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Develops peptide-based drugs, including treatments for short bowel syndrome and obesity/metabolic disease.
Develops peptide-based drugs, including treatments for short bowel syndrome and obesity/metabolic disease.
Earns mainly through partners, which pay upfront and milestone fees and royalties on drugs Zealand discovered, such as Boehringer Ingelheim's survodutide, a weight-loss candidate, and a collaboration with Roche on the amylin analogue petrelintide. It keeps development of some rare-disease products for itself.
Moat: narrow (IP / patents, process know-how). Deep expertise in peptide drug design gives a pipeline of differentiated candidates and pharma partnerships.
Headquarters: Copenhagen, Denmark · Founded: 1998 · Employees: 481
Size Zealand Pharma A/S (ZEAL.CO) is a Denmark Health Care company (Biotechnology) with a market value of $2.32B, the 32nd largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 232.90 on 6 Nov 2026.
Performance Over six months the shares fell 31.7%, against +8.1% for the median peer and +8.8% for the Denmark market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue fell 49.0% over the last twelve months (peer median +8.0%); the operating margin is 50.6% (peer median -24.9%).
Valuation It trades at 8.8× forward earnings against a peer median of 94.1× (cheapest of 6).
Capital Return on invested capital runs 39.3 points above its cost of capital (7.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 4.64B | DKK 9.21B | DKK 62.7M | DKK 343M | DKK 104M |
| Revenue growth | — | +14,599% | -82% | +230% | — |
| Gross profit | DKK 4.61B | DKK 9.19B | DKK 29.0M | DKK 295M | DKK 73.3M |
| EBITDA | DKK 2.38B | DKK 7.18B | -DKK 1.24B | -DKK 533M | -DKK 749M |
| Net income | DKK 2.74B | DKK 6.46B | -DKK 1.08B | -DKK 704M | -DKK 966M |
| Free cash flow | -DKK 1.80B | DKK 6.50B | -DKK 941M | -DKK 437M | -DKK 954M |
| Capital expenditure | DKK 78.6M | DKK 69.1M | DKK 13.1M | DKK 23.7M | DKK 11.7M |
| Total debt | DKK 411M | DKK 406M | DKK 392M | DKK 200M | DKK 524M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zealand Pharma A/S ZEAL.CO | $2.32B | -32% | -49% | 51% | 8.8× | n/a |
| Novo Nordisk A/S NOVO-B.CO | $190B | -7% | +6% | 48% | 11.9× | 0.1% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Amgen AMGN | $249B | +40% | +9% | 36% | 18.9× | 1.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZEAL.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.7% | +0.6% | 10th lowest of 21 |
| 6-month return | -31.7% | +8.1% | lowest of 20 |
| Distance from 52-week high | -58.1% | -28.6% | lowest of 21 |
| Revenue growth (TTM) | -49.0% | +8.0% | 5th lowest of 16 |
| Operating margin | 50.6% | -24.9% | 2nd highest of 14 |
| Forward P/E | 8.8× | 94.1× | cheapest of 6 |
| ROIC minus cost of capital | +39.3 pp | -11.0 pp | highest of 12 |
| EV / EBITDA | 0.6× | n/a | — |
| Net debt / EBITDA | -5.9× | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zealand Pharma A/S ZEAL.CO | Denmark | $2.32B | -32% | -49% | 51% | 8.8× | n/a | n/a |
| Celldex Therapeutics CLDX | United States | $2.35B | -12% | -97% | -206,220% | n/a | n/a | n/a |
| Hemab Therapeutics COAG | United States | $2.29B | +95% | n/a | n/a | n/a | n/a | n/a |
| Septerna SEPN | United States | $2.28B | +105% | +13,520% | -57% | n/a | 18.7% | n/a |
| Vimian VIMIAN.ST | Sweden | $2.26B | +41% | +8% | 19% | 37.5× | 12.5% | +44.5% |
| BGI Genomics 300676.SZ | China | $2.39B | -4% | 0% | -14% | 142.2× | n/a | n/a |
| Sinocelltech 688520.SS | China | $2.25B | -23% | -40% | -75% | n/a | n/a | n/a |
| Pharvaris PHVS | United States | $2.41B | +14% | n/a | n/a | n/a | n/a | n/a |
| SKBS 302440.KS | South Korea | $2.22B | -11% | +23% | -25% | n/a | n/a | n/a |
| Immunome IMNM | United States | $2.21B | -17% | -100% | n/a | n/a | n/a | n/a |
| Aurinia Pharmaceuticals AUPH | United States | $2.21B | +8% | +21% | 45% | 19.7× | 5.1% | +41.4% |
| Recursion Pharmaceuticals RXRX | United States | $2.19B | +6% | +56% | -725% | n/a | n/a | n/a |
| Lakefront Biotherapeutics LKFT.AS | Netherlands | $2.19B | +25% | +259% | 60% | n/a | n/a | n/a |
| MBX Biosciences MBX | United States | $2.47B | +25% | n/a | n/a | n/a | n/a | n/a |
| Vera Therapeutics VERA | United States | $2.15B | -18% | n/a | n/a | n/a | n/a | n/a |
| Palvella Therapeutics PVLA | United States | $2.53B | +45% | -100% | n/a | n/a | n/a | n/a |
| Hitgen 688222.SS | China | $2.12B | +23% | +42% | 27% | 94.1× | 38.7% | +16.8% |
| Shenzhen Kangtai Biological Products 300601.SZ | China | $2.11B | -9% | -9% | 6% | 119.7× | 25.3% | +3.4% |
| Evopoint Biosciences 688837.SS | China | $2.58B | n/a | n/a | n/a | n/a | n/a | n/a |
| Arcus Biosciences RCUS | United States | $2.59B | -28% | -55% | -415% | n/a | n/a | n/a |
| Vir Biotechnology VIR | United States | $2.07B | +34% | +1,496% | -92% | n/a | n/a | n/a |