Balance Sheet Zealand Pharma A/S

Equities

ZEAL

DK0060257814

Biotechnology & Medical Research

Real-time Estimate Cboe Europe Other stock markets 05:05:09 2025-12-08 EST			5-day change	1st Jan Change
512.60 ^DKK	+0.91%		+4.41%	-28.19%

12:16am	JP Morgan Lowers Price Target for Zealand Pharma to 1,000 Danish Kroner, Reiterates Overweight Rating - BN	FW
12-03	BNP Paribas Exane Raises Price Target for Zealand Pharma to 865 Danish Kroner, Reiterates Outperform Rating	FW

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Published financial data: ZEALAND PHARMA A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	353M	293M	104M	343M	62.69M
Total Revenues	353M	293M	104M	343M	62.69M
Cost of Goods Sold, Total	90.56M	119M	-	3.2M	7.87M
Gross Profit	263M	174M	104M	340M	54.82M
Selling General & Admin Expenses, Total	468M	636M	270M	216M	404M
Stock-Based Compensation (IS)	-	-	-11.24M	-	-
R&D Expenses	604M	588M	612M	685M	920M
Other Operating Expenses	-602K	-759K	48.27M	-	-
Other Operating Expenses, Total	1.07B	1.22B	918M	901M	1.32B
Operating Income	-809M	-1.05B	-814M	-561M	-1.27B
Interest Expense, Total	-2.9M	-4.09M	-57.79M	-25.83M	-34.05M
Interest And Investment Income	1.09M	44K	6.54M	45.32M	170M
Net Interest Expenses	-1.81M	-4.05M	-51.25M	19.49M	136M
Currency Exchange Gains (Loss)	-39.49M	39.32M	25.6M	-9.71M	18.29M
Other Non Operating Income (Expenses)	-4.83M	-3.47M	11.01M	-1.99M	-17.46M
EBT, Excl. Unusual Items	-855M	-1.02B	-829M	-553M	-1.13B
Restructuring Charges	-	-	-19.1M	-	-
Merger & Related Restructuring Charges	-7.1M	-	-	-	-
Gain (Loss) On Sale Of Investments	-1.17M	-6.36M	2.34M	-8.84M	52.34M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-12.74M	-2.17M	-3.99M	-11M	-
Legal Settlements	-	-	-	-	-3.14M
Other Unusual Items	36.4M	-	-123M	-136M	-
EBT, Incl. Unusual Items	-840M	-1.03B	-972M	-709M	-1.08B
Income Tax Expense	7.08M	-8.79M	-6.43M	-5.13M	-4.62M
Earnings From Continuing Operations	-847M	-1.02B	-966M	-704M	-1.08B
Earnings Of Discontinued Operations	-	-	-237M	-	-
Net Income to Company	-847M	-1.02B	-1.2B	-704M	-1.08B
Net Income - (IS)	-847M	-1.02B	-1.2B	-704M	-1.08B
Net Income to Common Incl Extra Items	-847M	-1.02B	-1.2B	-704M	-1.08B
Net Income to Common Excl. Extra Items	-847M	-1.02B	-966M	-704M	-1.08B
Per Share Items
Net EPS - Basic	-22.07	-23.75	-26.02	-12.44	-16.24
Basic EPS - Continuing Operations	-22.07	-23.75	-20.9	-12.44	-16.24
Basic Weighted Average Shares Outstanding	38.37M	42.87M	46.2M	56.59M	66.43M
Net EPS - Diluted	-22.07	-23.75	-26.02	-12.44	-16.24
Diluted EPS - Continuing Operations	-22.07	-23.75	-20.9	-12.44	-16.24
Diluted Weighted Average Shares Outstanding	38.37M	42.87M	46.2M	56.59M	66.43M
