Zealand Pharma A/S

Zealand Pharma maintains a highly conservative capital structure characterized by minimal leverage and substantial liquidity. The company reports a debt-to-equity ratio of 0.03, indicating negligible reliance on debt financing relative to shareholder equity. With a current ratio of 23.57, the firm holds significantly more current assets than current liabilities, providing a robust buffer against short-term obligations. Cash and equivalents stand at 4.58 billion DKK, while long-term debt is limited to 405.77 million DKK. This balance sheet composition suggests low liquidity risk and ample financial flexibility for future operations or strategic initiatives.

Profitability metrics demonstrate exceptional efficiency, with a return on equity of 43.13% and a return on assets of 40.11%. These figures indicate that the company generates substantial net income relative to its asset base and equity capital. The gross profit margin is nearly 100%, as gross profit of 9.21 billion DKK closely matches total revenue of 9.21 billion DKK, suggesting a business model with minimal direct cost of goods sold, typical for biotechnology firms with licensed or low-cost manufacturing arrangements. Operating income of 6.96 billion DKK and net income of 6.46 billion DKK further underscore strong operational leverage and bottom-line performance.

Revenue concentration and geographic exposure details are not provided in the available data, preventing a detailed analysis of segment or regional dependencies. However, the uniformity of the gross profit and revenue figures implies a consolidated revenue stream without significant internal cost allocations. The absence of segment data limits the ability to assess diversification risks or growth drivers across different product lines or markets.

Growth trajectory analysis is constrained by the absence of historical period data in the input. Without multi-year revenue or net income trends, it is not possible to evaluate the company's historical growth rates or momentum. The current financial snapshot reflects a single normalized period, offering a static view of performance rather than a dynamic trend analysis.

Risk assessment indicates low liquidity and dilution risks, with no immediate filing-based flags detected. The low dilution risk is supported by the equality of basic and diluted shares outstanding, both at 69.26 million, suggesting no significant options or convertible securities are currently impacting share count. The conservative balance sheet and strong cash generation further mitigate financial risks, positioning the company favorably against market volatility.

Recent events and market sentiment reflect a mixed but generally positive outlook. Analyst estimates show a mean price target of 496.73 DKK and a median of 471.00 DKK, with a high target of 905.00 DKK and a low of 300.00 DKK. The mean recommendation of 2.33 indicates a moderate buy stance, with three strong buys, seven buys, and seven holds. This distribution suggests cautious optimism among analysts, balancing the company's strong financials with potential market or product-specific uncertainties.

Zealand Pharma projects 2026 revenue of DKK 9.2 billion, representing a 14,599% year-over-year increase from the prior fiscal year.

Analysts assign a mean price target of DKK 496.73, implying 56.2% upside from the current market price of DKK 318.

The firm maintains a low debt-to-equity ratio of 0.03, indicating minimal leverage risk relative to the cohort median of 0.18.

The company reported a net loss of DKK 1.08 billion in fiscal year 2025, highlighting recent historical unprofitability.

Free cash flow deteriorated to a negative DKK 1.07 billion in fiscal year 2025, worsening from the previous year's outflow.

Revenue dropped significantly to DKK 62.7 million in fiscal year 2025, down from DKK 342.8 million in the prior year.

Operating income declined to a negative DKK 1.27 billion in fiscal year 2025, reflecting increased operational costs relative to revenue.

Long-term debt increased to DKK 391.8 million in fiscal year 2025, up from DKK 119.2 million in the previous fiscal year.

Revenue kr 34.0M, +320,2% YoY; Operating income −32,4% YoY.

• ▍Revenue kr 34.0M, +320,2% YoY
• ▍Operating income −32,4% YoY
• ▍Net income −17,5% YoY
• ▍Free cash flow −16,8% YoY
• ▍Net margin -1158.8%

Revenue kr 68.9M, +661,0% YoY; Operating income −27,9% YoY.

• ▍Revenue kr 68.9M, +661,0% YoY
• ▍Operating income −27,9% YoY
• ▍Net income −30,3% YoY
• ▍Free cash flow −46,3% YoY
• ▍Net margin -550.1%

Revenue kr 49.6M, +1 022,7% YoY; Operating income −32,0% YoY.

• ▍Revenue kr 49.6M, +1 022,7% YoY
• ▍Operating income −32,0% YoY
• ▍Net income −51,7% YoY
• ▍Free cash flow −53,7% YoY
• ▍Net margin -815.5%

Revenue kr 9.09B, +26 527,7% YoY; Operating income +3 215,1% YoY.

• ▍Revenue kr 9.09B, +26 527,7% YoY
• ▍Operating income +3 215,1% YoY
• ▍Net income +2 687,1% YoY
• ▍Free cash flow +2 692,9% YoY
• ▍Net margin 83.3%

Revenue kr 8.1M; Operating income -kr 407.0M.

• ▍Revenue kr 8.1M
• ▍Operating income -kr 407.0M
• ▍Net margin -4144.1%

Revenue kr 9.1M; Operating income -kr 399.3M.

• ▍Revenue kr 9.1M
• ▍Operating income -kr 399.3M
• ▍Net margin -3213.7%

Revenue kr 4.4M; Operating income -kr 349.4M.

• ▍Revenue kr 4.4M
• ▍Operating income -kr 349.4M
• ▍Net margin -6033.9%

Revenue kr 34.1M; Operating income -kr 267.7M.

• ▍Revenue kr 34.1M
• ▍Operating income -kr 267.7M
• ▍Net margin -857.7%

Revenue kr 9.21B, +14 598,9% YoY; Operating income +647,0% YoY.

• ▍Revenue kr 9.21B, +14 598,9% YoY
• ▍Operating income +647,0% YoY
• ▍Net income +698,3% YoY
• ▍Free cash flow +701,5% YoY
• ▍Net margin 70.0%

Revenue kr 62.7M, −81,7% YoY; Operating income −79,7% YoY.

• ▍Revenue kr 62.7M, −81,7% YoY
• ▍Operating income −79,7% YoY
• ▍Net income −53,3% YoY
• ▍Free cash flow −51,7% YoY
• ▍Net margin -1720.9%

Revenue kr 342.8M, +229,7% YoY; Operating income +26,2% YoY.

• ▍Revenue kr 342.8M, +229,7% YoY
• ▍Operating income +26,2% YoY
• ▍Net income +41,5% YoY
• ▍Free cash flow +26,1% YoY
• ▍Net margin -205.3%

Revenue kr 104.0M, −4,2% YoY; Operating income −22,4% YoY.

• ▍Revenue kr 104.0M, −4,2% YoY
• ▍Operating income −22,4% YoY
• ▍Net income −18,1% YoY
• ▍Free cash flow −26,4% YoY
• ▍Net margin -1156.1%