olivLaw · European equity research
Zealand Pharma A/S ZEAL.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060257814 · Vertical: Listed companies from Denmark
Zealand Pharma is a Copenhagen-based biotechnology company focused on medicines for obesity and metabolic health, built on peptide science. Its revenue and cash position in 2026 depend heavily on the Roche partnership for petrelintide, and the second quarter 2026 results were dominated by milestones in that collaboration. The 2026 revenue and cash figures are set out below as reported.
At the close of 06 Nov 2026, Zealand Pharma A/S (ZEAL.CO) stock was 232.90 DKK (−1.52% on the day), with beta 1.16, 52-week range 221.80–545.80 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.9
- weak (30–45)
- Bollinger (20, 2)
- 222.15 – 238.50
- in the upper half of the band · %B 0.66 · band width 7.1%
- SMA 50 / 200
- 258.60 / 306.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -6.50 / -9.42
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.6% | −0.6% | −6.0 pp | — |
| 3 months | −29.6% | −4.2% | −25.5 pp | — |
| 6 months | −31.7% | +4.3% | −36.1 pp | — |
| Year to date | −50.1% | +7.5% | −57.6 pp | — |
| 1 year | −45.1% | +9.9% | −55.1 pp | −7.6% |
| 3 years | −18.6% | +49.8% | −68.4 pp | +1.3% |
| 5 years | +16.1% | +42.8% | −26.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · DKK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 726.0 m | 4.6 bn | 4.0 bn | esef· 02 Sept 2026verified |
| Current assets | — | 15.7 bn | 18.7 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | — | 70.0 m | 87.0 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | — | 45.0 m | 839.0 m | esef· 02 Sept 2026verified |
| Total assets | — | 15.9 bn | 19.8 bn | esef· 02 Sept 2026verified |
| Long-term debt | — | 303.0 m | 312.0 m | esef· 02 Sept 2026verified |
| Current liabilities | — | 665.0 m | 1.3 bn | esef· 02 Sept 2026verified |
| Total liabilities | — | 1.1 bn | 1.8 bn | esef· 02 Sept 2026verified |
| Equity | 8.6 bn | 14.8 bn | 18.0 bn | esef· 02 Sept 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 14.0x | 100 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ZEALAND PHARMA A/S (ZEAL.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 14.0x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 69.4 bn | 13.3 | 133.4% | 16.1% | unavailable | +17% / −2% |
| NEWCAP.CONewcap Holding A | 64.6 bn | 13,000.0 | 29.1% | 41.6% | −99.9% | +118% / +60% |
| ISS.COIss A | 49.6 bn | 19.3 | 27.7% | 3.1% | +1.1% | +40% / +152% |
| BAVA.COBavarian Nordic A | 18.8 bn | 13.7 | 10.9% | 22.0% | unavailable | +30% / +44% |
| GN.COGn Store Nord A | 18.0 bn | 27.6 | 6.3% | 6.8% | unavailable | +19% / −23% |
| NETC.CONetcompany Group A | 16.5 bn | 65.0 | 7.2% | 3.3% | unavailable | +9% / +61% |
| BIOMAR.COBiomar Group A | 12.0 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −9% |
| DFDS.CODfds A | 8.4 bn | — | -0.2% | -0.1% | +1.9% | +69% / −27% |
| GUBRA.COGubra A | 4.9 bn | 2.9 | 149.6% | 64.1% | +892.2% | −39% / +161% |
| MATAS.COMatas A | 3.1 bn | 13.0 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.3 bn | 52.4 | 13.8% | 17.2% | −6.2% | −24% / −54% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +14% |
| COLUM.COColumbus A | 1.2 bn | 82.9 | 2.0% | 0.9% | unavailable | −7% / +28% |
| NNIT.CONnit A | 989.7 m | — | -3.0% | -1.3% | −3.4% | −18% / −55% |
| NORTHM.CONorth Media A | 882.1 m | 13.3 | 5.5% | 5.1% | −0.4% | +12% / −15% |
| FFARMS.COFirstfarms A | 787.5 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 524.7 m | — | -1.3% | -0.9% | +28.7% | −38% / −45% |
| BIOPOR.COBioporto A | 451.6 m | — | -117.6% | -203.8% | +11.2% | −9% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 386.6 m | 11.7 | 74.3% | 21.5% | +20.0% | −20% / +88% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 299.0 m | 13.4 | 5.4% | 29.7% | +0.9% | −3% / +35% |
| CEMAT.COCemat A | 214.4 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +4% |
1- and 3-year price returns: for ZEAL.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Zealand Pharma is a Copenhagen-based biotechnology company focused on medicines for obesity and metabolic health, built on peptide science. Its revenue and cash position in 2026 depend heavily on the Roche partnership for petrelintide, and the second quarter 2026 results were dominated by milestones in that collaboration 1. The 2026 revenue and cash figures are set out below as reported 1.