Normalized Basic EPS	-13.93	-14.85	-11.21	-6.11	-10.66
Normalized Diluted EPS	-13.93	-14.85	-11.21	-6.11	-10.66
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	-792M	-1.02B	-727M	-555M	-1.26B
EBITA	-802M	-1.04B	-814M	-561M	-1.27B
EBIT	-809M	-1.05B	-814M	-561M	-1.27B
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	-0.84	0.86	0.66	0.72	0.43
Normalized Net Income	-534M	-637M	-518M	-346M	-708M
Interest on Long-Term Debt	7.72M	7.56M	57.79M	28.98M	40.9M
Supplemental Operating Expense Items
Selling and Marketing Expenses	273M	375M	32.3M	30.63M	88.12M
General and Administrative Expenses	196M	261M	237M	185M	316M
Research And Development Expense From Footnotes	604M	588M	614M	685M	920M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., COGS (Total)	-	521K	-	-	-
Stock-Based Comp., R&D Exp. (Total)	14M	22.16M	33.84M	29.76M	41.26M
Stock-Based Comp., S&M Exp. (Total)	6.04M	2.26M	649K	1.73M	3.47M
Stock-Based Comp., G&A Exp. (Total)	10.44M	27.97M	31.7M	29.94M	42.3M
Stock-Based Comp., Other (Total)	-	-	-11.24M	-	-
Total Stock-Based Compensation	30.48M	52.91M	54.94M	61.43M	87.03M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	960M	1.13B	1.07B	449M	480M
Short Term Investments	297M	-	-	-	23.63M
Trading Asset Securities, Total	-	299M	109M	1.18B	7.72B
Total Cash And Short Term Investments	1.26B	1.43B	1.18B	1.63B	8.23B
Accounts Receivable, Total	46.48M	73.02M	116M	122M	194M
Other Receivables	15.44M	37.36M	21.6M	16.44M	97.44M
Total Receivables	61.93M	110M	137M	139M	291M
Inventory	65.04M	118M	1.29M	7.94M	10.7M
Prepaid Expenses	35.16M	64.63M	-	-	-
Restricted Cash	-	-	-	-	-
Total Current Assets	1.42B	1.72B	1.32B	1.78B	8.53B
Gross Property Plant And Equipment	138M	290M	237M	220M	203M
Accumulated Depreciation	-53.26M	-68.89M	-71.36M	-70.43M	-77.72M
Net Property Plant And Equipment	213M	221M	165M	150M	125M
Long-term Investments	32.33M	26.91M	37.84M	21.38M	820M
Other Intangibles, Total	57.48M	53.79M	-	12.26M	12.62M
Accounts Receivable Long-Term	-	-	18.1M	15.79M	-
Deferred Tax Assets Long-Term	8.37M	13.52M	2.02M	925K	985K
Other Long-Term Assets, Total	31.04M	30.36M	-	-	19.41M
Total Assets	1.76B	2.07B	1.54B	1.98B	9.51B
Liabilities
Accounts Payable, Total	70.38M	64.56M	181M	91.61M	181M
Accrued Expenses, Total	36.43M	28.7M	-	51.73M	93.66M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	14.07M	14.9M	14.73M	16.66M	16.04M
Current Income Taxes Payable	30.39M	-	-	-	-
Unearned Revenue Current, Total	53.18M	53.03M	-	-	-
Other Current Liabilities	151M	173M	-	125M	113M
Total Current Liabilities	355M	334M	195M	285M	403M
Long-Term Debt	-	648M	401M	-	285M
Long-Term Leases	116M	125M	108M	103M	90.39M
