Zealand Pharma Balance Sheet

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Cash & Equivalents	3,849	4,577	726.03	449.31	1,069	1,129
Trading Asset Securities	10,619	10,532	7,500	1,184	108.61	299.04
Cash & Short-Term Investments	14,468	15,109	8,226	1,633	1,178	1,428
Cash Growth	69.33%	83.67%	403.72%	38.65%	-17.53%	13.56%
Accounts Receivable	106	174.21	87.17	97.8	115.62	153.45
Other Receivables	133	145.47	97.44	40.99	21.6	21.56
Receivables	239	319.69	184.61	138.8	137.22	175.02
Inventory	-	-	10.7	7.94	1.29	118.44
Prepaid Expenses	311	241.62	106.39	-	-	-
Total Current Assets	15,018	15,670	8,528	1,780	1,316	1,722
Property, Plant & Equipment	164	151.43	125.25	149.85	165.49	221.45
Long-Term Investments	-	-	819.63	21.38	37.84	26.91
Other Intangible Assets	45	44.97	12.62	12.26	-	53.79
Long-Term Accounts Receivable	-	-	-	6.89	18.11	29.09
Long-Term Deferred Tax Assets	1	0.87	0.99	0.93	2.02	13.53
Other Long-Term Assets	73	81.41	19.41	8.91	-	1.27
Total Assets	15,301	15,949	9,506	1,980	1,540	2,068
Accounts Payable	171	256.62	181.28	91.61	180.76	266.39
Accrued Expenses	80	114.57	93.66	51.73	-	-
Current Portion of Leases	29	22.63	16.04	16.66	14.73	14.9
Current Unearned Revenue	33	65.34	-	-	-	53.03
Other Current Liabilities	91	205.8	112.5	124.59	-	-
Total Current Liabilities	404	664.97	403.47	284.58	195.49	334.32
Long-Term Debt	307	302.92	285.33	-	401.35	647.91
Long-Term Leases	78	80.21	90.39	102.58	108	124.63
Long-Term Unearned Revenue	-	-	-	-	-	14.55
Other Long-Term Liabilities	43	70.08	109.67	-	19.06	18.43
Total Liabilities	832	1,118	888.86	387.15	723.9	1,140
Common Stock	72	71.52	71.02	58.75	51.7	43.63
Additional Paid-In Capital	14,730	14,729	14,681	6,406	4,921	-
Retained Earnings	-356	6.29	-6,157	-4,895	-4,172	-
Comprehensive Income & Other	23	23.38	22.39	22.7	14.62	884.17
Shareholders' Equity	14,469	14,831	8,617	1,593	815.91	927.8
Total Liabilities & Equity	15,301	15,949	9,506	1,980	1,540	2,068
Total Debt	414	405.77	391.76	119.23	524.08	787.43
Net Cash (Debt)	14,054	14,703	8,654	1,514	653.77	640.72
Net Cash Growth	72.45%	69.90%	471.66%	131.55%	2.04%	-43.17%
Net Cash Per Share	196.48	205.50	130.26	26.75	14.15	14.95
Filing Date Shares Outstanding	70.65	70.61	70.65	58.38	51.47	43.22
Total Common Shares Outstanding	70.65	70.61	70.65	58.38	51.47	43.22
Working Capital	14,614	15,005	8,124	1,495	1,121	1,387
Book Value Per Share	204.80	210.04	121.96	27.28	15.85	21.47
Tangible Book Value	14,424	14,786	8,604	1,581	815.91	874.01
Tangible Book Value Per Share	204.16	209.41	121.78	27.07	15.85	20.22
Machinery	-	108.22	84.91	78.57	82.83	106.63
Construction In Progress	-	-	-	-	0.87	12.11
Leasehold Improvements	-	41.52	39.3	38.91	38.19	36.6

Source: S&P Global Market Intelligence. Standard template. Financial Sources.