SWOT
Strengths
- A proprietary peptide and data platform, combined with a solid cash position and major partnerships, gives flexibility in development 1.
- Long experience in peptide research and a portfolio with several candidates in clinical development 1.
- Agreements with global partners that share development costs and risks 1.
Weaknesses
Opportunities
Risks
- Dependence on Rochehigh
Revenue and milestones in 2026 are largely tied to a single collaboration agreement, and changes in that partnership could affect results 1.
- Uncertain clinical resultshigh
Studies may produce unexpected data, and the failure of one study could change the value of the whole portfolio 1.
- Regulatory approvalsmedium
Authorities may require additional studies or delay approvals, which could postpone revenue 1.
- Pricing pressuremedium
Government or market-driven price decreases could reduce revenue from approved products 1.
- Currency and interest rateslow
Exchange rate and interest rate fluctuations can influence financial results, particularly given exposure to U.S. dollars 1.
Investment thesis
What would need to be true (bull case)
- If the petrelintide studies and their combinations advance as planned, the company could capitalize on its peptide platform in a field with strong demand 1.
- A high cash position gives flexibility to invest in research and in external innovation 1.
- Approval of rare disease products could add diversified revenue in the coming years 1.
What would break the thesis
- If a key study does not confirm the expected results, the value of the partnerships and the portfolio could fall significantly 1.
- Revenue concentrated in one agreement could decline after the milestones already reached 1.
- Pricing pressure and competition in obesity could limit the commercial potential of the products 1.
What to watch
- Topline results of the Phase 2 ZUPREME-2 trial for petrelintideH2 2026
- EU marketing authorization decision for glepaglutideH2 2026
- Q3 2026 interim resultsNovember 12, 2026
- Annual results and guidance for 2027February 25, 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on developing medicines for obesity and metabolic health, using more than 25 years of peptide research expertise and a proprietary data platform that combines data-driven and AI/ML approaches 1. The company says more than ten of its invented drug candidates have entered clinical development, of which two products have reached the market and three candidates are in late-stage development 1. It is headquartered in Copenhagen, with a U.S. presence in Boston, Massachusetts 1. The company has collaborations with global pharmaceutical and biotechnology partners for research, development and commercialization 1.
Financial activity in 2026 is largely tied to the collaboration and license agreement with Roche for petrelintide 1. Revenue in the first half of 2026 included the Phase 3 initiation milestone and the first anniversary payment under that agreement, while the rest of the initial upfront payment received in June 2025 is recognized as the Phase 2 trials progress 1. Operating expenses were concentrated in the development of petrelintide and the early research portfolio 1.
In August 2026 Zealand Pharma announced a royalty sale agreement with Royalty Pharma relating to rusfertide, and it started a share buy-back program at the same time 1. The financial guidance for 2026 was left unchanged 1.
Segments
Obesity and metabolism
The most important segment is obesity, where petrelintide (an amylin analog), the petrelintide/enicepatide fixed-dose combination and survodutide (a glucagon/GLP-1 dual agonist) are in development, with several Phase 2 and Phase 3 events scheduled for the second half of 2026 1.
Rare diseases
The rare disease segment includes glepaglutide for short bowel syndrome, where review of the EU marketing authorization application is expected in the second half of 2026, and dasiglucagon for congenital hyperinsulinism, where a resubmission to the U.S. FDA is planned 1.
