Zealand Pharma Income Statement

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	9,215	62.69	342.79	103.99	108.55
Revenue Growth (YoY)	14598.86%	-81.71%	229.65%	-4.20%	-43.47%
Cost of Revenue	0.82	7.87	3.2	-	10.97
Gross Profit	9,214	54.82	339.59	103.99	97.58
Selling, General & Admin	495.95	404.02	215.93	269.51	298.21
Research & Development	1,605	919.87	684.9	614.04	581.51
Other Operating Expenses	196.42	-	-	48.27	-
Operating Expenses	2,297	1,324	900.83	920.59	879.72
Operating Income	6,917	-1,269	-561.24	-816.6	-782.14
Interest Expense	-29.06	-34.05	-25.83	-57.79	-4.09
Interest & Investment Income	309.34	169.64	45.32	6.54	0.04
Currency Exchange Gain (Loss)	-295.1	18.29	-9.71	25.6	36.52
Other Non Operating Income (Expenses)	8.73	-17.46	-1.99	11.01	-3.47
EBT Excluding Unusual Items	6,911	-1,133	-553.44	-831.24	-753.14
Merger & Restructuring Charges	-	-	-	-19.1	-
Gain (Loss) on Sale of Investments	47.71	52.34	-8.84	2.34	-3.57
Asset Writedown	-	-	-11	-1.46	-2.17
Legal Settlements	-	-3.14	-	-	-
Other Unusual Items	42.34	-	-135.59	-122.58	-
Pretax Income	7,001	-1,083	-708.87	-972.04	-758.89
Income Tax Expense	546.06	-4.62	-5.13	-6.43	-3.95
Earnings From Continuing Operations	6,455	-1,079	-703.74	-965.61	-754.94
Earnings From Discontinued Operations	-	-	-	-236.53	-263.21
Net Income	6,455	-1,079	-703.74	-1,202	-1,018
Net Income to Common	6,455	-1,079	-703.74	-1,202	-1,018
Shares Outstanding (Basic)	71	66	57	46	43
Shares Outstanding (Diluted)	72	66	57	46	43
Shares Change (YoY)	7.70%	17.40%	22.49%	7.77%	11.73%
EPS (Basic)	91.56	-16.24	-12.44	-26.02	-23.75
EPS (Diluted)	90.22	-16.24	-12.44	-26.02	-23.75
Free Cash Flow	6,499	-940.87	-436.91	-954.02	-1,234
Free Cash Flow Per Share	90.83	-14.16	-7.72	-20.65	-28.79
Gross Margin	99.99%	87.44%	99.07%	100.00%	89.89%
Operating Margin	75.06%	-2024.33%	-163.73%	-785.30%	-720.57%
Profit Margin	70.05%	-1720.87%	-205.30%	-1156.05%	-937.99%
Free Cash Flow Margin	70.52%	-1500.80%	-127.46%	-917.45%	-1136.94%
EBITDA	6,927	-1,258	-554.7	-729.52	-768.57
EBITDA Margin	75.17%	-	-161.82%	-	-
D&A For EBITDA	9.95	10.58	6.54	87.08	13.57
EBIT	6,917	-1,269	-561.24	-816.6	-782.14
EBIT Margin	75.06%	-	-163.73%	-	-
Effective Tax Rate	7.80%	-	-	-	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.