Zealand Pharma (Buy, TP: DKK1010.00) - Focus on partnership discussions
We expect an uneventful Q4 report, but with investor focus on the ongoing petrelintide partnership discussions. Our base case derives DKK593/share for petrelintide, assuming a profit-sharing agreement in H1. We believe recruitment for the petrelintide phase II trial will be completed in H1 (headline results in Q1 2026e) and look for 2025 opex guidance of DKK1,750m–1,850m. We reiterate our BUY and DKK1,010 target price.Novo-Nordisk is a global healthcare company engaged in the innovation of diabetes care. Co. also provides haemophilia care, growth hormone therapy and hormone replacement therapy. The Diabetes care business segment includes research, development, manufacturing and marketing of products within the areas of insulin, GLP-1 and related delivery systems, oral antidiabetic products (OAD) and obesity. The Biopharmaceuticals business segment includes research, development, manufacturing and marketing of products within the areas of haemophilia, growth hormone therapy, hormone replacement therapy, inflammation therapy and other therapy areas.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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