Unearned Revenue Non Current	44.59M	14.55M	-	-	-
Other Non Current Liabilities	16.74M	18.43M	19.06M	-	110M
Total Liabilities	533M	1.14B	724M	387M	889M
Common Stock, Total	39.8M	43.63M	51.7M	58.75M	71.02M
Additional Paid In Capital	3.47B	4.25B	-	6.41B	14.68B
Retained Earnings	-2.29B	-3.31B	-	-4.89B	-6.16B
Treasury Stock	-	-71.89M	-	-	-
Comprehensive Income and Other	8.98M	14.16M	764M	22.7M	22.39M
Total Common Equity	1.23B	928M	816M	1.59B	8.62B
Total Equity	1.23B	928M	816M	1.59B	8.62B
Total Liabilities And Equity	1.76B	2.07B	1.54B	1.98B	9.51B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	39.55M	43.22M	51.47M	58.38M	70.65M
ECS Total Common Shares Outstanding	39.74M	43.22M	51.47M	58.38M	70.65M
Book Value / Share	30.94	21.47	15.85	27.28	121.96
Tangible Book Value	1.17B	874M	816M	1.58B	8.6B
Tangible Book Value Per Share	29.49	20.22	15.85	27.07	121.78
Total Debt	130M	787M	524M	119M	392M
Net Debt	-1.13B	-641M	-654M	-1.51B	-8.65B
Debt Equivalent Oper. Leases	-	-	-	-	-
Account Code - Inventory Valuation	3	5	5	5	5
Inventories - Raw Materials, Total	14.4M	35.82M	1.29M	7.94M	10.7M
Inventories - Work In Process, Total	13.72M	29.59M	-	-	-
Inventories - Finished Goods, Total	36.92M	53.03M	-	-	-
Buildings, Total	34.1M	36.6M	-	-	-
Machinery, Total	101M	107M	82.82M	78.57M	84.91M
Full Time Employees	329	355	196	253	335

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-847M	-1.02B	-1.2B	-704M	-1.08B
Depreciation & Amortization - CF	23.1M	32.39M	102M	20.12M	23.12M
Amortization of Goodwill and Intangible Assets - (CF)	6.86M	7.86M	-	-	-
Depreciation & Amortization, Total	29.96M	40.25M	102M	20.12M	23.12M
Amortization of Deferred Charges, Total - (CF)	-	-	1.34M	1.2M	16.49M
(Gain) Loss From Sale Of Asset	-	2.7M	-	-	-
Asset Writedown & Restructuring Costs	12.74M	6.52M	-1.06M	4.71M	-
Stock-Based Compensation (CF)	30.48M	53.5M	52.58M	61.43M	87.03M
Net Cash From Discontinued Operations	-	-	13.5M	-	-
Other Operating Activities, Total	-12.98M	-130M	81.38M	139M	-101M
Change In Accounts Receivable	-7.72M	-64.49M	18.22M	-6.76M	-48.96M
Change In Inventories	-14.4M	-52.77M	50.69M	9.34M	-2.76M
Change In Accounts Payable	120M	-49.06M	-58.65M	39.84M	89.92M
Change in Other Net Operating Assets	-	-	-	9.68M	84.19M
Cash from Operations	-689M	-1.21B	-942M	-426M	-931M
Capital Expenditure	-25.04M	-22.13M	-11.71M	-11.24M	-10.05M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-168M	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-12.51M	-3.1M
Investment in Marketable and Equity Securities, Total	-	-	187M	-1.07B	-7.32B
Other Investing Activities, Total	-3.97M	4.01M	106M	-	-
Cash from Investing	-197M	-18.12M	281M	-1.09B	-7.33B
