboration and
license agreement between Zealand Pharma and Roche.
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 derivative financial liabilities and marketable securities.
DKK million
Q1-26 YTD Q1-25 YTD
Interest income 74 41
Interest expenses from financial liabilities measured at amortized cost
-4 -7
Interest expenses from lease liabilities -1 -1
Fair value adjustment of marketable securities -19 18
Fair value adjustment of derivatives 27 31
Exchange rate adjustments 71 -11
Other financial expenses -3 -1
Financial items in total 145 70
Presentation in income statement:
Financial income 172 90
Financial expenses -27 -20
Interest income in Q1, 2026 year-to-date of DKK 74 million comprises interest on marketable securities and cash equivalents. The
increase compared to Q1, 2025 year-to-date is a result of the excess liquidity from entering the partnership collaboration with
Roche invested into marketable securities, refer to note 9. Marketable securities. Interest income on marketable securities is
based on coupon rates provided by SEB and Danske Bank. Interest income from cash equivalents relates to the money market
fund held at J.P. Morgan, refer to note 11. Cash and cash equivalents.
Interest expenses from financial liabilities measured at amortized cost in Q1, 2026 year-to-date of DKK 4 million relate to the EIB
loan (Tranche A) disbursed on March 11, 2024.
Fair value adjustment of derivatives of DKK 27 million in Q1, 2026 year-to-date comprises a 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 10.
Financial instruments for further information.
Exchange rate adjustments of DKK 71 million in Q1, 2026 year-to-date relate to USD deposits, currency revaluation on accounts
receivables and cash equivalents.
14 Zealand Pharma A/S | Interim Financial Statements Q1 2026
5. Prepayments
As of March 31, 2026 prepayments amount to DKK 364 million (2025: 303 million) and comprise prepayments for drug substance
and drug product, as well as prepayments for research activities. Out of the total DKK 364 million, DKK 311 million is short-term
and DKK 53 million is long-term.
6. Trade receivables
Trade receivables can be specified as follows:
DKK million
Mar-31, 2026 Dec-31, 2025
Trade receivables 5 -
Receivables related to license and collaboration agreements 101 174
Total trade receivables 106 174
Non-current - -
Current 106 174
As of March 31, 2026 receivables related to license and collaboration agreements amount to DKK 101 million (2025: DKK 174
million) and relate to cost sharing of development costs related to the Roche partnership.
7. Trade payables
Trade payables can be specified as follows:
DKK million
Mar-31, 2026 Dec-31, 2025
Trade payables 171 257
Accruals development projects 89 90
Total trade payables 260 347
Non-current - -
Current 260 347
8. Other payables
Other payables can be specified as follows:
DKK million
Mar-31, 2026 Dec-31, 2025
Employee benefits 79 114
Accrued interest 1 -
Other payables 2 116
Total other payables 82 230
Non-current - -
Current 82 230
Other payables of DKK 116 million in 2025 comprise an accrual for legal expenses, please refer to the 2025 Annual Report note
3.10.
15 Zealand Pharma A/S | Interim Financial Statements Q1 2026
9. Marketable securities
As of March 31, 2026, Zealand Pharma has placed DKK 10,619 million into low-risk marketable securities in line with the Group’s
treasury policy. The investments can be specified as follows:
DKK million
Mar-31, 2026 Dec-31, 2025
DKK portfolio:
DK bonds 8,815 8,447
Total DKK portfolio
8,815 8,447
EUR portfolio:
IG Corporate bonds (investment grade) 1,804 2,085
Total EUR portfolio
1,804 2,085
Total portfolio
10,619 10,532
Non-current -
-
Current 10,619
10,532
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 March 31, 2026, all outstanding securities mature within 49
months (2025: within 57 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 2026 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 10. Financial instruments for information on fair value measurement and the fair value hierarchy.
16 Zealand Pharma A/S | Interim Financial Statements Q1 2026
10. Financial instruments
As of March 31, 2026, and December 31, 2025, 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 the cash-settled warrant
liability is measured using significant unobservable inputs categorized as Level 3 in the fair value hierarchy.
No transfers occurred between the levels of the fair value hierarchy in the three months period ending March 31, 2026.
DKK million
Mar-31, 2026 Dec-31, 2025
Categories of financial instruments:
Trade receivables excluding prepaid expenses 106 174
Other receivables 122 134
Financial assets measured at amortized cost 228 308
Marketable securities (Level 1) 10,619 10,532
Financial assets measured at fair value through profit and loss 10,619 10,532
Borrowings 307 303
Lease liabilities 107 103
Trade payables 260 347
Other payables 82 230
Financial liabilities measured at amortized cost 756 983
Cash-settled warrant liability from EIB loan, Tranche A (Level 3) 43 70
Financial liabilities measured at fair value through profit and loss 43 70
Financial
liabilities
(Level 3)
Carrying amount at January 1, 2026 70
Fair value adjustment of warrant liability from EIB loan, Tranche A -27
Carrying amount at March 31, 2026 43
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 initial 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.
