Strong 2025 Financials and Cash Position
Revenue of DKK 9.2 billion for FY2025 driven by upfront payment from Roche; net positive result of DKK 6.5 billion; year-end cash position of DKK 15.1 billion strengthened by the DKK 9.2 billion upfront.
Robust R&D Investment and Controlled 2025 OpEx
Net operating expenses (excl. other items) totaled DKK 2.1 billion in 2025, within the guided range of DKK 2.0–2.3 billion; 76% of 2025 OpEx was dedicated to R&D, reflecting focus on clinical advancement.
Major Partnerships Fueling Pipeline Value
Landmark collaboration with Roche for petrelintide (balanced profit share in U.S./Europe and shared development/commercial rights) and partnership with Boehringer Ingelheim for survodutide position the company to leverage external capabilities and retain significant franchise value.
Near-Term Catalysts: Petrelintide Phase II Readout and Phase III Plans
Top-line data from the Phase II ZUPREME-1 petrelintide trial (n=494; mean baseline BMI ~37) expected this quarter; company expects to use results to finalize and initiate Phase IIIa later this year. Target product profile aims for ~15%–20% body weight reduction in Phase III with improved tolerability vs incretin therapies.
Survodutide Program with Multiple Key Readouts in 2026
Boehringer’s 76-week SYNCHRONIZE-1 obesity trial results expected H1 2026; prior 46-week Phase II showed weight loss up to 19%. Broader Phase III obesity and large MASH Phase III programs (including moderate–advanced fibrosis and cirrhosis cohorts) are ongoing, with CV outcome data planned.
Positive First-in-Human Kv1.3 (ZP9830) Phase I Readout
ZP9830 single-administration Phase I showed it was very well tolerated with no serious/severe adverse events or dose-limiting findings; PK increased dose-proportionally and PD indicated target engagement. MAD results and Phase Ib/IIa progression planned in H2 2026.
Significant Potential Milestone Upside
Company noted eligibility for potential milestone payments of up to USD 700 million in 2026 (including a USD 125 million anniversary payment and a USD 575 million development milestone contingent on Phase IIIa initiation); management also referenced further USD 575 million receipts tied to Phase III program milestones.
Organizational Strength and Sustainability Progress
Headcount increased 41% in 2025 while maintaining a high employee engagement score of 8.9/10 and low turnover of 7.8%. Committed to science-based targets and joined the UN Global Compact.