Long-Term Debt Issued, Total	-	648M	-	-	370M
Total Debt Issued	-	648M	-	-	370M
Long-Term Debt Repaid, Total	-29.22M	-14.72M	-450M	-543M	-16.44M
Total Debt Repaid	-29.22M	-14.72M	-450M	-543M	-16.44M
Issuance of Common Stock	833M	775M	1.08B	1.56B	8.52B
Repurchase of Common Stock	-	-28.59M	-	-41.6M	-352M
Other Financing Activities, Total	-42.71M	-46.9M	-47.46M	-71.91M	-237M
Cash from Financing	761M	1.33B	587M	907M	8.29B
Foreign Exchange Rate Adjustments	3.74M	66.22M	13.68M	-7.24M	6.23M
Net Change in Cash	-121M	169M	-59.87M	-620M	30.99M
Supplemental Items
Cash Interest Paid	2.9M	3.3M	34.41M	25.25M	24.03M
Cash Income Tax Paid (Refund)	-	41.63M	-9.28M	-11.3M	-11.16M
Levered Free Cash Flow	-434M	-741M	-382M	-229M	-736M
Unlevered Free Cash Flow	-432M	-738M	-347M	-214M	-729M
Change In Net Working Capital	-38.17M	153M	-16.29M	-78.94M	35.45M
Net Debt Issued / Repaid	-29.22M	633M	-450M	-543M	353M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-30.08	-34.28	-28.21	-19.93	-13.81
Return on Total Capital	-37.62	-42.7	-33.31	-22.99	-14.8
Return On Equity %	-68.51	-94.4	-110.75	-58.43	-21.13
Return on Common Equity	-68.51	-94.4	-110.75	-58.43	-21.13
Margin Analysis
Gross Profit Margin %	74.37	59.39	100	99.07	87.44
SG&A Margin	132.51	217.47	259.18	62.99	644.47
EBITDA Margin %	-224.3	-350.07	-698.78	-161.83	-2.01K
EBITA Margin %	-227.01	-356.27	-782.86	-163.73	-2.02K
EBIT Margin %	-228.95	-358.96	-782.86	-163.73	-2.02K
Income From Continuing Operations Margin %	-239.65	-348.01	-928.6	-205.3	-1.72K
Net Income Margin %	-239.65	-348.01	-1.16K	-205.3	-1.72K
Net Avail. For Common Margin %	-239.65	-348.01	-928.6	-205.3	-1.72K
Normalized Net Income Margin	-151.25	-217.56	-498.09	-100.91	-1.13K
Levered Free Cash Flow Margin	-122.79	-253.28	-367.48	-66.8	-1.17K
Unlevered Free Cash Flow Margin	-122.27	-252.4	-334.03	-62.37	-1.16K
Asset Turnover
Asset Turnover	0.21	0.15	0.06	0.19	0.01
Fixed Assets Turnover	2.09	1.35	0.54	2.17	0.46
Receivables Turnover (Average Receivables)	14.96	4.9	0.77	2.88	0.43
Inventory Turnover (Average Inventory)	-	1.3	-	0.69	0.85
Short Term Liquidity
Current Ratio	4	5.15	6.73	6.25	21.14
Quick Ratio	3.71	4.6	6.73	6.23	21.11
Operating Cash Flow to Current Liabilities	-1.94	-3.63	-4.82	-1.5	-2.31
Days Sales Outstanding (Average Receivables)	24.47	74.55	472.24	126.7	850.51
Days Outstanding Inventory (Average Inventory)	-	281.82	-	526.71	433.05
Average Days Payable Outstanding	-	143	-	5.05K	4.69K
Cash Conversion Cycle (Average Days)	-	213.37	-	-4.4K	-3.41K
Long Term Solvency
Total Debt/Equity	10.58	84.87	64.23	7.49	4.55
Total Debt / Total Capital	9.57	45.91	39.11	6.96	4.35
LT Debt/Equity	9.44	83.26	62.43	6.44	4.36
