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Investing.com -- Zealand Pharma (CSE:ZELA) on Thursday reported DKK9.1 billion in revenue for the first half of 2025, led by an upfront payment from Roche tied to its amylin candidate petrelintide, while maintaining a cash balance of DKK17 billion at the end of June.
Operating expenses were DKK968 million. The Danish biotechnology research company reaffirmed full-year guidance for net operating expenses of DKK2-2.5 billion, with spending attributed to late-stage research and development.
About DKK200 million of the Roche payment will be recognized as Phase II trials conclude, and a smaller amount will be deferred into 2026.
Zealand said financial results were largely immaterial compared with pipeline progress.
A 42-week Phase IIb trial of petrelintide is scheduled to deliver topline data in the first half of 2026, with a Phase III monotherapy trial planned for the second half of that year.
A Phase II study combining petrelintide with CT-388 is also expected in the first half of 2026.
Boehringer Ingelheim is expected to release Phase III data for survodutide, a GLP-1/Glu candidate, in early 2026.
Zealand plans to initiate a Phase II trial of dapiglutide for obesity-related comorbidities in the second half of 2025 and a Phase III trial of glepaglutide for short bowel syndrome in the same period to support a potential U.S. regulatory submission.
Phase I single ascending dose data for ZP9830, a Kv1.3 inhibitor, are expected in early 2026.
“We continue to believe interest in Zealand may re-ignite later in the year as proximity to key 1H26E catalysts increases,” said analysts at Jefferies in a note.