Market context
Revenue depends on the timing of milestones and development payments under agreements rather than on product sales, so quarterly results can vary significantly from one half-year to the next 1.
Trends
- Demand for obesity treatmentstailwind
Strong demand for treatments for obesity and metabolic disease attracts partnerships and investment, which could support companies with candidates in development 1.
- Pricing pressureheadwind
Government or market-driven price decreases could reduce future product revenue, a risk the company explicitly flags in its forward-looking statements 1.
- Regulation and reimbursementmixed
Changes in reimbursement rules and government laws could alter the timing and value of approvals, depending on regulator decisions 1.
- Competing new productsheadwind
The introduction of competing products could affect both market access and the value of candidates in development, particularly if other companies advance faster 1.
Competitive position
Zealand Pharma competes with pharmaceutical and biotechnology companies developing treatments for obesity and metabolic disease, including companies that already have approved products in this area 1. The sources provided do not describe individual competitors in detail.
The company's advantage lies in its peptide platform and its partnerships with large companies, but competitive pressure will depend on clinical trial results and the timing of each candidate's market entry 1.
- Roche
Partner in the petrelintide and petrelintide/enicepatide agreement, participating in development and the planned Phase 3 initiation 1.
- Royalty Pharma
Counterparty in a royalty purchase and sale agreement relating to rusfertide, a recent transaction of the company 1.
- Other obesity drug developers
Companies developing competing medicines for obesity and metabolic disease, not detailed in the sources provided 1.
- Companies with rare disease products
Competitors for the company's rare disease treatments, such as for short bowel syndrome or congenital hyperinsulinism 1.
News & filings
In the press
- Voting underway in New Zealand's general election to elect new governmentAnadolu Agency (TR, EN) · 06 Nov 2026 · EN
- Polls open in final day of New Zealand voteThe Straits Times — Asia · 06 Nov 2026 · EN
- New Zealand Vote Hinges on Who Has Best Cost-of-Living SolutionBloomberg Markets · 06 Nov 2026 · EN
- New Zealand Election: Who Could Form the Next Government and What Is at Stake?Modern Diplomacy · 06 Nov 2026 · EN
- New Zealand election campaign dominated by cost of living, healthcareNikkei Asia · 06 Nov 2026 · EN
- Explainer-What you need to know ahead of New Zealand's electionThe Straits Times — Asia · 06 Nov 2026 · EN
- Labour gains in latest New Zealand poll before vote, results remain too close to callThe Straits Times — Asia · 05 Nov 2026 · EN
- New Zealand election campaign enters final day with result too close to callThe Straits Times — Asia · 05 Nov 2026 · EN
- Chris vs Chris: Who's running and what's at stake this New Zealand electionBBC World News · 05 Nov 2026 · EN
- Scotland can test New Zealand, says coach TownsendCNA (Channel NewsAsia) · 05 Nov 2026 · EN
- New Zealand's European-born duo complete unlikely journeys to test rugbyCNA (Channel NewsAsia) · 05 Nov 2026 · EN
- EXPLAINER - What to know about New Zealand’s general electionAnadolu Agency (TR, EN) · 05 Nov 2026 · EN
- New Zealand leaders make final appeals as election remains tightThe Japan Times · 05 Nov 2026 · EN
- At least 50 whales stranded on New Zealand coast, several die: ReportAnadolu Agency (TR, EN) · 05 Nov 2026 · EN
- New Zealand: Dead whales found as rescuers battle mass strandingEuronews — News (EN) · 05 Nov 2026 · EN
- Dozens of pilot whales stranded on New Zealand coastThe Straits Times — Asia · 05 Nov 2026 · EN
- Dozens of pilot whales stranded on New Zealand coastThe Straits Times — Asia · 05 Nov 2026 · EN
- New Zealand braces for knife-edge election: What you need to knowAl Jazeera — World · 05 Nov 2026 · EN
- New Zealand leaders make final appeals as election remains tightThe Straits Times — Asia · 05 Nov 2026 · EN
- S. Korea, Singapore, New Zealand review progress in green trade pact talksYonhap News (KR, EN) · 05 Nov 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202602 Jun 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Zealand Pharma A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.