Long-Term Debt / Total Capital	8.54	45.04	38.01	5.99	4.17
Total Liabilities / Total Assets	30.23	55.13	47.01	19.55	9.35
EBIT / Interest Expense	-279.42	-256.71	-14.09	-21.73	-37.27
EBITDA / Interest Expense	-269.07	-246.87	-12.32	-20.95	-36.6
(EBITDA - Capex) / Interest Expense	-277.72	-252.28	-12.53	-21.38	-36.89
Total Debt / EBITDA	-0.17	-0.78	-0.74	-0.22	-0.31
Net Debt / EBITDA	1.45	0.63	0.92	2.8	6.95
Total Debt / (EBITDA - Capex)	-0.16	-0.76	-0.72	-0.22	-0.31
Net Debt / (EBITDA - Capex)	1.4	0.62	0.9	2.74	6.89
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	754.8	-17.19	-4.2	229.65	-81.71
Gross Profit, 1 Yr. Growth %	542.14	-33.87	6.57	226.58	-83.86
EBITDA, 1 Yr. Growth %	35.91	29.24	-5.46	-23.96	126.88
EBITA, 1 Yr. Growth %	36.42	29.96	4.08	-31.27	126.12
EBIT, 1 Yr. Growth %	37.59	29.83	4.08	-31.27	126.12
Earnings From Cont. Operations, 1 Yr. Growth %	48.15	20.24	27.91	-27.12	53.3
Net Income, 1 Yr. Growth %	48.15	20.24	18.07	-41.46	53.3
Normalized Net Income, 1 Yr. Growth %	47.54	19.1	10.03	-33.42	104.65
Diluted EPS Before Extra, 1 Yr. Growth %	30.51	7.61	18.68	-40.5	30.58
Accounts Receivable, 1 Yr. Growth %	6.09K	57.1	-24.65	5.83	97.91
Inventory, 1 Yr. Growth %	-	82.1	-98.91	517.03	34.82
Net Property, Plant and Equip., 1 Yr. Growth %	69.97	3.95	-25.27	-9.45	-16.42
Total Assets, 1 Yr. Growth %	10.16	17.35	-25.53	28.59	380.08
Tangible Book Value, 1 Yr. Growth %	-5.51	-25.41	-6.65	93.72	444.36
Common Equity, 1 Yr. Growth %	-1.08	-24.53	-12.06	95.22	440.97
Cash From Operations, 1 Yr. Growth %	68.2	75.98	-22.26	-54.83	118.67
Capital Expenditures, 1 Yr. Growth %	19.05	-11.62	-47.09	-4.01	-10.57
Levered Free Cash Flow, 1 Yr. Growth %	36.6	70.81	-35.2	-40.38	221.6
Unlevered Free Cash Flow, 1 Yr. Growth %	36.9	70.93	-40.84	-38.8	240.95
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	205.01	166.05	-26.41	77.71	-22.35
Gross Profit, 2 Yr. CAGR %	175.49	106.07	-26.41	86.56	-27.39
EBITDA, 2 Yr. CAGR %	33.9	33.55	11.59	-15.04	31.34
EBITA, 2 Yr. CAGR %	34.03	33.15	14.02	-15.29	24.66
EBIT, 2 Yr. CAGR %	34.6	33.65	14.02	-15.29	24.66
Earnings From Cont. Operations, 2 Yr. CAGR %	20.69	33.47	20.17	-3.45	5.7
Net Income, 2 Yr. CAGR %	20.69	33.47	19.15	-16.86	-5.27
Normalized Net Income, 2 Yr. CAGR %	34.65	32.56	10.92	-14.28	16.73
Diluted EPS Before Extra, 2 Yr. CAGR %	7.95	18.51	9.51	-15.97	-11.85
Accounts Receivable, 2 Yr. CAGR %	276.8	886.09	57.71	-10.7	29.39
Inventory, 2 Yr. CAGR %	-	-	-85.94	-74.12	188.42
Net Property, Plant and Equip., 2 Yr. CAGR %	269.19	32.92	-11.86	-17.74	-13
Total Assets, 2 Yr. CAGR %	19.7	13.7	-6.52	-2.14	148.46
Tangible Book Value, 2 Yr. CAGR %	2.46	-16.05	-16.56	34.48	224.74
