Zealand Pharma has reported strong financial results for the first half of 2025, marking progress in its obesity and rare disease programs while reinforcing its leadership team and financial position. The Copenhagen-based biotechnology company, focused on peptide-based medicines, continues to advance its innovative drug pipeline, setting the stage for a promising year ahead.
The collaboration with Roche on petrelintide, an amylin analog for weight management, is off to a fast start. The co-development and co-commercialization agreement aims to establish a leading amylin-based franchise in the U.S. and Europe, with profit sharing on a 50/50 basis. Zealand Pharma is also eligible for royalties on sales outside these regions. The partnership carries a total deal value of USD 5.3 billion, including USD 1.65 billion in upfront payments and potential milestone payments of USD 1.2 billion linked to Phase 3 trials. Roche is scheduled to open a high-volume manufacturing facility in August to support next-generation obesity medicines.
Zealand Pharma’s ZUPREME Phase 2 trials with petrelintide are advancing toward important milestones. The Phase 2 ZUPREME-2 trial, started in April, is testing the efficacy and safety of petrelintide over 28 weeks in adults with overweight or obesity and type 2 diabetes. Phase 1b data presented in June showed meaningful weight loss, especially among female participants, without differences in adverse events between genders. Positive results were also reported for dapiglutide, a GLP-1/GLP-2 receptor dual agonist. Part 2 of the Phase 1b trial showed a placebo-adjusted weight loss of 11.4% over 28 weeks, despite a largely lean and male participant group.
In the rare disease field, Zealand Pharma submitted a Marketing Authorization Application to the European Medicines Agency for glepaglutide to treat adults with short bowel syndrome. A Phase 3 trial, EASE-5, is expected in the second half of 2025, with potential EU approval anticipated in the first half of 2026. The company is also preparing regulatory submissions for dasiglucagon in congenital hyperinsulinism and continuing development of ZP9830, a Kv1.3 ion channel blocker for chronic inflammation.
Zealand Pharma strengthened its executive team with key appointments to support future growth. Utpal Singh joined as Chief Scientific Officer in April 2025 to lead discovery research and translational sciences. Steven Johnson became Chief Development Officer in May 2025, bringing nearly 30 years of global experience in regulatory and drug development strategies. These appointments aim to accelerate innovation and regulatory progress across the company’s portfolio.
Financially, Zealand Pharma recorded revenue of DKK 9,096 million in H1 2025, up from DKK 49 million in the same period in 2024. Operating expenses were DKK 968 million, excluding DKK 196 million in transaction-related costs from the Roche collaboration. The operating result reached DKK 8,128 million, compared to a loss of DKK 524 million in H1 2024. As of June 30, 2025, the company held a cash position of DKK 16,578 million, giving it a solid foundation for ongoing and future investments.
Looking ahead, Zealand Pharma expects topline results from the Phase 2 ZUPREME-1 trial and completion of ZUPREME-2. Phase 2 trials for petrelintide/CT-388, a fixed-dose combination of amylin and GLP-1/GIP, are scheduled for early 2026. Topline data from Phase 3 trials with survodutide are also expected in the first half of 2026. The company continues to pursue growth in rare diseases and chronic inflammation, maintaining a broad pipeline that supports both near-term and long-term value creation.
Zealand Pharma hosted a conference call on August 14, 2025, presenting H1 financial results and corporate updates to investors and analysts. The Capital Markets Day in London is scheduled for December 11, 2025, where management and external experts will discuss the company’s obesity programs and pipeline developments. With a strong financial position, key leadership hires, and advancing clinical programs, Zealand Pharma is entering a pivotal and catalyst-rich chapter, aiming to deliver innovative therapies for obesity, rare diseases, and chronic inflammation while unlocking the full potential of its Roche partnership.
