Report
Jacob Mekhael

Zealand Pharma Model update, multiple important catalysts ahead

We update our Zealand model following the company's recent CMD held in December 2025. Zealand outlined its plans to become a generational metabolic health company, as well as sharing clear targets with 5 product launches in the next 5 years, and to have 10+ clinical programs by 2030. Our model update incorporates adjusted milestone timing from Roche, removes dapiglutide, as well as a few small tweaks on the rare disease pipeline. All in all, this brings us to a new TP of DKK 960 (from DKK 1,120). With multiple important catalysts ahead including the highly anticipated phase 2b results for petrelintide in overweight/obese subjects, we reiterate our BUY rating.
Underlying
Zealand Pharma A/S

Zealand Pharma is a biotechnology company. Co. is engaged in the discovery development and commercialization of peptide-based medicines. Co.'s pipeline comprises two implementation areas: Cardio-metabolic diseases and Other indications. The Cardio-metabolic diseases area includes medicines for diabetes and obesity treatment, such as Lyxumia (Lixisenatide), Lyxumia/Lantus, ZP2929 and Danegaptide. The Other indications area are ZP1848, Elsiglutide and ZP1480 (ABT-719) drugs for inflammatory bowel disease, chemotherapy-induced diarrhea and acute kidney injury treatment.

Provider
KBC Securities
KBC Securities

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Analysts
Jacob Mekhael

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