Report
Jacob Mekhael

Zealand Pharma Uneventful 1Q25 results, dapi phase 1 higher dose data in 2Q25

Zealand reported uneventful 1Q25 results with a cash position of DKK 8,545m to be supplemented with a $1.4b (approx. DKK 9.24b) upfront from Roche in 2Q25. Pipeline timelines were reiterated, and while the later stage datasets are expected in 1H26, we look forward to results from the higher dose cohort from the phase 1b trial of dapiglutide (GLP-1/GLP-2 analog) in overweight/obese patients in 2Q25. In addition, we expect read-through from cagrisema's (GLP-1/amylin analog) full dataset potentially showing amylin's muscle preservation ability in humans. We reiterate our DKK 1,120 TP and 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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