17 Zealand Pharma A/S | Interim Financial Statements Q1 2026
Fair value of the warrants amounted to DKK 43 million as of March 31, 2026. 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 March 31, 2026, the applied volatility is 61% 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 March
31, 2026, 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 -10 million
▪ Expected volatility +20%, increase in fair value of DKK 6 million
▪ Expected dividend +1%, decrease in fair value of DKK -8 million
For further information on fair value measurement of the prepayment option related to the EIB loan (Tranche A) refer to note 4.6
in the 2025 Annual Report.
Other fair value measurements
For information about fair value measurements of marketable securities, please refer to note 9. Marketable securities.
11. Cash and cash equivalents
Cash and cash equivalents can be specified as follows:
DKK million
Mar-31, 2026 Dec-31, 2025
Cash 1,096 651
Cash equivalents 2,753 3,926
Total cash and cash equivalents 3,849 4,577
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.
18 Zealand Pharma A/S | Interim Financial Statements Q1 2026
12. Share capital
DKK million Note
Mar-31, 2026 Dec-31, 2025
Share capital at start of period 72 72
Exercise of warrants - -
Share capital at end of period 72 72
New shares from exercise of warrants in Q1, 2026 year-to-date were issued at a weighted average subscription price of DKK
90.7. Total proceeds from exercise of share-based compensation amount to DKK 1 million.
Treasury shares
As of March 31, 2026, there were 865,485 treasury shares, equivalent to 1.2% of the share capital (2025: 907,905 treasury
shares, 1.3%). The treasury shares are allocated to performance share units (PSUs) and restricted share units (RSUs).
Potential dilutive effects
In the calculation of the diluted loss per share in Q1, 2026 636,993 potential ordinary shares related to share-based payment
instruments have been excluded as they are anti-dilutive (2025: 1,045,798).
13. Cash flow adjustments
DKK million Note
Q1-26 YTD Q1-25 YTD
Depreciation, amortization and impairment losses 10 5
Deferred revenue 2 32 -
Share-based compensation expenses 32 23
Financial income -172 -90
Financial expenses 27 20
Adjustments for non-cash items in total -71 -42
Adjustment for deferred revenue of DKK 32 million relates to the Roche partnership agreement. For further information on the
deferral of revenue related to execution of Phase 2b trials for ZUPREME 1 and 2, refer to note 2. Revenue.
In Q1, 2026 year-to-date adjustments for financial income of DKK 172 million mainly relate to accrued interest on marketable
securities, fair value adjustments of derivative financial liabilities and exchange rate adjustments on USD deposits, accounts
receivables and cash equivalents.
Adjustments for financial expenses in Q1, 2026 year-to-date of DKK 27 million include amortization of loan costs related to the
EIB loan (Tranche A) and fair value adjustments on marketable securities.
DKK million
Q1-26 YTD Q1-25 YTD
Changes in accounts receivable 72 -5
Changes in prepaid expenses -62 -137
Changes in other receivables 12 9
Changes in accounts payable -87 -11
Changes in other liabilities -215 -36
Changes in corporate tax receivable - -1
Changes in working capital in total -280 -181
19 Zealand Pharma A/S | Interim Financial Statements Q1 2026
14. Capital Management
The Group’s capital management objectives are unchanged from the ones described in the 2025 Annual Report.
15. 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.
However, it is impossible to estimate the amount of variable consideration for these contingent assets, and as such, no assets
have been recognized.
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
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 2025.
16. Significant events after the reporting period
On May 7, 2026, Zealand Pharma announced initiation of a share buy-back program. Zealand Pharma will buy back own shares
for up to USD 200 million / DKK 1.3 billion during 2026. For further information about the share buy-back program, refer to
Zealand Pharma Company Announcement No. 13 / 2026, May 7, 2026.
20 Zealand Pharma A/S | Interim Financial Statements Q1 2026
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
March 31, 2026.
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 March 31, 2026 and of
the results of the Group’s consolidated operations and cash
flows for the period January 1, 2026 to March 31, 2026.
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, May 7, 2026
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 Enrique Alfredo Conterno Martinelli
Chairman Vice Chairman Board member
Leonard Kruimer Elaine Sullivan Iris Katharina Löw-Friedrich
Board member Board member Board member
Anneline Nansen Frederik Barfoed Beck Adam Krisko Nygaard
Board member Board member Board member
Employee elected Employee elected Employee elected
Ludovic Tranholm Otterbein
Board member
Employee elected