Common Equity, 2 Yr. CAGR %	4.94	-13.59	-18.53	31.03	224.98
Cash From Operations, 2 Yr. CAGR %	22.17	72.05	16.96	-40.74	-0.61
Capital Expenditures, 2 Yr. CAGR %	149.04	2.57	-31.62	-28.73	-7.34
Levered Free Cash Flow, 2 Yr. CAGR %	-35.98	52.75	5.63	-37.69	38.47
Unlevered Free Cash Flow, 2 Yr. CAGR %	-36.19	52.97	5.57	-39.66	44.46
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	37.36	97.5	36.01	21.31	-16.72
Gross Profit, 3 Yr. CAGR %	29.08	71.21	36.46	20.93	-17.49
EBITDA, 3 Yr. CAGR %	48.14	32.33	8.16	-1.67	17.87
EBITA, 3 Yr. CAGR %	47.78	32.66	11.46	-3.59	17.51
EBIT, 3 Yr. CAGR %	48.2	32.99	11.46	-3.59	17.51
Earnings From Cont. Operations, 3 Yr. CAGR %	45.58	20.54	19.1	1.72	12.64
Net Income, 3 Yr. CAGR %	45.58	20.54	28.13	-5.98	1.95
Normalized Net Income, 3 Yr. CAGR %	45.08	29.26	12.66	-6.34	14.57
Diluted EPS Before Extra, 3 Yr. CAGR %	30.85	7.84	7.32	-10.64	-2.67
Accounts Receivable, 3 Yr. CAGR %	101.53	181.49	435.96	38.07	8.05
Inventory, 3 Yr. CAGR %	-	-	-	-50.4	-55.13
Net Property, Plant and Equip., 3 Yr. CAGR %	136.47	141.98	9.7	-11.07	-17.3
Total Assets, 3 Yr. CAGR %	34.68	18.91	-1.26	3.97	66.28
Tangible Book Value, 3 Yr. CAGR %	31.56	-7.83	-13.03	10.49	114.32
Common Equity, 3 Yr. CAGR %	33.67	-5.98	-13.08	9.02	110.2
Cash From Operations, 3 Yr. CAGR %	35.19	37.97	32.02	-14.82	-8.42
Capital Expenditures, 3 Yr. CAGR %	51.33	76.32	-17.74	-23.43	-23.13
Levered Free Cash Flow, 3 Yr. CAGR %	47.56	-11.21	6.36	-12.56	7.68
Unlevered Free Cash Flow, 3 Yr. CAGR %	51.05	-11.38	3.25	-11.81	7.47
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	13.49	4.85	-5.27	55.27	8.69
Gross Profit, 5 Yr. CAGR %	9.7	-2.77	-3.17	57.88	6.02
EBITDA, 5 Yr. CAGR %	60.2	55.23	24.41	4.65	16.99
EBITA, 5 Yr. CAGR %	58.05	54.34	26.78	4.68	16.64
EBIT, 5 Yr. CAGR %	58.32	54.57	26.78	4.68	16.64
Earnings From Cont. Operations, 5 Yr. CAGR %	49.35	45.28	28.61	3.9	13.55
Net Income, 5 Yr. CAGR %	49.35	45.28	34.37	3.9	13.55
Normalized Net Income, 5 Yr. CAGR %	48.14	44.3	24.24	3.25	14.34
Diluted EPS Before Extra, 5 Yr. CAGR %	34.88	29.7	16.23	-8.07	-0.81
Accounts Receivable, 5 Yr. CAGR %	-21.72	44.7	82.71	106.31	203.55
Net Property, Plant and Equip., 5 Yr. CAGR %	66.89	74.61	59.34	57.16	-0.01
Total Assets, 5 Yr. CAGR %	22.6	24.38	16.38	9.99	42.82
Tangible Book Value, 5 Yr. CAGR %	35.96	25.73	9.65	7.2	47.31
Common Equity, 5 Yr. CAGR %	37.27	27.24	9.65	7.37	47.3
Cash From Operations, 5 Yr. CAGR %	25.1	96.95	27.58	-1.6	17.85
Capital Expenditures, 5 Yr. CAGR %	44.03	53.47	10.14	22.72	-13.73
Levered Free Cash Flow, 5 Yr. CAGR %	18.11	50.55	23.13	-26.38	18.32
Unlevered Free Cash Flow, 5 Yr. CAGR %	20.2	45.63	22.61	-27.42	18.23