Core Insights - Zealand Pharma experienced significant growth in 2025, highlighted by a transformative partnership with Roche for petrelintide and strong clinical advancements, setting the stage for a pivotal 2026 [1][2] Financial Performance - Revenue for FY 2025 reached DKK 9,215 million, a substantial increase from DKK 63 million in FY 2024 [3] - Net operating expenses, excluding other operating items, were DKK -2,101 million, compared to DKK -1,324 million in FY 2024 [3] - The operating result improved to DKK 6,959 million from a loss of DKK -1,272 million in FY 2024 [3] - Cash position at the end of FY 2025 was DKK 15,109 million, up from DKK 9,022 million in FY 2024 [4] 2026 Financial Guidance - Expected net operating expenses for 2026 are projected to be between DKK 2,700 million and DKK 3,300 million, primarily driven by research and development activities [5][7] - Zealand Pharma is eligible for potential milestone payments from Roche totaling USD 700 million, including a development milestone of USD 575 million and an anniversary payment of USD 125 million [8] Strategic Developments - Zealand Pharma aims to establish a leading amylin-based franchise around petrelintide, with plans for a Phase 3 program initiation in H2 2026 [5][10] - The company outlined its ambitious Metabolic Frontier 2030 strategy, targeting five product launches and over 10 clinical pipeline programs by 2030 [5] - A new research site in Boston is planned to enhance drug discovery capabilities, integrating AI-driven approaches with over 25 years of peptide expertise [5][15] Clinical Pipeline and Milestones - Phase 2 data from the ZUPREME-1 trial for petrelintide is expected to be reported imminently, with Phase 3 development anticipated to begin soon after [2][10] - Survodutide's Phase 3 data from the SYNCHRONIZETM program is also expected to be reported throughout 2026, potentially leading to regulatory submissions [2][10] Organizational Growth - Zealand Pharma saw a 41% increase in employee count in 2025, with an improved employee engagement score of 8.9 out of 10 and a low turnover rate of 7.8% [15]