Zealand Pharma posts DKK9.1 bln revenue on Roche deal, holds DKK17 bln cash

Zealand Pharma reported DKK9.1 billion in H1 2025 revenue, primarily from an upfront Roche payment for petrelintide, and maintained a robust DKK17 billion cash balance, while reaffirming full-year R&D expense guidance of DKK2-2.5 billion. The company emphasized its significant pipeline progress, with key catalysts including H1 2026 topline data for petrelintide's Phase IIb trial and Boehringer Ingelheim's Phase III survodutide data. Additionally, Phase III trials for glepaglutide and Phase II for dapiglutide are set to initiate in H2 2025, with analysts anticipating re-ignited investor interest as these clinical milestones approach.

Analysis

Zealand Pharma reported a strong financial position for the first half of 2025, with revenue of DKK9.1 billion largely due to a significant upfront payment from Roche for its amylin candidate, petrelintide. The company's cash balance stands at a robust DKK17 billion, providing a substantial runway to fund its late-stage research and development activities, with full-year net operating expense guidance reaffirmed at DKK2-2.5 billion. Management has explicitly signaled that the investment thesis rests on its pipeline progress rather than current financial results. The forward-looking calendar is rich with catalysts, headlined by the anticipated H1 2026 topline data from petrelintide's Phase IIb trial and the early 2026 Phase III data for the Boehringer Ingelheim-partnered survodutide. Further pipeline maturation is expected in the second half of 2025 with the initiation of a Phase II trial for dapiglutide and a Phase III trial for glepaglutide. Analyst sentiment, as highlighted by Jefferies, suggests that investor interest is likely to intensify later in the year as these key 2026 clinical readouts draw closer.

Key Decisions for Investors

• The investment case for Zealand Pharma is catalyst-driven, thus investors should prioritize monitoring the progress of its late-stage pipeline, particularly the key clinical data readouts for petrelintide and survodutide expected in the first half of 2026.
• Given the company's substantial DKK17 billion cash position against a guided DKK2-2.5 billion in annual operating expenses, the primary risk is not funding but clinical trial execution and outcomes.
• In line with analyst expectations, investors may consider the period leading into late 2025 as a potential entry or accumulation window before interest potentially increases in anticipation of the 2026 catalysts.
• It is crucial to track the scheduled trial initiations in H2 2025 for dapiglutide and glepaglutide, as any delays could impact the projected timeline for future value inflection points and regulatory submissions.