Zealand Pharma A/S (CSE:ZELA) delivered a blockbuster 2025, reporting revenue of DKK 9.22 billion, a staggering increase from just DKK 63 million in 2024. The Danish biotech's transformation was driven by its historic partnership with Roche for petrelintide, an amylin analog targeting weight management. The company now enters 2026 positioned for what CEO Adam Steensberg calls "the most catalyst-rich year" in its history.

Net operating expenses excluding other items rose to DKK 2.10 billion in 2025 from DKK 1.32 billion, reflecting increased investment in clinical development. Zealand ended the year with a robust cash position of DKK 15.11 billion, up from DKK 9.02 billion, providing significant runway for its ambitious pipeline. The company expects net operating expenses of DKK 2.70-3.30 billion in 2026, primarily driven by advancing the petrelintide franchise and research aligned with its Metabolic Frontier 2030 strategy.

Zealand anticipates Phase 2 data for petrelintide in Q1 2026 and plans to initiate a comprehensive Phase 3 program in the second half of the year. The company is also eligible for potential milestone payments from Roche totaling USD 700 million in 2026. Additionally, partner Boehringer Ingelheim is expected to report results from all key trials in the Phase 3 SYNCHRONIZE program for survodutide throughout 2026.