Zealand Pharma Balance Sheet

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
Cash & Equivalents	4,577	726.03	449.31	1,069	1,129
Short-Term Investments	-	23.63	-	-	-
Trading Asset Securities	10,532	7,476	1,184	108.61	299.04
Cash & Short-Term Investments	15,109	8,226	1,633	1,178	1,428
Cash Growth	83.67%	403.72%	38.65%	-17.53%	13.56%
Accounts Receivable	174.21	87.17	97.8	115.62	153.45
Other Receivables	145.47	97.44	40.99	21.6	21.56
Receivables	319.69	184.61	138.8	137.22	175.02
Inventory	-	10.7	7.94	1.29	118.44
Prepaid Expenses	241.62	106.39	-	-	-
Total Current Assets	15,670	8,528	1,780	1,316	1,722
Property, Plant & Equipment	151.43	125.25	149.85	165.49	221.45
Long-Term Investments	-	819.63	21.38	37.84	26.91
Other Intangible Assets	44.97	12.62	12.26	-	53.79
Long-Term Accounts Receivable	-	-	6.89	18.11	29.09
Long-Term Deferred Tax Assets	0.87	0.99	0.93	2.02	13.53
Other Long-Term Assets	81.41	19.41	8.91	-	1.27
Total Assets	15,949	9,506	1,980	1,540	2,068
Accounts Payable	256.62	181.28	91.61	180.76	266.39
Accrued Expenses	114.57	93.66	51.73	-	-
Current Portion of Leases	22.63	16.04	16.66	14.73	14.9
Current Unearned Revenue	65.34	-	-	-	53.03
Other Current Liabilities	205.8	112.5	124.59	-	-
Total Current Liabilities	664.97	403.47	284.58	195.49	334.32
Long-Term Debt	302.92	285.33	-	401.35	647.91
Long-Term Leases	80.21	90.39	102.58	108	124.63
Long-Term Unearned Revenue	-	-	-	-	14.55
Other Long-Term Liabilities	70.08	109.67	-	19.06	18.43
Total Liabilities	1,118	888.86	387.15	723.9	1,140
Common Stock	71.52	71.02	58.75	51.7	43.63
Additional Paid-In Capital	14,729	14,681	6,406	4,921	-
Retained Earnings	6.29	-6,157	-4,895	-4,172	-
Comprehensive Income & Other	23.38	22.39	22.7	14.62	884.17
Shareholders' Equity	14,831	8,617	1,593	815.91	927.8
Total Liabilities & Equity	15,949	9,506	1,980	1,540	2,068
Total Debt	405.77	391.76	119.23	524.08	787.43
Net Cash (Debt)	14,703	8,654	1,514	653.77	640.72
Net Cash Growth	69.90%	471.66%	131.55%	2.04%	-43.17%
Net Cash Per Share	205.50	130.26	26.75	14.15	14.95
Filing Date Shares Outstanding	70.61	70.65	58.38	51.47	43.22
Total Common Shares Outstanding	70.61	70.65	58.38	51.47	43.22
Working Capital	15,005	8,124	1,495	1,121	1,387
Book Value Per Share	210.04	121.96	27.28	15.85	21.47
Tangible Book Value	14,786	8,604	1,581	815.91	874.01
Tangible Book Value Per Share	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.